AXA IM FIIS Europe Sh.D.H.Y.Z EUR/  LU0997545594  /

The Sub-Fund is actively managed without reference to any benchmark and seeks to generate income by investing in high yield debt securities (subinvestment grade corporate bonds) denominated in European currencies while seeking to avoid the risk of defaults. The Sub-Fund is actively managed in order to capture opportunities in high yield European currency debt markets. 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 primarily in high yield bonds denominated in a European currency and with an expected life term or redemption less than 3 years on the basis of the asset manager's expectations. Such high return bonds have a rating lower than BBB- according to Standard & Poor's (or equivalent rating by Moody's or other rating agencies) or are not rated.

The Sub-Fund is actively managed without reference to any benchmark and seeks to generate income by investing in high yield debt securities (subinvestment grade corporate bonds) denominated in European currencies while seeking to avoid the risk of defaults.