Morningstar Fund Report  | 02/04/2025Print

AXA Fixed Interest Investment ICVC - AXA Global High Yield Fund Z Gross Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
AXA Fixed Interest Investment ICVC - AXA Global High Yield Fund Z Gross Accumulation
Fund4.3-10.311.48.30.8
+/-Cat0.40.40.20.2-0.3
+/-B’mrk-0.51.4-1.4-0.1-0.3
 
Category: Global High Yield Bond - GBP Hedged
Category Benchmark: Morningstar Gbl HY Bd GR Hd...
Key Stats
NAV
01/04/2025		 GBX 274.20
Day Change -0.07%
Morningstar Category™ Global High Yield Bond - GBP Hedged
IA (formerly IMA) Sector £ High Yield
ISIN GB00B29NGF01
Fund Size (Mil)
01/04/2025		 GBP 75.33
Share Class Size (Mil)
01/04/2025		 GBP 34.50
Max Initial Charge -
Ongoing Charge
12/02/2025		  0.54%
Morningstar Research
Analyst Report16/10/2024
Evangelia Gkeka, Senior Analyst
Morningstar, Inc

AXA Global High Income offers investors exposure to a differentiated and historically well-executed approach to high-yield investing. The Morningstar Analyst Rating for the strategy’s clean share class (Z Gross Acc) remains at Neutral.The...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent23
Process24
Performance
Price
Investment Objective: AXA Fixed Interest Investment ICVC - AXA Global High Yield Fund Z Gross Accumulation
The aim of this Fund is to provide an income, by investing in high yield bonds, combined with any capital growth over the long term (being a period of five years or more). The Fund seeks to capture opportunities in the international high yield corporate debt market, through investing at least 70 per cent of its assets in ‘sub-investment grade’ bonds, also termed as ’high yield bonds’ (meaning bonds with a Standard & Poor’s rating of lower than BBB- or such equivalent rating by Moody’s or Fitch), issued by companies anywhere in the world. The ACD focuses on credit analysis to create a portfolio of bonds that seeks diversification across companies showing improving resilience against default.
Returns
Trailing Returns (GBP)01/04/2025
YTD0.70
3 Years Annualised4.09
5 Years Annualised6.55
10 Years Annualised3.60
12 Month Yield 5.72
Management
Manager Name
Start Date
Michael Graham
13/08/2021
Inception Date
11/01/2008

Category Benchmark
Fund BenchmarkMorningstar Benchmark
ICE BofA Dv Mkts HY Constnd TR HUSDMorningstar Gbl HY Bd GR Hdg GBP
Portfolio Profile for  AXA Fixed Interest Investment ICVC - AXA Global High Yield Fund Z Gross Accumulation31/01/2025
Fixed Income
Effective Maturity4.48
Effective Duration2.80
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond95.960.0095.96
Property0.000.000.00
Cash131.08127.044.04
Other0.000.000.00
Growth Of 1000 (GBP) 31/03/2025
Fund:  AXA Fixed Interest Investment ICVC - AXA Global High Yield Fund Z Gross Accumulation
Category:  Global High Yield Bond - GBP Hedged
Category Index:  Morningstar Gbl HY Bd GR Hdg GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-3.6311.035.104.27-10.3311.448.310.77
+/- Category0.29-0.351.480.410.400.180.17-0.28
+/- Category Index--0.13-0.461.36-1.38-0.08-0.33
% Rank in Category40682339335043-
Trailing Returns (GBP)01/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.07   0.130.01
1 Week-0.72   -0.16-0.04
1 Month-1.15   -0.17-0.19
3 Months0.70   -0.26-0.41
6 Months1.41   -0.39-0.32
YTD0.70   -0.26-0.41
1 Year7.36   0.03-0.52
3 Years Annualised4.09   -0.16-0.44
5 Years Annualised6.55   -0.23-0.30
10 Years Annualised3.60   0.10-0.54
 
Category: Global High Yield Bond - GBP Hedged
Category Index: Morningstar Gbl HY Bd GR Hdg GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20250.77---
20241.591.414.400.70
20232.301.780.606.39
2022-3.42-9.88-1.374.44
20211.081.890.640.60
2020-13.3310.753.815.46
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAverage3 star
5-YearAverageAverage3 star
10-YearAbove AverageAverage4 star
Overall*Above AverageAverage4 star
 
Category :  Global High Yield Bond - GBP HedgedClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev7.60 %
3-Yr Mean Return4.43 %
 
3-Yr Sharpe Ratio0.05
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar Gbl HY Bd GR Hdg GBP  Morningstar Gbl HY Bd GR Hdg GBP
3-Yr Beta0.920.92
3-Yr Alpha-0.35-0.19
 
Fixed Income Style31/01/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)GBP 78
Maturity Distribution %
1 to 317.46
3 to 541.44
5 to 725.82
7 to 1013.00
10 to 150.64
15 to 200.00
20 to 300.23
Over 300.00
Effective Maturity4.48
Effective Duration2.80
Credit Quality Breakdown %     %
AAA0.00   BB34.55
AA0.00   B42.13
A0.25   Below B13.18
BBB7.98   Not Rated1.92
 
Category: Global High Yield Bond - GBP Hedged
Asset Allocation31/01/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond95.960.0095.96
Property0.000.000.00
Cash131.08127.044.04
Other0.000.000.00
Top 10 Holdings31/01/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings356
Assets in Top 10 Holdings6.76
NameSectorCountry% of Assets
Caesars Entertainment Inc. 7%United States0.88
ABE Investment Holdings Inc./Getty Im... United States0.82
Zoominfo Technologies Llc /Zoominfo F... United States0.72
Royal Caribbean Group 6%United States0.70
Mauser Packaging Solutions Holding Co... United States0.68
Iron Mountain UK PLC 3.875%United States0.64
Summit Midstream Holdings, LLC / Summ... United States0.63
Ardagh Metal Packaging Finance PLC / ... United States0.58
Illuminate Buyer Llc / Illuminate Hol... United States0.57
Cloud Software Group Inc. 9%United States0.56
 
Increase Decrease New since last portfolio
Category: Global High Yield Bond - GBP Hedged
 
Management
Name of CompanyAXA Investment Managers UK Ltd
Phone44 20 7003 2345
Websitewww.axa-im.com
Address22 Bishopsgate
 London   EC2N 4BQ
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date11/01/2008
Fund Advisor(s)
AXA Investment Managers UK Ltd
Fund ManagerMichael Graham
Manager Start Date13/08/2021
Career Start Year2005
Education
Williams College, B.A.
 
Biography
Mike is a Portfolio Manager within the US High Yield team, a role he has held since 2010. Prior to his current role managing US Core High Yield portfolios, he was responsible for re-search covering the energy sector. Mike joined AXA IM in 2007. Prior to AXA IM, he was an Analyst for two years in the fixed income division of Bear Stearns, where he performed financial analyses and quantitative support for the Public Power group. Michael holds a Bachelor's degree in Economics from Williams College; and he is also a CFA charter-holder.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.50%
Ongoing Charge0.54%
Purchase Details
Minimum Investments
Initial100000  GBP
Additional5000  GBP
Savings-
Tax Free Savings Schemes
ISAsYes