AXA IM FIIS US Sh.D.H.Y.B GBP H/  LU0224435007  /

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 USD while seeking to avoid the risk of defaults. The Sub-Fund is actively managed in order to capture opportunities in US high yield 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 in high yield fixed or floating rate bonds primarily issued by corporates domiciled primarily in the US and with an expected life term or redemption inferior to 3 years on the basis of the asset manager anticipations. Such high return bonds have a rating lower than BBB- according to Standard & Poor's or equivalent (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 USD while seeking to avoid the risk of defaults.