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News

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"