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News


April 26th 2021 - Anaxis EM 2024: a responsible fund in Emerging Markets

At Anaxis, our ESG approach is strict and ambitious. It applies to all our portfolios, including our emerging market corporate debt fund, making this one of the only funds on the market to offer a responsible approach in this segment.

Ethical management is a strong conviction for Anaxis. Our approach is based on two main pillars: firstly, a rigorous sector exclusion policy, and secondly, a best-in-class policy for sectors that are not excluded through the first filter.

In terms of excluded sectors, our list includes fossil fuels, nuclear power, polluting industries (for example the fertiliser and the insecticide industries), and producers of single-use plastic packaging. We also implement more traditional exclusions affecting the armaments sector, the tobacco sector, and the non-therapeutic use of GMOs.

It should be noted that these criteria for sectoral exclusions do not deprive us of investment opportunities. They reduce the universe by about 16%, which means that among the 700 bonds in the universe, we still have more than 580 different issuers from which to build our portfolio. We therefore retain a great deal of freedom to invest in other sectors offering a wealth of interesting opportunities.

Also, sectors and companies that we exclude for environmental reasons would probably be excluded anyway because of their excessive cyclicality. A prime example of this is the oil sector: as 2020 has shown, it is extremely difficult to predict how prices per barrel will change over the next year or two.

We then apply our best-in-class policy within the sectors that are not excluded, but which nevertheless contribute to greenhouse gas emissions. We do this in such a way as to select the emitters that are the most advanced in terms of the fight against global warming.

All Anaxis portfolios are in line with the trajectory defined by the Paris Agreement. We are aiming for the portfolios to be carbon neutral by 2050. But above all, in the shorter term, we have an objective of reducing the carbon intensity of the portfolios by 7.5% per year over the decade from 2018 to 2028. The carbon intensity of Anaxis's portfolios has already been reduced by nearly 25% over the last eighteen months. We are therefore ahead of this objective of 7.5% per year and we intend to maintain this trend.

April 06th 2021 - The maturity fund: an ideal way to invest in emerging market bonds

At Anaxis, we firmly believe that maturity funds offer many benefits. We are among the pioneers and European market leaders in this space. Our 2024 emerging market fund is the eighth maturity fund launched by our team, and the second in the emerging market debt segment.

The principles behind this fund structure offer significant advantages. First of all, they bring together investors with the same investment horizon. This provides the AUM stability that is essential in a medium-term investment strategy. Secondly, we invest in bonds whose maturity is close to the fund's maturity. The strategy consists in receiving coupons during the lifecycle of the bonds, and holding them until maturity. The role of our management team is to draw on our expertise to optimise the bond selection process. This is achieved through a fundamental credit approach.

This fund structure is particularly attractive as regards emerging countries, which can be prone to periods of volatility. It is therefore important to have a structure that allows us to maintain positions and protect investors. This is the case of the maturity fund, with its convergence effect. If the fund management team keeps the bonds in the portfolio, and provided its credit risk analysis is correct, investors can rest assured that they will be repaid at par and able to pocket the coupons, despite possible volatility over the lifecycle of the bonds. This gives our investors very good visibility.

Furthermore, this fund structure allows for significant diversification, which is an essential factor in the credit market. Anaxis EM 2024 is invested in approximately 130 bonds. Through this diversified selection, investors benefit from the work of our team of managers and analysts, who conduct in-depth research into each and every bond.

The performance of our EM 2024 fund in 2020 is the perfect illustration of its robustness. The beginning of the year was difficult in all markets, yet we held up well in the downturn. This was due to the maturity fund structure, but also to the resilient positioning of the fund. We also rebounded very well as the markets normalised.

Another important point is that our EM 2024 fund has been less volatile, with a Sharpe ratio well above that of the indices and competing funds. The fund is thus rated five stars by Quantalys at the end of March 2021, with good ratings for the ESG criteria of this database, which is rare for an emerging market approach.

March 29th 2021 - The excellent fundamentals of emerging market companies

Fundamentals remain very strong in the emerging market corporate bond segment. This becomes clear when we consider the average debt of companies in the investment grade and high yield segments. Whichever category we look at, we see that emerging market companies remain less leveraged than their counterparts in the US and Europe (1.0x to 2.0x less in net leverage). This is important, especially when markets enter a volatile period like the one seen in 2020.

Another point to note is that, according to J.P. Morgan, companies in emerging countries should have returned to pre-pandemic debt levels as early as the FY 2021 results season. This bounce-back shows excellent resilience, but also a capacity for rapid recovery. This is what we have already begun to see in the company results published for the third quarter and in the first glimpses of those for the fourth quarter 2020. This underscores the solid fundamentals of the asset class.

Another crucial element of our proprietary analysis of credit risk at Anaxis is liquidity, which is particularly important for companies in emerging markets. These companies have a liquidity ratio - in other words, balance sheet liquidity versus total debt - that is about 10 percentage points higher than that of their US counterparts. This excess liquidity provides an additional cushion, even during periods of volatility. Emerging market companies are more accustomed than those in developed countries to facing economic and financial uncertainty. They are therefore more far-sighted at cruising speed, which has enabled them to weather the COVID-19 crisis in a much more resilient manner.

We find a very concrete illustration of these better fundamentals when we look at default rates. According to J.P. Morgan, default rates in the emerging high yield segment are expected to remain lower than those of US issuers. For example, the expected default rate for 2021 is 2.8% for emerging high yield, compared with 3.5% in the US. It should be stressed that this is not a new phenomenon. Indeed, it would be the fifth consecutive year in which the default rate among emerging market issuers has been lower than among their US counterparts.

In addition to these strong fundamentals, the emerging market corporate bond category offers superior yields, which are a key component of its appeal. Regardless of the rating category considered, investors stand to benefit from a larger spread and therefore yield on emerging market companies compared with their US or European counterparts. It is interesting to note that this yield premium has remained relatively stable since the election of Joe Biden in early November and remains attractive relative to long-term historical averages.

March 22nd 2021 - Emerging market corporate debt: an asset class driven by current events

If we take stock of the events of the last few months, we can see that they are on the whole very positive for emerging market corporate bonds. First of all, there was the start of the vaccination campaign, although this will certainly be rolled out faster in developed countries. However, emerging markets will benefit from the growing appetite for risk that this good health news brings. Furthermore, most emerging market economies are currently subject to far less severe health-related restrictions than those in place in developed countries, particularly in Europe. Accordingly, the slower rollout of the vaccination campaign has less of an impact.

A good illustration of this situation is the Chinese economy ending 2020 on a very positive note; the GDP growth figure for the fourth quarter, published in mid-January, stood at an annualised rate of 6.5%. This means that the Chinese economy grew by 2.3% over the year, making it the only G20 country to have experienced positive growth over 2020 as a whole. Moreover, the results of companies in emerging countries continued to exceed expectations. They were very encouraging for the fourth quarter of 2020 and we expect this to continue to be the case for the beginning of 2021. The recovery in Chinese growth and international trade are the key driving forces behind this trend.

Another positive phenomenon has accelerated in recent weeks: capital inflows on emerging market credit are very significant. We have seen an increasingly global interest in this asset class, which will allow companies in our EM 2024 fund to benefit from privileged access to the markets, and possibly to the primary market. Naturally, these are potential opportunities for our portfolio.

The election of Joe Biden in the United States was also an important development at the end of 2020. The main conclusion we draw from this is that the political relationship between China and the United States may be less unpredictable than what we experienced during Donald Trump's tenure. This is another favourable change, and it has been welcomed as such by the markets. However, we also do not expect total easing and full normalisation of these relations. We believe that there will continue to be episodes of volatility, with tensions in the technology sector in particular. At this stage, we do not have any exposure to Chinese companies that are wholly or partly owned by the Chinese state or by Chinese provinces, to avoid political decisions that would have too great an impact on the portfolio.

Another decisive development in 2020, and one that will be remembered for many years to come, was the activism of central banks. They supported the financial markets in the second quarter of 2020 and allowed a generalised rebound in valuations. We expect central banks to remain accommodative in 2021 and rates to remain at low levels, particularly in Europe. This is another very positive supporting factor for emerging market corporate bonds, as this will reinforce inflows into the asset class in the coming years.

The last supporting factor is the depreciation of the dollar. This is an important element when looking at the emerging market corporate bond asset class. This depreciation is notably linked to the significant stimulus packages in the United States, which are to be financed by debt issues. The consensus view is that this will continue and have a positive impact on market sentiment in terms of emerging market assets, and thus for emerging market corporate debt.

A macroeconomic point to conclude: the IMF forecasts are very telling. For 2020, emerging countries have certainly experienced negative growth, but to a much lesser extent than developed countries. This is due in particular to the fact that the manufacturing sector, which weighs much more heavily in these economies, has recovered well before the service sector. And in 2021 and 2022, again according to the IMF, the outperformance of emerging economies is expected to continue.

March 12th 2021 - Anaxis EM 2024 strategy: differentiation and performance

The objective of our EM Bond Opp. 2024 fund is simple and clear, in line with the Anaxis investment philosophy. It is to allow our clients to benefit from the extra return offered by emerging market corporate bonds while limiting the volatility risk specific to this asset class. We also aim to bring diversification to our clients' bond portfolios, through a robust and distinctive allocation in this segment that sets us apart from other emerging market debt funds.

To achieve this, we combine fundamental and independent credit analysis, the true DNA of Anaxis, with a strict and ambitious ESG policy. The result is a well-diversified portfolio of more than 100 issuers at any given time, with a primary focus on companies that operate in resilient sectors and have an intrinsic ability to generate significant cash flow. Moreover, Anaxis's ambitious commitment to energy transition and sustainable development criteria now forms an integral part of our investment policy. We consider this to be a driver of differentiation, risk control and performance.

The main difference between our EM 2024 fund and others in the same category becomes clear when we compare its sector allocation with the emerging market debt investment universe. Firstly, the sectors that are traditionally the most resilient and most likely to achieve stable performance over time are over-represented in our EM 2024 fund. These include telecommunications, healthcare, utilities and consumer staples.

Conversely, almost 50% of the universe is either very heavily underweight or completely absent from our portfolio. Examples include fossil fuel producers and companies in the polluting chemicals sector, which are completely excluded from our portfolio for ESG reasons. At the same time, the financial and real estate sectors are also excluded for reasons of excessive leverage and performance cyclicality. This sector-specific positioning we offer our clients allows us to create a product that is both robust and attractive in terms of yield.

At the end of February, our EM 2024 portfolio offers investors an average yield in dollars of 5.24%. The duration is limited, at 2.75 years, and the portfolio is well-diversified, with around 130 different issuers. The average position is 0.66%.

March 09th 2021 - Webinar / Interest rate uncertainty? Anaxis Short Duration: an appropriate response

Anaxis AM is pleased to invite you to its Live Webinar
Interest rate uncertainty? Anaxis Short Duration: an appropriate response

Thursday 18 March 2021 at 11:00 AM
Duration: 30 minutes

Registration: click here to register
or at info@anaxiscapital.com

Jean-Julien Goettmann, Managing Partner, and Thibault Destrés, Portfolio Manager at Anaxis AM will present the unique approach of the fund and the reasons to invest now.

Attractive yield
The low or even negative interest environment make it challenging for investors to allocate the fixed income part of their portfolio. However, the corporate bond market offers income opportunities that the fund aims to capture while reducing risk by investing in short dated instruments.

Reduced risk
The fact that the fund maintains a short duration at all times significantly reduces interest rate and credit risks. In addition, our responsible management, cautious sector policy and thorough bond-picking enable a good level of visibility and help to manage risk.

January 26th 2021 - Anaxis AM Webinar / EM Bond Opp. 2024: investing in the best EM corporate bonds

Anaxis AM is pleased to invite you to its Live Webinar
EM Bond Opp. 2024: investing in the best EM corporate bonds

Tuesday 2 February 2021 at 11:00 AM
Duration: 30 minutes

Registration: click here to register
or at info@anaxiscapital.com

Jean-Julien Goettmann, Managing Partner, and Maximilien Vedie, Portfolio Manager at Anaxis AM will present the unique approach of the fund and the reasons to invest now.

Key statistics of the fund as of 15/01/2021 (J1 Class)
Yield*: 5.26%
Duration: 2.17
Number of issuers: 127
2020 Performance: +5.91%
2019 Performance: +6.93%

Attractive yield
The fund offers an attractive yield in the current environment, with a distinctive allocation: it selects the most robust companies in the emerging countries, in the most resilient sectors, with a responsible approach. The fund does not invest in financial and oil sectors.

