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AXA WF Global Optimal Income

ISIN LU0465917473

Last NAV 161.7300 EUR as of 17/01/20

Why this fund

AXA WF Global Optimal Income aims to capture global growth while managing the unknowns, with conviction led-stock-picking.

Finding steady growth in today’s market remains challenging for investors everywhere. Designed to provide exposure to global equity markets while managing their ups and downs, AXA WF Global Optimal Income aims to provide total returns through flexible multi-asset approach.

Please note that the funds or securities referred to herein may not be registered nor available in your jurisdiction, and that the information provided does not constitute an offer to buy or sell, solicitation or investment advice. Please check the countries of registration with the asset manager, or on the website, where a fund registration map is available.


  1. Aims to provide steady long-term capital growth by capturing the upside of rising equity markets, while managing some of the drawdowns in declining markets.
  2. Diversified multi-asset exposure through dynamic asset allocation. We have full flexibility on risk assets (0-100% allocation to equities*) to capture investment opportunities and manage risks as and when they arise.
  3. Quality-driven selection and performance. Our combination of top-down asset class experts and bottom-up selectivity aims to gives investors long-term growth.

Key figures

  • 0-100%

    equity allocation*

  • 1st decile

    since launch**

  • 22

    multi-asset investment specialists***

*Percentage of portfolio’s net assets for illustrative purposes only. For more details refer to the appropriate KIID or Prospectus.

**Morningstar ranking indicates that AXA WF Global Optimal Income is in the 1st decile across 1yr, 3yr and since-launch within the EAA OE EUR Flexible Allocation – Global category.© Morningstar as at 08/03/2018. The information, data, analyses and opinions contained herein (1) include the propriety information of Morningstar; (2) may not be copied or redistributed; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates.

*** Source: AXA IM, as at December 2017. Information about the staff at AXA Investment Managers and / or AXA Investment Managers is only informative. We do not guarantee the fact that staff remain employed by AXA Investment Manager


Discover how portfolio manager Serge Pizem has used the strategy’s flexible equity allocation since 2013, to capitalise on growth opportunities and manage risks as they arise.

Risk factors

The Fund invests in financial markets and uses techniques and instruments which are subject to some levels of variation, which may result in gains or losses. The Fund may be exposed to specific risks including, but not limited to, credit risk and geopolitical risks. Investors are advised to refer to the current prospectus and consider the risk discussion under ‘Risk Factors’ before investing in the Fund.


Investment objectives

The Sub-Fund seeks to achieve a mix of stable income and capital growth measured in Euro by investing in a mix of equities and fixed income securities issued by governments and companies primarily domiciled or listed in OECD countries, over a long term period.


Synthetic Risk & Reward Information scale

1 2 3 4 SRRI Value 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 some levels of variation, which may result in gains or 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. 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. Geopolitical Risk: investments in securities issued or listed in different countries may imply the application of different standards and regulations. Investments may be affected by movements of foreign exchange rates, changes in laws or restrictions applicable to such investments, changes in exchange control regulations or price volatility. Risk linked to investments in hedge funds: a limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Investments in alternative funds imply certain specific risks linked, for example, to the valuation of the assets of such funds and to their poor liquidity.

Investment horizon

This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 6 years.

