Upload
mervin-clark
View
218
Download
0
Tags:
Embed Size (px)
Citation preview
1Fixed Income Emerging Markets - 19/04/23
AXA WF Responsible Development Bonds
February 2008
Fixed Income Emerging Markets - 19/04/23 2
Agenda
AXA Investment Managers: company overview
AXA IM Emerging Markets Expertise Why Emerging Markets? Why Responsible Investment in Emerging Markets?
Fund features and performances
Fund’s Investment process
Appendix
Fixed Income Emerging Markets - 19/04/23 3
AXA IMKey figures
AXA IM global presence
A dedicated and autonomous asset manager with more than 2,900 employees, 81 nationalities
AXA IM is present in 21 countries, across 5 continents
AXA IM assets under management
EUR 548bn total assets under management:
Core expertise in fixed income: EUR 273bn of fixed income assets under management
LONDON■ AXA IM ■ AXA Framlington■ AXA Private Equity■ AXA REIM■ AXA Rosenberg
BRUSSELS■ AXA IM■ AXA REIM
PARIS■ AXA IM■ AXA Private Equity■ AXA REIM
ORINDA■ AXA Rosenberg
NEW YORK / GREENWICH■ AXA IM ■ AXA Private Equity■ AXA Rosenberg
MADRID■ AXA IM■ AXA REIM
HONG KONG■ AXA IM■ AXA Rosenberg
SINGAPORE■ AXA IM ■ AXA Private Equity■ AXA Rosenberg
LISBON■ AXA REIM
MINNEAPOLIS■ AXA IM
SYDNEY■ AXA Rosenberg
UTRECHT■ AXA REIM
AMSTERDAM■ AXA IM
FRANKFURT■ AXA IM■ AXA Private Equity■ AXA REIM
COLOGNE■ AXA REIM
Investment Management Centres& Client Servicing
Client Servicing
ZURICH■ AXA IM ■ AXA PE
LUXEMBOURG■ AXA IM
TORONTO■ AXA Rosenberg
QATAR■ AXA IMMILAN
■ AXA IM ■ AXA REIM■ AXA PE
GENEVA■ AXA IM
ROME■ AXA REIM
BUDAPEST■ AXA REIM
ENDINBURGH■ AXA Framlington
STOCKHOLM■ AXA REIM
LONDON■ AXA IM ■ AXA Framlington■ AXA Private Equity■ AXA REIM■ AXA Rosenberg
BRUSSELS■ AXA IM■ AXA REIM
PARIS■ AXA IM■ AXA Private Equity■ AXA REIM
ORINDA■ AXA Rosenberg
NEW YORK / GREENWICH■ AXA IM ■ AXA Private Equity■ AXA Rosenberg
MADRID■ AXA IM■ AXA REIM
HONG KONG■ AXA IM■ AXA Rosenberg
SINGAPORE■ AXA IM ■ AXA Private Equity■ AXA Rosenberg
LISBON■ AXA REIM
MINNEAPOLIS■ AXA IM
SYDNEY■ AXA Rosenberg
UTRECHT■ AXA REIM
AMSTERDAM■ AXA IM
FRANKFURT■ AXA IM■ AXA Private Equity■ AXA REIM
COLOGNE■ AXA REIM
Investment Management Centres& Client Servicing
Client Servicing
ZURICH■ AXA IM ■ AXA PE
LUXEMBOURG■ AXA IM
TORONTO■ AXA Rosenberg
QATAR■ AXA IMMILAN
■ AXA IM ■ AXA REIM■ AXA PE
GENEVA■ AXA IM
ROME■ AXA REIM
BUDAPEST■ AXA REIM
ENDINBURGH■ AXA Framlington
STOCKHOLM■ AXA REIM
AXA IM AUM Breakdown
Source : AXA IM, as at 30/12/07
Fixed Income; 49,8%
Equity; 30,8%
Alternatives ; 15,1%
Investment Soulutions;
4,3%
Fixed Income Emerging Markets - 19/04/23 4
AXA IM A large asset base
+ 296 % growth in AUM over 10 years, reaching €548 billion
24,4 % of assets distributed to individual investors
75,6% to institutional investors
Investment Solutions
€24 Billion
Alternatives
€83 Billion
Equities
€169 Billion
Fixed Income
€273 Billion
Source : AXA IM, as at 30/12/07
139
199
238256
277 268292
345
432
485
548
0
100
200
300
400
500
600
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Fixed Income Emerging Markets - 19/04/23 5
AXA IM Fixed IncomeOrganization
Experts investment teams rely on globally shared resources
and contribute to the global information advantage
A large and complex investment universe covered by highly specialized and empowered teams
Source : AXA IM, as at 31/12/07*including Investment Grade and High Yield
*
Fixed Income Emerging Markets - 19/04/23 6
€273 bn of Assets under management as at 30/12/07*
12 Fixed Income sub expertises
Around 60 Portfolio Managers
Credit & Macro:
Global organisation of 23 credit Analyst specialised by sector
11 Economist/strategist with 3 dedicated to Fixed Income
9 Portfolio Engineers managing risk alongside Fund Managers and developing robust quantitative tool
AXA IM - Fixed IncomeShared Resources
Source : AXA IM, *unaditted figures as at 30/12/07
Fixed Income Emerging Markets - 19/04/23 7
Agenda
AXA Investment Managers: company overview
AXA IM Emerging Markets Expertise Why Emerging Markets? Why Responsible Investment in Emerging Markets?