Reduced risk
The advantages of fixed maturity funds, our responsible management, our prudent sector allocation, our comprehensive credit analysis of each issuer and governments/central banks financial supports foster visibility and controlled risk.

*Gross yield

January 13th 2021 - Anaxis EM Bond Opp. 2024: investing in the strongest emerging companies

The construction of our EM Bond Opp. 2024 portfolio is based on a number of key points and it is essential to highlight the differences between our approach and that of most of our emerging market competitor funds.

Firstly, our Anaxis 2024 fund is a corporate bond fund with a 2024 maturity and bonds denominated exclusively in hard currencies, i.e., dollars or euros. The fund is mainly invested in companies that are leaders in their sector, with a median turnover of approximately $2 billion. The companies selected are, therefore, important players at either regional or global level. Also, in most cases, these companies generate most of their revenues in dollars, which reduces the exchange rate risk, which is more sensitive in emerging countries. More broadly, these are companies that are used to navigating in an uncertain environment.

Secondly, the emerging corporate bond market is mature and diversified. We currently have around 600 issuers in the index, and the 2024 maturity is ideal as it allows us to take advantage of the vast majority of opportunities, particularly in the primary market.

More specifically, why is our approach different from that of index and competing emerging funds? This becomes clear when comparing the sector allocation of our EM 2024 fund with an emerging corporate bond index. Most of those represented in our portfolio are the more resilient sectors such as telecom, non-cyclical consumer goods and healthcare. Conversely, we have no exposure, either by constraint or by choice, to much more cyclical sectors such as real estate, banking & financial services, and energy. Moreover, compared to competing emerging market funds, we do not include any sovereign bonds in our portfolio, with the allocation focusing solely on bonds of the most robust companies.

This positioning, which is more conservative than the index, allows us to benefit from an attractive yield. Indeed, it is currently 5.30% in dollars for the entire portfolio. The number of issuers stands at around one hundred twenty, with the aim of reaching a range between 120 and 150 issuers in the long term.

Our portfolio still has approximately 10% in liquidity which we wish to invest progressively, particularly on primary market opportunities. It should be noted that for this emerging fund, we do not have a predefined geographical distribution. The countries represented in the portfolio are solely the result of our bond selection. However, we take care not to have more than 20% exposure to a particular country, in order to limit specific risk.

The fund's top ten positions at the end of December offered great diversity, both in terms of countries and sectors, including both globally renowned companies such as Teva (healthcare) as well as more regional, but equally strong players.
Anaxis AM_EM 2024_EN

December 16th 2020 - Anaxis AM is proud to be a founding member of the Net Zero Asset Managers initiative

We are delighted to be a founding signatory of the Net Zero Asset Managers initiative and committed to a goal of net zero emissions by 2050 or sooner.

With US$9 trillion of assets committed, this initiative represents a significant moment on the road to a net zero future. This is the first major step by the asset management industry to lay out commitments for the goal of net zero emissions by 2050 or sooner.

As asset managers, we have to play our part in helping to deliver the goals of the Paris Agreement and ensure a just transition. We are delighted to join the Net Zero Asset Managers Initiative as part of our commitment to this goal.

To learn more about the IIGCC initiative

To learn more about the Anaxis' ESG approach

November 25th 2020 - How does the Anaxis' management team manage the credit risk on its fixed maturity funds?

Anaxis Asset Management was born in the wake of the 2008 financial crisis. This enabled us to develop a robust approach to credit risk management from the outset. This management is not based on monitoring trends or stop-losses. On the contrary, we believe that a robust approach is essential in the construction of the portfolio itself. Therefore, we take this into account when building portfolios and analyzing companies.

We take a decidedly bottom-up approach. Not all issuers are the same and each must be analyzed in detail. We apply all the techniques of financial analysis and balance sheet and income statement modeling, while always keeping a clear objective in mind: visibility. This means that we look for companies that offer good visibility in terms of environment, strategy and cash flow. We also seek to avoid risks beyond the companies' control, particularly cyclicality, currency fluctuations, and sensitivity to changes in raw material prices. The final area of analysis for our selection relates to environmental risks, and we exclude a certain number of sectors that we consider to be unacceptable in terms of ethical management.

Once we have made our selection, we perform regular tests, i.e., stress tests on all our positions. These stress tests are an essential aspect of risk management, especially in an environment of economic difficulties, such as the one we have been experiencing recently. In our stress tests, we model the evolution in revenues and study the impact in terms of EBITDA and leverage according to each company's specific characteristics. In particular, we take into account the flexibility of the cost structure and exposure to oil prices, and we assess balance sheet liquidity based on cash flows, available credit lines and repayment schedules. The portfolio construction reflects our conservative approach to credit risk. We aim to balance exposures and to ensure that the portfolios are well diversified.

Another point to emphasize is that at Anaxis we also consider ESG criteria as risk management tools. This is an essential key point: we believe that these tools are necessary for good credit risk management. In particular, from our perspective, financing new projects in fossil fuels or polluting industries poses a significant risk to investors because of the financial risks associated with them. We are talking about transition and ethics and financial risk, and these sectors are not suitable investments from our point of view. This is why we have implemented a strict exclusion policy to protect our portfolios from these sectors. For other sectors, environmental factors are considered at the level of our bottom-up analysis to exclude issuers exposed to substantial risk, for example, due to their specific business activity or their lack of vigilance in their practices.

Topics examined from this ESG perspective include the depreciation of obsolete assets, the use of outdated technology, the impact of regulatory changes, and the materialization of health risks and industrial accidents, which can also lead to high compensation claims. These risks are numerous and can therefore have a very significant financial impact. This is the reason why we include them in our economic analysis.

We are also careful to avoid financing economic activities of governments guilty of serious human rights violations, more specifically in our Emerging 2024 fund. We therefore also analyze who the shareholders and financial beneficiaries of the companies we finance are.
Anaxis AM_Credit Risk Management_EN

November 18th 2020 - Anaxis Diversified Bond Opp. 2025: a diversified fund for investors searching for yield

The strategy of our fund DIV Bond Opp. 2025 is based on various key elements: at the end of October, the fund was offering a gross yield to maturity of 5.53% in euros after exchange rate effects on foreign currency positions. Moreover, the fund benefits from a relatively short duration of 3.29 years and therefore has moderate sensitivity to credit spreads. Finally, diversification plays an important role, with more than 160 positions in the portfolio, in line with the entire Anaxis range of funds.

Geographically, DIV Bond Opp. 2025 is a global fund with a bias: two-thirds of the companies are European, while the other third is shared among the United States and the Emerging Markets. Why is it split this way ? Not only did we identify most of the value at the time of the fund's creation at the end of 2018 within the European market, but it is also in this segment that credit spreads have been the most attractive. The universe has evolved, but we want to maintain the current structure, with diversification within the United States and the Emerging Markets, which in our view, offer a wide range of interesting opportunities. Our allocation is therefore not expected to change over the life of the fund, as we have primarily a carry strategy. Hence, the majority of bonds will be held until the fund's maturity date. We also want Europe to remain the fund's core zone, given our clients' expectations.

From a sector allocation point of view, resilient sectors are overweighted in the fund to limit volatility and credit risks. The focus is on healthcare, business services, communications and food industries and this has been of great benefit during the crisis. Moreover, we have excluded the financial and non ESG sectors, such as oil, which has meant that we have been able to avoid losses during the past few months.

Our Diversified 2025 fund entered the crisis with almost 15% liquidity. Two reasons explain this liquidity pocket at the beginning of the crisis: the very early resale of specific positions in sectors that were inevitably going to suffer from the situation, mainly in transport and tourism, and the subscriptions that the fund benefited from. We did not invest this cash immediately, given the markets' nervousness, which allowed us to take advantage of the widening of credit spreads to seize several opportunities at desirable levels.

Thus, we opened a position on Sappi, a major world producer of wood fibers. This company benefits from excellent liquidity and low debt. We bought the stock at a heavily discounted price in sympathy with the market, at 77% of par.

The second example of opportunity was Team System, one Europe's leading IT providers, ERP software and training services. Its business model has withstood the crisis very well, with few contract cancellations and 80% of its business revenues of a recurring nature. The issuer benefits from moderate debt and excellent liquidity, enabling it to withstand possible contraction in margins and cash generation. We purchased this bond at 94% of par.

Finally, in the United States, Ingram Micro, a global distributor of technology products, computers, TVs, video games and cloud services, also benefits from very good liquidity and an unchanged operating outlook. In this context, we took the opportunity to buy the bond at 95% par.
Anaxis AM_Diversified 2025_EN

November 05th 2020 - Anaxis AM Webinar: EM Bond Opp. 2024, a different way to capture yield in Emerging Markets

Anaxis AM is pleased to invite you to its Live Webinar
EM Bond Opp. 2024, a different way to capture yield in Emerging Markets

Thursday 12 November 2020 at 11:00 AM
Duration: 30 minutes

Registration: click here to register
or at info@anaxiscapital.com

Jean-Julien Goettmann, Managing Partner, and Maximilien Vedie, Portfolio Manager at Anaxis AM will present the unique approach of the fund and the reasons to invest now.

Attractive yield
The fund offers an attractive yield in the current environment, with a distinctive allocation: it selects the most robust companies in the emerging countries, in the most resilient sectors, with a responsible approach. The fund does not invest in financial and oil sectors.

Reduced risk
The advantages of fixed maturity funds, our responsible management, our prudent sector allocation, our comprehensive credit analysis of each issuer and governments/central banks financial supports foster visibility and controlled risk.

October 28th 2020 - The Anaxis Short Duration fund's current positioning to make it more resilient and find opportunities in this unstable environment

At Anaxis, the management team chooses its bond investments on the basis of four variables: duration, credit, region and sector. From a duration point of view, we remain resolutely short term, but with slightly more appetite than normal. The fund currently has a duration of 1.8 years. On the credit side, we are even more protective than usual with a focus on top tier, crossover or BB.

From a regional standpoint, we continue to study opportunities in Europe but are also identifying plenty of opportunities in the United States at a time when the cost of euro/dollar hedging has become much more reasonable for the fund (hedging cost now below 1%, compared with 2% or 3% in recent years). This hedging development is also beneficial in terms of widening opportunities. Two thirds of the portfolio is currently held in Europe, and around 30% in the United States and Canada.

With regard to sector breakdown, the fund is concentrating on sectors that have little sensitivity to business cycles. The management team values good visibility over cashflows and is overweighting sectors such as healthcare, telecoms, business services and non-cyclical consumer spending for their resilience. The fund is well diversified with more than 160 portfolio holdings, in line with the Anaxis diversification philosophy.

Furthermore, the prices of the portfolio's holdings are fairly consistent, meaning that very few of them are trading at stressed levels. The fund's positioning currently offers a return of 2.97% in EUR or 3.78% in USD. We think that these figures are particularly attractive when compared with the investment grade universe, on which the return is about 0.5% in EUR, and when compared with the negative yields on sovereign bonds. We think there are still plenty of opportunities to be had on the credit market, which has rallied strongly but remains dislocated and still offers some attractive entry points for a number of securities.
Anaxis AM_ASD Positioning of the Fund_EN

September 17th 2020 - Two examples of recent investments that demonstrate the Anaxis Short Duration fund's ability to seize opportunities

The Anaxis management team describes two examples of recent investments that demonstrate its Short Duration fund's ability to seize opportunities, even in difficult market conditions.

On top of its investments for the Anaxis Short Duration fund's core portfolio, the management team also makes more opportunistic purchases. An example of this is a short-term acquisition that we made at the end of 2018 in a bond issued by Italy's Safilo, a leading glasses frame producer.

At the time, the company was competing with Luxottica and Kering in particular. These bigger rivals were enjoying stronger sales growth. To reinforce its capital structure, Safilo announced a capital increase aimed first and foremost at repaying a bond maturing in May 2019 but also, more generally, at taking advantage of improved margins to kick-start its business.

After the initial announcement, the bond picked up a little in September 2018, rising from around 87% to 90% of the nominal. However, it was really when the EUR 150 million capital increase was confirmed and above all underwritten by a pool of issuing banks that the bond quickly converged towards par, as it would be redeemed at this price in May 2019.

We therefore bought the bond opportunistically at a little over 97 in September 2018, following confirmation of the capital increase, and benefited from repayment at par just a few months later.

