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AXA Court Terme

ISIN FR0000288953

Last NAV 1,546.2260 EUR as of 23/02/20


Investment objectives

The Fund falls into the following category: “Short-term variable net asset value (VNAV) money market fund”.Income is capitalised for A - "C" units and distributed for A - "D" units. The Fund is actively managed to capture opportunities in bond and credit markets. After macroeconomic and microeconomic analyses, investment decisions are taken on the basis of:- yield curve positioning (the yield curve illustrates the relationship between the investment period and the bond yields)- selection of securities according to their residual term to maturity and the liquidity of the Fund- sector allocation- selection of the issuerWhen implementing the strategy:- risk exposure is limited to interest rate fluctuations, equated to interest rate sensitivity. The weighted average maturity of assets is 60 days or less- credit and liquidity risk are limited. The term to maturity of assets will not exceed 397 days. In addition, the weighted average term to maturity of assets in the portfolio may not exceed 120 days.The Fund invests in money market instruments (including asset-backed commercial paper (ABCP) not meeting STS criteria) issued by companies of OECD-member countries.According to a cautious and permanent internal procedure for the assessment of the credit quality of the money market instruments that it implements and applies systematically, the Fund selects assets that benefit from a favourable assessment. The selection of the money market instruments that make up the portfolio is based on an internal procedure for assessing credit quality that notably takes into account the quantitative and qualitative indicators of the issuer and the characteristics of the instrument (such as asset class, liquidity profile, etc.), and the assessment of operational and counterparty risks. The internal assessment procedure could, in addition to other indicators, take into account the ratings of rating agencies, without being based solely or automatically on these external ratings.As an exception, the limit of 5% of the Fund's assets per entity could be raised to 100% of its assets when the Fund invests in money market instruments that are issued or jointly or individually guaranteed by certain sovereign, quasi-sovereign or supranational entities of the European Union as described in Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017.The investment strategy can be implemented through direct investments or reverse repurchase transactions.Derivatives can only be used for the purpose of hedging the portfolio against the interest rate or currency risks.The overall risk relating to investments in derivatives may not exceed the total value of the portfolio.Foreign exchange risk on currencies other than the euro is hedged.The Fund applies AXA IM's environmental, social and governance (ESG) standards, which are available on https://particuliers.axa-im.fr/fr/investissement-responsable. After deducting real management charges, the Fund aims to outperform the capitalised EONIA index over a minimum recommended investment period of one month.You should be aware that if interest rates on the money market are very low, the Fund's returns may not be sufficient to cover the management charges, and its net asset value may decrease structurally.


Synthetic Risk & Reward Information scale

SRRI Value 1 2 3 4 5 6 7

Historical data, such as that used to calculate the synthetic indicator, is not a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may shift over time. The lowest risk category does not mean "risk-free".

Why is this Fund in this category?

The Fund does not offer a capital guarantee. It is invested in markets and/or uses techniques or instruments which, while they fluctuate little under normal market conditions, can nevertheless generate losses.

Additional risks

Credit risk: risk that issuers of debt securities held by the Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the net asset value. Counterparty risk: risk that a counterparty of the Fund may default or become insolvent, leading to payment or delivery default.

Investment horizon

The Fund may not be suitable for investors planning to withdraw their contribution within one month.

