AXIOM Equity - Home |...
Transcript of AXIOM Equity - Home |...
European financial stocks had a positive month, bouncing back from the March
negative performance.
April started with solid Q1 results in IB equities for Barclays and UBS, and in UK retail
banking for Lloyds and RBS. Q1 results at the end of April show globally publications in
line with consensus on Net Interest Margin, Revenues and Costs and a strong
improvement on risks leading to globally higher profit before tax higher than the
consensus.
On the monetary policy front, the hopes for changes in the EBC rate policy is clearly
fading and turning negative for banks with a strong gearing on Eurozone rates such as
Commerzbank (Long), Caixa Bank (Long). The ECB no action mood seem to have
contaminated CEE central banks, which have now mostly suspended their expected
rate increase actions. We believe this is a significant change to our thesis on Erste
Bank (Long).
April 30, 2018
Over a 5-year horizon, Axiom Equity seeks to outperform the Stoxx Europe
600 banks index.
The fund is permanently exposed to equities, with at least 75% of total assets
invested in the European Union financial sector.
Net Asset Value:
Positions: 68
Investment ratio: 100%
Unit BC (USD): 935,20 Unit Z (EUR): 1018,19
Monthly comment
Net asset values
Annual performances - Unit C
2014
Unit C (EUR): 952,87 Unit R (EUR): 973,31
Accounting dataInvestment objective
16 515 549,55 €
Evolution since inception Performances - Unit C
1 month 3 months 6 months YTD 1 year
On the restructuring front, although the German pressure on NPL clan up remains
quite high, IFRS9 came as relief mostly for Italian banks. The transition offers banks
the opportunity to take a provisioning hit directly to equity, bypassing the P&L.
However this loss is then phased into regulatory capital ratios, with only 5% being
taken in 2018. We see this as a key game changer for Italian NPL and especially
Banco BPM (Short).
During the month, US announced severe sanction against Russia especially focused
on Rusal, which affected significantly Sberbank (Long). Although we believe the bank
has compelling metrics the political uncertainty turned this positon into special
situation, which we exited.
Major positive contributors this month have been HSBC (Long), BNP Paribas (Long)
and Intesa Sanpaolo (Long). Major negative contributors were Sberbank (Long),
Banco BPM (Short) and Credito Valtellinese (Long).
Axiom Equity ends April with a performance of +0.62%.
2015
2,43%-10,06%
2016
-4,01%
2017
12,71%
0,62% -9,60% -5,37% -4,40% -0,42%
Statistics
Volatility 1y 14,17%
Sharpe Ratio 1y -0,03
Beta 1y 1,02
6 7Risk and yield level:
Low High
1 2 3 4 5
AXIOM Equity
Axiom Equity
300
550
800
1 050
1 300
1 550
David BenamouJérôme LegrasAdrian PaturleGildas SurryPaul Gagey
Fund information
The figures refer to past performance, which may not be reliable indicator of future performances. The information is obtained from the accounting data for the fund and from datavenders (Bloomberg) for the
benchmark.
They have not been certified by the Auditor of the Mutual Funds Axiom Equity and are subject to changes. Because of their simplicity, this information is inevitably partial and incomplete and can not therefore have
any contractual value.
The Key Investor Information of the mutual fund is available upon request from Axiom Alternative Investments. The FCP is invested on the equity markets. Its value depends on the asset value of securities held within
the portfolio and may therefore be subject to large fluctuations upwards or downwards. This fund is approved by the AMF and the FINMA to be marketed in France and Switzerland.
Additional information for investors in and from Switzerland: The detailed prospectus, the documents entitled "Key investor information", the statutes, the annual and semi-annual reports are available free of charge
from the representative and paying agent for Switzerland, RBC Investor Services Bank SA, Esch-sur-Alzette, Zurich Branch, Badenerstrasse 567, PO Box 101, 8066 Zurich.
Portfolio Breakdown
By Country
Top 10 positions Net exposure by currency
Name Country % Assets
BNP PARIBAS FR 7,21%
UBS GROUP AG-REG CH 5,01%
HSBC HOLDINGS PLC GB 9,43%
BANCO SANTANDER SA ES 8,20%
COMMERZBANK AG DE 4,84%
INTESA SANPAOLO IT 4,82%
CAIXABANK S.A ES 4,89%
ERSTE GROUP BANK AG AT 4,87%
Unit C Unit R Unit BC Unit M Unit Z
ING GROEP NV NL 4,77%
CREDITO VALTELLINESE SPA IT 4,07%
Currency EUR EUR USD CHF EUR
Results allocation
ISIN Code FR0011689363 FR0011689389 FR0011689405 FR0011689397 FR0012034072
Capitalization
Legal form Mutual fund under French Law
AMF classification International equities
Inception date March 25, 2014 May 19, 2014 March 19, 2015 - November 27, 2015
20% above the benchmark NA
Subscription fees 2% maximum 10% maximum
Benchmark Stoxx Europe 600 Banks Net Return
Management fees 2% 2,5% 2% 2% 0,05%
Axiom Alternative Investments
39, Avenue Pierre 1er de Serbie 75008 ParisPhone: +33 1 44 69 43 90
Partners - Business Development
Valuation Daily
Settlement date D + 3
Registration countries France, Switzerland
Redemption fees 2% maximum 10% maximum
Phone: +33 1 56 88 14 21 Phone: +33 1 56 88 14 22
Institutional clients
Minimum subscription 1 unit 1 unit 1 unit
France - IFA distribution
Bertrand Wojciechowski
[email protected]: +33 6 79 11 31 33
Laurent Surjon Philippe Cazenave
[email protected] [email protected]
[email protected] [email protected] [email protected]: +33 1 84 17 88 79 Phone: +44 203 807 0862 Phone: +33 1 84 16 47 63
Christina Perri Pauline Vadot Mariya Peykova
Contacts
1 unit 1 unit
Performance fees
65,8%
12,5%
7,5%
6,7%
4,0%
2,6%
2,3%
-1,5%
EUR
GBP
NOK
SEK
PLN
DKK
CZK
CHF
21,4%
13,7% 13,5% 12,5%
7,5% 6,7% 6,0% 5,3%4,0% 3,0% 2,9% 2,6% 2,3%
0,2%
-0,2%-1,5%