04/10/2011
Axa IM in absolute return fund launch
Axa Investment Managers is adding to its Optimal Investments range with the launch of the Axa WF Optimal Absolute fund, which will aim to earn positive returns every year, regardless of the direction of the markets. It joins the two flexible funds AXA Optimal Income and AXA WF Optimal Income, which have over EUR1bn in assets under management as of the end of July 2011. “Axa WF Optimal Absolute is an opportunistic fund which offers a way to take long or short positions on a wide variety of assets. These positions may be realised directly through indices, financial sector shares, equities and bonds, or via derivatives,” explains Serge Pizem, manager of the fund and head of the Optimal Investments team at Axa IM. He will be assisted by Laurent Talon, who joined Axa IM in July this year. The fund may invest in developed and emerging markets, and will include liquid asset classes in variable proportions depending on the evolution of the markets. It combines a macro and bottom-up approach in order to limit the correlations between its various investments. “Currently, the portfolio is invested primarily in money markets, as volatility is high and the correlations between the various asset classes are unstable. In addition, the impact of policy decisions on the markets is very high. These points have compelled us not to engage too much capital in this environment,” Pizem says. The fund has a wealth management approach, and is aimed primarily at distributors (private banks), funds of funds, IFA networks, and wealth management advisers, among whom absolute return strategies are currently in high demand.
