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AXA World Funds - Euro Credit Plus A Distribution EUR
AXA World Funds (SICAV domiciled in Luxembourg)
Key Information
Legal Documents

Fund Profile

Category: SICAV

Investment Objective The Sub-Fund seeks to achieve a mix of income and capital growth by investing mainly in investment grade and high yield debt securities in Euros, over a medium term period. Investment Policy The Sub-Fund is actively managed in order to capture opportunities in the Euro investment grade and high yield market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: sector allocation geographical allocation credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) issuer selection instrument selection The Sub-Fund invests: at least two thirds of its total assets in Euro denominated corporate and government bonds issued in OECD countries, with 30% maximum of its total assets rated between BB+ and B- by Standard & Poor’s or equivalent rating by Moody’s or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold within 6 months up to one third of its total assets in money market instruments up to one quarter of its total assets in convertible securities up to one tenth of its total assets in equity and equity related instruments The Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered). The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy or sell assets is also based on other analysis criteria of the Investment Manager. Within the limit of 200% of the Sub-Fund’s net assets, the investment strategy may be achieved by direct investments and/or through derivatives, especially by entering into Credit Default Swaps. Derivatives may also be used for hedging purposes. Income For Capitalisation share classes (Cap), the dividend is reinvested. For Distribution share classes (Dis), the dividend is distributed. Sub-Fund Currency The reference currency of the Sub-Fund is EUR. Investment Horizon This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 3 years. Processing of subscription and redemption orders 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.

Morningstar Rating
More information about the calculation of the Morningstar Ratings
Risk and reward profile
Lower Risk
Possible Lower
Higher Risk
Possible Higher
Key Information
Closing Price 24/06/202112.96
Morningstar categoryEUR Corporate Bond
Distribution statusDistributing
Inception Date28/02/2003
Minimum initial amount100.00 EUR
Fees And Charges
Entry feeNone
Custody feeNone
Exit feeNone
Ongoing charge1.14% of which 0.45% is paid to MeDirect
Fund management company
AddressAXA Funds Management S.A. 49, Avenue J.F. Kennedy Luxembourg 1855 Luxembourg
Manager NameJean-Marc Frelet
Manager Start Date01/04/2018
Total Net Assets (mil)1,101.58 EUR (31/05/2021)
AdministratorState Street Bank International GmbH, Luxembourg Branch


en 10/03/2021
Annual Report
en 31/12/2020
Semi Annual Report
en 30/06/2020
Morningstar Report


Historical returns are no guarantee for future performances. Investing in Financial markets and securities involves risk. Past performance is not a guarantee of future results. Investment losses may occur and investors could lose some or all of their investment in the Fund.
Entry fees, purchase charges, custody fees, exit fees, sale charges and taxes are not included in the calculation of past performance. Ongoing charges (including management fees, administrative fees and other costs) have been taken in to account, as they are already included in the price/NAV of the fund.
Annualised performance in EUR
PeriodAnnualised returnDate
1 year4.16%24/06/2021
3 years2.92%24/06/2021
5 years2.23%24/06/2021
10 years3.67%24/06/2021
Since launch4.05%24/06/2021
Cumulative performance in EUR
YTD 01/01/2021-0.69
1 month0.47
3 months0.00
6 months-0.61
Quarterly Returns
Q 1Q 2Q 3Q 4
Date ex dividendGross dividendPayment Date


Asset Allocation
% Long% Short% Net Assets
Return/Risk Analysis
Risk Measurement1 Year3 Years5 Years
Standard Deviation
Sharpe Ratio
Sortino Ratio
Positive Months9.0022.0033.00
Negative Months3.0014.0027.00
Worst Month-0.61-7.95-7.95
World Regions
No Data Available
Stock Sector Weighting
No Data Available
Top 10 Holdings
HoldingSectorCountry% of Assets
Euro-Bund Future Jun21 Expo 08/06/20213.63
AXAWF Euro Credit Total Ret M Cap EUR Luxembourg2.52
AXA IM Euro Liquidity France1.45
Vicinity Centres Re Ltd 1.12% 07/11/2029Australia0.84
Unibail-Rodamco-Westfield SE 31/12/2049France0.79
RTE Reseau de transport d'electricite 1.12% 08/07/2040France0.79
Telecom Italia S.p.A. 2.75% 15/04/2025Italy0.76
General Electric Company 0.88% 17/05/2025United States0.76
Germany (Federal Republic Of) 10/06/2022Germany0.75
Groupama Assurances Mutuelles 29/05/2049France0.74
Classification of Morningstar Category
Ranking1 Year2 Years3 Years5 Years
Top 25%
Category above the average
Category below the average
Bottom 25%
Morningstar Style Box
Fixed Income Style
Interest Rate Sensitivity
Credit Quality
Closing Price
All key information and documents must be reviewed before being able to Invest.

© 2021 MeDirect Bank (Malta) plc. All rights reserved.
MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994.