AXA WF-Defensive Opt.Inc.A Dis gr EUR/  LU0094159125  /

The Sub-Fund seeks to achieve medium term capital growth by investing in a diversified portfolio of broad asset classes, through a defensive approach. The Investment Manager will seek to achieve the objectives of the Sub-Fund by investing in/exposing the Sub-Fund to a set of equities (up to 35% of the net assets of the Sub-Fund) and/or investing in or being exposed up to 100% of its net assets in one or more of the following asset classes: transferable debt securities issued by any governments, investment grade corporate securities and/or money market instruments. The Investment manager may invest up to 40% of its assets in securities from emerging markets. Within the above 35% limit, the Sub-Fund may invest up to 20% of its assets in small capitalization companies. The Sub-Fund may also invest in or be exposed to callable bonds up to 50% of its net assets. The Sub-Fund invests/ is exposed to no more than 20% of its net assets in transferable debt securities rated sub investment grade and up to 15% in securities traded on the CIBM through Bond Connect. 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 seeks to achieve medium term capital growth by investing in a diversified portfolio of broad asset classes, through a defensive approach.