These trades are less frequent than our core portfolio investments. The positions are for smaller amounts (0.5% of the fund's value at the time for Safilo) but they allow us to seize opportunities with a very high annualised return of 6% or 7% over a short period. The main reason for our access to this type of trade is our strong long-term relationship with a number of counterparties who can put forward such ideas when they emerge.

A second example of an opportunity, taken this time during the crisis of early 2020, is Ardagh. We particularly like the packaging industry as it is resilient and non-cyclical. Ardagh is one of the world's leading producers of metal and glass packaging for food and drinks, with an equal split in terms of end markets. The company is number one or two on most of its markets, especially in Europe and the United States.

Ardagh enjoys a strong long-term relationship with its clients. These are highly diversified and are mostly blue chip companies such as Pepsi, Coca-Cola, Findus and Nestlé, making its end markets even more stable. Capital expenditure is pretty hefty as production apparatus must be updated regularly. This business model therefore generates free cash flows, albeit at a consistently modest rate. The company's FCF oscillates between 0 and 5% of gross debt, meaning that deleveraging would take time. However, this has not stopped the company from refinancing very easily, even in difficult periods for the markets such as the recent one, and taking advantage of a well-managed debt ratio.

How has our investment in Ardagh's 2.75% 2024 bond fared? Ardagh is an issuer that we have always held in our Short Duration portfolio. We already had a slightly smaller position of between 0.6% and 0.7% of the NAV, which we strengthened in April of this year. The bond was then trading below par. We strengthened in expectation of refinancing not as early as the first call date, which was in early June, but rather on a 2021 or even 2022 horizon. However, soon after our purchase the company announced that it was refinancing this 2024 bond at the first call price of 101.375. We had bought the bond at around 97 a month earlier, and therefore reaped an annualised return of around 25%, even though such an early call had not been our central scenario.

This example shows that issuers like Ardagh, whose business model is very stable, are capable of overcoming the type of volatility that we have seen in recent months, and keeping relatively easy access to the markets, even without a government support package or help from shareholders. This regular access to the markets allows us, as investors, to generate attractive capital gains when the opportunity arises in resilient sectors like this one.
Anaxis AM_ASD Two Examples Opportunities_EN

September 01st 2020 - The Anaxis management team describes two recent examples of core portfolio investments that illustrate the relevance of the Anaxis Short Duration fund's strategy.

Arqiva is an excellent example of issuers that we like for our short duration strategy, and which form the core of our portfolio. This company has a stable business model and recurrent cash flows. It is a UK telecom infrastructure operator benefiting from exclusive broadcast rights in the United Kingdom, and from several long-term contracts with telecom operators such as Vodafone, British Telecom and Virgin Media. Visibility over its income is therefore high: more than 80% of Arqiva's revenue is recurrent.

Even more interestingly, free cash flow generation is also relatively stable, accounting for around 10% to 15% of Arqiva's gross debt in each of the last four years. We bought this bond shortly after it was issued at the end of 2018, and have strengthened our position of late. Over the past 18 months, the bond has been trading within a fairly tight range of 100 to 108.

The main advantage of this position for our strategy is the accrued coupon, which is relatively high at 6.375%. Since we first invested at the end of 2018, we have thus accrued a total coupon of more than 9% on this position. The issuer's first call date is in September 2020 and the bond is currently fluctuating just above its first call price. The position makes up around 0.93% of the portfolio.

Another example of our short duration core portfolio is Warner Music Group, one of the biggest record labels, which has signed such famous artists as David Guetta, Madonna, Prince and Coldplay. This is another example of a company whose income and cash flows are quite resilient. The group is benefiting from the explosion of online music buying through legal streaming. Until recently, Warner Music also held a stake in streaming platform Spotify.

WMG's income is relatively stable as it comprises a percentage that the platforms pay whenever someone listens to a song in their catalogue. Moreover, the lockdown period that we have been experiencing of late has had very little impact on music consumption. This issuer's cost structure is almost completely variable, which is highly advantageous, with capital expenditure limited to IT infrastructure, which costs very little. Over the last four years, Warner Music has delivered a positive cash flow worth between 10% and 17% of gross debt, which is fairly high for this sector.

As regards the performance of the 4.125% 2024 bond since the beginning of 2019, its price has started to move towards the first call price, at 103. During the worst of the COVID-19 crisis, the bond was briefly trading close to par but it soon converged with the call price again once the peak had passed.

These two examples offer a good illustration of the strategy that the Anaxis management team has adopted for its Anaxis Short Duration fund to produce a return on corporate bonds while minimising risks.
Anaxis AM_ASD Two Investment Examples_EN

August 26th 2020 - What impact do the purchases of Investment Grade bonds by central banks have on the valuation of High Yield bonds in Europe and the United States?

Asset purchase programmes are extremely active and have reached unprecedented levels in 2020 on both sides of the Atlantic. This provides immense support to the credit markets, especially investment grade but also, by extension, high yield.

However, mechanisms vary between regions. In the United States, intervention takes place on the high yield market directly. The Federal Reserve can now buy bonds of fallen angels, i.e. companies that until recently were rated investment grade but have been downgraded to high yield as a result of the crisis. This direct intervention also involves the purchase of high yield ETFs.

In Europe, intervention on the high yield market has been more limited. It has so far been restricted to accepting the high yield bonds of fallen angels as collateral for banks' refinancing transactions.

The fact remains that, on both markets, this action by central banks has contributed to the narrowing of spreads and therefore the rise in bond prices. Indeed, with yields now being squeezed very tightly again in the investment grade segment, we are seeing the emergence of a number of participants who are willing to go in search of higher yields, especially in the double B segment, which is the closest to investment grade.

Central bank purchases have therefore had a positive impact on the whole of the market. This was particularly true during the first leg of the rally. Credit markets started picking up at the end of March and during the first stretch, which lasted until late April, the main support factor was technical, i.e. linked to the Federal Reserve's and governments' intervention.

The second period of the recovery, which was particularly strong from mid-May, especially at the beginning of June, was dictated more by the gradual reopening of economies and by Q1 results being reassuring on the whole. Companies were then able to report on the drop in volumes in April and sometimes even May, and this ultimately eased concerns about a number of business sectors.
Anaxis AM_ASD Central Banks_EN

August 13th 2020 - How does the Anaxis management team reduce risk in its short duration strategy, especially during the COVID-19 crisis?

Our short duration portfolio focuses on the most liquid part of the reference credit universe, investing solely in large listed bonds (with an average issuance size of more than EUR 500 million) and limiting exposure to bonds that have not been rated by the agencies. Unrated bonds are less liquid as they are out-of-bounds for many institutional investors.

The Anaxis Short Duration fund's strategy is limited to cash bonds with no use of derivatives. We target short- and medium-term bonds, and the portfolio keeps the average maturity of its holdings below three years at all times. The selection process is based on an in-depth fundamental analysis of each issuer, taking a purely bottom-up approach. It is a carry fund whose performance comes almost exclusively from coupon payments. We do not look to speculate on changes in spreads.

The Anaxis management team spends most of its time looking at bond issuers' operational and financial profile in detail. We have a clear preference for business models that can withstand the cycles, and we value cash flow visibility as well as issuers' ability to repay their debts by generating free cash flows. The emphasis is also placed on analysing and critiquing each bond's prospectus to assess the suitability of the guarantees provided. Very importantly, especially in the current circumstances, we pay close attention to studying each issuer's liquidity.

The fund is European, but we seek to remain globally diversified as we think this particularly astute given the depth and liquidity of the US corporate bond market. We rule out a certain number of sectors: finance is one example, but we also exclude all sectors that fail to satisfy our ESG policy. We also limit cyclical sector exposure to 33% of the portfolio, reflecting the fund's goal of keeping volatility low.

The fund's average position is around 0.6% and no position may exceed 2%. Each position is sized on the basis of certain qualitative and quantitative criteria relating to the issuer, as well as the features of the bond.

As a result of its short-term strategy and the aforementioned risk management factors, the Anaxis Short Duration fund has withstood market shocks better than the reference credit universe over the past eight years. The fund has fallen half as far as the market in recent months and rebounded in the same proportions, and is now close to breakeven for the year to date.
Anaxis AM_ASD Risk Management_EN

July 08th 2020 - Jean-Julien Goettmann, founding partner of Anaxis, explains why the Anaxis Short Duration fund is the obvious choice in the current circumstances for investors who are cautious but still keen to secure a return.

The Anaxis Short Duration fund aims to take advantage of the yield on corporate bonds while keeping risk very low at all times. To maintain this low level of risk, the Anaxis team has a number of tools at its disposal. The first is our specialty: in-depth credit analysis of each issuer.

The second, which is specific to our Short Duration fund's strategy, is to invest in bonds that are very close to their maturity. This is a very good way of reducing risk as it is easier to extrapolate accounts and cashflows over a shorter period rather than a longer period.

We also avoid having too much exposure to business cycles, further reducing the portfolio's credit risk. We prefer non-cyclical sectors and do not invest in financials. Our ESG approach also lowers risk as we avoid investing in and financing business models that could become outdated sooner than expected. For example, our lack of exposure to the oil market proved highly beneficial when the COVID-19 crisis started in early 2020.

Our portfolio is highly diversified at all times and this is a key component of our investment management. The fund currently has more than 150 holdings, and this diversification allows us to reduce risk even further.

Why are we so convinced of our product's credentials and why do we think that it represents an opportunity right now for our investors? Despite our Short Duration fund's defensive positioning, the yield offered by the fund has nearly doubled since the crisis broke out. Before COVID-19 emerged, the yield of the fund was 2%. It is now 3.8% in EUR and 4.7% in USD.

Meanwhile, European bond yields have remained extremely low. For example, the three-year Bund yield stands at -0.7%. In the United States too, the markets have seen yields fall sharply and almost disappear entirely from short-term government bonds.

Last but not least, by injecting liquidity and securing companies' balance sheets when repayments are about to fall due, central banks and governments have provided massive support with an emphasis on short-term debt, making our fund even more attractive.

For all of these reasons, we believe that the Anaxis Short Duration fund is particularly well suited to our investors' current needs.
Anaxis AM_Short Duration 1_EN

June 17th 2020 - Anaxis Short Duration: a no-brainer in the current market environment

Anaxis AM is pleased to invite you to its Live Webinar
Anaxis Short Duration: a no-brainer in the current environment

Thursday 18 June 2020 at 11:00 AM
Duration: 30 minutes

Registration: click here to register
or at info@anaxiscapital.com

Thibault Destrés and Maximilien Vedie, Portfolio Managers at Anaxis AM, will present the unique approach of the fund and the reasons to invest now.

Attractive yield
The fund offers an attractive yield in the current environment (coupon accumulation and slight discount on the prices of the underlying bonds), thanks to the current risk aversion in the market.

Reduced risk
The short duration of the fund, our prudent sector allocation, our comprehensive credit analysis of each issuer and governments/central banks financial supports foster visibility and controlled risk.
May 25th 2020 - 2020 Annual Coupons Payments for Anaxis' Funds

Detachment: 18/05/2020
Payment: 22/05/2020

Anaxis Short Duration : €6 for E2 Class and $40 for U2 Class

DIV Bond Opp. 2025 : €1.5 for E2 Class

EU Bond Opp. 2022 : €2.5 for I2 Class and €2 for E2 Class

US Bond Opp. 2021 : €2 for E2 Class

April 15th 2020 - Why fixed maturity bond funds are the ideal way to invest again in the current market climate.

Key points:

  • The most optimistic investors are starting to invest again. However, the markets are still difficult to read and we cannot rule out another downturn.

  • In the current climate, fixed maturity bond funds are suitable because they offer visibility and a pull to par.

  • In 2009, when market conditions were similar to how they are today, Anaxis had already decided to put fixed maturity funds at the heart of its investment strategy in order to provide investors with a solution tailored to their performance and visibility requirements.

  • The yields currently offered by Anaxis's fixed maturity funds are comparable with long-term equity returns, i.e. close to 10%, but with a much lower risk. Shareholders are the first to bear losses when problems arise, whereas bondholders are relatively protected and rank second in the queue.

  • Fixed maturity funds bring together investors with the same investment horizon, which ensures the stability of the assets of these funds and, therefore, their success.