Fund features and performances
Fund’s Investment process
Appendix
Fixed Income Emerging Markets - 19/04/23 8
Around €458 Mio of AUM in Emerging Markets Debt as end of 30/12/07* Extensive knowledge and experience in Emerging Markets Team:
Benchmarked portfolios Hard Currency management Local Currency management Micro credit
2 specialised fund managers accountable for performance based in Paris 3 strategists covering Emerging Markets Debt 2 Forex dealers and 1 portfolio controller
Sources: AXA IM, 30/06/07
AXA IM in Fixed Income Emerging Markets
A strong expertise in Emerging Markets Debt Source : AXA IM, as at 30/12/07
Head of Fixed Income Emerging Markets teamChandima Mendis
Paris
Global Funds European Convergence
& RI FundsGlobal Funds & CPPI
Chandima Mendis* Matthieu Stanic Chandima Mendis
*and closely monitors European Convergence and RI funds
Investment Strategy
Credit Research
23 people
3 people
Portfolio Engineering Group
9 specialists working alongside portfolio
managers
Fixed Income Emerging Markets - 19/04/23 9
Why Emerging Markets Debt?
The potential for higher yields than those available on investments like cash or U.S. Treasuries
However, credit differentiation remains key in order to produce excess returns
A tool eventually reducing the volatility of a diversified fixed income portfolio:
The advantage of investing in local-currency bonds in maturing economies: additional diversification and potential currency appreciation
A likely source of portfolio return enhancement in the coming years
48%
100%
US Total Return
11%
17%
10%100%
MBS
86%
-6%
24%
13%
100%
High Yield
40%
11%
Emerging Markets
-5%100%
Investment Grade
100%Investment Grade
Emerging Markets
High Yield
US Total Return
MBS
Global Bond Index
S&P
Global Bond Index
S&P
-1%
17%
2%
21%
-12%
100%
-5%
24%
-5%
-12%
-3%
100%
48%
100%
US Total Return
11%
17%
10%100%
MBS
86%
-6%
24%
13%
100%
High Yield
40%
11%
Emerging Markets
-5%100%
Investment Grade
100%Investment Grade
Emerging Markets
High Yield
US Total Return
MBS
Global Bond Index
S&P
Global Bond Index
S&P
-1%
17%
2%
21%
-12%
100%
-5%
24%
-5%
-12%
-3%
100%
100%
US Total Return
11%
17%
10%100%
MBS
86%
-6%
24%
13%
100%
High Yield
40%
11%
Emerging Markets
-5%100%
Investment Grade
100%Investment Grade
Emerging Markets
High Yield
US Total Return
MBS
Global Bond Index
S&P
Global Bond Index
S&P
-1%
17%
2%
21%
-12%
100%
-5%
24%
-5%
-12%
-3%
100%
US Total Return
11%
17%
10%100%
MBS
86%
-6%
24%
13%
100%
High Yield
40%
11%
Emerging Markets
-5%100%
Investment Grade
100%Investment Grade
Emerging Markets
High Yield
US Total Return
MBS
Global Bond Index
S&P
Global Bond Index
S&P
-1%
17%
2%
21%
-12%
100%
-5%
24%
-5%
-12%
-3%
100%
Source : Bloomberg, historical data since 1991, correlation of index monthly performances
Fixed Income Emerging Markets - 19/04/23 10
Emerging Markets Debt offers very good performances, despite crisis…
Crisis are less frequent, tighter, and do not affect all the countries of the asset class :Spill over risk is limited
Past results are not necessarily indicative of future performance. No assurances can be made that profits will be achieved or that substantial losses will not be incurred.
