AXA Court Terme

ISIN FR0010956581

Last NAV 10,056.5223 EUR as of 11/11/19


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 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 16/07/2019

Fund manager comment : 30/09/19

In the United States, the Democrats finally decided to launch impeachment proceedings against Donald Trump for the alleged use of State resources for personal purposes. Given that there has never been a successful impeachment in the past (Richard Nixon resigned before proceedings could take place and Bill Clinton was exonerated), there is some doubt as to whether these proceedings will have any real impact on the current president, particularly as the process is a long one. Nevertheless, the timing does not work in his favour since the presidential elections will be held in November 2020. In the short term, the composite ISM manufacturing PMI continued to drop (47.8 vs. 49.1 in August) and its New Exports Orders component fell to its lowest since the end of 2008. On the consumption front, expenditure is still dynamic but household confidence deteriorated, leading to increased risk in the medium term. The Fed implemented a further rates cut of 25 basis points (bp) to [1.75%-2%]. We can expect to see another cut in December, to [1.5%-1.75%] before a pause in 2020, unless recent tensions on the short-term liquidity market force the Fed to announce further measures, especially in terms of managing the reduction of its balance sheet. In the eurozone, the sentiment index of the European Commission (EC) remained stuck at a low level and the composite PMI fell to 50.4, its lowest since June 2013. Activity in Germany continues to cause concern and the government is still firmly opposed to the idea of budgetary stimulus plans. Despite the announcement of a plan intended to drive the ecological transition, this is only worth 0.4% of GDP (€54 billion over four years). France stood up better, with its business climate indicator slightly up. At its most recent monetary policy meeting, the ECB decided to drop its deposit rate by 10 bp to -0.5%, specifying that a two-stage system will be introduced on 30 October, thereby exempting a large portion of banking reserves from negative interest rates. Mario Draghi also announced that the ECB will relaunch its quantitative easing programme for 20 billion euros per month, for an unlimited term. Finally, the committee specified that rates will remain low, at least until mid-2020, and said that any increase in rates will be conditional upon core inflation approaching the 2% mark. In Italy, the Democratic Party (PD) and the 5-Star Movement agreed to form a new government led by former prime minister Giuseppe Conte. However, this is a fragile coalition, as intra-party dissensions cannot be ruled out (and Matteo Renzi has already quit the PD and created a new party). Spain will return to the polls on 10 November, unless an agreement can be reached between the Socialists and Podemos on the formation of a government. In Austria, the Conservative party came out on top in the recent elections (37%). The Greens, which gained large numbers of votes (14%), are expected to take their place in the new government, especially as the extreme right FPO party indicated that it would prefer a spell in opposition. In the United Kingdom (UK), Brexit dominated the news for the 39th month in a row (since June 2016). The Supreme Court delivered a severe rebuke to Boris Johnson, ruling that his suspension of Parliament was “void and of no effect”. The Conservative party is pushing for a deal with the EU before 31 October in order to meet the prime minister’s commitment to achieve Brexit “at all costs”. In the next few days, Boris Johnson will present a detailed plan, now expected to include “customs clearance” centres on both sides of the Irish border. However, the EU is fully aware that the renegotiation of the backstop does not only concern the safeguarding of Ireland’s commercial interests, but the very existence of the Union itself. In Japan, VAT increased from 8% to 10% with effect from 1 October. In the medium term, this is intended to reduce a still-sizeable public debt (226% of GDP), affected in part by soaring social welfare costs linked to population aging. However, the government has passed measures that aim to avoid a recession in the short term, the most significant of which is the exemption of first necessity products. With regard to monetary policy, the Bank of Japan decided to maintain the status quo at its most recent meeting in September. In China, with regard to the latest economic indicators, the Caixin manufacturing PMI climbed to 51.4 in August but it is difficult at the moment to dissociate the effects of speculation around the implementation of new customs duties by the US and the budgetary stimulus plan set in motion by the Chinese government a few months ago. On the money market, the yield curve saw a correction, confirming an overestimation of the drop in interest rates by the market. The 1-year Eonia fixing is currently around -0.55% after reaching a low point at around -0.635% before the ECB’s intervention. The Eonia forward 1-year/1-year swap fixing is now around -0.6410%. A further drop of 15 bp is expected in 2020 and rates are likely to remain low for at least three years. Bank issue rates over one year fluctuated between -0.37% and -0.44%. Issue spreads tightened somewhat. In the corporate sector, the market was fairly calm, with many issuers deciding not to issue, with the exception of large US companies. Most issues were for a maturity of three months or less. On the credit market, there was little issuance on the primary market for less than two years, although activity was very dynamic above that point in terms of longer-maturity issues. The Credit Merrill Lynch 1/3y indices saw a slight widening of spreads over the month by around 3 basis points, after more significant variations earlier in the month. The Eonia is currently trading at around -0.46%. The new interbank index, the €STER, which will ultimately replace the Eonia over the next two years, should fix for the first time on 2 October. The Eonia will fix at €STER +8.5 bp. During September, investment opportunities in the corporate sector were mainly for three months or less, with one or two exceptions. In the banking sector, we invested in the 1-year segment when the spread against the Eonia warranted this; we hedged interest rates. The structure of the fund changed slightly, with a little more cash and exposure in the banking sector up 2%. The average life of the fund stayed at around 85 days, and modified duration remains low.


Performance chart


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Performance table

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Risk table

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Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
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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

Orders to purchase or redeem units must reach the depository 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 net asset value publication, 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. Minimum initial subscription: €10,000,000 Minimum previous subscription: 1 unit.