  • In order to cope with the likely increase in corporate default rates, Anaxis has pursued for more than 10 years a bond-picking strategy based on a fundamental analysis of companies, with a preference for resilient sectors because they are not too exposed to economic cycles. This strategy has enabled Anaxis to steer clear of the main defaults on the corporate debt market.

  • Since the start of the crisis, Anaxis has introduced additional stress tests for issuers in its portfolio. The results of these tests validate our investment choices. We have nevertheless taken action where required by quickly selling positions in businesses with specific risk factors, such as airlines.

  • The yields currently offered by Anaxis's bond funds offset our most pessimistic forecasts in terms of default rates.

  • More recently, Anaxis has strengthened the selectivity of its investment process by introducing an ethical sector-based exclusion policy. This policy is also an effective risk management tool. Excluding the oil sector, for example, has helped to cushion the volatility of our funds.

  • Anaxis currently has two fixed maturity funds open for subscription: Diversified Bond Opp. 2025 and EM Bond Opp. 2024. These are the ninth and tenth fixed maturity funds managed by Anaxis.



In spite of the ongoing considerable difficulties associated with the coronavirus crisis, particularly in terms of health, investors should already be thinking about re-investing in order to capitalise fully on the recovery when things return to normal.

Corporate bond funds enjoyed record inflows during the last week of March, and applications to open securities accounts are up sharply in several countries, including Germany, The most optimistic investors are clearly already positioning themselves to start investing again.

So what should they do, given that visibility remains limited and some companies are likely to suffer long-lasting effects from the crisis? Our fixed maturity funds, which invest in the segments offering the best risk-reward ratio, are perfect for this scenario, according to the analysis of our market specialists. The current crisis provides yet another reason to invest in these products.

This crisis, however brutal and sudden it is, highlights the benefits of the strategy and positioning adopted by Anaxis Asset Management ever since it was founded more than a decade ago. In fact, it takes Anaxis and its funds back to their roots. Anaxis has been innovating in this segment since 2009, when it launched its first fixed maturity bond fund, Anaxis Bond Opportunity 2015. At that time, we were in the midst of the subprime crisis.

Ten years on, the situation is remarkably similar: just like in 2009, investors are wary of bad market timing; prices may fall further, which is dissuading them from resuming trading. As in 2009, fixed maturity bond funds offer visibility as regards their return and a pull to par. Consequently, even if prices continue to fall, the yield on offer at the point of investment provides investors with a clear view of their objective right up to the fund's maturity date, regardless of future market developments.

So what yields are our bond funds currently offering? The sharp market downturn means that they are close to historical equity market levels but with a much lower risk. Shareholders are the first to bear losses when problems arise, whereas bondholders are relatively protected and rank second in the queue. At 31 March 2020, Anaxis Diversified Bond Opp. 2025 was offering an annualised yield to maturity of nearly 10% in euros.

Moreover, fixed maturity funds bring together investors with the same investment horizon, which makes their assets more stable, even under the present exceptional circumstances. Over 90% of our fixed maturity fund investors remain invested up to maturity. We have not experienced significant outflows from our funds since this crisis began. Consequently, we do not need to raise cash by selling securities at the worst possible moment in challenging market conditions.

However, there is another risk that has resurfaced from 2009: an increase in the corporate default rate. When it launched its first fixed maturity fund, Anaxis had decided to focus on the fundamental analysis of issuers, with a rigorous bond-picking strategy precisely in order to mitigate any possible weakening of companies and to reduce the default risk. It also focused investment on non-cyclical sectors such as telecoms and healthcare, and excluded financial bonds from its universe.

This strategy remains unchanged to this day. And it is more valid than ever. Anaxis implements a bottom-up investment approach based on financial analysis and an assessment of the creditworthiness of issuers. Because of the particular nature of corporate debt, we keep a particularly close eye on balance sheet liquidity and the external risks that might affect cash flow and the repayment ability. We also consider different scenarios before making any investment. By being selective in this way, we managed to avoid the defaults of Rallye and Thomas Cook in 2019, while a large part of the bond funds of other asset management companies suffered losses on those securities.

Since the beginning of the crisis, we have adapted our stress tests to assess the ability of the companies in our portfolios to cope with the consequences of the health crisis. Very early on, we sold a large number of our positions in the most exposed sectors, such as air transportation and tourism. Our stress tests show that our portfolios are well positioned to weather the current crisis. They also strengthen our confidence in our investment choices. As a result, we are retaining most of our positions.

Moreover, the current yield on a fund such as Diversified Bond Opp. 2025 largely offsets our most pessimistic default rate forecasts. Not investing now would be tantamount to validating these extremely hypothetical forecasts, while the unprecedented monetary and budgetary support should alleviate the impact of the crisis. We see value in certain securities currently available on the market, offering excellent investment opportunities for our fund Diversified Bond Opp. 2025.

Anaxis's bond-picking is even more rigorous than in 2009 now that we have a strict policy of excluding certain business sectors such as oil and pesticides. Beyond the ethical commitment not to invest in non-responsible companies, this policy can also be seen as a risk management tool. Specifically, it enables us to avoid the losses associated with the collapse of the oil sector, which is particularly volatile and unpredictable.

You can trust our team of specialists to steer you through these difficult waters: at Anaxis we have been experts in credit analysis for more than 10 years. Our fixed maturity funds offer the visibility and robustness that are badly needed by investors. We currently have two funds available for subscription. One matures in 2024 and focuses on emerging markets; the other offers an extremely diverse allocation for investors willing to commit until 2025.
Fixed Maturity Funds EN
March 19th 2020 - Update on the management of Anaxis bond funds

Risk asset prices have again fallen sharply in recent days and now reflect a climate of full-blown panic on financial markets. There have been wild market swings across all asset classes (equities, credit, sovereign debt, commodities, etc.)

Below is a summary of the status of our bond funds and an update on the measures taken by our fund management team:

• The losses of our funds range from 5% to 15% depending on their duration. The extent of these losses is significant, but they are still more moderate than those of some funds of the same category.

• As stressed in our previous statement, our funds are structurally more robust, since we focus on non-cyclical sectors in order to reduce the sensitivity of our portfolios. Financials are excluded from our investment universe and we have virtually no exposure to the oil sector.

• As soon as we became aware of the potential extent of the epidemic, we adopted a very proactive approach. We sold the corporate bonds most directly affected by the current situation, for example those of issuers in the tourism and transport sectors. Depending on the portfolio in question, these sales accounted for between 5% and 15% of assets.

• Since the beginning of the crisis, our fund management team has been carrying out stress-testing simulations across all of the companies in our portfolios (assumptions regarding the duration of the epidemic, reduced revenue assumptions, flexibility of the cost structure, financial flexibility, etc.) in order to assess their capacity to deal with this crisis. If a company’s stress test results are inconclusive, our fund managers do not hesitate to sell the bond in question. Despite the significant price declines of all corporate bonds, the vast majority of the companies in our portfolios have passed our stress tests and have the necessary resources to withstand this crisis.

• The yields offered by our portfolios have increased considerably. The shortest funds have a yield of around 6%, while the longest funds are yielding 10% (in euro). At the same time, the 5-year German government bond yield has fallen to -0.5%.

• Today, our bond portfolios offer high yields, comparable with the long-term performance expected on equity markets, with a risk that bears no comparison with that of equity markets.

• The visibility offered by fixed-term funds is a real plus for our investors in this environment of heightened risk aversion.

Anaxis introduced remote working in all of its European offices on Monday 16 March. This enables us to remain fully operational while complying with the measures put in place by governments to combat this virus.

We wish you and your family all the best in these challenging times. Please do not hesitate to contact us if you have any questions. You can contact us by telephone or email using our usual contact details.
March 12th 2020 - Update on the management of Anaxis bond funds

The equity markets and, to a lesser extent, bond markets have suffered significant losses since 21 February as the coronavirus spread beyond China.

The following is a summary of our funds’ current positioning, the investment measures we have taken, and the current outlook:

• Our investment policy aims to generate a reasonable yield by investing selectively in corporate debt, while providing a resilient solution to our clients. As such, in order to reduce volatility in our portfolios, we favour non-cyclical sectors such as telecoms, healthcare and business services.

• Our investment universe does not include financials due to a lack of visibility with respect to their balance sheets and income statements.

• Owing to the volatility of oil prices and for ethical reasons, we have minimal exposure to the oil industry as a whole (<2%).

• As a result, our portfolios are more structurally resilient than those of our competitors.

• We acknowledged the potential scale of the epidemic ever since it became clear that it was spreading outside China, and we sold bonds issued by companies directly affected by the virus (for example in the tourism and transport sectors). Depending on the portfolio in question, these sales accounted for between 5% and 15% of assets.

• Thanks to our positioning and the measures we have taken, our funds have lost less than similar products (up to 40% in some directly comparable cases).

• It is difficult to predict when the epidemic will end or when the market will bottom out. For that reason, we will seize opportunities on a case-by-case basis by investing available cash gradually. We will target corporate bonds that have little sensitivity to the economic slowdown but whose price has fallen in line with the market.

Please contact the Anaxis sales team if you require any additional information.

February 11th 2020 - Why invest in emerging market corporate bonds in 2020?

The current economic situation offers very little clarity on asset returns, especially in the European and US markets: yields are set to remain low, or even negative, for a long time and investment grade can no longer provide a regular return. This inauspicious setting is prompting investors to seek new opportunities in 2020 and they are increasingly turning to emerging markets for these prospects.

Indeed, these markets benefit from many positive factors. Firstly, statistics for 2019 published by the IMF show growth of 6.3% for emerging markets in Asia and 4.9% for other emerging countries, while for the eurozone it is estimated to be 1.4%. This trend is expected to continue over the next few years. Demography also plays a favourable role: the picture differs considerably from the reality in developed countries, as the population is young and growing. This momentum is generating demand in infrastructure, health care and education and stimulating consumption. Lastly, central banks have generally adopted an accommodative stance in order to support growth, especially in the summer of 2019. Interests rates were lowered in many countries, including South Korea and South Africa. In Turkey, interest rates are now 12.75 percentage points below their highest level.

In the corporate sector, successful, innovative and global companies with high growth potential can now be found amongst emerging market issuers; this is a far cry from the outdated notion that reduces these countries to just their sovereign debt or to oil groups. In 2019, income increased for practically all of these companies and the emerging market default rate for high yield issuers was extremely low (1.2%). Moreover, emerging market companies are on average less burdened by debt than their European or US counterparts. They have solid fundamentals, even if emerging market bond spreads are generally higher than those in developed markets. Taking advantage of attractive returns from emerging market countries does not necessarily entail accepting greater risk as regards the quality of companies in the portfolio. This is especially true since the size of emerging market bond markets nowadays allows for the construction of highly diversified portfolios.

Finally, and again contrary to the preconception of large, contaminating groups with little concern for non-financial controversies, many companies in the emerging economies are paying increasingly close attention to environmental questions and how these affect their business. They can therefore be compatible with investors' most stringent SRI criteria.

Our investment approach to emerging market corporate bonds is an appropriate response to the situation at present. The fund management team at Anaxis Asset Management draws on a wealth of expertise in these markets to build a balanced and diversified portfolio. We favour securities with little exposure to economic cycles in order to offer a solid and high-performing investment solution for our clients. The selection of securities also includes an exacting sector filter. In particular, we exclude the weapons, oil and pesticide sectors, whose business activity is incompatible with our commitment on environmental protection.
Advantages Emerging Markets

January 28th 2020 - Should investors resign themselves to negative yields for the bond portfolio?

The drop in sovereign bond yields since January 2018 has upset the credit environment. The eurozone is no exception: its yields are firmly entrenched in the red. The German Bund yield even dropped to -0.72% last summer, reflecting investors’ risk aversion.
 
Investment grade bonds from the biggest corporate issuers have also lost their appeal. On 30 August 2019, Engie was borrowing over seven years – the longest maturity on the market with a negative yield. Meanwhile, the yield on Siemens bonds (A+) hit an all-time low on the corporate bond market: -0.315%.
 
In total, nearly USD 15 trillion has been invested in government and corporate bonds offering negative yields. This means investors are having to identify new opportunities to generate income for their bond holdings.

Anaxis Short Duration is proposing an attractive solution that reconciles the hunt for yield with credit risk management. The Anaxis Short Duration fund targets short-dated corporate bonds offering a positive yield. Our fundamental approach, combined with wide portfolio diversification and low exposure to cyclical sectors, ensures that investments are liquid and explains the fund’s historically low volatility.
 
