e-fundresearch: Which benchmark do you adhere to?
Le Morhedec: Barclays World Government Inflation.
e-fundresearch: Are you also responsible for other funds at the moment?
Le Morhedec: AWF EURO Inflation, AXA IM EURO Inflation AGIPI Euro Inflation + several mandates dedicated to Institutional clients.
e-fundresearch: What is the total volume that you manage in all your funds?
Le Morhedec: €1.6 bn.
e-fundresearch: Regarding the performance: which performance did you achieve since the beginning of the year and in the years 2003-2008? Absolutely and relatively to the relevant benchmark?
Le Morhedec: AXA WF - Global Inflation Bonds I EUR
Current Benchmark:Barclays World Govt Inflation All Mat
Performance & Risk Ratios
e-fundresearch: How content are you with your own performance in the last years and this year?
Le Morhedec: The AXA WF Global Inflation and AXA WF Euro Inflation funds are ranked within the first quartile of their peer group and have 5 stars (Morningstar) indicating that they are among the best in their category.
e-fundresearch: How are you able to deliver added value for your investors with your performance?
Le Morhedec: As I am responsible for Inflation strategies’ across the Global rates team, I feel strongly involved in the investment process. Moreover my contribution is not restrictive to provide Inflation calls but also to challenge views within the team on the rest of the investment universe.
e-fundresearch: How long have you been a fund manager already?
Le Morhedec: 4 years as fund manager (12 years in the finance industry).
e-fundresearch: What were your biggest successes and your biggest disappointments in your career as fund manager?
Le Morhedec: Many awards such as Lipper, 5 stars Morningstar, top ranked fund performance and being directly involved in product development and growing assets under management.
e-fundresearch: What kind of capital market situation do we have at the moment? How do you act in this environment?
Le Morhedec: There is a big divergence in the inflation dynamic considering geographic areas. Emerging countries are bouncing and driving the global recovery ahead of the US economy. The UK is still a source of potential rebound on the short term with a weak currency whereas the EU has to face budget deficit and political issues. In this environment, one of our main focuses is to consider Inflation expectations and potential surprises to the upside instead of realised numbers that are still low.
e-fundresearch: What are the special challenges in this environment?
Le Morhedec: Low inflation prints are not very supportive for the asset class however there is a global challenging environment allowing active strategies between countries (decoupling US/UK/EU).
e-fundresearch: What objectives do you have till the end of the year and in the mid term for the upcoming 3 to 5 years?
Le Morhedec: My objectives are to seize the right opportunities in time to achieve good performance. However, I want to keep a strong focus on risk management.
e-fundresearch: What motivates you in your job?
Le Morhedec: My motivation is to understand, analyse, explain the changing macro-economic equilibriums, and their consequences on the financial markets. This is an exciting intellectual job, very challenging, and my day-to-day activities vary all the times.
e-fundresearch: What else do you want to achieve or do you have any further aims as a fund manager?
Le Morhedec: I would like to be able to foresee any new trend and opportunity in my market, either in the form of new product development or investment (Emerging markets for instance).
e-fundresearch: What other profession would you have taken interest in, apart from becoming a fund manager?
Le Morhedec: I have been involved in structuring financial solutions to Institutional at the beginning of my career.
e-fundresearch: Thank you for the interview!
Folgende Dokumente zum "AXA World Fund Global Inflation Bond" stehen hier noch zur Information zur Verfügung (durch Klick auf den Namen des Dokuments werden Sie zu diesem weitergeleitet):
- AXA World Fund Global Inflation Bond Factsheet (Mai 2010)
- AXA World Fund Global Inflation Bond jetzt mit Redex Anteilen (Juni 2010)
- AXA IM Redex Anteile zur Reduzierung von Zinsänderungsrisiken (Mai 2010)
- Inflation Perspective (Juni 2010)