AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Appendix 21: AXA WORLD FUNDS – FRAMLINGTON NATURAL RESOURCES
Name of the Sub-Fund AXA WORLD FUNDS – FRAMLINGTON NATURAL RESOURCES
Management Company AXA Funds Management S.A. (Luxembourg)
Investment Manager AXA Investment Managers Paris
Sub-delegation None
Promoted by AXA Investment Managers
Objectives and Investment Policy
Investment objective:
The objective of the Sub-Fund is to achieve long term capital growth.
Typical investors would seek long term capital growth measured in USD from an actively managed
portfolio of equities linked to the commodities sector worldwide.
Investment policy:
The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing its assets
essentially in international equities and equities related instruments issued by all capitalisation companies
operating, directly or indirectly, in the commodity sectors or generally linked to the commodity sectors.
The Sub-Fund will invest in equities of companies operating in or linked to the four large commodity
groups: materials, energy, gold and agricultural commodities.
Investment decisions are based on a combination of macroeconomic, sector and company specific
analysis. The share selection process relies on a rigorous analysis of the companies’ business model,
quality of management, growth prospects and overall risk return profile.
The Fund will not trade any physical commodities and will not take physical delivery of any commodities.
The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � .
The Reference Currency of the Sub-Fund is USD.
Risk Profile
This Sub-Fund is mainly invested in equity for which there is high risk of invested capital loss.
Special Risk Consideration
Risks of global investments: Investments in securities issued or listed in different countries may imply the
application of different standards and regulations (accounting, auditing and financial reporting standards,
clearance and settlement procedures, taxes on dividends…). Investments may be affected by
movements of foreign exchange rates, changes in laws or restrictions applicable to such investments,
changes in exchange control regulations or price volatility.
Risks linked to Investments in specific sectors or asset classes: The Sub-Fund is exposed to
concentration risk on commodities.
Investment Horizon
This Sub-Fund is appropriate for investors who do not withdraw their money for eight years.
For more details about risks, please refer to general part of the Prospectus, sections entitled “General
Risk Considerations” and “Special Risk Considerations”.
� Such paragraph shall take effect as from 1 st October 2012.
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