EMBI Global Diversified Total Return Index
60
100
140
180
220
260
300
340
380
MexicoTequila Crisis
('94-'95)
First Brady Exchange(Mexico Apr 96)
Asia Crisis(mid '97)
Russia Default(Aug '98)
Brazil Devaluation(Jan '99)
Pakistan Restructuring(Dec '99)
ArgentinaDefault
(Dec '01)
Ecuador Default(Aug '99)
UkraineDefault
(Jan '00)Mexico gets
Investment Grade(Mar '00)
UruguayRestructuring
(Apr '03)
Dom RepRestructuring
(Jun '05)
Argentina Restructuring(Jun '05)
Fixed Income Emerging Markets - 19/04/23 11
Structural changes gaining momentum
Market friendly policies: improving quality of management in emerging market countries
More sophisticated investors
High level of liquidity: being injected by the central banks in the global economy, supporting riskier assets
Floating exchange rates: allowing countries to adjust their economies through currencies
Positive balance of payments: enabling foreign exchange reserves to cover a larger share of their short term debt
EM countries: from a source of vulnerability to a provider of stability
Fixed Income Emerging Markets - 19/04/23 12
Bringing together Performance & Sustainable Investment
A Responsible fund*, that invests in internationally diversified bonds, and seeks attractive yields
Investment decisions are based on the selection of projects that contribute to the sustainable development of economies
At a country and corporate level, by investing in government & corporate bonds
On the regional and global level, by supporting regional and supra-national development agencies
On a local level, by investing in microfinance institutions
* AXA WF Responsible Bonds - Name changed from AXA WF Development Debt
Fixed Income Emerging Markets - 19/04/23 13
Choice of issuers promotes Sustainable Development
Bonds issued by supra-national institutions
Bonds issued by local development agencies in emerging countries
Short term securities issued by microfinance institutions
++
+
+++
Importance of the criteria
Fixed Income Emerging Markets - 19/04/23 14
The Emerging Growth Cushion
Fixed Income Emerging Markets - 19/04/23 15
From Debtors to Creditors
Fixed Income Emerging Markets - 19/04/23 16
Emerging Bonds Difficult to Ignore
Fixed Income Emerging Markets - 19/04/23 17
Why Responsable investment in EM?
• Higher risk on corruption, on human rights, on social and environment
• Link between good practices and bonds performance
• Reducing the poverty does not mean lower profitability
Fixed Income Emerging Markets - 19/04/23 18
Best ESG countries outperform
0
20
40
60
80
100
120
140
160
11/05 03/06 07/06 11/06 03/07 07/07
Best in class Worst in class
Spread against US treasury: Best countries versus Worst countries by income category (Nov 2005= 100)
Source EIRIS, Datastream, AXA IM
Fixed Income Emerging Markets - 19/04/23 19
RI Filter for the country selection
3 issues:
Governance (40%): Policy rights, Liberty rights, Corruption.
Social (40%): Labour Convention, Child Labour, Unemployment rate, Child Mortality, Water Access.
Environmental (20%): Deforest, Waste, CO2 emissions, GHG p/cap, Protected Areas
Our sources are EIRIS and AXA RI TEAM
Fixed Income Emerging Markets - 19/04/23 20
What is the BOP Approach?
Tier 4
Tiers 2-3
Tier 5
Tier 1
Populations in millionsPurchasing Power Parity in U.S Dollars
75 - 100
1,500 - 1,750
4,000
> $ 20,000
$ 1,500 - $ 20,000
$ 1,500
< $ 1,500
Fixed Income Emerging Markets - 19/04/23 21
Poor people can be consumers:A market based approach
A bottom-up approach, allowing a local investment in acceptable countries, as far as the companies match certain criteria, as for example: - increase of local employment - working conditions - improvement of life-standards - training, availability of the output to the local population services (micro insurance etc.) - respect of environment
Corporate Bonds: Companies which do business by developing products and Services for the Poor people in emerging Countries
Poverty reduction by taking BOP Approach
Fixed Income Emerging Markets - 19/04/23 22
The RI filter for corporate bonds
Governance (40%): Audit & control, Executive remuneration, Shareholders’rights, Business Behaviour ( prevention of corruption and impact on the social and economic development )
Social (40%): Promotion of Labour Relations, Respect of working hours, Respect of human rights,Community of involvement.
