AXA IM FIIS Europe Short Duration High Yield

ISIN LU0658025209

Last NAV 137.3100 EUR as of 22/05/19

Overview

Investment objectives

The Sub-Fund seeks to achieve high attractive income and secondarily capital growth by investing primarily in high yield debt securities denominated in a European currency over a medium-term period.

Risk

Synthetic Risk & Reward Information scale

1 SRRI Value 2 3 4 5 6 7

The risk category is calculated using historical performance data and may not be a reliable indicator of the Sub-Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free.

Why is this Fund in this category?

The capital of the Sub-Fund is not guaranteed. The Sub-Fund is invested in financial markets and uses techniques and instruments which are subject to low levels of variation under normal market conditions but, which may still result in losses.

Additional risks

Credit Risk: Risk that issuers of debt securities held in the Sub-Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the Net Asset Value. Liquidity Risk: risk of low liquidity level in certain market conditions that might lead the Sub-Fund to face difficulties valuing, purchasing or selling all/part of its assets and resulting in potential impact on its net asset value. Counterparty Risk: Risk of bankruptcy, insolvency, or payment or delivery failure of any of the Sub-Fund's counterparties, leading to a payment or delivery default. Impact of any techniques such as derivatives: Certain management strategies involve specific risks, such as liquidity risk, credit risk, counterparty risk, legal risk, valuation risk, operational risk and risks related to the underlying assets. The use of such strategies may also involve leverage, which may increase the effect of market movements on the Sub-Fund and may result in significant risk of losses.

Investment horizon

This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 3 years.

Fund manager comment : 30/04/19

Factors affecting performance April was another strong month for the high yield market mostly supported by the benign macro environment, a positive corporate reporting season and the renewed need for yield from the investor base. The global high yield market ended the period -22bps tighter. The European region ended the period ahead of the US one whilst the EM region struggled slightly due to Middle East and LatAm volatility. Although April is always scattered by school holidays primary market was quite active with a strong €9.1bn priced in Europe, however we are still lacking of market new entrants. Looking at region Sterling high yield recovered somewhat for its YTD laggard status vs Euro high yield as the UK is now embarked into a more lengthy Brexit deadline while on the rating front unsurprisingly higher beta corporates outperformed the BB rated ones in both regions. European top performing sectors were automotive and basic industry, while the least performing ones being telecommunications and technology. In April, the ICE BofAML European Currency High Yield Index recorded +1.4% total return (EUR hedged), with a +1.6% excess return versus governments. Main changes to the portfolio In line with current market environment and client flows we carried on managing cash in addition to the strategy’s natural cash generation. Activity in secondary markets was concentred around services, automotive and leisure while trading within BB and single B rated corporates based on the reporting season results and relative value. Out of the primary market we have been participating in two short dated European deals: Adler (real estate) and Fnac (retail). Current market influences and outlook While the global cycle is certainly softer there is no widespread expectation of a more serious downturn in growth. Monetary conditions are easy with credit and equity markets also supportive of overall financial conditions. Yet there is a lack of confidence in the global economy stemming from the ongoing US-China trade talks, uncertainties around Brexit and the fact that most central banks have little room to ease interest rates in response to lower growth.

Performance

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

Past performance is not a reliable indicator as to future performance.
Performance calculations are net of management fees. Performance are shown as annual performance ( 365 days). In the case where the currency of the investor is different from the Fund’s reference currency the gains are capable of varying considerably due to the fluctuations of the exchange rate.

Benchmark

Performance indicator Start date End date
- - -

Performance table

End date

Performance table Net performance Performance indicator  Start date End date
- - - - -
1M - - - -
3M - - - -
6M - - - -
YTD - - - -
1Y - - - -
3Y - - - -
5Y - - - -
10Y - - - -
Since launch - - - -
1y - - - -
3y - - - -
5y - - - -
10y - - - -
Since launch - - - -
Y-1 - - - -
Y-3 - - - -
Y-5 - - - -

Risk table

End date

Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
1M - - - - - - -
QTD - - - - - - -
3M - - - - - - -
6M - - - - - - -
YTD - - - - - - -
1Y - - - - - - -
3Y - - - - - - -
5Y - - - - - - -
8Y - - - - - - -
10Y - - - - - - -
Since launch - - - - - - -

Price table

Start date

End date

Price Date Portfolio AUM
- - -

NAV

First NAV date 08/08/11

Administration

Distribution country

Distribution countries
Austria
Denmark
Finland
France
Germany
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom

Fees

Ongoing Charges 0.58%
Management fees 0.45%

Fund facts

Currency EUR
Start date 05/08/11
Asset class HIGH YIELD AND US ACTIVE FIXED
Expertise European & Global High Yield
Range AXA IM Fixed Income Investments Strategies
Legal country Luxembourg
Custodian State Street Bank Luxembourg S.C.A
Asset manager AXA Investment Managers UK Limited
Depositary State Street Bank Luxembourg S.C.A
Legal asset manager AXA Funds Management SA (Luxembourg)

Portfolio management

Fund Manager James GLEDHILL
Co-manager Yves BERGER
Investment team MT European & Global High Yield

Structure

Investment area Euro
Legal form FCP

Subscription and redemption

The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 10 a.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to such Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors. The Net Asset Value of this Sub-Fund is calculated on a daily basis. Minimum initial investment: 30,000,000 in the relevant reference currency of the relevant Unit class.

Literature

Documents