AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Appendix 28: AXA WORLD FUNDS – FRAMLINGTON LatAm
Name of the Sub-Fund AXA WORLD FUNDS – FRAMLINGTON LatAm
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 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 objectives of the Sub-Fund by investing in equities and
equity related instruments issued by companies domiciled or which exercise the preponderant part of
their economic activity in the Latin American countries, with particular emphasis on Brazil and Mexico.
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 Sub-Fund also invests in Money Market Instruments and Exchange-Traded Funds.
There is no formal restriction on the proportion of the Sub-Fund’s assets that can be invested in and/or
exposed to any one particular market.
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 USD.
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.
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.
� Such paragraph shall take effect as from 1 st October 2012.
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