Introduction
Anaxis Asset Management (AAM) is the group’s asset management firm specialized in 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.
Anaxis has also expanded its rigorous financial analysis expertise to stocks by launching a European equity fund. Likewise, we use a non-benchmarked management approach, aimed at building a portfolio subject to limited risk of strong variations.
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 6 bond funds, each of them specialized on the bond segment.
Diversified corporate bonds funds:
- Anaxis Income Advantage, active management
- Anaxis Short Duration, short duration fund
- Defensive Bond Opp. 2026, Investment Grade fixed-term fund (2026)
- Diversified Bond Opp. 2025, fixed-term fund (2025)
European corporate bonds funds:
- EU Bond Opp. 2027, fixed-term fund (2027)
Emerging countries corporate bond funds:
- EM Bond Opp. 2024, fixed-term fund (2024)
Anaxis AM also offers an European Equities fund
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Download the CORPORATE CREDIT MONTHLY UPDATE - 09/2023 (.pdf) |
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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: |
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- 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).
Similarly, the equity markets offer excellent investment opportunities for portfolio managers capable of adopting a rigorous stock picking approach, while prioritising patience and strength over aggressive speculative purchases.
Jean-Julien Goettmann: « Managing according to our bond-picking approach means that our analysts and managers devote the bulk of their time to fundamental analysis of each bond issue rather than predicting the short-term market movements. Their analyses rely on comprehensive research on the business sector of the issuer, its business model, its balance sheets, its income statements, its cashflows and investment needs. »
Pierre Giai-Levra: « Anaxis is making a firm commitment to sustainable investment. To do this, we have chosen to implement a sector exclusion policy, declining to invest in fossil fuels or pesticides, for example. Our approach is simple and robust. This policy is in keeping with our corporate debt management speciality, aiming to direct financial flows towards sectors which are compatible with our objectives, i.e. preserving the environment and health. »
Investment methodology
Our 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.
We apply the same philosophy to the management of our equities portfolio. We pick companies based on their financial strength and long-term value creation potential. We build a robust allocation boasting resilience to market volatility.
Investment Team
Pierre Giai-Levra, Portfolio Manager
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, Portfolio Manager
Previous experience: Calyon (Paris), Société Générale CIB (Paris), AXA Investment Managers (London)
Education: MSc in Management, EDHEC; MBA Finance, Université Laval (Canada)
Jean-Julien Goettmann, CFA, Portfolio Manager
Previous experience: Société Générale Asset Management (Paris & Singapore), Arbordale Hedge Investments (Chicago), Dexia Asset Management (Paris), Finaltis (Paris)
Education: MSc in Management, Neoma Business School (Head of the Dean's list 1994), Master in Corporate Finance (University Paris-Dauphine), Chartered Financial Analyst
Thibault Destrés, Portfolio Manager
Previous experience: AXA IM (Londres), AXA IM (Paris)
Education: MSc Finance ESSCA
Maximilien Vedie, CFA, Portfolio Manager
Previous experience: UBS (Paris), Société Générale Private Wealth Management (Luxembourg)
Education: MSc in Risk and Asset Management, EDHEC Business School
Maxime Boulon, Risk Manager
Previous experience: CARAX (Paris), Mercialys (Paris)
Education: MSc in Finance & Risk Management, INSEEC Business School; Bachelor, St. John’s University (New York)
Corporate Credit Monthly Update
Each 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.
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Download the CORPORATE CREDIT MONTHLY UPDATE - 09/2023 (.pdf) |
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I want to be informed of upcoming publications Anaxis (Reporting & CCMU) |
Archives
Read the Corporate Credit Monthly Update for the last three months:
- CORPORATE CREDIT MONTHLY UPDATE - 08/2023
- CORPORATE CREDIT MONTHLY UPDATE - 07/2023
- CORPORATE CREDIT MONTHLY UPDATE - 06/2023
Contact Us
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Anaxis in Paris 9, rue Scribe 75009 Paris Tel: +33 (0)9 73 87 13 20 Fax: +33 (0)1 42 65 80 46 info@anaxis-am.com |
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