Transcript Diapositive 1

AXA WF Responsible Development
Bonds
February 2008
Fixed Income Emerging Markets - 17/07/2015
1
Agenda
 AXA Investment Managers: company overview
 AXA IM Emerging Markets Expertise
 Why Emerging Markets?
 Why Responsible Investment in Emerging Markets?
 Fund features and performances
 Fund’s Investment process
 Appendix
Fixed Income Emerging Markets - 17/07/2015
2
AXA IM
Key figures
AXA IM assets under management
EUR 548bn total assets under management:
Core expertise in fixed income:
 EUR 273bn of fixed income assets under
management
AXA IM global presence
A dedicated and autonomous asset manager with more
than 2,900 employees, 81 nationalities
AXA IM is present in 21 countries, across 5 continents
AXA IM AUM Breakdown
STOCKHOLM
■ AXA REIM
Investment
Soulutions;
4,3%
Alternatives ;
15,1%
ENDINBURGH
LONDON
■ AXA Framlington ■ AXA IM
■ AXA Framlington
■ AXA Private Equity
■ AXA REIM
■ AXA Rosenberg
PARIS
■ AXA IM
■ AXA Private Equity
■ AXA REIM
LUXEMBOURG
■ AXA IM
BRUSSELS
■ AXA IM
■ AXA REIM
FRANKFURT
■ AXA IM
■ AXA Private Equity
■ AXA REIM
COLOGNE
■ AXA REIM
UTRECHT
■ AXA REIM
AMSTERDAM
■ AXA IM
TORONTO
■ AXA Rosenberg
MINNEAPOLIS
■ AXA IM
Fixed Income;
49,8%
NEW YORK /
GREENWICH
■ AXA IM
■ AXA Private Equity
■ AXA Rosenberg
HONG KONG
■ AXA IM
■ AXA Rosenberg
ORINDA
■ AXA Rosenberg
SINGAPORE
■ AXA IM
■ AXA Private Equity
■ AXA Rosenberg
Equity; 30,8%
 Investment Management Centres
& Client Servicing
 Client Servicing
GENEVA
■ AXA IM
SYDNEY
■ AXA Rosenberg
ZURICH
LISBON
■ AXA IM ■ AXA REIM
■ AXA PE
MADRID
■ AXA IM
■ AXA REIM
MILAN
ROME
BUDAPEST
■ AXA IM
■ AXA REIM ■ AXA REIM
■ AXA REIM
■ AXA PE
QATAR
■ AXA IM
Source : AXA IM, as at 30/12/07
Fixed Income Emerging Markets - 17/07/2015
3
AXA IM
A large asset base

+ 296 % growth in AUM over 10 years, reaching €548 billion
24,4 % of assets distributed to individual investors
75,6% to institutional investors
600
548
485
500
432
Fixed Income
400
€273 Billion
345
300
277
238
256
292
268
199
Equities
200
€169 Billion
139
100
Alternatives
€83 Billion
0
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Investment Solutions
€24 Billion
Source : AXA IM, as at 30/12/07
Fixed Income Emerging Markets - 17/07/2015
4
AXA IM Fixed Income
Organization
A large and complex investment universe covered by highly specialized and
empowered teams
*
Experts investment teams rely on globally shared resources
and contribute to the global information advantage
Source : AXA IM, as at 31/12/07
*including Investment Grade and High Yield
Fixed Income Emerging Markets - 17/07/2015
5
AXA IM - Fixed Income
Shared Resources
 €273 bn of Assets under management as at 30/12/07*
 12 Fixed Income sub expertises
 Around 60 Portfolio Managers
 Credit & Macro:
 Global organisation of 23 credit Analyst specialised by sector
 11 Economist/strategist with 3 dedicated to Fixed Income
 9 Portfolio Engineers managing risk alongside Fund Managers and
developing robust quantitative tool
Fixed Income Emerging Markets - 17/07/2015
Source : AXA IM, *unaditted figures as at 30/12/07
6
Agenda
 AXA Investment Managers: company overview
 AXA IM Emerging Markets Expertise
 Why Emerging Markets?
 Why Responsible Investment in Emerging Markets?
 Fund features and performances
 Fund’s Investment process
 Appendix
Fixed Income Emerging Markets - 17/07/2015
7
AXA IM in Fixed Income Emerging Markets

Around €458 Mio of AUM in Emerging Markets Debt as end of 30/12/07*

Extensive knowledge and experience in Emerging Markets Team:

