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.

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.