IntroductionAnaxis Asset Management is the group’s asset management firm specialized in high-yield corporate bonds. Based in Paris near the Opera, Anaxis AM is regulated by the French Autorité des Marchés Financiers under the registration number GP 10000030.
Our strategy, called bond-picking, aims to select the bonds offering the best risk / return characteristics through a thorough credit analysis of every issuing company. Our management approach is not attached to any benchmark and enables us to build robust portfolios, which can navigate stressed market conditions, and which offer regular return superior to that offered by government bonds.
These solid portfolios fulfill effectively the expectations of our investors, private banks, family offices, multi-managers, pension funds and insurance companies, who are looking for reliable, resilient and strong performing investment products.
Anaxis AM offers 4 bound funds, each of them specialized on the high-yield segment.
European corporate bonds funds:
- Anaxis Bond Opportunity 2015, fixed-term fund (2015)
- Anaxis Bond Opportunity EUR 2018, fixed-term fund (2018)
- Anaxis Bond Opportunity L, short duration fund (Access reserved to investors)
American corporate bonds fund:
- Anaxis Bond Opportunity US 2017, fixed-term fund (2017)
Anaxis AM offers an European Equities fund:
|Download the CORPORATE CREDIT MONTHLY UPDATE - 2014/09 (.pdf)|
|I want to be informed of upcoming publications Anaxis (Reporting & CCMU)|
Founders & Philosophy
|Pierre Giai-Levra and Jean-Julien Goettmann are the two founders of Anaxis AM. They decided to create AAM in 2009 in order to provide Anaxis group with an asset management company capable of managing UCITS' funds for their clients.
The corporate bond market offers many opportunities for an active manager, the organization of the market itself being a source of inefficiencies:
- A great majority of investors approach the corporate debt market with a benchmarked outlook,
- The market remains very segmented in terms of rating categories, with each investor facing regulatory or internal constraints with regards to their ability to invest in this or that segment,
- Rating agencies have maintained a predominant role in evaluating debtors and associated financial conditions,
- Certain market segments are treated OTC (by specialist brokers).
Pierre Giai-Levra: "Nearly all asset management companies in Europe have a benchmarked approach. Our ambition is to demonstrate the added value of fundamental «bond picking» built on our process of bottom-up management".
Jean-Julien Goettmann: "Managing according to our bond-picking approach means that our analysts and managers conserve the essential part of their energy for deep analysis of each bond issue rather than predicting the short-term movements of the market. This analysis is based on knowing the business sector of the issuer, its business model, its balance sheets, its income statements, its cashflows and investment needs. The legal framework of the issue documents is also an essential element of the decision-making process".
Investment methodologyOur approach is based on fundamental analysis of the credit quality of corporate bonds. Our process is built on a bottom-up selection of individual bonds while ensuring an appropriate diversification and risk control at a portfolio level.
- We do not follow indexes
- We instead concentrate on the specificities of each issuer
- We only buy a bond after having reached a strong conviction build on in-depth analysis covering all the potential risk factors
Our ambition is to build robust portfolios capable of crossing difficult market conditions and to produce attractive investment returns in medium-term horizons. We favor companies benefiting from high barriers to entry, a regular turnover, a flexible cost structure and prudent management of their balance sheets. We exclude the financial sector from our portfolio because of its lack of transparency and predictability.
Our process is particularly selective. We have a preference for the safest bonds, both in terms of maturity, seniority rank, and lender protection. We do not simply rely on ratings supplied by agencies: we forge an independent opinion based on our own views of the future evolution of the issuing companies.
The allocations by rating, sector and country of our portfolios evolve over time as a result of our bottom-up management. We also take into account the macroeconomic environment. Interest rates sensitivity and other risk factors are closely monitored and can be adjusted if necessary.
|Download Investment Process of Anaxis Asset Management (.pdf)|
|Download Risk Management of Anaxis Asset Management (.pdf)|
Investment committeePierre Giai-Levra, CIO
Previous experience: Paribas Asset Management, Dexia Asset Management, Finaltis (Paris)
Education: Ecole Centrale de Paris; Diplom-Mathematiker degree, University of Stuttgart; Master in Finance, HEC
Sébastien Davos, Risk Manager
Previous experience: Calyon (Paris), Société Générale CIB (Paris), AXA Investment Managers (London)
Education: MSc in Management, EDHEC; MBA Finance, Université Laval (Canada)
Alessandro Pellegrino, Portfolio Manager
Previous experience: Carbon Desk Capital (London), Standard & Poor’s (Paris)
Education: MSc in Management at ESCP Business School
Victor Manderfeld, Portfolio Manager
Previous experience: BNP Paribas Investment Partners (Amsterdam, New York), BNP Paribas Asset Management (Paris)
Education: MSc in management, UniversitÚ Paris-Dauphine; Master in Asset Management (222) UniversitÚ Paris-Dauphine
Benoît Ducatillon, Portfolio Manager
Previous experience: Natixis Global Asset Management (Paris), Comgest (Paris)
Education: MSc en Finance, Université Lille 2, Master en gestion d’actifs (222) de l’Université Paris-Dauphine
Corporate Credit Monthly UpdateEach month, the Anaxis Asset Management team produces a written summary on the corporate credit market. In this document our experts discuss the following key points:
- Market data indices
- Realized and expected inflation
- Historical evolution of corporate credit yields
- Credit spreads on corporate bonds per rating
The Anaxis team concludes with an analysis of the events that have impacted the markets during the month, especially at the macroeconomic level.
|Download the CORPORATE CREDIT MONTHLY UPDATE- 2014/09 (.pdf)|
|I want to be informed of upcoming publications Anaxis (Reporting and CCMU)|
Read the Corporate Credit Monthly Update for the last three months:
9, rue Scribe
Tel: +33 (0)9 73 87 13 20
Fax: +33 (0)1 42 65 80 46