AXA WF Euro Credit Plus M EUR

Investment Objective The Sub-Fund seeks to achieve a mix of income and capital growth by investing mainly in investment grade and high yield debt securities in Euros, over a medium term period. Investment Policy The Sub-Fund is actively managed in reference to the ICE BofA Emu Corporate (the "Benchmark") in order to capture opportunities in the Euro investment grade and high yield market. The Sub-Fund invests at minimum one third of its net assets in the components of the Benchmark. Depending on its investment convictions and after comprehensive macroeconomic and microeconomic analysis of the market, the Investment Manager can take more active positioning in terms of duration (duration measures in numbers of years, the portfolio's sensitivity to interest rate variations), geographical allocation and/or sector or issuer selection compared to the Benchmark. Thus, the deviation from the Benchmark is expected to be significant. However, in certain market conditions (high credit market volatility, turmoil...), the Sub-Fund's positioning on the above indicators may be close to the Benchmark.The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:- sector allocation- geographical allocation- credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield)- issuer selection- instrument selectionThe Sub-Fund invests:- at least two thirds of its net assets in Euro denominated corporate and government fixed and floating rate bonds issued in OECD countries, with 30% maximum of its net assets in Sub-Investment Grade rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered). In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered), securities will be sold wi

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No