Main documents

KIID NL 04/02/2020

Fund manager comment : 31/01/20

New year, new issues. The epidemic currently plaguing China could have a significant impact on Chinese activity. Trumpian policy is and will remain unpredictable as shown by the repeated trade threats made against certain European countries. Eurozone growth figures for Q4 surprised on the downside whereas the European Union and the UK said goodbye to each either prior to the official Brexit date. In the US, Q4 activity remained stable standing at +2.1% on an annualised quarter on quarter basis. The latest surveys provided a mixed message again. During January, the flash PMI for the manufacturing sector was down to 51.7 vs. 52.4 the previous month, whereas that in services was up to 53.2 vs. 52.8 previously. The US also finalised the so-called Phase 1 agreement with the Chinese authorities. The latter contains restrictive measures since China will have to buy more US products whereas the US has pledged not to increase import tariffs further. However, no major progress was made in terms of intellectual property rights and technology transfers. The Fed made no changes to its monetary policy, leaving its key rate at [1.50-1.75%]. Finally, the impeachment procedure launched against Donald Trump remains intact with debates ongoing in the Senate. In terms of foreign policy, Donald Trump triggered a targeted assassination in Iraq, of Qassem Soleimani, a leading dignitary and influential person in the Iranian regime, reviving fears of renewed tensions in the region, even though these had calmed somewhat at end-January. In the eurozone, growth in the fourth quarter stood at 0.1% quarter on quarter. France and Italy surprised on the downside, respectively at -0.1% and -0.3% whereas Spain resisted well (+0.5%). Relative to the latest surveys, the German manufacturing industry continued to recover, with the flash PMI up to 45.2 vs. 43.7 whereas in France, the services sector suffered from strike action as shown by the flash PMI, which plummeted to 51.7 vs. 52.4 previously. At the eurozone level, household confidence remained stable, despite a further decline in the unemployment rate, which now stands at 7.4%, a level not seen since May 2008. News was not so rosy on the credit front. The results of the Bank Lending Survey published by the ECB showed that forecasts for company loan requests are at their lowest since 2013 and credit data itself signals a slowdown in the pace of loans to non-financial companies (+3.2%). During its last monetary policy meeting, no changes were made and the details of the strategic review started at end-January remain deliberately vague. Finally, Donald Trump again used a trade threat to influence European domestic policy on diverse subjects: GAFA taxes, equipment for 5G and the Iranian nuclear issue. In the UK, the divorce with the European Union was made official on Friday 31 January. An 11-month transition period has now opened during which new trade agreements will be negotiated with the EU but also with other partners. Activity was slower during the last quarter of the year, negatively affected by the decline in industrial production and significant inventory moves in October. Faced with this air pocket, some members of the Bank of England communicated their aim to reduce rates in a preventive move, but surprisingly the institution finally decided to leave its rates unchanged, banking on the resilience of the UK economy and budgetary stimulus in the spring. In China, economic activity in the fourth quarter was higher than expected with GDP up 6% year-on-year. Over the full-year, the services sector was clearly driven by this robust performance, rising by 6.9% whereas the industrial sector also resisted quite well (+5.7%). Data from the latest surveys points to a slight rebound in manufacturing activity, except that we are now sure that this rebound will not happen. Indeed, following the outbreak of coronavirus 2019-nCoV, some cities have been obliged to adopt quarantine measures and close production plants. An epidemic of this extent is rare, making it difficult to quantify its impact on activity precisely. What is sure is that consumption and production will be sluggish in several regions. In Japan, Q4 growth is set to have plunged following the rise in VAT in October and the spate of extreme weather conditions. A slight rebound in activity was expected in Q1 but the coronavirus epidemic, combined with the extension of holiday periods during the Chinese New Year are bound to impact Japanese economic activity. On the money markets, the coronavirus outbreak contributed to the decline in rates during January. Uncertainty over the consequences of the epidemic on global growth caused no panic on the markets however. The Eonia 1yr 1yr forward swap nevertheless fell by more than 10 basis points from -0.41% to -0.5175% while the 1yr Eonia traded at up to -0.49%. The level of bank issues corrected somewhat, correlated to some extent to swap levels whereas in the corporate sector, the relation was less obvious. The short credit market, i.e. the Merrill Lynch 1-3 year index was somewhat volatile, widening by less than 3 basis points. During January, we invested in the long part of the banking curve and sold off shares no longer offering a premium on the short part, from 1 to 3 months. The market also offered opportunities in corporate sector issues for the 4-6 month, and even the 10-12 month periods, for which the yield offered a higher premium. As of 8 months, we hedged fixed rates. Sensitivity to rates us also slightly lower, down from 49 to 40 days. In contrast, the fund’s average life span was up from 90 to 100 days. The fund’s structure remains pretty much the same with the corporate sector dominating at around 60% of assets.


Performance chart


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Performance table

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Performance table Net performance Performance indicator  Start date End date
1M - - - -
QTD - - - -
3M - - - -
6M - - - -
YTD - - - -
1Y - - - -
2Y - - - -
3Y - - - -
4Y - - - -
5Y - - - -
8Y - - - -
10Y - - - -
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Risk table

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Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
1M - - - - - - -
QTD - - - - - - -
3M - - - - - - -
6M - - - - - - -
YTD - - - - - - -
1Y - - - - - - -
3Y - - - - - - -
5Y - - - - - - -
8Y - - - - - - -
10Y - - - - - - -
Since launch - - - - - - -

Price table

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First NAV date 01/01/91



Ongoing Charges 0.07%

Fund facts

Currency EUR
Start date 08/03/84
Asset class FIXED INCOME
RI fund False
Legal authority Autorité des Marchés Financiers

Portfolio management

Fund Manager Marie ZEDDA
Co-manager Mikaël PACOT
Investment team MT Money Markets


Investment area Euro
Legal form SICAV

Subscription and redemption

Order to purchase, redeem or transfer units between the C and D classes must reach the depositary by 12 noon CET each business day. The net asset value on which subscription and redemption orders will be executed is calculated based on prices from the previous day. However, it may be recalculated to take into account any exceptional market event that occurred before the centralisation time. The publication date of the net asset value, which may no longer be recalculated, is D.Shareholders should note the possibility of additional processing time when making requests through a financial advisor or distributor.The Fund's net asset value is calculated daily.