AXA WF Global Optimal Income: Celebrating five years of steady growth

Global markets have changed markedly over the last five years but the total return multi-asset approach of the AXA WF Global Optimal Income fund has delivered a strong and steady performance. Having reached the strategy’s five year anniversary in March, we look at the key lessons that have helped us deliver this performance while also mitigating risks in today’s constantly-changing world. Part of this is down to not only understanding the importance of flexibility and conviction within a multi-asset strategy but also being able to identify and mitigate risks, to help investors sleep soundly.


Five years of capturing global growth while mitigating the unknowns

The figures are related to previous months or years and past performances are not a reliable indicator of future performances. Performance calculations are net of management or distribution fees. Performance calculations are based on Based on reinvested dividends.

Five lessons learned over five years

Discover the five lessons that helped us deliver returns and mitigate risk since the fund’s launch

Five years of dynamic allocation

Explore how Serge Pizem has adapted the strategy’s flexible equity allocation since 2013, to capitalise on growth opportunities and mitigate risks as they arise.


Why is now a good time to invest in AXA WF Global Optimal Income?

Serge Pizem, Lead Portfolio Manager, Global Head Multi-Asset Investments


  1. Volatility requires flexibility
    Volatility returned at the start of 2018 but this is hardly a new phenomenon; for example we endured difficult market conditions in 2015 and 2016. To capture investment opportunities and mitigate risks as and when they arise, we have full flexibility on equities, which can represent 0% to 100% of the portfolio.
  2. Conviction in ever-changing markets
    Market volatility also shouldn’t mean changing your views every day. Our combination of top-down and bottom-up conviction-led stock selection, aims to give investors long-term returns.
  3. Accessing global growth
    With global growth and the stock of quantitative easing likely to peak this year, AXA WF Global Optimal Income aims to provide steady growth by capturing the upside of rising markets while mitigating drawdowns in declining markets.


What were the key performance drivers in 2017?

What’s the outlook for 2018?

“As we progress through 2018, we continue to feel constructive about equities. On the cyclical front, the US expansion is reaching maturity but it does not look ready to turn just yet while in Europe confidence is alive and kicking. In this environment, we continue to favour riskier assets. We expect global long-term interest rates to rise modestly in 2018, due to synchronized growth and the anticipation of the time when the stock of global quantitative easing will finally start to recede – this is why we continue to hedge the duration in our portfolios.”

What are the main risks?

The fund is not guaranteed and is exposed to a risk of loss of capital. The fund is also exposed to credit, counterparty, leverage, geopolitical risk, derivative risk and the risk of investing in alternative strategies. There are also risks inherent in investing in emerging markets.


The Optimal Income Range: growth at the forefront 

Know more -> link to chart page 

37 dedicated  Multi-Asset Investment

and portfolio contruction experts 


+ 25 years average

investment experience 

+ € 2,7

billion assets managed

within the 

Optimal Income range 



track record managing

the Optimal Income 



1 Performance figures quoted are for the A share class in euros for the AXA WF Global Optimal Income from 8 March 2013 to 8 March 2018. AUM figures as at 20/03/2018. All investments involve risk including the loss of capital. Past performance is no guarantee of future performance. Percentage of portfolio’s net assets exposed to equities is for illustrative purposes only.

2 Morningstar ranking indicates that AXA WF Global Optimal Income is in the 1st decile across 1yr, 3yr and since-launch within the EAA OE EUR Flexible Allocation – Global category. AXA WF Global Optimal Income AXA WF Optimal Income and AXA WF Defensive Optimal Income of AXA World Funds. AXA WORLD FUNDS’ registered office is 49, avenue J.F Kennedy, L-1885 Luxembourg. AXA World Funds is registered under the number B. 63.116 at the “Registre de Commerce et des Sociétés”. AXA World Funds is a Luxembourg SICAV UCITS approved by the CSSF

Some resources are shared by the entire AXA IM Organization. There is no assurance that any particular individual will be involved in the management of the portfolio for any given period of time, if at all. We do not guarantee the fact that staff remain employed by AXA Investment Managers and exercise or continue to exercise in AXA Investment Managers.