AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Appendix 25: AXA WORLD FUNDS – FRAMLINGTON TALENTS GLOBAL
Name of the Sub-Fund
AXA WORLD FUNDS – FRAMLINGTON TALENTS GLOBAL
(Previously named AXA World Funds – Framlington Talents)
Management Company AXA Funds Management S.A. (Luxembourg)
Investment Manager AXA Investment Managers UK Limited (London)
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 through an exposure to all
cap international equities. This Sub-Fund will be selecting stocks using an entrepreneur investment
philosophy.
The portfolio manager developed this investment philosophy as he believes financial markets are not
efficient and too many companies are badly managed or depend on economic cycles. Therefore, the
portfolio manager prefers to trust men who have a strong track record in developing business and
creating value.
This Sub-Fund is also focusing on men who hold a significant stake in their company. Those managers
are willing to win in the long-term and ready to assume heavy short-term investments to generate longterm
growth for the Company as the value of their personal wealth depend on long-term value creation.
They also have a strong capacity for action and fast reactivity (they are less dependent on analysts,
minority Shareholders and bankers).
The Sub-Fund will invest not more than 10% of its net assets in units of UCITS and/or other UCIs � .
For hedging and efficient portfolio management purposes, this Sub-Fund may expose itself to equities,
equity related securities, bonds, any fixed income instruments, indexes and currencies, through the use
of derivative instruments within the limits set forth in the section “Investment Restrictions”. Under no
circumstances shall these operations cause the Sub-Fund to diverge from its investment objective.
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
Risk linked to investments in emerging markets: Legal infrastructure, in certain countries in which
investments may be made, may not provide with the same degree of investors’ protection or information
to investors, as would generally apply to major securities markets (governments’ influence, social,
political and economic instability, different accounting, auditing and financial report practises). Emerging
markets securities may also be less liquid and more volatile than similar securities available in major
markets, and there are higher risks associated to transactions settlement, involving timing and pricing
issues.
� Such paragraph shall take effect as from 1 st October 2012.
143