# Directors' Report
## 2020 Global macro summary (continued)
On bond markets, the direction for rates was driven by the switch in monetary policies and the deterioration in the economy as a result of the pandemic. After a period of normalisation, 10-year yields again started to fall. In the US, where the Federal Reserve lowered its key rate from +1.75% to +0.25%, 10-year yields declined 100 basis points (bps) to +0.91% despite a bounce up to +1.3% in mid-March 2020 on the back of liquidity concerns, subsequently rising gradually in the last quarter of 2020. In the eurozone, where the ECB maintained its key rates, changes in long-term yields were more restrained. Accordingly, 10-year yields fell by 38 bps to -0.57% in Germany and by 46 bps to -0.34% in France. The trend was the same or even better for peripheral countries, although 10-year yields remained in positive territory: Spain -42 bps to +0.05% and Italy -87 bps to +0.54%. In the United Kingdom, the Bank of England cut key rates from +0.75% to +0.10%, and 10-year yields fell by 67 bps to +0.20%. In Japan, 10-year yields ended the financial year down 3 bps at +0.02%. The credit markets also experienced mixed fortunes. After a very pronounced widening of spreads from February to April 2020, the asset purchase programmes of central banks led spreads to tighten in the investment grade category almost to the levels prevailing at the end of 2019, and to an even greater extent in the high yield segment, although without returning to pre-crisis levels. The Bloomberg Barclays Global Aggregate index, representative of the global investment grade bond market, rose by 4.4% (hedged in EUR). Inflation-linked bonds performed better than nominal bonds.
On the currency markets, most of the main currencies fell in value against the euro, with the US dollar falling by 8.2%, the yen by 3.5% and sterling by 5.4%. On the other hand, the Swiss franc rose slightly by 0.2% against the euro.
On commodity markets, oil prices were sharply down (Brent fell 23.8% in USD) while the performance of agricultural commodities and industrial metals improved (copper +24.8%) and the price of an ounce of gold rose by +25.3%.
Directors' Report
Main SICAV events from 1 January 2020 to 31 December 2020
We inform you that the assets under management of the SICAV amount to EUR 244,710,615 as at 31 December 2020.
- Liquidation of one sub-fund 
	- AXA World Funds II - Asia Select Income has been liquidated on 18 December 2020, following the liquidation of its master AXA World Funds - Framlington Asia Select Income on the same day.

- Change in the composition of the Board of Directors We inform you that:Mrs Bettina Ducat resigned as Director and Chairman of the Company on 23 April 2020 and Mr Geoffroy Reiss has been co-opted, the same day, as Director of the Company, subject to the approval of the Luxembourg Regulatory Authority (the “CSSF”).
- 	The CSSF approved the appointment of Mr Geoffroy Reiss as Director on 19 May 2020, in replacement of Mrs Bettina Ducat.
- Mr Geoffroy Reiss has been appointed as new Chairman on 26 May 2020.

Consequently, your Board of Directors is composed, as at 31 December 2020 as follows:
Geoffroy Reiss Emmanuel Dendauw 
Jean-Louis Laforge
Fabien Lequeue on behalf of The Board of Directors
Luxembourg, 19 April 2021
Note: The figures stated in this report are historical and not necessarily indicative of future performance.

Translation (ENDE, 2020-12-31):
# Bericht des Verwaltungsrates
## Wesentliche SICAV-Ereignisse im Geschäftsjahr bis zum 31. Dezember 2020
Hiermit informieren wir Sie darüber, dass sich das verwaltete Vermögen der SICAV zum 31 Dezember 2020 auf EUR 244,710,615 belief.
- Liquidation eines Teilfonds 
	- Der AXA World Funds II – Asia Select Income wurde am 18. Dezember 2020, nach der Liquidation seines Master-Fonds AXA World Funds – Framlington Asia Select Income am selben Tag, liquidiert.

- Änderung der Zusammensetzung des Verwaltungsrats Wir teilen Ihnen Folgendes mit:
- Bettina Ducat trat mit Wirkung vom 23. April 2020 von ihrem Amt als Verwaltungsratsmitglied und Vorsitzende der Gesellschaft zurück und Geoffroy Reiss wurde am selben Tag an ihrer Stelle zum Verwaltungsratsmitglied der Gesellschaft gewählt, vorbehaltlich der Genehmigung durch die luxemburgische Aufsichtsbehörde (die „CSSF“).
- Die CSSF genehmigte schließlich am 19. Mai 2020 die Ernennung von Geoffroy Reiss als Nachfolger des Verwaltungsratsmitglieds Bettina Ducat.
- Geoffroy Reiss wurde am 26. Mai 2020 zum neuen Vorsitzenden ernannt.

Infolge der oben genannten Änderungen setzt sich der Verwaltungsrat per 31. Dezember 2020 wie folgt zusammen:
Geoffroy Reiss Emmanuel Dendauw Jean-Louis Laforge
Der Verwaltungsrat Luxembourg, 19. April 2021
Hinweis: Die im vorliegenden Bericht genannten Zahlen beziehen sich auf die Vergangenheit und sind nicht notwendigerweise aussagekräftig für eine künftige Wertentwicklung.