AVERTISSEMENT

Ce site internet s'adresse exclusivement à des investisseurs professionnels et contreparties éligibles au sens de la directive 2004/39/CE « Marchés d'instruments financiers ». Il a pour objet de fournir des informations sur divers produits ou services financiers du groupe Anaxis. Ces informations ne doivent en aucun cas être considérées comme une incitation à souscrire ou une offre de services.

Vous accédez à la section du site Anaxis destinée aux personnes résidants en France/Italie/Allemagne/Espagne. Si vous êtes résident d'un pays ayant une section dédiée sur ce site, vous devez vous y référer.

Les produits mentionnés sur ce site prennent différentes formes, sont établis dans diverses juridictions, mettent en œuvre des stratégies de natures variées, sont soumis à différents régimes réglementaires et s'adressent à différentes catégories d'investisseurs. L'accès aux produits et services présentés sur le site peut faire l'objet de restrictions à l'égard de certaines personnes ou dans certains pays. Il vous appartient en tant que visiteur de ce site de vous informer et de respecter toutes les lois et réglementations applicables, en particulier celles de votre domicile, celles du pays dont vous avez la nationalité et celles du lieu depuis lequel vous accédez à ce site.

Il appartient à l'utilisateur de vérifier préalablement les caractéristiques juridiques, réglementaires, fiscales et financières des opérations envisagées au regard de sa situation particulière. Le groupe Anaxis ne fournit pas de services de nature juridique, réglementaire ou fiscale.
Les informations de ce site n'ont aucune valeur contractuelle, ne sont pas exhaustives et peuvent contenir des erreurs accidentelles. Tout investissement dans un produit financier ne doit être fait qu'après une lecture attentive de son prospectus et des autres documents réglementaires d'information. En outre, les performances passées ne préjugent pas des performances futures. Elles ne sont pas constantes dans le temps.

L'utilisateur de ce site est invité à prendre connaissance des mentions légales accessibles depuis le menu en bas de page des pages suivantes de ce site. En accédant à ce site, vous reconnaissez avoir pris connaissance de ces conditions et les avoir acceptées.



DISCLAIMER

This website is exclusively intended for professional or qualified investors. Its purpose is to provide information on various products and financial services of the Anaxis group. This information should in no way be interpreted as a service offer or a solicitation to subscribe in any product.

If you are a resident of France, Switzerland, Germany, Italy or Spain, you must refer to the section of this website dedicated to your country's visitors.

The products mentioned on this website may take different forms, be established in different jurisdictions, implement various types of strategies, be subject to different regulations and target different categories of investors. Access to products and services presented on this website may be subject to restrictions with regard to certain persons or certain countries.
If you intend to invest into the presented products, and as a visitor to this website, it is your responsibility to ensure that the products are allowed for distribution in your country and that you are an eligible investor. You are intended to be aware of and to respect all applicable laws and regulations, in particular those of your domicile, your country of nationality and the place from which you access the website.

The visitor to this website should first check the legal, regulatory, tax and financial characteristics of any considered transaction with regard to his/her personal situation. The Anaxis group does not provide any legal, regulatory or tax related services.
The information available on this website has no contractual value, is not a complete description of any product or service and may contain errors. Any investment in a financial product should only be done after a careful reading of the product's prospectus and all other regulatory information documents. In addition, past returns are no guarantee of future returns. Returns vary over time.

The user of this website is invited to read the legal disclaimer which can be accessed from the menu in the footer of the following page of this website. By choosing to access our site, you acknowledge having read these terms and conditions and agree with them.



HINWEIS

Diese Internetseite richtet sich ausschliesslich an professionelle Kunden im Sinne der Richtlinie 2004/39/CE über Märkte für Finanzinstrumente. Sie hat zum Zweck, Informationen über verschiedene Produkte oder Finanzdienstleistungen der Anaxis-Gruppe zu präsentieren. Diese Informationen dürfen unter keinen Umständen als Angebot von Dienstleistungen oder Einladung zur Zeichnung eines Anlageprodukts betrachtet werden.

Sie erreichen den Bereich der ANAXIS-Internetseite der sich an Personen mit Wohnsitz in Italien/Deutschland/Spanien richtet. Wenn Sie Ihren Wohnsitzt in einem Land haben, das einen eigenen Bereich auf dieser Internetseite hat, dann besuchen Sie bitte diesen Bereich.