Anaxis Short Duration has a seven-year track record. Annualised performance since inception is 2.73% (I units) with annualised volatility of 0.70% over three years. The portfolio contains 158 different issuers and has an average gross yield of 2.01% (as at 31 December 2019).
Anaxis Short Duration

January 20th 2020 - Anaxis Short Duration fund has been ranked 3rd for its 3-year performance out of 207 funds (Allfunds)

We are proud to announce that the Anaxis Short Duration fund has been ranked 3rd for its 3-year performance out of 207 funds in the euro-denominated short-term fund category on the Allfunds platform. The Anaxis Short Duration fund strives to achieve robust performance, with a unique positioning. The risk profile is conservative at all times, with a majority of non-cyclical companies, very high diversification (approximately 150 securities) and a strong emphasis on liquidity. It applies a short-term approach, holding securities an average of just 10 months prior to early redemption or maturity.

The partnership with the Allfunds platform serves to complement that maintained with the Inversis platform, and optimises the distribution of Anaxis AM funds in Spain.
Anaxis Allfunds

January 15th 2020 - Happy New Year from Anaxis!

2019 has been an excellent year for Anaxis, and we would like to thank all our clients for their trust and support.

Our mission is to offer robust, sustainable solutions for investors seeking returns in spite of persistently negative interest rates. We are proud to contribute to the success of our clients through our expertise in credit selection and portfolio management, which has translated into solid performance and strong asset growth.

The whole team is fully committed to further strengthening our efforts in 2020, where the emphasis will be on ethical considerations and the consequences of an ever-changing world for existing business models. We wish you a happy, healthy 2020 and a better world for all!

November 26th 2019 - Corporate bonds: why investing requires professional expertise

Is it wise to go it alone without specialists when investing in corporate bonds? It would seem that now, some investors see the asset class as sufficiently homogenous and low risk to justify doing so.

Recent events clearly demonstrate that this is not the case, though. The substantial losses suffered by Rallye are a prime example: its trading price dropped by 50 points in May of this year, undermining certain clients’ trust in their portfolio managers.

The high yield corporate bond segment cannot be boiled down to a few flagship securities. Equating the entire universe with the most well-known names is certainly not a recipe for peace of mind. After the trouble at Rallye, the collapse of Thomas Cooke is another illustration of the fact that it can be preferable to opt for lesser known but safer opportunities.

Investing in the corporate bond market requires specific expertise, due diligence and scrupulous risk management – three factors that cannot be simply extrapolated from other asset classes. Informed, cautious management is not just a question of following the recommendations of brokers; after all, it is not their role to provide advice tailored to the financial profile and broader asset allocation of end investors. Those looking to invest directly must be willing to carry out in-depth research into bond issuers and monitor their positions on a daily basis. Otherwise, they run the risk of being disappointed.

To achieve our aim of delivering steady returns in an environment of persistent negative interest rates, our management process comprises several levels of analysis. First, we research the issuer’s fundamentals. This entails a rigorous assessment of every aspect of the issuer’s business model, competitor landscape, barriers to entry, sector prospects and potential trajectory for turnover and profit. In addition to this research, we carry out an in-depth analysis of financial statements (balance sheet, income statement, cash flow statement). It goes without saying that we go through the documentation on the issue itself with a fine-tooth comb, paying close attention to financial, legal and technical elements. These enable us to draw accurate conclusions as to the appeal of the returns on offer relative to the issuer’s creditworthiness, the liquidity of the securities, market dynamics and the returns available on comparable bonds.

We also believe that portfolio diversification should be a top priority for every corporate bond investor. It therefore follows that an asset manager should be in a position to monitor a sufficiently wide array of securities and have the expertise and time required to choose between them.

For our Diversified Bond Opp. 2025, for example, our credit specialists cover over 120 issuers every day. The portfolio comprises issuers with diverse geographical origins, operating in a vast array of segments across the industry, commerce and services sectors. As at 31 October 2019, no one segment accounted for more than 15% of it, and the largest position (Ziggo, telecoms) was worth just 1.85%.

More generally, our approach combines in-depth financial analysis of individual issuers and extensive diversification of credit risk. Employed across all of our funds, this approach seeks to offer both performance and peace of mind.
Corporate bonds: why investing requires professional expertise (PDF)

October 21st 2019 - Should investors be resigned to paying negative interest on cash?

The question is relevant in today’s economically uncertain environment, forcing central banks to further relax their monetary policies. There is nothing incidental about the measures announced by the ECB on 12 September, which are bad news for any investors with wait-and-see positions, while it is becoming increasingly difficult to identify profitable assets. Of these, the cut in the deposit rate from -0.40% to -0.50% has people especially worried.

With rates potentially poised to remain in negative territory for the foreseeable future, banks are starting to tax customer deposits. Take Switzerland, for instance, where the key rate has been sitting at -0.75% since 2015. Banking institutions such as UBS, Crédit Suisse and Lombard Odier are now charging their Swiss clients for deposits. The phenomenon is all the more concerning in that it’s not limited to Swiss banks. Similar measures are expected in France, Germany, Denmark and even Italy.

Under the circumstances, Anaxis Short Duration is a reasonable alternative for investing cash with limited credit risk. The fund invests in short-dated corporate bonds offering an attractive risk-reward. The fund’s liquidity and low volatility are ensured by a combination of our fundamental approach, strong portfolio diversification (140 bonds) and low exposure to cyclical sectors.

Anaxis Short Duration boasts a seven-year track record. Its annualised performance since inception is 2.76% (unit I) and its annualised one-year and 3-year volatility 0.92% and 0.70%, respectively. The portfolio’s average return currently stands at 2.20%.
Should investors be resigned to paying negative interest on cash? (PDF)

September 24th 2019 - Anaxis funds are now available on Allfunds online platform

Anaxis Asset Management is pleased to announce the signing of an agreement with the online platform Allfunds for the distribution of its funds. Allfunds is the leading company in the distribution of funds in Spain. Established in 2000, it has more than EUR 380 billion of assets under management.

This agreement is an important step forward towards the development of Anaxis AM within the Spanish and Italian markets, reinforcing its presence among its clients.

September 17th 2019 - Is liquidity negotiable?

In recent months, several major league European asset managers have been hit with massive redemptions triggered by waning investor confidence. And yet, these firms all boast very strong reputations, top-tier portfolio management infrastructures and solid track records. In each case, it was the presumed illiquidity - weak as it may have been - of one or more funds that was to blame.

Illiquidity, however, is not necessarily a negative attribute for a financial asset. After all, illiquid assets typically offer an additional risk premium. Adding them to a fund can thus boost its risk-reward.

On the downside, it can be problematic when illiquid assets are held by a fund offering daily liquidity because it can potentially generate an imbalance between fund assets and liabilities. What’s more, when the concentration ratio is too high it exacerbates the fund’s illiquidity and raises questions in terms of the valuation and governance of portfolio companies.

Taking all these risks into account, here at Anaxis we are highly attentive to the liquidity of our portfolios. Over the course of the last ten years, we have developed an entire toolbox for risk management, aimed in particular at assessing the liquidity of each instrument that is (or may be) included in our portfolios. We also work towards being able to sell our positions in their entirety, with a limited price impact, in various market configurations.

To that end, we focus on diversifying the number of lines in each fund, limiting our concentration ratio in each bond, and restricting investments in bonds not rated by S&P, Moody’s or Fitch.

The following limits are strictly applied across our entire bond fund range:

• a maximum position per bond of 2% in the High Yield segment and 3.5% in the Investment Grade segment
• a maximum concentration ratio of 2% of the issue volume
• exposure to non-rated bonds < 25%

Although these constraints restrict our investment universe, they speak strongly to the reasonable, transparent and robust portfolio management policy implemented for our investors.
Is liquidity negotiable? (PDF)

August 22nd 2019 - Anaxis AM congratulates the Swiss men’s Epée team, winner of the bronze medal

On the 19th July 2019, the men’s Epée team won the bronze medal against the China team for third place at the World Fencing Championships in Budapest, Hungary. The Swiss team was composed of:

- Max Heinzer
- Benjamin Steffen
- Michele Niggeler
- Lucas Malcotti

Link to the article in swiss-fencing.com (in French)

Anaxis is proud to be an official sponsor of the Swiss Fencing Federation since 2005. This team is among the best in the world. Fencing requires anticipation, agility and precision, which are qualities we endorse at Anaxis.
March 11th 2019 - Annual coupon distribution for the Anaxis Short Duration fund (payment on the 17/05/19): EUR 6.00 for the E2 class and USD 25.00 for the U2 class.
March 11th 2019 - Annual coupon distribution for the EU Bond Opp. 2022 fund (payment on the 17/05/19): EUR 2.05 for the E2 class and EUR 2.55 for the I2 class.
March 11th 2019 - Annual coupon distribution for the US Bond Opp. 2021 fund (payment on the 17/05/19): EUR 1.00 for the E2 class.
January 28th 2019 - The advantages of a short duration fund in current markets

Conservative management of a low-duration fund reconciles the search for yield and peace of mind, according to Pierre Giai-Levra, Chief Investment Officer of Anaxis Group.

The German 10-year eased 19 bp to 0.24% over the last 12 months, but most sovereign spreads ended up higher than a year ago, especially in Italy, Ireland and Belgium. At the same time, the European corporate market (BB-B ex financials segment) shed 2.86% in 2018. At end-December, the market generated an average yield of 4.66%. Sectorwise, cyclical issuers were the most affected by the risk aversion that dominated the market since the end of summer. The retail and consumer sectors recorded the steepest decline.

Against this backdrop, low-duration funds offer an attractive solution for institutional investors interested in managing the volatility of their portfolio without giving up on generating yield above inflation (1.9% for the euro zone in 2018). In addition to low exposure to interest rate risk, this strategy proves robust when risk aversion climbs and credit spreads widen.

Not all funds are created equal, however. Performances varied in 2018, deepening the divide between portfolio managers. Above all, it is important to focus on high-quality securities and draw on analytical expertise to implement a broad diversification in a continuously changing investment universe.
The advantages of a short duration fund in current markets

October 01st 2018 - Anaxis Asset Management is launching Diversified Bond Opp. 2025, a new fixed-maturity fund offering investors yield and visibility

Anaxis is launching Diversified Bond Opp. 2025, a new dated bond fund maturing on 31 December 2025. The fund invests in bonds issued by manufacturers and non-financial service companies in all geographic regions, with maturities near 2025. The investment management team applies a fundamental approach, stringently selecting each issue, drawing on in-depth credit analysis. With this new UCITS fund, our 8th target-maturity fund, Anaxis Asset Management has expanded its range of dated bond funds after pioneering the segment for almost a decade now.

The low interest environment makes it challenging for investors to allocate the bond portion of their portfolio. For those willing to accept the risk inherent to corporate bonds (Investment Grade and non Investment Grade) on an investment time-horizon ending on the 31th December 2025, the fund targets attractive yields.

Key features:
- Visibility: selection of bonds with maturities close to the fund’s target maturity.
- Yield-to-maturity close to 6% at launch date.
- Diversification in terms of issuers and sectors in order to limit concentration risks.
- Dynamic, cautious portfolio management in order to manage credit risk.
- The investment team boasts an extensive track record in managing fixed-maturity funds.

DIVERSIFIED BOND OPP. 2025
Launch date : 4th October 2018
EUR Units E1, E2, I1, I2 : FR0013330719, FR0013330727, FR0013330750, FR0013330768
USD Units U1, J1 : FR0013330735, FR0013330776
CHF Units S1, K1 : FR0013330743, FR0013330784

For further information please contact:
Jean-Julien Goettmann, jjgoettmann@anaxiscapital.com / Tel. +41 22 716 18 21
Director
Anaxis Diversified Bond Opp 2025 EN

July 27th 2018 - Anaxis AM congratulates the Swiss men’s Epée team, world champion

On the 26th July 2018, the men’s Epée team won the gold medal against the South Korea team in the final at the World Fencing Championships in Wuxi, China. An unprecedented result for the Helvetic team. The Swiss team was composed of :

- Max Heinzer
- Benjamin Steffen
- Michele Niggeler
- Lucas Malcotti

Link to the article in swiss-fencing.com (in French)

Anaxis is proud to be an official sponsor of the Swiss Fencing Federation since 2005. This team is among the best in the world. Fencing requires anticipation, agility and precision, which are qualities we endorse at Anaxis.

