AXA IM WAV Cat Bonds A Cap $

Investment Objective The investment objective of the Fund is to achieve a long-term, risk-adjusted, absolute rate of return and capital growth and/or income from investment in catastrophe bonds, also referred to as "cat bonds"("insurance-linked securities" or "ILS"). Investment Policy The Sub-Fund is actively managed without reference to any benchmark. To achieve that objective, the Fund will be mainly invested in ILS. The Manager selects ILS in order to meet the Fund's investment objective in accordance with the Fund's investment policy in terms of target returns, diversification and liquidity, and includes the assets with the best risk-return profile in the Manager's view (which the Manager assesses by, inter alia, analysing the underlying risk associated with an ILS against the anticipated return of such investment).The Manager will aim to diversify the Fund by perils for example, earthquake, hurricane, winter storms), by geographic region (such as US, Canada, Europe, Japan, New Zealand and Australia) and other relevant factors. The Manager will determine in which risk class(es) the insured event associated with each asset of the Fund will fall. The insured events to which the Fund may be exposed through its investment in ILS will be natural catastrophes, health costs and extreme mortality. However, the Fund will be mostly concentrated in US hurricane and US earthquake risk.The issuers of these bonds are generally special purpose companies in Bermuda, the State of Delaware (United States), Ireland, the Cayman Islands or the Channel Islands put in place by insurance companies, re-insurance companies, governments or corporations solely to issue the bond. The value of any given ILS is potentially reduced, and subject to partial or, in some cases, total loss, upon the occurrence of an event to which the ILS is exposed. The Fund will invest on a "long-only" basis (i.e. it will not take "short" positions other than to a limited extent in relation to efficient portfolio

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No