Die auf dieser Website erwähnten Produkte stammen aus unterschiedlichen Rechtsordnungen, sind in verschiedenen Formen erhältlich, beruhen auf verschiedenartigen Strategien, unterliegen unterschiedlichen rechtlichen Regelungen und sind bestimmten Anlegertypen vorbehalten. Der Zugang zu den auf dieser Website angebotenen Produkten und Dienstleistungen kann für bestimmte Personen oder in bestimmten Ländern Einschränkungen unterliegen. Die Besucher dieser Website sind verpflichtet, sich über sämtliche Gesetze und Regelungen zu informieren, die insbesondere im Land ihres Wohnsitzes, ihrer Nationalität oder in dem Land, von dem aus sie diese Website aufrufen, gelten, und müssen diese einhalten.

Die Benutzer dieser Website müssen vor jeder Anlageentscheidung prüfen, ob sie die damit verbundenen rechtlichen, regulatorischen, steuerlichen und finanziellen Voraussetzungen erfüllen können. Die Anaxis-Gruppe bietet keine Beratung in rechtlichen, regulatorischen oder steuerlichen Fragen an.
Die Informationen auf dieser Website haben keinen vertraglichen Wert, sind nicht erschöpfend und können unabsichtliche Fehler enthalten. Sämtliche Investitionen in ein Finanzprodukt sollten nur getätigt werden, nachdem der Prospekt und die sonstigen Regelungen aufmerksam gelesen wurden. In der Vergangenheit erzielte Ergebnisse lassen nicht auf zukünftige Renditen schließen. Die Wertentwicklung bleibt im Laufe der Zeit nicht konstant.

Die Besucher dieser Website sind angehalten, die rechtlichen Hinweise zu lesen. Der Link dazu ist jeweils im Menü am Seitenende zu finden. In dem Sie sich auf diese Internetseite begeben, erkennen Sie dass Ihnen alle Konditionen bekannt sind und dass Sie diese auch akzeptieren.



ADVERTENCIA

Este sitio web está dirigido exclusivamente a inversores profesionales y contrapartes elegibles según se define en la Directiva 2004/39/CE "Mercados de instrumentos financieros." Su propósito es suministrar información sobre diferentes productos o servicios financieros del grupo Anaxis. En ningún caso se deberá considerar esta información como una incitación a suscribir o una oferta de servicios.

Se accede a la sección del sitio Anaxis para personas residentes en España. Si usted es un residente de un país con una sección dedicada en esta web, debe hacer referencia.

Los productos mencionados en este sitio adoptan diferentes formas, están establecidos en jurisdicciones diversas, ponen en marcha estrategias de naturalezas variadas, están sometidos a diferentes regímenes regulatorios y se dirigen a diferentes categorías de inversionistas. El acceso a los productos y servicios presentados en este sitio puede ser objeto de restricciones en lo que respecta a ciertas personas o en algunos países. Por lo tanto, al visitar este sitio, le corresponde informarse y respetar todas las leyes y normas aplicables, particularmente las de su domicilio, el país de su nacionalidad y el lugar desde el cual consulta este sitio.

El usuario deberá verificar con anterioridad las características jurídicas, regulatorias, fiscales y financieras de las operaciones previstas en lo que respecta a su situación particular. El grupo Anaxis no presta servicios de naturaleza jurídica, regulatoria o fiscal.
La información contenida en este sitio no tiene ningún valor contractual, no es exhaustiva y puede contener errores involuntarios. La inversión en un producto financiero se deberá realizar únicamente después de una lectura detenida de su prospectus y los demás documentos regulatorios de información. Además, los rendimientos pasados no son un fundamento para los rendimientos futuros y no son constantes a lo largo del tiempo.

Recomendamos a los usuarios de este sitio que consulten el aviso legal, al que pueden acceder mediante el menú ubicado en la parte inferior de las páginas siguientes. Al acceder a este sitio, usted reconoce haber leído estas condiciones y aceptarlas.



AVVERTENZA

Questo sito internet è dedicato esclusivamente a investitori professionali e controparti qualificate, ai sensi della direttiva 2004/39/CE "Mercati degli strumenti finanziari" e intende fornire informazioni sulla gamma di prodotti o servizi finanziari del gruppo Anaxis. In nessun caso queste informazioni possono essere considerate come una sollecitazione a sottoscriverli o come un'offerta di servizi.

State accedendo alla sezione del sito Anaxis destinata ai soggetti residenti in Italia/Germania/spagna. In caso di residenza in un paese avente una sezione dedicata su questo sito, siete pregati di farvi riferimento.