December 19th 2017 - Anaxis funds are now available on Fundstore web platform

Anaxis Asset Management is pleased to announce the signing of an agreement with Banca Ifigest for the distribution of Anaxis’ funds through the Italian online platform Fundstore.

https://www.fundstore.it/

October 16th 2017 - Anaxis European Bond Opp. 2022 is now available on Online Sim web platform

Along with the existing range of funds, Anaxis European Bond Opp. 2022 is now available through the Italian online platform OnlineSim.

Link

July 26th 2017 - Anaxis AM congratulates the Swiss men’s Epée team, vice world champion

The men’s Epée team became vice champion against the French team in the final at the World Fencing Championships in Leipzig. The Swiss team was composed of :

- Benjamin Steffen
- Michele Niggeler
- Max Heinzer
- Georg Kuhn

Link to the article in Le Temps (in French)

Anaxis is proud to be an official sponsor of the Swiss Fencing Federation since 2005. This team is among the best in the world. Fencing requires anticipation, agility and precision, which are qualities we endorse at Anaxis.
May 15th 2017 - Annual coupon distribution for the Anaxis Short Duration fund: EUR 22.03 for the E2 class and USD 33.49 for the U2 class.
May 15th 2017 - Annual coupon distribution for the Anaxis Bond Opportunity Europe 2018 fund: EUR 3.10 for the E2 class.

May 09th 2017 - Anaxis Asset Management is launching European Bond Opp. 2022, a new fixed-maturity fund offering investors yield and visibility

Anaxis is launching European Bond Opp. 2022, a new dated bond fund maturing on 31 December 2022. The fund invests in corporate bonds maturing close to 2022, in the industrial and non-financial services sectors mainly European. The investment management team applies a fundamental approach, stringently selecting each issue, drawing on in-depth credit analysis. With this new UCITS fund, successor of Anaxis Bond Opportunity Europe 2018, Anaxis Asset Management strengthens its range of maturity bond funds.

In the current low government interest rates environment, for investors ready to broaden their investment universe, the European corporate bond market offers attractive yield which the European Bond Opp. 2022 fund is seeking to capture. The fund targets an annualised net return of 3% over the German sovereign bond 2022.

Key features:
- Yield-to-maturity close to 5% at launch date.
- Dynamic, cautious portfolio management in order to manage credit risk.
- Diversification in terms of issuers and sectors in order to limit concentration risks.
- The fund’s fixed maturity and low duration provide protection against interest rate fluctuations.
- The investment team boasts an extensive track record in managing fixed-maturity funds.

European Bond Opp. 2022
Launch date : 10th May 2017
EUR Units E1, E2, I1, I2: FR0013221033, FR0013221041, FR0013221074, FR0013221082
USD Units U1, J1: FR0013221058, FR0013221090
CHF Units S1, K1: FR0013221066, FR0013221108

For further information please contact:
Jean-Julien Goettmann, jjgoettmann@anaxiscapital.com / Tel. +41 22 716 18 21
Director
Anaxis EU Bond Opp. 2022

March 22nd 2017 - Anaxis Asset Management is launching US Bond Opp. 2021, a new fixed-maturity fund offering investors yield and visibility

Anaxis is launching US Bond Opp. 2021, a new dated bond fund maturing on 31 December 2021. The fund invests in corporate bonds maturing close to 2021, in the industrial and non-financial services sectors mainly US. The investment management team applies a fundamental approach, stringently selecting each issue, drawing on in-depth credit analysis. The new UCITS fund, successor of Anaxis Bond Opportunity US 2017, completes the existing range of managed funds.

The yield spread between US and European bonds has widened sharply over the past two years, to the benefit of US yields due to the strength of the US economy. For investors ready to broaden their investment universe, the US corporate bond market harbours potential yield which the US Bond Opp. 2021 fund is seeking to capture, in order to achieve its annualised objective of outperforming the US sovereign bond maturing on 31.12.2021 by 3% net of management fees, i.e. 5%.

Key features:
- 5% annualised performance objective.
- Dynamic, cautious portfolio management in order to manage credit risk.
- Diversification in terms of issuers and sectors in order to limit concentration risks.
- The fund’s fixed maturity and low duration provide protection against interest rate fluctuations.
- The investment team boasts an extensive track record in managing fixed-maturity funds.

US Bond Opp. 2021
Launch date : 28th March 2017
EUR Units E1, E2, I1, I2 : FR0013233863, FR0013233855, FR0013233822, FR0013233806
USD Units U1, J1 : FR0013233848, FR0013233772
CHF Units S1, K1 : FR0013233830, FR0013233798

For further information please contact:
Jean-Julien Goettmann, jjgoettmann@anaxiscapital.com / Tel. +41 22 716 18 21
Director
Anaxis US Bond Opp 2021

October 10th 2016 - Anaxis Asset Management is launching Anaxis Income Advantage, a UCITS fund benefitting from a global and flexible approach to corporate bond market

This new corporate bond fund complements the existing product range and responds to the investors’ needs, who have expressed a strong interest in this type of products. The fund adopts a more global and flexible approach in order to capitalise on the best opportunities in the credit market.

Anaxis Income Advantage is a discretionary UCITS fund which is actively managed, based on in-depth fundamental issuer analysis. The fund focuses on companies with well-defined sustainable business models, which are protected by high entry barriers and benefit from strong growth momentum and a flexible cost structure. The fund does not invest in the financial sector, which has low visibility due to the lack of transparency.

On launching the fund, Thibault Destrés, who is co-managing the portfolio, declared “like our current range of funds, Anaxis Income Advantage adopts a conviction-based approach, drawing on an investment process centred on bond-picking, but deploying a more global and flexible strategy, which enables us to incorporate our best ideas and capitalise on credit market conditions and economic and financial outlook”.

Key features:

- 5% annualised performance objective, net of fees.
- Dynamic and flexible management to control credit risk.
- Global investment universe (portfolio heavily focused on developed markets).
- Broad regional and sector diversification.
- Investment strategy free of constraints in terms of rating, index and maturity.
Anaxis AM is launching Anaxis Income Advantage
September 20th 2016 - AAM European Equities successfully celebrated its 2nd anniversary this summer

Since its launch date on 16 June 2014, AAM European Equities has significantly outperformed the DJ Stoxx Europe 600 index used as base of comparison, generating a capital gain of 9.25% (Unit I) versus 0.93% with lower volatility of 16.70% vs. 20.36% respectively.

Dividend yield on European equities has never been so high compared to the risk free rate.

Ever since the 2008 financial crisis, many investors have steered clear of equities (deemed too risky) and have only kept the bare minimum in equity allocations. This fear of short-term volatility coupled with their goal of minimising risk is causing investors to neglect the diversification of their portfolio and thus reduce their long-term performance.

At the present time, with negative money market rates in the euro zone and government bond yields at record lows, European equities are a critical driver of performance in a portfolio.

In Europe, equities offer a dividend yield of around 3.80% versus a yield of -0.60% for the 5-year Bund; the gap between the dividend yield offered by Stoxx 600 companies and the risk-free rate has never been larger.

AAM European Equities combines a cautious investment approach with the objective of outperforming a conventional approach to European equities.

As explained by the fund's co-manager, Benoît Ducatillon, “Our qualitative and defensive approach is what makes our AAM European Equities fund a cornerstone investment in any portfolio. We go for high-quality European companies offering solid profit growth visibility and paying attractive dividends. We avoid any positions in companies undergoing a transition (often inexpensive but on the decline), boasting strong yet uncertain growth (often too expensive) or operating in sectors too closely linked to the economic cycle.
The independence of the Anaxis Group and the stability of the Management team guarantee the consistency of our disciplined investment approach over time, irrespective of whatever investment trends happen to be popular on the markets. This is key to achieving success for both our investment approach and our investors.”

AAM European Equities uses a non-benchmarked conviction-based strategy based first and foremost on extensive financial analysis, excluding any form of speculation or market timing. In keeping with its bottom-up investment philosophy, rooted in the analysis of company fundamentals, the fund invests in European equities, excluding the financial sector due to its relative lack of transparency, and prefers more robust sectors.
The portfolio managers select companies with a solid business model, generating high margins, protected by strong barriers to entry, and generating high return on invested capital.
In this line-up, the portfolio managers place great importance on allocating the fund's assets to companies offering the most attractive valuations, in a bid to establish a safety buffer and maximise investor returns.

Drawing on this philosophy and approach, the fund limits the risk of significant variations in the portfolio during periods of stress and is able to beat both its benchmark index and its peers over the course of an economic cycle.

At 30 June 2016, specialist website Citywire ranked AAM European Equities top decile in terms of total return, lowest volatility and max drawdown over one year, all styles combined.
AAM European Equities successfully celebrated its 2nd anniversary

August 04th 2016 - Anaxis wishes Swiss fencers good luck in Rio

The Swiss Fencing team, who takes part in the Olympic Games 2016, has arrived in Rio de Janeiro. Anaxis wishes all selected athletes good luck and every success:

Tiffany Géroudet
Peer Borsky
Max Heinzer
Fabian Kauter
Benjamin Steffen

In the hope that they will bring back a medal to contribute to the visibility of the Swiss fencing. The last Olympic title for Switzerland dates back to 2004 in Athens, won by Marcel Fischer, gold medalist in individual épée.

Agenda:
Epée individual women: Saturday August 6th
Epée individual men: Tuesday, August 9th
Epée team men: Sunday, August 14th

Anaxis is proud to be an official sponsor of the Swiss Fencing Federation since 2005. This team is among the best in the world. Fencing requires anticipation, agility and precision, which are qualities we endorse at Anaxis.

June 02nd 2016 - 2016 Bol d’Or Mirabaud regatta: Anaxis Asset Management and AXON Racing are taking up the challenge on board the Flying Phantom

This year, the 78th annual Bol d’Or Mirabaud regatta is open to C1 category sport catamarans of less than 20 feet (6.5m) for the first time. The number of participants for this new challenge is limited to 50 crews. The investment management company Anaxis Asset Management announced yesterday at an event being held at the Geneva Nautical Society that it is taking up this challenge in partnership with Axon Racing, the high-tech sailing project management group. Anaxis Asset Management’s colours will be flown at this prestigious event by a Flying Phantom, the latest generation of catamaran. Further information on www.boldormirabaud.ch/fr-ch/edition-2016/suivi-en-direct to follow the race live on 11 June 2016 from 10 am onwards.

What is the Flying Phantom?
More commonly known as a “flying catamaran”, the Flying Phantom is a new generation of multihull hydrofoil measuring 5.52m in length and 3m wide, designed to fly above the water on its foils. Thanks to its innovative technology, at wind speeds approaching 7 knots (~13km/h), the hulls lift out of the water and the catamaran glides on its foils, reaching speeds of up to 30 knots (~56km/h). As the most rapid craft in its category, it provides new sensations which revolutionise the world of sailing.

Why the Flying Phantom?
At Anaxis Asset Management, we identify with this nautical formula one, as we share a set of common values based on innovation, performance and reliability. We are thrilled to be supporting Benoît Morelle in this challenge as, even though the Flying Phantom combines performance and reliability, success also relies on the technical, strategic and tactical skills of the crew. We value these talents, which reflect the professionalism of the Anaxis Asset Management team and our passion to contribute to the success of our clients. This challenge is going to make a splash!

About Anaxis Asset Management
Anaxis Asset Management is part of the Anaxis group. The group has been providing innovative investment solutions and delivering performances for its European clients for over 10 years. Anaxis Asset Management specialises in high-yield bond investments and was a pioneer in fixed-maturity funds. The group’s distinctive investment philosophy is based on a fundamental analysis of the creditworthiness of corporate bonds, combined with bottom-up bond picking, while ensuring broad diversification and respecting stringent risk control procedures through a cautious and selective approach.
 
About AXON Racing
AXON Racing is a high-tech sailing project management group, which competes in regattas, headed by the highly experienced Benoît Morelle, Class C 2015 Vice World champion, who has already participated in a dozen Bol d’Or Mirabaud regattas, finishing on the podium six times, with three victories, two second places and one third place. Further information on www.axonracing.ch

April 01st 2016 - Our new advertising campaign at Geneva Airport
March 23rd 2016 - Coupon distribution for the Anaxis Bond Opportunity Short Duration fund: EUR 25.85 for the E2 class, 31.29 USD for the U2 class and CHF 14.03 for the S2 class.
March 23rd 2016 - Coupon distribution for the Anaxis Bond Opportunity Europe 2018 fund: EUR 3.46 for the E2 class.