Benchmarked portfolios

Hard Currency management

Local Currency management

Micro credit

2 specialised fund managers accountable for performance based in Paris

3 strategists covering Emerging Markets Debt

2 Forex dealers and 1 portfolio controller
Chandima Mendis
Head of Fixed Income Emerging Markets team
Investment Strategy
3 people
Global Funds
Credit Research
23 people
Fixed Income Emerging Markets - 17/07/2015
Sources: AXA IM, 30/06/07
Portfolio Engineering
Group
Paris
Chandima Mendis*
European Convergence
& RI Funds
Matthieu Stanic
Global Funds & CPPI
9 specialists working
alongside portfolio
managers
Chandima Mendis
A strong expertise in Emerging Markets Debt
*and closely monitors European
Convergence and RI funds
Source : AXA IM, as at 30/12/07
8
Why Emerging Markets Debt?
 The potential for higher yields than those available on investments like cash or
U.S. Treasuries
 However, credit differentiation remains key in order to produce excess returns
 A tool eventually reducing the volatility of a diversified fixed income portfolio:
Emerging Markets
Emerging
Markets
US Total
Return
Investment
Grade
High Yield
MBS
Global Bond
Index
S&P
100%
17%
-5%
11%
-6%
17%
48%
100%
11%
10%
13%
21%
-5%
100%
40%
86%
-1%
-5%
100%
24%
2%
24%
100%
-12%
-12%
100%
-3%
US Total Return
Investment Grade
High Yield
MBS
Global Bond Index
S&P
100%
 The advantage of investing in local-currency bonds in maturing economies:
additional diversification and potential currency appreciation
A likely source of portfolio return enhancement in the coming years
Fixed Income Emerging Markets - 17/07/2015
Source : Bloomberg, historical data since 1991, correlation of index monthly performances
9
Emerging Markets Debt offers very good
performances, despite crisis…
EMBI Global Diversified Total Return Index
380
Argentina Restructuring
(Jun '05)
340
Pakistan Restructuring
(Dec '99)
300
Argentina
Default
(Dec '01)
Dom Rep
Restructuring
(Jun '05)
260
Asia Crisis
(mid '97)
220
First
Brady Exchange
(Mexico Apr 96)
180
140
Brazil Devaluation
(Jan '99)
Russia Default
(Aug '98)
Mexico
Tequila Crisis
('94-'95)
Uruguay
Restructuring
(Apr '03)
Ukraine
Default
(Jan '00)
Ecuador Default
(Aug '99)
100
Crisis are less
frequent, tighter,
and do not affect all
the countries of the
asset class :
Spill over risk is
limited
Mexico gets
Investment Grade
(Mar '00)
60
6
00
.-2
éc
-d
6
31
00
-2
in
-ju
5
30
00
.-2
éc
-d
5
31
00
-2
in
-ju
4
30
00
.-2
éc
-d
4
31
00
-2
in
-ju
3
30
00
.-2
éc
-d
31
03
0
-2
in
-ju
2
30
00
.-2
éc
-d
2
31
00
-2
in
-ju
1
30
00
.-2
éc
-d
1
31
00
-2
in
-ju
0
30
00
.-2
éc
-d
0
31
00
-2
in
-ju
9
30
99
.-1
éc
-d
9
31
99
-1
in
-ju
8
30
99
.-1
éc
-d
31
98
9
-1
in
-ju
7
30
99
.-1
éc
-d
31
97
9
-1
in
6
99
.-1
éc
-ju
30
-d
31
6
99
-1
in
5
99
.-1
éc
-ju
30
-d
31
5
99
-1
in
4
99
.-1
éc
-ju
30
-d
31
4
99
-1
in
3
99
.-1
éc
-ju
30
-d
31
Fixed Income Emerging Markets - 17/07/2015
Past results are not necessarily indicative of future performance. No assurances can be made that profits will be achieved or that substantial losses will not be incurred.
10
Structural changes gaining momentum
 Market friendly policies: improving quality of management in
emerging market countries
 More sophisticated investors
 High level of liquidity: being injected by the central banks in the
global economy, supporting riskier assets
 Floating exchange rates: allowing countries to adjust their
economies through currencies
 Positive balance of payments: enabling foreign exchange reserves
to cover a larger share of their short term debt
EM countries: from a source of vulnerability to a provider of stability
Fixed Income Emerging Markets - 17/07/2015
11
Bringing together Performance
& Sustainable Investment
 A Responsible fund*, that invests in internationally
diversified bonds, and seeks attractive yields
 Investment decisions are based on the selection of projects
that contribute to the sustainable development of economies
On a local level, by investing in
microfinance institutions
On the regional and global level,
by supporting regional and supranational development agencies
At a country and corporate level,
by investing in government &
corporate bonds
* AXA
WF Responsible Bonds - Name changed from AXA WF Development Debt