I prodotti citati nel sito assumono forme diverse, sono creati in paesi differenti, perseguono strategie di vario tipo, sono soggetti a regimi normativi diversi e si rivolgono a categorie differenti di investitori. La fruizione dei prodotti e servizi illustrati nel sito può essere soggetta alle restrizioni vigenti verso alcune persone o in alcuni paesi. Spetta all'utente, in quanto visitatore di questo sito, informarsi e rispettare tutte le leggi e i regolamenti vigenti, e in particolare quelli del luogo in cui risiede, del paese di cui è cittadino e del luogo da cui si collega al sito.

Inoltre è compito dell'utente verificare preventivamente, tenendo conto della propria situazione particolare, le caratteristiche giuridiche, normative, fiscali e finanziarie delle operazioni ipotizzate. Il gruppo Anaxis non fornisce servizi di natura giuridica, normativa o fiscale.
Le informazioni riportate in questo sito non hanno valore contrattuale, non sono esaustive e possono contenere errori involontari. Tutti gli investimenti in un prodotto finanziario devono essere preceduti da un'attenta lettura del prospetto informativo e degli altri documenti esplicativi previsti dalla normativa vigente. Inoltre le performance passate non sono indicative di quelle future. Le performance non sono costanti nel tempo.

L'utente di questo sito è invitato a prendere conoscenza delle note legali, consultabili dal menù nella parte inferiore delle sue pagine successive. Accedendo a questo sito, si riconosce di aver preso conoscenza di queste condizioni e di averle accettate.



AVERTISSEMENT

Ce site internet a pour objet de fournir des informations sur divers produits ou services financiers du groupe Anaxis. Ces informations ne doivent en aucun cas être considérées comme une incitation à souscrire ou une offre de services.
Vous accédez à la section du site Anaxis destinée aux personnes résidants en Suisse. Si vous êtes résident d'un pays ayant une section dédiée sur ce site, vous devez vous y référer.

Il appartient à l'utilisateur de vérifier préalablement les caractéristiques juridiques, réglementaires, fiscales et financières des opérations envisagées au regard de sa situation particulière. Le groupe Anaxis ne fournit pas de services de nature juridique, réglementaire ou fiscale.

Les informations de ce site n'ont aucune valeur contractuelle, ne sont pas exhaustives et peuvent contenir des erreurs accidentelles. Tout investissement dans un produit financier ne doit être fait qu'après une lecture attentive de son prospectus et des autres documents réglementaires d'information. En outre, les performances passées ne préjugent pas des performances futures. Elles ne sont pas constantes dans le temps.

L'utilisateur de ce site est invité à prendre connaissance des mentions légales accessibles depuis le menu en bas de page des pages suivantes de ce site. En accédant à ce site, vous reconnaissez avoir pris connaissance de ces conditions et les avoir acceptées.



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Introduction

Anaxis 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.

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:

European corporate bonds funds:

American corporate bonds fund:

Emerging countries corporate bond funds:

Anaxis AM also offers an European Equities fund:

Download the CORPORATE CREDIT MONTHLY UPDATE - 2017/07 (.pdf)
I want to be informed of upcoming publications Anaxis (Reporting & CCMU)

Read the documents related to the CONFLICTS OF INTEREST MANAGEMENT POLICY, the COMPLAINT POLICY, the COUNTERPARTY SELECTION AND EVALUATION POLICY, the VOTING POLICY and the REMUNERATION POLICY.

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).

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.

Pierre Giai-Levra: « 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 cash flows and investment needs. The legal framework of the issue documents is also an essential element of the decision-making process. »

Jean-Julien Goettmann: « Our teams and our investment philosophy are deeply rooted in fundamental credit analysis. Drawing on our credit DNA, our equity management approach benefits from the discipline of our financial analyses (balance sheet, income statement and cash flows) and our ability to grasp the quality of each company's tangible and intangible assets. We do a better job of analysing downside risk and can therefore guarantee better resilience to our equity portfolios. ».

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.

Download Investment Process of Anaxis Asset Management (.pdf)
Download Risk Management of Anaxis Asset Management (.pdf)

Investment Team

Pierre 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)

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

Kirill Talai, Analyst
Previous experience: Research at Higher School of Economics (Moscow)
Education: Msc in Finance, EDHEC Business School; London School of Economics

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.

Download the CORPORATE CREDIT MONTHLY UPDATE- 2017/07 (.pdf)
I want to be informed of upcoming publications Anaxis (Reporting and CCMU)


Archives


Read the Corporate Credit Monthly Update for the last three months:

Contact Us

Paris
9, rue Scribe
75009 Paris
Tel: +33 (0)9 73 87 13 20
Fax: +33 (0)1 42 65 80 46

info@anaxiscapital.com