AXA WF Global Optimal Income

ISIN LU0465917473

Last NAV 156.0100 EUR as of 12/11/19

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 : 30/09/19

A new month, bringing new developments. There is no question that Donald Trump will have to face impeachment proceedings after further accusations of interference. In terms of data, the manufacturing PMI continued to drop while in the eurozone, Germany lost momentum and Italy went into a slide. The US Federal Reserve (Fed) and the European Central Bank (ECB) decided to adopt a more accommodative approach to their monetary policy. In the United States, the Democrats finally decided to launch impeachment proceedings against Donald Trump for the alleged use of State resources for personal purposes. Given that there has never been a successful impeachment in the past (Richard Nixon resigned before proceedings could take place and Bill Clinton was exonerated), there is some doubt as to whether these proceedings will have any real impact on the current president, particularly as the process is a long one. Nevertheless, the timing does not work in his favour since the presidential elections will be held in November 2020. In the short term, the composite ISM manufacturing PMI continued to drop (47.8 vs. 49.1 in August) and its New Exports Orders component fell to its lowest since the end of 2008. On the consumption front, expenditure is still dynamic but household confidence deteriorated, leading to increased risk in the medium term. The Fed implemented a further rates cut of 25 basis points (bp) to [1.75%-2%]. We can expect to see another cut in December, to [1.5%-1.75%] before a pause in 2020, unless recent tensions on the short-term liquidity market force the Fed to announce further measures, especially in terms of managing the reduction of its balance sheet. In the eurozone, the sentiment index of the European Commission (EC) remained stuck at a low level and the composite PMI fell to 50.4, its lowest since June 2013. Activity in Germany continues to cause concern and the government is still firmly opposed to the idea of budgetary stimulus plans. Despite the announcement of a plan intended to drive the ecological transition, this is only worth 0.4% of GDP (€54 billion over four years). France stood up better, with its business climate indicator slightly up. At its most recent monetary policy meeting, the ECB decided to drop its deposit rate by 10 bp to -0.5%, specifying that a two-stage system will be introduced on 30 October, thereby exempting a large portion of banking reserves from negative interest rates. Mario Draghi also announced that the ECB will relaunch its quantitative easing programme for 20 billion euros per month, for an unlimited term. Finally, the committee specified that rates will remain low, at least until mid-2020, and said that any increase in rates will be conditional upon core inflation approaching the 2% mark. In Italy, the Democratic Party (PD) and the 5-Star Movement agreed to form a new government led by former prime minister Giuseppe Conte. However, this is a fragile coalition, as intra-party dissensions cannot be ruled out (and Matteo Renzi has already quit the PD and created a new party). Spain will return to the polls on 10 November, unless an agreement can be reached between the Socialists and Podemos on the formation of a government. In Austria, the Conservative party came out on top in the recent elections (37%). The Greens, which gained large numbers of votes (14%), are expected to take their place in the new government, especially as the extreme right FPÖ party indicated that it would prefer a spell in opposition. In the United Kingdom (UK), Brexit dominated the news for the 39th month in a row (since June 2016). The Supreme Court delivered a severe rebuke to Boris Johnson, ruling that his suspension of Parliament was “void and of no effect”. The Conservative party is pushing for a deal with the EU before 31 October in order to meet the prime minister’s commitment to achieve Brexit “at all costs”. In the next few days, Boris Johnson will present a detailed plan, now expected to include “customs clearance” centres on both sides of the Irish border. However, the EU is fully aware that the renegotiation of the backstop does not only concern the safeguarding of Ireland’s commercial interests, but the very existence of the Union itself. In Japan, VAT increased from 8% to 10% with effect from 1 October. In the medium term, this is intended to reduce a still-sizeable public debt (226% of GDP), affected in part by soaring social welfare costs linked to population ageing. However, the government has passed measures that aim to avoid a recession in the short term, the most significant of which is the exemption of first necessity products. With regard to monetary policy, the Bank of Japan decided to maintain the status quo at its most recent meeting in September. In China, the regime celebrated its 70th anniversary. In his speech, Xi Jinping stated that “no force can stop the Chinese people and the Chinese nation from forging ahead”, making direct reference to the rioters in Hong Kong and the trade war and ideological differences setting it against the United States. With regard to the latest economic indicators, the Caixin manufacturing PMI climbed to 51.4 in August but it is difficult at the moment to dissociate the effects of speculation around the implementation of new customs duties by the US and the budgetary stimulus plan set in motion by the Chinese government a few months ago. In terms of allocation, our exposure in equities markets was stable at around 49.62%. Our equity allocation now represents 48.68% of the portfolio. Our exposure in equities in the European banking sector is around 0.84%. 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 20.34% of the portfolio. The allocation in high yield credit was maintained at around 3.94% of assets with a preference for the European market. We have maintained our diversification on the fund AXA IM WAVe Cat Bonds, which represents 0.70%. The allocation in emerging markets bonds denominated in USD or EUR represents 3.35%. We also maintained our long position on inflation expectations in the eurozone for around 5% of the portfolio given the current levels. Over the month, the fund posted a net performance of +0.54%.


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
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Performance table

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Performance table Net performance Performance indicator  Start date End date
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1y - - - -
3y - - - -
5y - - - -
10y - - - -
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Y-1 - - - -
Y-3 - - - -
Y-5 - - - -

Risk table

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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

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End date

Price Date Portfolio AUM
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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-ASSETS
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.