March 04th 2016 - Anaxis funds are now available on Online Sim web platform

Anaxis Asset Management is pleased to announce the signing of an agreement for the distribution of Anaxis’ funds through the Italian online platform.

https://www.onlinesim.it/

February 15th 2016 - Tribute to the Swiss fencing team's performance

As an official sponsor of the Swiss Fencing Federation since 2005, Anaxis would like to pay tribute to the Swiss fencing team's performance and congratulate them on qualifying for the 2016 Olympic Games in Rio de Janeiro.

Anaxis is proud to support fencing, a demanding sport that requires great technical, strategic and tactical skill. Combining the qualities of analysis, anticipation and speed, it is a discipline that helps develop self-control, courtesy and respect for others.

This athletic philosophy is one we strive to use each and every day in our business, and is reflected in our professionalism and our determination to contribute to the success of our clients.

www.swiss-fencing.ch
January 31th 2016 - AAM European Equities Fund: Preliminary review of the fund's first 18 months

Over 1 year, specialised website Citywire has ranked AAM European Equities at 138/1000 in terms of performance, 90/1000 in terms of volatility and 84/100 in terms of max drawdown in the Equities Europe category. Since it was launched, the fund has generated a return of 11.18% with volatility of 15.9% (I unit). By comparison, the STOXX Europe 600 index posted 2.56% with volatility of 19%.

AAM European Equities was launched in June 2014 with the purpose of giving investors access to European equities with lower volatility than the indices. The fund aims to benefit from the experience of Anaxis Asset Management's fund managers in fundamental company analysis and rigorous stock picking.

Benoît Ducatillon, one of the managers of the AAM European Equities fund, has said “Overall, we are very pleased with the fund's performance. It is proving more resilient than the indices in times of stress and uncertainty on the markets. With our positioning on resilient, growing sectors, we can expect to achieve annualised EPS growth of 12.7% over 5 years, versus 5% for the STOXX Europe 600.”
January 12th 2016 - ANAXIS AM sera présent au Congres Fonds-Professionell de Mannheim 2017

Comme en 2016 ANAXIS AM sera présent au Congres Fonds-Professionell de Mannheim les 25 et 26 Janvier 2017 : Stand 99 au niveau 1

Nous ferons une présentation le mercredi 25 Janvier 2017 à 16h35 en salle 12 sur « Comment obtenir de solides rendements grâce aux fonds obligataires ».
July 06th 2015 - Anaxis AM launches Anaxis Bond Opportunity EM 2020

At the launch of the Anaxis Bond Opportunity EM 2020 fund on 6 July 2015 Pierre Giai-Levra, Chairman of Anaxis Asset Management, shared the reasons leading up to the creation of this product.
 
Why launch a new high yield bond fund today?
We're launching this fund to capture the investment opportunities offered by companies in emerging countries. Compared to the European and US segments, this segment offers higher returns for an equivalent credit quality. Emerging countries have seen the advent of issuers with solid fundamentals and strong returns, and we know how to analyse and select these issues. Volatility is a little higher, but is still within an acceptable range for investors with a given investment horizon. Our analysts have identified 42 attractive issues. The target portfolio offers an annualised return of 7.02%.
 
What sets this product apart from its rivals?
Anaxis Bond Opportunity EM 2020 has a set maturity and investment period of 5 and a half years (until 31 December 2020). It relies on a highly selective investment approach. We only invest in corporate bonds with strong currencies (mainly USD and EUR). We are not index trackers. Our strategy is to select bonds based on an in-depth financial analysis of the issuers (i.e. a bond picking strategy). We do not make any macroeconomic bets or short-term speculative plays. By implementing this investment strategy, we are able to build a robust portfolio that is less sensitive to market fluctuations. Finally, we believe a fund with a set maturity is particularly appropriate for a more volatile asset class such as this.
 
Why choose Anaxis AM?
The Anaxis team is made up investment professionals boasting extensive experience in credit analysis and management of high yield bond portfolios. Our portfolio managers have worked for major financial institutions in Europe, the United States and Asia. Anaxis manages a range of bond funds with set maturities designed to meet different risk profiles. Anaxis Bond Opportunity EM 2020 is the latest addition to this range.
 
What will the portfolio's composition be?
The portfolio will consist primarily of high yield bonds issued by emerging company corporates. For credit risk management purposes, the portfolio management team may invest in Investment Grade or government bonds. We look for companies boasting excellent fundamentals and a clear, sustainable business model. We like companies benefiting from strong barriers to entry, solid growth momentum and a flexible cost structure. The fund will not invest in financials, which are too unpredictable in our view. We also favour non-cyclical sectors such as Telecoms, Healthcare, Transport and Agri-Business. In terms of country allocation, we try to steer clear of countries that are too high-risk. For example, the portfolio does not hold any positions in Venezuela and just one position in Russia. Finally, we like short or average-duration bonds, in order to limit interest rate risk. All of these choices are aimed at optimally meeting our investors' needs: namely to generate an attractive return while minimising risks.
May 18th 2015 - Coupon distribution for the Anaxis Bond Opportunity Short Duration fund: EUR 64.40 for the E2 class, 55.43 USD for the U2 class and CHF 54.41 for the S2 class.
May 18th 2015 - Coupon distribution for the Anaxis Bond Opportunity Europe 2018 fund: EUR 5.73 for the E2 class.
February 13th 2015 - What will be the main drivers of the high yield bond markets in 2015?

Pierre Giai-Levra, CEO of Anaxis, is very positive for 2015 about the European high yield market as most macro factors are in favour of spread compression. On the US markets, macro factors are conflicting and the market will be more driven by sector and individual stories.

Globally, the main macro drivers of the high yield markets for 2015 are:

• The recently announced quantitative easing measures of the ECB are expected to encourage new investment flows into credit markets.

• The FED ended its asset purchase program progressively. An interest rate hike is now expected sometime in 2015. During the spring of 2013 the announcement by the FED of a possible tapering of its program caused some turmoil in the markets, both in the US and in Europe due to a contagion effect.

• Economic trends will have a significant impact on corporate results, especially in sectors like discretionary consumer goods, and will therefore be a decisive factor in investment decisions, like they have been since the summer of last year, when risk-aversion increased against a backdrop of downward revisions of earnings forecasts for European companies.

• The evolution of oil price and other commodities is also a major performance driver for 2015. A large part of high yield issuers belong to the energy sector especially in the US. This is the largest sector in the US with a 15.5% share of the high yield indices (the second sector is healthcare with about 5% only).

• Political developments in Greece will focus commentators’ attention and the re-negotiation of the country’s debt will continue to create some volatility.

• The situation in Switzerland, where negative rates of -0.75% applied on CHF deposits may push money into European credit markets.

• Corporate defaults should not be a concern, projections are about 2.5%, which is low compared to a long-term average of 3.8% and a figure of 1.92% for 2014 (US data).
December 12th 2014 - What is the impact of the oil drop on High Yield markets?

Given the ~45% drop in crude prices from June highs, with an acceleration of the decrease this month following the OPEC decision not to cut production in an attempt to preserve market share and increase the pressure on the North American oil industry to reduce their production growth, we thought it would be helpful to quantify the repercussions for high yield market in US and Europe as well as for our bonds portfolios over the recent period.

Lower oil prices have had large repercussion among US high yield market recently, although much of the move has reflected the more negative implications. Energy sector bonds, which represent approximately 15% in asset value of the main US high yield indexes, have largely underperformed the broader market so far in December (as of 11th December 2014). The average high yield energy bond (J0EN, BofA Merrill Lynch Energy High Yield index) returns were declining -7.03% month-to-date, while the high yield returns were -2.17% (JC4N, BofA Merrill Lynch US BB-B High Yield Index).

The energy sector’s damage to the broader market has been reinforced by increased risk aversion generally speaking, combined with undiscriminating sell-off of the asset class mainly from ETFs facing outflows. This resulted in negative returns across all sectors since the beginning of the month. Anaxis Bond Opportunity US 2017 U1 tranche returns decline -1.12% month-to-date. While the fund has not been immune to the recent high yield market volatility, the portfolio has no direct exposure to the US Energy sector which was clearly advantageous in the recent period. We expect that staying away from Energy sector as well as current positioning of the portfolio will be beneficial to the fund performance in the near future. Indeed, much of the negative implications of lower oil price are priced in, however, very little of the positive implications is apparent in recent market trends. For instance, consumer-related names (e.g. retailers) have dropped in recent months, even in the US where consumption tends to respond quickly to weaker energy prices. Furthermore, we expect some outperformance of consumer-related bonds in the US as other tail winds such as positive wealth effects and an improving labor market also support consumption growth. Other sectors for which oil is a cost input (e.g. transportation, industrials) lagged the move in oil prices and produced negative return month to date in spite of positive impact on profitability.

The European high yield market was mostly insensitive to oil price move, the main reason for this being the very little number of energy related names in the market. As per the US market, we believe that the positive impacts of the lower oil prices have not been priced in yet in the European market and should drive the outperformance of consumer discretionary sectors (e.g. retailers) as well as transportation and industrials sectors. Thanks to its current industry positioning, we believe that Anaxis Bond Opportunity 2018 will benefit from these positive factors. In addition, the decrease in oil price has negative implication on inflation developments in Europe, which should put some more pressure on the ECB to expand its easing program in early 2015 and add a technical tail wind for the high yield market to pick up.
December 01st 2014 - Registration of Anaxis AM funds for sale in Spain

Anaxis AM is further expanding in Europe. We are pleased to announce that Anaxis Bond Opportunity 2015, US 2017 and Europe 2018 are now registered for sale in Spain (passport issued by the CNMV). All three funds are thus eligible for tax benefits ("traspaso") in this country.
October 27th 2014 - The attractiveness of high yield bonds has increased substantially due to renewed risk aversion

The latest economic statistics in Europe coupled with geopolitical risks have caused credit spreads to widen and government bond yields to drop. And yet default rate forecasts remain low. For example, Moody’s has projected a default rate of 2% for the next 12 months (vs. about 10% in 2009 and 4% between 2011 and 2013). So high yield bonds have gained significantly in appeal.

Yield-to-maturity shows even more clearly how attractive this asset class is in the current climate: while the German government bond yields 0.03% for an end-2018 maturity, our high yield bond portfolio, Anaxis Bond Opportunity Europe 2018, offers 6.90%. On the other side of the Atlantic, the US government bond yields 0.74% for an end-2017 maturity, versus 6.64% for our Anaxis Bond Opportunity US 2017 portfolio.
October 03rd 2014 - Solid Q2 2014 results for the companies held in portfolio by Anaxis AM

Results release season for the second quarter of 2014 has ended, providing yet another opportunity to confirm the solidity of Anaxis AM's bond picking strategy on the high yield market. Amid high volatility and macroeconomic concerns, particularly over growth in Europe, attractive returns can still be generated for investors when one knows how to pick healthy companies.

Looking at Anaxis AM's products, 15% of the European companies held in our portfolio beat the consensus and 68% were in line. Our US companies fared even better, with 23% beating and 71% in line with the consensus. These solid results can largely be attributed to the quality of the business models and fundamentals of the companies selected and to Anaxis AM portfolio managers' preference for defensive, non-cyclical sectors.
April 22nd 2014 - Is the High Yield market better prepared to face a possible rate rise?

A possible rate rise
 
With the progressive return of growth, national economies are emerging from recession and should be able to look forward to a rather positive year in 2014. The latest growth forecasts for the US point to +2.8% in 2014 and 3% in 2015 (source: IMF) and +1.2% in 2014 for the Euro Zone (source: ECB). This is bringing the prospect of an interest rate hike from central banks closer. Janet Yellen, chairman of the Fed, said during a speech in March that a hike could take place as soon as first half of 2015. For this reason, it is important to evaluate what impact a rate hike could have on the various credit asset classes.
 
The impact of a rate hike on the various credit asset classes
 
If we apply the sensitivity of one of our European High Yield portfolios (Anaxis Bond Opportunity Europe 2018) to a 100 bp rate hike, the value of the portfolio falls by 1.71%, which is equivalent to 3.2 months of carry, given its yield to maturity of 6.48% per annum (the financial term “carry” corresponds to the interest earned by an investment during its period of holding). For the same 100 bp hike, the EUR Investment Grade Index (ER00) loses 4.52%, the equivalent of 29.6 months of carry (for a yield to maturity of 1.83% per annum). Finally the 10-year German Bund loses 9.14%, the equivalent of 71.2 months of carry (for a yield to maturity of 1.54% per annum)!
 
