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AXA WF Optimal Income

ISIN LU0179866438

Last NAV 198.7100 EUR as of 14/01/20


Investment objectives

The Sub-Fund seeks to achieve a mix of stable income and capital growth measured in Euro by investing in a mix of European equities and fixed income securities, over a long term period.


Synthetic Risk & Reward Information scale

1 2 3 4 SRRI Value 5 6 7

The risk category is calculated using historical performance data and may not be a reliable indicator of the Sub-Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free.

Why is this Fund in this category?

The capital of the Sub-Fund is not guaranteed. The Sub-Fund is invested in financial markets and uses techniques and instruments which are subject to some levels of variation, which may result in gains or losses.

Additional risks

Credit Risk: Risk that issuers of debt securities held in the Sub-Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the Net Asset Value. Counterparty Risk: Risk of bankruptcy, insolvency, or payment or delivery failure of any of the Sub-Fund's counterparties, leading to a payment or delivery default.Risk linked to investments in hedge funds: a limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Investments in alternative funds imply certain specific risks linked, for example, to the valuation of the assets of such funds and to their poor liquidity. Impact of any techniques such as derivatives: Certain management strategies involve specific risks, such as liquidity risk, credit risk, counterparty risk, legal risk, valuation risk, operational risk and risks related to the underlying assets.The use of such strategies may also involve leverage, which may increase the effect of market movements on the Sub-Fund and may result in significant risk of losses.

Investment horizon

This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 6 years.

Main documents

KIID 14/10/2019

Prospectus 07/10/2019

Fund manager comment : 31/12/19

November was a better month 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 with regard to the trade agreement between the United States and China, and Brexit. In the United States, the economic environment continues to defy expectations. Q3 GDP growth was revised upwards to +2.1% quarter-on-quarter annualised (QoQ annualised) vs. an initial estimate of +1.9%. The ISM manufacturing index remained stable at 48.1, checking the downturn seen since last March. The hearings in the impeachment proceedings continued with no major impact on public opinion for 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 posted growth for the third quarter that exceeded expectations at +0.1% quarter-on-quarter, thus narrowly avoiding technical recession. The most recent indicators point to stabilisation of economic activity, as witnessed by the latest manufacturing PMI, which was slightly up at 46.9. In Germany, the elections for the head of the SPD, partner in the ruling coalition led by Angela Merkel, resulted in the appointment of two critics of the coalition. 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. In the United Kingdom, the early general election, to be held on 12 December, will prove to be decisive for the future of the country. Brexit could be a done deal if the Conservatives win a majority. 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. 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. In Japan, growth for the third quarter was disappointing (+0.2% QoQ annualised). Although there has been an upswing in consumption ahead of the increase in VAT, retail sales slumped to -7.1% year-on-year in October. In the manufacturing sector, the PMI index recovered very slightly to 48.9. In China, despite uncertainties around the continued trade tensions, the manufacturing sector seemed to have stabilised, with the PMI making slight progress to 51.8. However, profits in the industrial sector dropped back by around 10% in October. Finally, Beijing announced the issue of $142bn in bonds in order to maintain public investments. The People’s Bank of China dropped its short-term interest rate 5bp to 2.50% for the first time since 2015. In this backdrop, equity markets moved higher in November. In the United States, the S&P 500 index was up +3.4% and in Europe, the Euro Stoxx 50 gained +2.8% with the French CAC outperforming at +3.1% and the German DAX at +2.9%, while the peripheral markets underperformed: the Italian MIB at +2.5% and the Spanish IBEX at +1%. In the United Kingdom, the FTSE 100 only gained +1.5%. The Asian markets moved in different directions: the Japanese Nikkei and TOPIX indices consolidated the gains made last month, increasing +1.6% and +1.9% respectively, while the Chinese markets were under pressure; the Hang Seng in Hong Kong dropped -2.1% and the Shanghai Composite -2%. Emerging markets (MSCI EM Total Return) were stable in dollars and gained +1% in EUR. Bond markets dropped back a little, with the economic environment ceasing to deteriorate and the central banks seeming to be on hold. US 10-year yields reached +1.8%. Yields on the 10-year German Bund were also up at -0.36%, as were those on the French OAT, at -0.05%. Yields on the 10-year Italian BTP and Spanish Bonos increased more, to +1.2% and +0.4% respectively. The 10-year UK Gilt was up at +0.7% and yields on Japanese bonds climbed to -0.07%. On the credit market, IG spreads on both sides of the Atlantic widened slightly, with those on US and European high yield bonds widening more. On the foreign exchange market, the US dollar gained slightly, as reflected by the dollar index, which was up +1%. The euro depreciated -1.2% to 1.10 and the Japanese yen was down -1.3%, while the pound sterling remained stable at 1.29. On the commodity markets, the Bloomberg Commodity ex-agriculture and livestock index dropped -3.4% due to the drop in energy and gold prices. Although oil prices continued to trade within a relatively narrow range (Brent +3.7%, WTI +1.7%), the price of natural gas in the United States dropped -16.5%. Industrial metals remained stable but gold dropped -3.2% to 1,464 dollars per ounce. In terms of allocation, our exposure to equities markets increased to around 56.00%. Our equities allocation now represents 64.56% of the portfolio and is partially hedged on the eurozone and the United States. Our exposure in equities in the European banking sector is around 1.28%. Among the equities we increased the basket of European cyclical stocks already present in the portfolio and still discounted relative to the rest of the market by 2%. On the bond market, modified duration is still relatively low even though it increased as a result of investments on the credit market in recent months, to take advantage of a yield premium compared with the sovereign bonds market. The allocation in investment grade credit now represents around 23.44% of the portfolio. The allocation in high yield credit was maintained at around 1.01% of assets with a preference for the European market. We maintained our diversification in the AXA IM WAVe Cat Bonds fund, which represents 0.72% and kept the AXA WF Multi Credit fund for 0.63% for diversification purposes and to take advantage of this fund's entire credit spectrum. We also maintained our long position in eurozone inflation expectations at 6.5% of the portfolio as well as that in inflation expectations in the US at 3.5%. The fund is still mostly exposed to the euro. We increased by 1% the carry position on long exposure to the Canadian dollar and short on the Swiss franc, given the more accommodative tone from the central bank of Canada and in a solid macro-economic backdrop in Canada. Over the month, the fund posted a net performance of +1.52%.


Performance chart


Since launch

Start date

End date

The figures provided relate to previous months or years and past performance is not a reliable indicator as to future performance. The Fund may not have a reference index. In such case, the Fund’s performance indicator is given as a basis for comparison only.

SRRI stands for Synthetic Risk & Reward Information: From 1 lower risk to 7 higher risk. Lower risk has potentially lower reward and higher risk has potentially higher reward. The risk category is calculated using historical performance data and may not be a reliable indicator of the Sub-Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free.


Performance indicator Start date End date
- - -

Performance table

End date

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

Risk table

End date

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

Start date

End date

Price Date Portfolio AUM
- - -


First NAV date 19/11/03


Distribution country

Distribution countries
Taiwan, Province of


Ongoing Charges 1.46%

Fund facts

Currency EUR
Start date 19/11/03
Asset class MULTI-ASSET
RI fund False
Legal authority Commission de Surveillance du Secteur Financier

Portfolio management

Fund Manager Serge PIZEM
Co-manager Laurent RAMSAMY
Investment team MT Absolute & Total Return


Investment area Global
Legal form SICAV

Subscription and redemption

The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to such Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors.The Net Asset Value of this Sub-Fund is calculated on a daily basis.