AXA WF US Dynamic High Yield Bonds BR $ Hdg to BRL

Investment Objective The Sub-Fund investment objective is firstly to seek high income and secondary capital growth by investing in US high yield debt securities over a long term period. Investment Policy The Sub-Fund is actively managed in order to capture opportunities in US debt market, primarily investing in securities that are part of the ICE BofA US High Yield Master II benchmark index (the "Benchmark") universe. As part of the investment process, the Investment Manager has broad discretion over the composition of the Sub-Fund's portfolio and can take, based on its investment convictions, exposure to companies, countries or sectors not included in the Benchmark or take different positioning in terms of duration, geographical allocation and/or sector or issuer selection compared to the Benchmark, even though the Benchmark constituents are generally representative of the Sub-Fund's portfolio. Thus, the deviation from the Benchmark is likely to be significant.The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:- issuer selection- sector allocation- credit curve positioning (the credit curve illustrates the relationship between the investment term and the credit yield)The Sub-Fund invests essentially in high yield fixed or floating rates bonds issued in the US domestic market by public or private companies and credit default swaps referencing such bonds. Such high return bonds have a rating lower than BBB- according to Standard & Poor's or equivalent rating (Moody's or other rating agency) or are not rated. The net market exposure of the Sub-Fund will be between 75% and 150% of its net assets.The total assets of the Sub-Fund may be invested in or exposed to callable bonds. The Sub-Fund may also invest up to 25% of net assets in subordinated debt securities issued by banks, insurance companies and non-financial corporates.The Sub-Fund may, up to 10%, hold distressed and defaulted securities as

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No