Similar conclusions can be drawn for the US market. For a US High Yield portfolio (Anaxis Bond Opportunity US 2017) facing a 100 bp rate hike, the loss is 1.73% (3.4 months of carry), vs. a drop of 6.65% for the US Investment Grade Index (C0A0), the equivalent of 25.3 months of carry, and a drop of 8.85% for the 10-year US Treasury Bond, the equivalent of 39.6 months of carry.
 
Consequently, where the High Yield portfolios recover the loss quickly, the Govies and Investment Grade portfolios could be in difficulty.
 
One should also note that it is possible to limit the impact of a rate hike further by maintaining low duration in the portfolio.
 
Moreover, today credit risk remains rather low because of excellent corporate fundamentals. This is confirmed by the new earnings reporting season that began in March. Therefore, it is more interesting in this context to take a moderate credit risk by investing in the High Yield market, rather than be exposed to a rate risk that could be devastating for the most sensitive asset categories.

Article (French version) published on Boursorama, ZoneBourse, EasyBourse, Cortalconsors and OptionFinance.

October 30th 2013 - Anaxis AM : What are the opportunities in the High Yield credit market for the end of 2013 ? (France Info Interview)
Jean-Julien Goettmann, director of Anaxis Asset Management, analyses the market trends on the High Yield segment for this end of 2013 and talks about the approach to adopt in order to seize the opportunities in this market.

Ecouter l'interview

France Info, interview by Antoine Verlain, broadcasted on the 25/10/2013
July 18th 2013 - Anaxis AM : Perspectives on the credit market (France Info Interview)
Pierre Giai-Levra, head of Anaxis Asset Management, gives his perspective on the the credit market and the opportunities that are offered today.

Listen to the interview (in French)

Interview by Jean-Yves Courtal, La Côte Bleue
June 18th 2013 - Anaxis AM analyses the new interest rates’ environment and its consequences on High Yield bonds

(Source Boursorama)

Sometimes investors’ attention focuses on one factor. Undoubtedly the evolution of American T-Notes has become the key factor in investors’ analysis and the main criterion for allocation decisions during the last few weeks.

The important rise in US rates (65 bps on the 10-year since the beginning of May) has led to a major move in portfolios. This move is directly linked to the willingness to reduce exposure to interest rates risk.

This situation follows a particularly pessimistic interpretation of the Federal Reserve speech, which has suggested that it could reduce its program of asset purchase, needless to say without stopping quantitative easing.

Despite a risk that this move perpetuates itself – T-Bond outflows pushing the prices downwards – there are some major obstacles to the rise of US interest rates.

Admittedly household consumption is in relatively good shape. Indeed households are compensating the increase in tax with a decrease in their saving rate, encouraged in this way by a rise in stock and real estate prices in the US. However, the consequences of budget sequestration, now active, are yet to be fully felt, for instance in the Defense sector.

On another point, inflation figures have declined regularly for several months and economists are not forecasting any reversal in the near future.

Market reaction to the change in the Federal Reserve speech, which appears at second sight quite moderate, seems excessive. It is far from probable that the monetary policy of the US will change drastically. The element of surprise has played without doubt an important role in this disproportionate market reaction.

However one should not overlook certain technical factors. For instance, a decrease in volume of T-Notes purchased by Emerging countries has been observed while their currencies have depreciated. If this trend goes on, some countries might also become seller in order to sustain their currency.

What are the consequences for High Yield bonds?

Recently, we have observed massive outflows in corporate bonds funds in the United States and to a lesser extent in Europe. High Yield ETFs have first been impacted, with blind selling orders on issues belonging to their indices.

This overall trend combines reduction of interest-rate risk and profit taking, following a lengthy and favorable period during which companies’ borrowing costs have reached all-time lows on both sides of the Atlantic. In the meantime the primary market, which has experienced an intense activity during the last few months, remains rather active. Issuers are going in this market with bonds far more attractive than during the past: coupons offered have retrieved levels that have not been seen for months. We also note a greater investor appetite for Floating-Rate Notes, some new FRN having been issued recently (Equiniti, IDH, New Look, Wind, etc.).
May 29th 2013 - Anaxis AM launches Anaxis Bond Opportunity Europe 2018

Boursorama, 29th May 2013

For the launch of Anaxis Bond Opportunity Europe 2018 on the 6th June 2013, Pierre Giai-Levra, chairman of Anaxis Asset Management, explains the reasons behind the creation of this product:
 
Why launching a new high yield fund today?

The credit market has experienced a very good year 2012 and has continued to appreciate during the first quarter 2013. Today, we consider that the market is globally well valued and even somewhat expensive on certain segments and issues. However during the last 18 months the market has offered more and more diversity thanks to a great number of primary issues. These bonds are offered by new issuers on the credit market, some with excellent profiles, as they refinance their bank loans with bonds. In this context, our analysts have selected 63 bonds which represent very good investment opportunities. As of today, the targeted portfolio offers an annualized return of 6.05% with a maturity of 31th December 2018.
 
What distinguishes this product from its competition?

Anaxis Bond Opportunity Europe 2018 is a bond picking fund relying on a comprehensive fundamental approach. It does not follow any indices. Our strategy aims to select bonds based on a thorough financial analysis. We do not bet on macroeconomic events or speculate on short-term moves. Our methodology enables us to build a robust portfolio, which can navigate all types of market conditions.
 
Why investors should select Anaxis AM?

For the last 10 years, Anaxis has provided high performance and resilient investment solutions to its investors. It benefits from a team of experienced and recognized investment professionals on the high yield credit market, all coming from large financial institutions in Europe, the US and Asia. Moreover Anaxis AM is totally independent which ensures the continued implementation of its conviction based approach over time. All the existing High Yield funds managed by Anaxis AM exhibit good track records.
 
What will be the sector and country allocation of the portfolio?

The portfolio will be mainly comprised of European high yield corporate bonds. In order to modulate credit risk, the management team may also decide to allocate to Investment Grade bonds and to government bonds. The fund does not invest in bonds issued by financial companies that we consider to be too unpredictable. We favour defensive sectors such as Telecoms, Healthcare, Transportation, Food etc. Country wise, we are mainly invested in Core Europe and remain careful on peripheral countries.
 
What types of companies and of bond issues are favoured by Anaxis AM?

We select companies that have excellent fundamentals with clear and focused business models. We favour companies that benefit from strong barriers to entry, good dynamics and flexible cost structures. We also prefer issues that have short or medium term durations in order to limit interest rate risk. In doing so, we are able to respond to our investors’ need of attractive and robust yield.
April 23rd 2013 - Anaxis AM : What are the opportunities on the credit market today ? (France Info Interview)
Jean-Julien Goettmann, head of Anaxis Asset Management, gives his perspective on the the credit market and the opportunities that are offered today.

Listen to the interview (in French)

Interview by Antoine Verlain, La Côte Bleue
March 07th 2013 - Anaxis Press : Are High Yield bonds still a good investment ?
Source : Boursorama
Source : Morning Star Pro
January 27th 2013 - As sponsor of the Swiss Fencing Federation, Anaxis congratulates the Switzerland men’s national epee team (Max Heinzer, Fabian Kauter, Benjamin Steffen and Florian Staub) for its World Championship title obtained yesterday in Legnano (Italy).
We congratulate also Max Heinzer for his World Championship title won today. Anaxis has been the official sponsor of the Swiss Fencing Federation since 2005 (www.swiss-fencing.ch)
December 03rd 2012 - Anaxis Asset Management launches a US corporate bond fund
Source : Morningstar Pro
October 26th 2012 - Coupon distribution for the Anaxis Bond Opportunity L fund: 2.61 EUR for the EUR D class
July 04th 2012 - EU Summit: A New Impulse - Interview with Pierre Giai-Levra, Anaxis's CIO
Source : Boursorama
Source : Morningstar Pro
June 21st 2012 - As sponsor of the Swiss Fencing Federation, Anaxis congratulates the Swiss national men epee team (Max Heinzer, Fabian Kauter, Benjamin Steffen and Florian Staub) for their gold medal obtained yesterday at the European Championship held in Legnano (Italy)
Anaxis has been an official sponsor of the Swiss national fencing team since 2005. www.swiss-fencing.ch
May 02nd 2012 - For Anaxis AM, fixed maturity funds have points to make :
Source : Morningstar Pro
Source : Boursorama
April 25th 2012 - Important tax information for German investors
Accumulated Deemed Distributed Income for Anaxis Bond Opportunity 2015 per 31 December 2011 - E1 class EUR 39.4408709, S1 class CHF 36.4820078, U1 class USD 32.9860724, J class USD 44.9640098, for E2 class EUR 0, for S2 class CHF 0, for U2 class USD 0.

April 24th 2012 - Negative real returns : What is the alternative ? Comment by Anaxis AM
Source : Morningstar Professional
April 03rd 2012 - Lunch / Presentation - The European corporate bond market - Mandarin Oriental Hotel, Geneva
March 30th 2012 - Morningstar: " For Anaxis, High-Yield offers opportunities but thorough selection is key "
Source: Morningstar professional
January 19th 2012 - Coupon distribution for the Anaxis Bond Opportunity L fund: 2.60 EUR for the EUR class and 2.14 USD for the USD class
September 07th 2011 - Sabre Style Arbitrage fund wins the best market neutral fund in Europe - World Finance Awards 2011
May 25th 2011 - Coupon distribution for the Anaxis Bond Opportunity L fund: 2.36 EUR for the EUR class and 2.29 USD for the USD class
May 18th 2011 - Sabre wins the best equity market neutral hedge fund award for the 2011 Hedge Funds Review
March 03rd 2011 - Sabre wins the best market neutral manager category for the 2011 Hedgeweek Awards
February 02nd 2011 - Sabre launches UCITS III version of its award winning Sabre Style Arbitrage Fund
January 27th 2011 - Sabre wins the best equity market neutral & quant strategies category for the 2010 EuroHedge awards
December 15th 2010 - Coupon distribution for the Anaxis Bond Opportunity L fund: 2.35 EUR for the EUR class and 2.28 USD for the USD class
November 23rd 2010 - Launch of the Anaxis Bond Opportunity 2015 fund
November 16th 2010 - Anaxis organise its quarterly conference call on the Anaxis Sabre Style Arbitrage Fund
November 08th 2010 - Gianmarco Mondani, CIO of Arkos Capital, is meeting clients and prospects in Paris
August 26th 2010 - Anaxis Sabre Style Arbitrage Fund is now a constituent of the HFRI Equity Hedge (Total) Index
June 17th 2010 - Presentation of the Anaxis Sabre Style Arbitrage Fund at the Crillon hotel in Paris
May 28th 2010 - Sabre Style Arbitrage wins the Hedge Fund Review Award 2010
May 19th 2010 - Coupon distribution for the Anaxis Bond Opportunity L fund: 2.39 EUR for the EUR class and 2.30 USD for the USD class
May 18th 2010 - Sabre Style Arbitrage wins the Hedge Fund Week award as "Best Equity Market Neutral"
February 11th 2010 - World Invest Absolute Strategy fund has been awarded "Best Relative Value UCIT III fund"
December 07th 2009 - Coupon distribution for the Anaxis Bond Opportunity L fund: 1.62 EUR for the EUR class and 1.56 USD for the USD class
December 03rd 2009 - Anaxis and Cantab Capital Partner organise a conference on "Benefits of systematic investment strategies" at the Baur au Lac hotel in Zurich
December 02nd 2009 - Anaxis and Cantab Capital Partner organise a conference on "Benefits of systematic investment strategies" at the Métropole hotel in Geneva
December 01st 2009 - In partnership with Banque Transatlantique, the Opera 2 note becomes the Anaxis Brongniart Flexible fund
September 29th 2009 - Anaxis and Arkos Capital organise a conference on "Experience in managing UCITS III and absolute return strategies" at the Métropole hotel in Geneva
June 11th 2009 - Anaxis and Sabre Fund Management organise the Anaxis Sabre Style Arbitrage presentation at the Royal over-seas league in London
June 05th 2009 - Launch of Anaxis Bond Opportunity L
March 27th 2009 - Brongniart Rendement receives the 2009 Lipper Award, 1st in the Euro zone category
March 15th 2009 - Brongniart Rendement is awarded "Best European large cap fund in 2009"