AXA WF-Global Flex.Prop.F Cap USD/  LU1157401990  /

The Sub-Fund seeks performance measured in USD by investing mainly in listed equities and debt securities issued in the global real estate market universe. The Sub-Fund is actively managed without reference to any benchmark. The Sub-Fund is discretionary managed in order to capture opportunities by investing in instruments issued on public capital markets by companies (including REITs) worldwide that are part of the real estate sector. These instruments may include, i.a., equities, bonds, preferred shares and convertible bonds. The real estate sector includes companies engaged in activities such as renting, buying, selling, developing, managing or brokering real estate. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. Tactical allocation between equities and bonds will be driven by economic analysis and portfolio construction considerations. The issuer selection process relies mainly on a rigorous analysis of the companies' business model, its governance and its overall risk return profile. The total assets of the Sub-Fund may be invested in or exposed to callable bonds. bonds. The Sub-Fund will invest in transferable debt securities mainly rated investment grade issued by worldwide countries governments, corporations, public or private companies and supra-national entities, including warrants and assetbacked securities. The Sub-Fund may also invest in such transferable debt securities rated sub-investment grade. Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager.

The Sub-Fund seeks performance measured in USD by investing mainly in listed equities and debt securities issued in the global real estate market universe. The Sub-Fund is actively managed without reference to any benchmark. The Sub-Fund is discretionary managed in order to capture opportunities by investing in instruments issued on public capital markets by companies (including REITs) worldwide that are part of the real estate sector. These instruments may include, i.a., equities, bonds, preferred shares and convertible bonds. The real estate sector includes companies engaged in activities such as renting, buying, selling, developing, managing or brokering real estate. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. Tactical allocation between equities and bonds will be driven by economic analysis and portfolio construction considerations. The issuer selection process relies mainly on a rigorous analysis of the companies' business model, its governance and its overall risk return profile. The total assets of the Sub-Fund may be invested in or exposed to callable bonds.