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AXA WF Framlington
Eurozone

AXA IM FIIS Europe
Short Duration
High Yield

AXA WF Euro Credit
Plus

AXA WF Global
Strategic Bonds

ONE, in more than just one word

<h3> &nbsp;</h3> <p> AXA IM's Offer to meet Needs Everywhere ONE is our solution to making trading in any of AXA IM's fund easy. Through our platform you can access thousands of our funds through one point of contact. The video will explain our ONE account is just a few words.</p> <a href="http://www.axa-im-webtv.com/international/one-in-more-than-just-one-word-video-2014.html"><img alt="ONE, in more than just one word" height="101" src="http://www.axa-im-webtv.com/international/ressources/media/photo-2014-one-in-more-than-just-one-word.html" width="180" /></a>

Published in September 2012

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Date: Apr 2014
Latest Fund Manager commentary:  During April, the markets finished up in comparison with the previous month, as the economic improvement in the developed markets continued, particularly in the eurozone. Furthermore, the ECB mentioned the possibility that it might launch an asset purchase programme if its inflation scenario is not confirmed in the coming months. Geopolitical tensions between Ukraine and Russia continued throughout April. Leading indicators confirmed the dynamic of economic recovery in the United States. Over the month, the STOXX Small 200 index dropped 0.94%, underperforming the STOXX 600 index, which includes large caps and which posted a rise of 1.56%. The energy, utilities and healthcare sectors outperformed the index. Conversely, the consumer goods, telecoms and industrial sectors posted the worst performances this month. Allocation was the primary reason for this underperformance, due to overweighting in the consumer services sector and underweighting in the energy sector. Stock-picking had a slightly negative impact. The fund was affected by profit taking on UK stocks such as Betfair, Grafton and Booker. In the media sector, we sold our position in ITV due to an increase in competition in the UK. In the financial sector, we also sold our position in Aberdeen AM due to the slowdown in inflows, chiefly on the emerging markets. We established a position in Yoox, which specialises in global e-commerce in the luxury goods sector. We also established a position in Hunting in order to benefit from the recovery in investment in oil and gas production in the United States and from the globalisation of the company. Finally, in the healthcare sector, we established a position in Swedish Orphan Biovitrum, which benefits from a strong franchise in the development of haemophilia treatments.
Fund manager: Isabelle DE GAVOTY
Co-manager: Cyril BENIER