AXA WORLD FUNDS A LUXEMBOURG INVESTMENT FUND ...

Risk Profile
This Sub-Fund is invested or exposed to a wide range of assets including equities, and/or fixed income
related assets and/or currencies and/or commodities for which there is a risk of invested capital loss.
Special Risk Consideration
Risks associated with Absolute Return Strategies: Absolute Return Strategies consist of several possible
sub-strategies such as, but not restricted to, (i) attempts to take advantage of realised (or anticipated)
market inefficiencies or discrepancies between markets and/or sectors and/or currencies and/or other
financial instruments and/or (ii) taking directional positions on markets and/or sectors and/or currencies
and/or other financial instruments. The volatility of the markets and/or sectors and/or currencies and/or
other financial instruments that are used in pursuing those strategies allows for the possibility that the
implemented strategies do not always perform as interpreted by the manager. In this case, the Net Asset
Value of the Sub-Fund may decrease. Additionally, those strategies may use leverage, hence magnifying
gains and losses, and/or gains and losses from derivatives. Moreover, these strategies may imply use of
instruments having a more limited liquidity or investments within less liquid markets such as emerging
markets. As such, the Sub-Fund may be exposed to a liquidity risk by investing in these types of Absolute
Return Strategies.
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
and may be subject to various types of risks, including but not limited to market risk, liquidity risk, credit
risk, counterparty risk, legal risk and operations risks. In addition, the use of derivatives can involve
significant economic leverage and may, in some cases, involve significant risks of loss. The Sub-Fund
may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary
basis. Furthermore, Investments in OTC derivatives may have limited secondary markets liquidity and it
may be difficult to assess the value of such a position and its exposure to risk. For these reasons, there
can be no guarantee that strategies using derivatives instruments will meet their expected target.
The amount of leverage or borrowings induced by the level of the Value-at-Risk may be higher than
100% of its assets at any time. Moreover, the costs associated with leverage and borrowings will affect
the operating results of the Sub-Fund.
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.
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.
Investment Horizon
This Sub-Fund is appropriate for investors who do not withdraw their money for three years.
For more details about risks, please refer to general part of the Prospectus, sections entitled “General
Risk Considerations” and “Special Risk Considerations”.
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