Corporate Bonds With good practices on Governance, Social and Environmental and citizens issues
Environmental (20%): Pollution prevention & control, Protectionof Biodiversity, Protection of water resources
Fixed Income Emerging Markets - 19/04/23 23
Example of BOP Strategy
INFORMATION AND COMMUNICATION TECHNOLOGIES (ICT)
Lack of access to communication technologies in rural areas keeps rural households disconnected from markets and broader information sources and reinforces rural isolation and poverty.
Improvement of life-standards: Low income people clearly benefit from access to mobile phones.
Easy access to jobs, to Medical care..
Availability of the output to the local population services
Easy access to market prices, to family members working away from home
The total BOP household ICT market in Africa, Asia, Eastern Europe, Latin America and The Caribbean, including 3.96bn people in all surveyed countries, is estimated to be $51.4bn. And the market is expecting to grow for some time. Indeed in Africa and India, less than 15% of the population has mobile phones.
Fixed Income Emerging Markets - 19/04/23 24
PLDT (Philippine Long Distance Telephone) – Telecom Services (Philippines)
Its subsidiary Smart Communications, Inc. is the Philippine’s leading wireless services providers, is providing banking services over mobile phones to previously unbanked customers.
Innovation of new services: “Over the Air” (OTA) payment system
has transformed the cell phone market by allowing electronic sales of airtime through short message service (SMS) and by reducing the unit size of such sales to US$0.03.
Increase of local employment
It allows small merchants to resell minutes with a commission on every sale creating business opportunity for 800,000 micro-entrepreneurs
Reducing poverty with profitability
By the end of 2003, just ten months after the launch of its innovative ‘Smart Load’ proposition, Smart Customer numbers had grown to 10 million, representing a 47% on year growth over 2002. In 2004 the company had amongst the highest profit margins in the Asia-Pacific region.
Fixed Income Emerging Markets - 19/04/23 25
Microfinance in action
Opportunites to provide finance for micro entrepreneurs
Direct investments
Current strategy indirect investments Structured products – growing inimportance
Challenges Accessing market Reputational risk
Fixed Income Emerging Markets - 19/04/23 26
Microfinance in Arequipa
CMAC Arequipa - One of better managed MFIs in Latin America
Over 70 000 members
Owned by municipality but considering opening the share capital
Due diligence visit by analyst in 2004
Over 71% of loans made to micro entrepreneurs
Benefits from Peru’s robust growth and reforms
Strengths Strong growth and profitability Management of portfolio endures
liquidity Leader in the region
Weaknesses Sole shareolder – Municipality Potential for political interferance Rise in arreas (30 days)
Fixed Income Emerging Markets - 19/04/23 27
Supranationals and Development
Sources: AXA IM, as at 10/09/07Strategies are here for illustration purpose only, they might not reflect the current strategy.
International Finance Facility for Immunization
Accelerate immunization in 70 low income countries
Financial base constitute grants from donor several EU governments and some emerging countries
AAA Rating reflects sovereign backing ( except Italy)
Anticipates raising $4 bn over 10 years
Spread pick-up of 45 bps
Fixed Income Emerging Markets - 19/04/23 28
Agenda
AXA Investment Managers: company overview
AXA IM Emerging Markets Expertise Why Emerging Markets? Why Responsible Investment in Emerging Markets?
Fund features and performances
Fund’s Investment process
Appendix
Fixed Income Emerging Markets - 19/04/23 29
AXA WF Responsible Development Bonds*
Objective & investment strategy: AXA WF Responsible Development Bonds is for investors whose goal is to participate in sustainable development and solidarity in economies at a local and global level through investments in diversified international bonds and debt instruments with attractive three-year growth outlooks. The funds aims to outperform the European Government Bonds 3-year return + 50bps.
Performance target : Yield of 3-year European Government Bonds + 50 bp
For investors whose goal is to participate in sustainable development and solidarity in economies at a local and global level through investment in diversified international bonds and debt instruments with attractive three-year growth outlooks.
