AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Appendix 27: AXA WORLD FUNDS – FRAMLINGTON TALENTS AMERICA
Name of the Sub-Fund AXA WORLD FUNDS – FRAMLINGTON TALENTS AMERICA
Management Company AXA Funds Management S.A. (Luxembourg)
Investment Manager AXA Investment Managers UK Limited (London)
Sub-delegation None
Promoted by AXA Investment Managers
This Sub-Fund is currently not open to subscriptions. The Prospectus shall be updated upon
determination by the Directors of the initial offering period for Shares of this Sub-Fund.
Objectives and Investment Policy
Investment objective:
The objective of the Sub-Fund is to outperform the S&P 500 index over a long term period. Typical
investors would seek long-term capital growth measured in USD from an actively managed portfolio of
listed equity, equity related securities and derivatives instruments.
Investment policy:
The Investment Manager will seek to achieve the objective of the Sub-Fund through an exposure to mid
and large cap equities issued by US and Canada based companies and/or exercising their main activity
in US and Canada. Investment in securities listed or dealt in on Canadian market will not exceed one
third of the net assets of the Sub-Fund. This Sub-Fund will be selecting stocks using the Talents
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 leaders who have a strong track record in developing business and
creating value.
This Sub-Fund is also focusing on men and women 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 long-term growth for the Company as the value of their personal wealth depends on long-term
value creation. They also have a strong capacity for action and fast reactivity (they are less dependent on
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, 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 USD.
Risk Profile
This Sub-Fund is mainly invested in equity for which there is high risk of invested capital loss.
Special Risk Consideration
Derivatives risk and leverage: The Sub-Fund may use both listed and OTC derivatives for investment or
hedging purposes, but also repurchase or securities lending agreement. These instruments are volatile
� Such paragraph shall take effect as from 1 st October 2012.
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