Main documents

KIID EN 13/11/2019

KIID FR 14/10/2019

Prospectus EN 07/10/2019

Prospectus FR 24/10/2019

Fund manager comment : 30/11/19

November was a better month in terms of good news. Business climate surveys point to a stabilisation of the economy in the short term, helped along by the central banks’ accommodative monetary policies. Nevertheless, there could be bumps in the road ahead with regard to the trade agreement between the United States and China, and Brexit. In the United States, the economic environment continues to defy expectations. Q3 GDP growth was revised upwards to +2.1% quarter-on-quarter annualised (QoQ annualised) vs. an initial estimate of +1.9%. The ISM manufacturing index remained stable at 48.1, checking the downturn seen since last March. The hearings in the impeachment proceedings continued with no major impact on public opinion for the moment... if that does not change, the Republican camp will probably not vote for impeachment. Finally, Michael Bloomberg, former mayor of New York and founder of the financial information company that bears his name, formally announced that he will stand as presidential candidate for the Democrats. In the eurozone, Germany finally posted growth for the third quarter that exceeded expectations at +0.1% quarter-on-quarter, thus narrowly avoiding technical recession. The most recent indicators point to stabilisation of economic activity, as witnessed by the latest manufacturing PMI, which was slightly up at 46.9. In Germany, the elections for the head of the SPD, partner in the ruling coalition led by Angela Merkel, resulted in the appointment of two critics of the coalition. In Spain, the ruling socialist party came out on top in the elections, but fell short of a majority. An agreement with Podemos was reached, but Pedro Sánchez, head of the socialist party, will now have to hold talks with the regional parties (especially the Catalans) to obtain support from Parliament. In France, the renewable general strike that will begin on 5 December could have a disruptive effect on activity. Regarding monetary policy, Christine Lagarde has just begun her term as President of the ECB. One of her first priorities will be to reach a level of agreement within the Governing Council, which is in turmoil after the most recent decisions taken by Mario Draghi. She will also need to launch a strategic review of the ECB’s objectives and the tools still available to it, to reach these objectives. In the United Kingdom, the early general election, to be held on 12 December, will prove to be decisive for the future of the country. Brexit could be a done deal if the Conservatives win a majority. The two parties have spared no effort in terms of their election pledges and this is likely to result in vast increases in public expenditure. If neither party achieves a majority, it is likely that the agreement concluded with the EU will not be signed, and Brexit will be deferred once again. In Japan, growth for the third quarter was disappointing (+0.2% QoQ annualised). Although there has been an upswing in consumption ahead of the increase in VAT, retail sales slumped to -7.1% year-on-year in October. In the manufacturing sector, the PMI index recovered very slightly to 48.9. In China, despite uncertainties around the continued trade tensions, the manufacturing sector seemed to have stabilised, with the PMI making slight progress to 51.8. However, profits in the industrial sector dropped back by around 10% in October. Finally, Beijing announced the issue of $142bn in bonds in order to maintain public investments. The People’s Bank of China dropped its short-term interest rate 5 bp to 2.50% for the first time since 2015. Against this background, equity markets moved higher in November. In the United States, the S&P 500 index was up +3.4% and in Europe, the EURO STOXX 50 gained +2.8% with the French CAC outperforming at +3.1% and the German DAX at +2.9%, while the peripheral markets underperformed: the Italian MIB at +2.5% and the Spanish IBEX at +1%. In the United Kingdom, the FTSE 100 only gained +1.5%. The Asian markets moved in different directions: the Japanese NIKKEI and TOPIX indices consolidated the gains made last month, increasing +1.6% and +1.9% respectively, while the Chinese markets were under pressure; the Hang Seng in Hong Kong dropped -2.1% and the Shanghai Composite -2%. Emerging markets (MSCI EM Total Return) were stable in dollars and gained +1% in EUR. Bond markets dropped back a little, with the economic environment ceasing to deteriorate and the central banks seeming to be on hold. US 10-year yields reached +1.8%. Yields on the 10-year German Bund were also up at -0.36%, as were those on the French OAT, at -0.05%. Yields on the 10-year Italian BTP and Spanish BONOS increased more, to +1.2% and +0.4% respectively. The 10-year UK Gilt was up at +0.7% and yields on Japanese bonds climbed to -0.07%. On the credit market, IG spreads on both sides of the Atlantic widened slightly, with those on US and European high yield bonds widening more. On the foreign exchange market, the US dollar gained slightly, as reflected by the dollar index, which was up +1%. The euro depreciated -1.2% to 1.10 and the Japanese yen was down -1.3%, while the pound sterling remained stable at 1.29. On the commodity markets, the Bloomberg Commodity ex-agriculture and livestock index dropped -3.4% due to the drop in energy and gold prices. Although oil prices continued to trade within a relatively narrow range (Brent + 3.7%, WTI + 1.7%), the price of natural gas in the United States dropped -16.5%. Industrial metals remained stable but gold dropped -3.2% to 1,464 dollars per ounce. In terms of allocation, our exposure in equities markets increased to around 57.07%, broken down as follows: 18.81% in the United States, 19.46% in the eurozone, 6.02% in Europe outside the eurozone, and 9.65% in Asia (including 2.67% in Japan). Our equities allocation now represents 53.93% of the portfolio and is partially hedged on the eurozone and the United States. Our exposure in equities in the European banking sector is around 1.18%. On the equities side, we implemented a 2% increase in the allocation in European cyclical stocks already present in the portfolio, which are still discounted in relation to the rest of the market. On the bond market, modified duration is still relatively low even though it increased as a result of investments on the credit market in recent months, to take advantage of a yield premium compared with the sovereign bonds market. The allocation in investment grade credit now represents around 20.86% of the portfolio. The allocation in high yield credit was maintained at around 2.94% of assets with a preference for the European market. We maintained our diversification on the fund AXA IM WAVe Cat Bonds, which represents 0.68% and we added the fund AXA WF Multi Credit for 0.66% for diversification purposes and to take advantage of this fund’s entire credit spectrum. We also maintained our long position in eurozone inflation expectations for 6.5% of the portfolio but that in US inflation expectations at 3.5%. The fund is still primarily exposed to the euro. We implemented a 1% increase in the carry position of a long exposure in Canadian dollars and short in Swiss francs, given the more accommodative tone set by the Canadian central bank and in a solid macroeconomic climate in Canada. Over the month, the fund posted a net performance of +1.50%.


Performance chart


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.


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
- - -


Distribution country

Distribution countries
United Kingdom


Ongoing Charges 0.85%
Management fees 0.60%

Fund facts

Currency EUR
Start date 15/02/13
Asset class MULTI-ASSET
Expertise Total Return & Allocation
Range AXA World Funds
Legal country Luxembourg
Custodian State Street Bank Luxembourg S.C.A
Depositary State Street Bank Luxembourg S.C.A
Legal asset manager AXA Funds Management SA (Luxembourg)

Portfolio management

Fund Manager Serge PIZEM
Co-manager Laurent RAMSAMY
Investment team MT Absolute & Total Return


Investment area Global
Legal form SICAV

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 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to the following 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.