AXA WF Euro Credit Total Return E EUR

Investment Objective The Sub-Fund's investment objective is to maximize total return from a combination of income and capital growth by investing in fixed income securities mainly denominated in Euro over a long term period. Investment Policy The Sub-Fund is actively managed without reference to any benchmark in order to capture opportunities in the Euro fixed income market and aims at not exceeding a 10% annual volatility.The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:- sector allocation- geographical allocation- duration positioning (duration measures, in number of years, the portfolio's sensitivity to interest rate variations)- credit curve positioning (the yield curve illustrates the relationship between investment term and credit yield)- issuer selection- instrument selectionThe Sub-Fund is exposed (via direct investments or through credit derivatives) mainly to corporate and sovereign bonds rated investment grade issued in OECD countries. The remaining part of the assets of the Sub-Fund may also be exposed to such bonds rated sub-investment grade.The total assets of the Sub-Fund may be invested in or exposed to callable bonds. The Sub-Fund may invest up to 60% of net assets in subordinated debts (including perpetual bonds up to 50%) issued by banks, insurance companies and non-financial corporates.The Sub-Fund may, up to 10%, hold distressed and defaulted Securities as a result of their rating downgrade, if they are considered to be consistent with the Sub-Fund's objective. These securities are expected to be sold within 6 months unless specific events prevent the Investment Manager from sourcing their liquidity.The Sub-Fund may invest up to 20% of its net assets in in contingent convertible bonds (CoCos) and up to 15% in bonds of emerging markets issuers.Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrate

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No