Legal form: Sub-fund of a Luxembourg-based SICAV Agreement date: 02/01/02 Currency: EUR Fees
Maximum Initial Charge: Class F: 2,00% Maximum exit fees: None Minimum initial subscription: Class F: €500 000 Minimum subsequent investment, except in case of regular saving
plans: Class F: €50 000 Operating and management costs, gross of tax: Maximum rate: Class
F: 0,60%
Investment horizon: 3 years Category of investors: All subscribers. Risk profile Volatility target range: 0-5%**
** This figure is a working base for fund management teams. It is subject to change without notice and should not be construed as a firm commitment on the part of AXA Investment Managers
AXA WF Responsible Development Bonds, F Eur
Past results are not necessarily indicative of future performance. No assurances can be made that profits will be achieved or that substantial losses will not be incurred. Fund's performances are calculated net of management fees, dividend reinvested. Index performance is presented gross, dividends non reinvested. Performances are expressed in Euros (except if specified otherwise).* Since 07/01/2008, the name has changed from AXA Development Debt to AXA Responsible Development Bonds* AXA World Funds (AXA WF) is a UCITS III Luxembourg based SICAV Regulated by the CSSF, registered under the number RC Luxembourg B-63.116, on February 18, 1998
Sources: AXA IM, as at 31/01/2008
Performances and Risk 3M YTD 1Y 3Y 5Y
Gross Performance 1,37% 0,93% 4,76% 11,50% 22,48%
Net Performance 1,18% 0,86% 3,95% 8,89% 17,88%
Volatility 0,90% 0,94% 1,13%
96
101
106
111
116
121
126
31/1
0/02
28/0
2/03
30/0
6/03
31/1
0/03
29/0
2/04
30/0
6/04
31/1
0/04
28/0
2/05
30/0
6/05
31/1
0/05
28/0
2/06
30/0
6/06
31/1
0/06
28/0
2/07
30/0
6/07
31/1
0/07
AXA WF Responsible Development Bonds
Fixed Income Emerging Markets - 19/04/23 30
Share of mutual fund under Luxembourg law
Volatility Range: 0 - 5%
Investment Horizon: 3 years
Exchange Risk Exposure: potential
VL calculation: every 15 days
Open to all informed investors
Management Fees: 0.60% taxes not included (F share)
NAV of the share : 60.85 (12/10/2007, F share)
AUM: €15.8 Mio
Fund identity
AXA WF Development Debt
Source: AXA IM, 31/10/07
The fund will change its name in the current months and will be called AXA WF Responsible Development Bonds; it will also benefit from a weekly NAV.
Fixed Income Emerging Markets - 19/04/23 31
Risk diversification rules
Diversification and liquidity constraints
MFIs
Local
Agencies
Country
Risk
Currency risk
Maximum per issuer: 3% of assets
10% of total portfolio
Maximum per country: 10% of total portfolio
Max 50% of portfolio assets by regions
(diversification in Latin America, Central and
Eastern Europe, Africa and Asia)
75% covered against currency risk, the other 25% can be exposed to non Euro currencies
Source: AXA IM, 30/06/07
Fixed Income Emerging Markets - 19/04/23 32
Achieving our performance objectives
Alpha sources: Spread duration (sovereign and supranationals) 20% Microfinance 10% Corporates 10% Local currencies 10% Interest rate duration (local and external) 40% CDS Curve Play 10%
Fixed Income Emerging Markets - 19/04/23 33
Agenda
AXA Investment Managers: company overview
AXA IM Emerging Markets Expertise Why Emerging Markets? Why Responsible Investment in Emerging Markets?
Fund features and performances
Fund’s Investment process
Appendix
Fixed Income Emerging Markets - 19/04/23 34
Portfolio managers
Credit & Macro
Research
Strong Resources for this Fund
Responsible Investment Team & CRS partnerships
Shared Resources
CERESIn-house tools
Specialist micro-finance intermediary
2 portfolio managersresponsible
for performance and the respect of the client’s guidelines
11 Macro Analysts &23 Credit Analysts
A disciplined. repeatable and consistent process supported at every stage by three pillars
8 people from RI team + 6 external partnerships
(whom 3 specific partnerships), working
alongside portfolio managers
Fixed Income Emerging Markets - 19/04/23 35
A Clear and Rigorous Process
1 3 4Global Macro & Sector Outlook
Instrument Selection
Portfolio Construction
Country Selection
2
EMD TeamInvestment Policy
Meeting
Fixed Income Teams
Forecasting & Credit Strategy
Groups
Analysing & Quantifying macro views
RI Criteria / ESG Filter
• Defining duration & asset allocation views
• Defining credit sector views
• External debt
•Local Debt
•Currency
•RI Criteria / ESG Filter
Portfolio ManagerInvestment Policy
Meeting
Implementing & Optimising Strategies within constraints
Portfolio ManagerPEG Meeting
5 Dynamic Portfolio Reviews
EMD Team Portfolio Managers
Revising portfolio consistency
…shared by all Fixed Income Expertises and supported by resources globally (RI team)
Fixed Income Emerging Markets - 19/04/23 36
Agenda
AXA Investment Managers: company overview
AXA IM Emerging Markets Expertise Why Emerging Markets? Why Responsible Investment in Emerging Markets?
