📸 We were delighted to host around twenty French investors at Drouant for the presentation of our new fund, Anaxis Strategic Bonds. The strategy is particularly well suited to the current environment, thanks to its flexibility, Investment Grade profile and broad investment universe.
Many thanks to all participants for the quality of the discussions and their attendance, with a full house in this iconic venue! 📖
💡 Key takeaways from the presentation by Thibault Destrés, Head of Fixed Income at Anaxis Asset Management:
1) Macro backdrop
➡️ Stagflation risks are rising in Europe, driven by an energy shock that is pushing inflation higher and complicating central bank visibility.
➡️ Markets have significantly repriced expectations, with up to three ECB rate hikes now anticipated in 2026 and a curve that has moved markedly (greater visibility at the front end, while the long end remains under pressure).
➡️ Credit fundamentals remain sound (low default rates, improving quality), but dispersion is increasing, calling for a much more selective approach.
➡️ We remain constructive on services, capital goods, financials and healthcare.
2) Anaxis Strategic Bonds
➡️ A multi-segment approach with an Investment Grade core, complemented by targeted performance drivers (subordinated financials, BB-rated credit, corporate hybrids).
➡️ A flexible management style based on a dual top-down / bottom-up framework, allowing continuous adjustments to allocation, duration and issuer selection.
➡️ A clear positioning in the current environment: short duration bias (1–4 years), focus on defensive sectors, strong diversification and strict risk discipline (average Investment Grade rating, tight limits).
➡️ An attractive historical yield of 4.77% in EUR as of end-March (share class FR001400DS90), nearly 1% above a traditional IG fund.
To learn more about this fund: https://anaxis-am.com/en/funds/anaxis-strategic-bonds/







