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AXA Court Terme

ISIN FR0010693689

Last NAV 2,392.6960 EUR as of 11/12/19


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 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 16/07/2019

Fund manager comment : 30/11/19

November was relatively more generous in terms of good news. Business climate surveys point to a stabilisation of the economy in the short term, helped along by the central banks’ accommodative monetary policies. Nevertheless, there could be bumps in the road ahead. Phase I of the trade agreement between the United States and China has still not been signed, and any resolution to the Brexit issue depends on the Conservative party achieving a majority in the general election on 12 December. In the United States, the economic environment continues to defy expectations. Firstly, Q3 GDP growth was revised upwards to +2.1% quarter-on-quarter annualised (QoQ annualised) vs. an initial estimate of +1.9%. The most recent business climate surveys confirm the good state of the US economy. The ISM manufacturing index remained stable at 48.1 after 48.3, checking the downturn seen since last March. Donald Trump is performing a careful balancing act in the case of Hong Kong. By passing a law supporting the pro-democracy camp, he has angered the Chinese government, which has threatened the United States with reprisals, even as Phase I of the trade agreement is still awaiting the signature of the Chinese authorities. In terms of domestic demand, hearings continue in the impeachment proceedings. Nearly all are converging in the same direction, but public opinion does not seem to be against him at the moment...if that does not change, the Republican camp will probably not vote for impeachment. Finally, Michael Bloomberg, former mayor of New York and founder of the financial information company that bears his name, formally announced that he will stand as presidential candidate for the Democrats. In the eurozone, Germany finally announced growth for the third quarter that exceeded expectations at +0.1% quarter-on-quarter, thus narrowly avoiding technical recession. In the eurozone, the most recent indicators point to stability of economic activity, as witnessed by the latest manufacturing PMI, which was slightly up at 46.9 in November vs. 45.9 for the previous month. In Germany, elections were held to appoint a leader of the SPD party, partner in the coalition government led by Angela Merkel. The militants elected two candidates who are critical of the current coalition in power in Berlin. In Spain, the ruling socialist party came out on top in the elections, but fell short of a majority. An agreement with Podemos was reached, but Pedro Sánchez, head of the socialist party, will now have to hold talks with the regional parties (especially the Catalans) to obtain support from Parliament. In France, the renewable general strike that will begin on 5 December could have a disruptive effect on activity. Regarding monetary policy, Christine Lagarde has just begun her term as President of the ECB. One of her first priorities will be to reach a level of agreement within the Governing Council, which is in turmoil after the most recent decisions taken by Mario Draghi. She will also need to launch a strategic review of the ECB's objectives and the tools still available to it, to reach these objectives. Core inflation increased for the fourth month in a row, to +1.3% year-on-year. In the United Kingdom, politics is still, as always, at the forefront of the scene. The early general election, to be held on 12 December, will prove to be decisive for the future of the country, given that Brexit could be a done deal if the Conservatives win a majority (let's not forget, however, the post-Brexit trade negotiations). The two parties have spared no effort in terms of their election pledges and this is likely to result in vast increases in public expenditure, especially in healthcare, which is one of the main concerns of the British population. The Labour party also has major plans for nationalisation. If neither party achieves a majority, it is likely that the agreement concluded with the EU will not be signed, and Brexit will be deferred once again. If Labour wins the election, the agreement will be renegotiated and there will be another referendum: agreement or “Bremain”. In China, despite the uncertainties around the continuing trade tensions, the manufacturing sector seems to be stabilising. However, profits in the industrial sector showed signs of fragility, dropping back by around 10% in October. The People's Bank of China dropped its short-term interest rate 5bp to 2.50% for the first time since 2015. On the money market, more reassuring figures for economic activity are leading to a renewal of optimism. The €STR and the Eonia swaps curve moved up around two basis points. With anticipations of a drop in interest rates completely disappearing, the curve is now flatter, with an inversion of around two basis points. The forward 1-year/1-year swap is fixing around -0.46%. Moreover, as the year-end approaches, issuance rates among companies and banks are a little higher and the market could become less liquid during the month. On the credit market, spreads widened slightly along with commercial papers, more on the financial index (1-3y) than on corporates. During November, we invested primarily in short maturities but also seized some opportunities on the longer periods of 6 to 12 months. The swap curve is relatively flat, but the difference in carry is still less obvious than in previous months. The structure of the fund is still almost identical, largely in favour of the corporate sector but with a higher cash allocation this month. Valuations suffered somewhat from the widening of spreads. The average life of the fund is still around 97 days and modified duration is around 54 days.


Performance chart


Since launch

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Performance indicator Start date End date
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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 - - - -
Since launch - - - -

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



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 Custodian 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.



KIID NL 16/07/2019