AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Name of the Sub-Fund
Appendix 22: AXA WORLD FUNDS – FRAMLINGTON ITALY
AXA WORLD FUNDS – FRAMLINGTON ITALY
(Previously named AXA World Funds – Italian Equities)
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 longterm
capital growth measured in euro from an actively managed portfolio of listed equity, equity related
securities and derivatives instruments.
Investment policy:
The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing mainly in
companies domiciled or listed in Italy. The portfolio will comprise a selection of Italian large, mid and
small cap companies.
The Sub-Fund may invest at all time at least two thirds of its total assets in equities and equity related
instruments issued by companies which are domiciled or carry out a large portion of their economic
activity in Italy.
The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � .
For efficient portfolio management purposes, this Sub-Fund may use derivative instruments within the
limits set forth in the section “Investment Restrictions”.
The Reference Currency of the Sub-Fund is EUR.
Risk Profile
This Sub-Fund is mainly invested in equity for which there is high risk of invested capital loss.
Special Risk Consideration
Risks linked to investments in specific countries or geographical zones: Sub-Funds concentrating their
investments in certain countries or geographical regions are therefore subject to the risks associated with
concentrating investments in regions. This type of strategy may lead to adverse consequences when
target markets drop or encounter liquidity issues.
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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