Fund features and performances
Fund’s Investment process
Appendix
Fixed Income Emerging Markets - 19/04/23 37
Investment Process – Steps:
Fixed Income Emerging Markets - 19/04/23 38
Step 1: Market forecasts
The Forecasting Group establishes market forecasts on: interest rates, notably for the US
steepness and shape of yield curve
credit spreads (approached by swap spreads)
EMD sets own duration target using these inputs and Views of global risk aversion
Global FX
Commodity cycle
Fixed Income Emerging Markets - 19/04/23 39
Step 2: Emerging Country views
Fundamental views and
monthly in-depth analysis
Qualitative factors Institutions Political stability Law & order
Market Technicals
Country Scoring
Fixed Income Emerging Markets - 19/04/23 40
Step 3: Defining active investment strategies
Selection of tradable bonds, micro-credit securities and financing
projects
Tradable bonds selected on scoring and valuation
Micro-credit: Projects are selected in partnership with local correspondents & external research
Financing projects: direct financing of bodies whose goal is to promote sustainable development. Projects are medium to long term Partnership with supranational bodies in a co-financing context or in co-
operation with in-house teams specialised in financial projects.
Fixed Income Emerging Markets - 19/04/23 41
Step 4: Portfolio Construction
For compliance with the following diversification rules: micro finance projects: maximum of 10% of total assets and 3% of assets per
issuer
local agencies: maximum per country of 10% of total assets
geographical risk: any geographical zone cannot exceed 50% of total assets
Monitoring of the portfolio’s credit risk
Fixed Income Emerging Markets - 19/04/23 42
Step 5: Dynamic Portfolio Review
Weekly and Monthly Monitoring of positions
Reconciliation of views, positions and risk budget
Feedback from Management
Fixed Income Emerging Markets - 19/04/23 43
Current Exposure
Source: AXA IM, 31/10/07
Fixed Income Emerging Markets - 19/04/23 44
Maturity and issuer profile
Source: AXA IM, 31/10/07
Fixed Income Emerging Markets - 19/04/23 45
Disclaimer
This presentation is for information purposes only and does not in anyway constitute an offer, solicitation or specific recommendation with respect to the purchase or sale of securities issued by any fund which is promoted or managed by AXA Investment Managers.
This presentation is not an advertisement and may not be copied or circulated, in whole or in part, to any person without the prior written consent of AXA Investment Managers. It shall not be deemed to constitute investment advice and should not be relied upon as the basis for a decision to enter into a transaction or as the basis for an investment decision. Investments should only be made on the basis of suitable investment, legal and taxation advice. Subscriptions to any fund managed or promoted by AXA Investment Managers are accepted only from eligible investors on the basis of the then current prospectus and related offering documentation.
AXA Investment Managers does not offer legal, investment, tax or other advice on the suitability of these funds or services for investors, who should take appropriate professional advice and make their own assessment of the merits, risks and tax consequences prior to investing. The value of the investments may fall as well as rise. Past performance is not necessarily indicative of future returns. Target returns and volatility are not guaranteed. Investment returns may be subject to foreign currency exchange risks.
The funds presented in this document are governed by French or Luxembourgian law. The investor must read the relevant prospectus (available upon request) prior to any subscription. Fund's performances are calculated net of management fees, dividend reinvested. Index performance is presented gross, dividends non reinvested. Performances are expressed in Euros (except if specified otherwise).
Investors cannot rely solely on this document to make any investment decision, insofar as the information is partial and cannot allow an estimate of the consequences of such potential investment. Any investment decision must be based on the information published in the relevant prospectus and on an independent analysis.
AXA Investment Managers Paris - Coeur Défense - Tour B - La Défense 4 - 100 esplanade du Général de Gaulle - 92932 Paris La Défense Cedex. Société anonyme au capital de 1 384 380 euros - 353 534 506 RCS Nanterre. Société de Gestion de Portefeuille titulaire de l'agrément COB n° GP 92-08 du 7 avril 1992
AXA World Funds (AXA WF) is a Luxembourg SICAV UCITs III approuved by the CSSF ans registered under RC Luxembourg B-63.113, 18 February, 1998.