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AXA Court Terme

ISIN FR0010956581

Last NAV 10,036.2598 EUR as of 05/04/20


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. 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

Counterparty risk: risk that a counterparty of the Fund may default or become insolvent, leading to payment or delivery default. 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.

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 : 29/02/20

News in February was significantly affected by developments in the coronavirus epidemic. Despite the roll-out of quarantine measures in China, new outbreaks were identified in mid-February in South Korea, Iran and Italy, reviving fears of a worldwide epidemic and a global recession. Faced with the sharp stock market correction (around 12% on average), certain central banks, including the Fed, could act more quickly than expected. In the US, the number of people contaminated remains strangely low for the moment, especially given the frequency of trips made to China (86 cases noted on 2 March). The partial halt to activity in China is beginning to be felt in the latest surveys. Flash PMIs for February were down, whether in the manufacturing sector (50.8 vs. 51.9 in January) or in services (49.4 vs. 53.4). The Fed warned that it would act in the event of a significant shock. Jay Powell’s intervention last Friday backed this view as he stated that the Fed would “use the tools at its disposal to support the economy”. We now believe the Fed will drop its refinancing rate by 50 basis points as of March. Finally, in the Democratic Party primaries, it is still difficult to clearly identify the winning candidate. A Trump/Sanders dual is still the most plausible scenario unless Joe Biden, who boasts a crushing victory in South Carolina, manages to contest the Democratic Party leadership in coming weeks. Super Tuesday will be decisive, with 14 states set to vote. The eurozone did not escape the coronavirus contagion. Italy was in the firing line with around 1,700 cases identified whereas France and Germany declared 130 cases. The latest economic surveys mask an increasingly worrying economic sluggishness, well characterised by the German situation. Indeed, the German PMI jumped back to a peak level for 13 months. However, the details showed that half of these gains stemmed from an extension in delivery times, generally assimilated with higher demand, whereas this time round it is solely due to the partial halt to activity in China. Further proof was the fact that new export orders are at their lowest for three months. At the same time, EU member states met to adopt the 2021-2027 budget. They were nevertheless unable to reach an agreement to fill the €60-75bn hole left by the UK. Disagreements between so-called frugal states (Sweden, Denmark, Austria and the Netherlands) and the EU’s net fund receivers were too strong. On a national level, Italian policy remains very volatile while Germany’s has become more complex. At the Thuringian regional election, the outgoing CDU candidate revealed he was in negotiations with the far right to form a government. This was enough for Annegret Kramp-Karrenbauer (the chosen successor to Angela Merkel) to resign a few days later. Finally, management of the coronavirus outbreak added further pressure to already fragile governments, especially Italy. In the UK, Q4 GDP remained at the same level (+0.0%), impacted by the plunge in manufacturing activity as well as the lowest growth in services for almost a decade (+0.1%). The latest surveys seem to reflect a decline in uncertainty relative to Brexit, with the February services PMI reaching a peak level for 16 months, even though we do not share this optimism. The government’s pledge to end the transition phase with the EU by the end of this year seems very unlikely and therefore revives the risk of a hard Brexit. At its latest meeting, the Bank of England made no change to its key rate in view of a possible rebound in business. This time round, a cut looks inevitable. In China, news in February clearly concerned the spreading of the coronavirus. The number of cases exploded, rising from 10,000 people at the start of the month to around 80,000 now. While the number of new cases is falling each day, activity nevertheless remains affected and the return to a normal situation is unlikely for several weeks. The quarantine of entire towns has taken a harsh toll on both demand and production. The government announced extensive measures to try and stimulate the economy: early public orders, tax cuts, state subsidies for affected sectors. The PBOC also coordinated its action by reducing its bond reserve rate and injecting massive liquidity to relieve the financial system. In Japan, Q4 activity was down 6.3% on a quarter-on-quarter annualised basis. Since the root of the plunge was known and presumed to be temporary (rise in VAT and typhoon), we should have seen a rebound in Q1 activity. However, the recovery is unlikely to materialise given the accumulated difficulties since the start of the year, and the risk of a technical recession (two negative quarters in a row) is clearly on the cards. Domestic demand (consumer spending and investment) is only very gradually recovering from the shock in Q4, whereas exports are suffering from lower international demand. Finally, the impact of Covid-19 is extremely high since Japan depends closely on Chinese activity. On money markets, the rapid spreading of Coronavirus and as a corollary, the slowdown in economic activity, contributed to the cut in rates during February. Uncertainty related to the duration of this slowdown in a backdrop of already-low growth triggered a massive sell-out on equities markets at end-February. The Eonia 1yr 1yr forward swap was down by more than 11 basis points from -0.51% to -0.625% while the 1yr Eonia traded at up to -0.5575%. The level of banking issues adjusted downwards given that it is quite correlated to swap levels, whereas as in the corporate sector, the relation is less obvious and more in phase with the interests of company issues and investor demand. In contrast, in the short-term credit market, namely the Merrill Lynch 1-3yr index, spreads widened by 15 basis points for the financial index and by more than 12 basis points for the non-financial index. For short-term debt of European states (2yr), Germany and France saw their rates plummet during February by respectively 10 and 6bp to -0.769% and-0.672%; in contrast, Italy saw its yield rise 16bp from -0.205% to -0.048%, the country remaining the worst affected by Covid-19. Although a 10-basis point cut in the key rate is virtually already priced in by the market for the ECB’s meeting in March, various statements by central bankers seem to suggest this is not the measure to favour. We are thinking more of targeted operations on liquidities or loans (LTRO). During February, we continued to invest in the long part of the curve, especially with far more opportunities on the corporate sector. We sold securities that offered no further premium on the short-part, from 1-3 months, all sectors combined. We hedged rate risk as of 8 months. Rates sensitivity is also slightly lower, moving down from 40 to 34 days. In contrast, the fund’s average life span was up from 100 to 113 days. The fund’s structure was changed slightly with an increase in the corporate sector to around 72% of the portfolio instead of 60% last month.


Performance chart


Since launch

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Performance table

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Performance table Net performance Reference index 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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Price Date Portfolio AUM
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First NAV date 01/01/91


Distribution country

Distribution countries


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.