Rating Release

Agusto & Co. hereby downgrades the rating assigned to AXA Mansard Money Market Fund to A(f)

The rating expires on 22 December 2026.

Agusto & Co. hereby downgrades the rating of AXA Mansard Money Market Fund (‘AXA Mansard MMF’ or ‘the Fund’) to ‘A(f)’. The downgrade reflects the Fund’s persistent breach of the regulatory WAM limit and its exposure to a speculative entity for up to 51 weeks, which accounted for an average of 5% of AXA Mansard MMF’s portfolio in the 12 months to November 2025. Nonetheless, the rating is upheld by the Fund’s continued low exposure to liquidity risk, membership of an established financial services group, a diverse unitholding base, and a good operational track record in the asset management industry. We have also taken into consideration the declining yields on money market securities and the potential impact on fund growth.