Fixed Income Emerging Markets - 17/07/2015
12
Choice of issuers promotes
Sustainable Development
Importance of the criteria
Short term securities issued by microfinance institutions
+++
Bonds issued by local development agencies in
emerging countries
++
Bonds issued by supra-national institutions
+
Fixed Income Emerging Markets - 17/07/2015
13
The Emerging Growth Cushion
Fixed Income Emerging Markets - 17/07/2015
14
From Debtors to Creditors
Fixed Income Emerging Markets - 17/07/2015
15
Emerging Bonds Difficult to Ignore
Fixed Income Emerging Markets - 17/07/2015
16
Why Responsable investment in EM?
• Higher risk on corruption, on human rights, on social
and environment
• Link between good practices and bonds performance
• Reducing the poverty does not mean lower profitability
Fixed Income Emerging Markets - 17/07/2015
17
Best ESG countries outperform
Spread against US treasury: Best countries versus Worst countries by income category
(Nov 2005= 100)
160
140
120
100
80
60
40
20
0
11/05
03/06
07/06
11/06
Best in class
03/07
07/07
Worst in class
Source EIRIS, Datastream, AXA IM
Fixed Income Emerging Markets - 17/07/2015
18
RI Filter for the country selection
3 issues:
Governance (40%): Policy rights, Liberty rights, Corruption.
Social (40%): Labour Convention, Child Labour,
Unemployment rate, Child Mortality, Water Access.
Environmental (20%): Deforest, Waste, CO2 emissions, GHG
p/cap, Protected Areas
Our sources are EIRIS and AXA RI TEAM
Fixed Income Emerging Markets - 17/07/2015
19
What is the BOP Approach?
Populations in millions
Purchasing Power Parity in U.S
Dollars
75 - 100
> $ 20,000
Tier 1
1,500 - 1,750
$ 1,500 - $ 20,000
Tiers 2-3
$ 1,500
Tier 4
4,000
< $ 1,500
Fixed Income Emerging Markets - 17/07/2015
Tier 5
20
Poor people can be consumers:
A market based approach
Corporate Bonds: Companies which do business by developing
products and Services for the Poor people in emerging Countries
A bottom-up approach, allowing a local investment in acceptable
countries, as far as the companies match certain criteria,
as for example: - increase of local employment
- working conditions
- improvement of life-standards
- training, availability of the output to the local population
services (micro insurance etc.)
- respect of environment
Poverty reduction by taking BOP Approach
Fixed Income Emerging Markets - 17/07/2015
21
The RI filter for corporate bonds
Corporate Bonds With good practices on Governance, Social
and Environmental and citizens issues
Governance (40%): Audit & control, Executive remuneration,
Shareholders’rights, Business Behaviour ( prevention of corruption and
impact on the social and economic development )
Social (40%): Promotion of Labour Relations, Respect of working
hours, Respect of human rights,Community of involvement.
Environmental (20%): Pollution prevention & control,
Protectionof Biodiversity, Protection of water resources
Fixed Income Emerging Markets - 17/07/2015
22
Example of BOP Strategy
INFORMATION AND COMMUNICATION TECHNOLOGIES (ICT)
Lack of access to communication technologies in rural areas keeps rural households
disconnected from markets and broader information sources and reinforces rural
isolation and poverty.
Improvement of life-standards: Low income people clearly benefit from
access to mobile phones.
Easy access to jobs, to Medical care..
Availability of the output to the local population services
Easy access to market prices, to family members working away from
home
The total BOP household ICT market in Africa, Asia, Eastern Europe, Latin America and
The Caribbean, including 3.96bn people in all surveyed countries, is estimated to be
$51.4bn. And the market is expecting to grow for some time. Indeed in Africa and India,
less than 15% of the population has mobile phones.
Fixed Income Emerging Markets - 17/07/2015
23
PLDT (Philippine Long Distance Telephone) –
Telecom Services (Philippines)
Its subsidiary Smart Communications, Inc. is the Philippine’s leading wireless
services providers, is providing banking services over mobile phones to previously
unbanked customers.
Innovation of new services: “Over the Air” (OTA) payment system
has transformed the cell phone market by allowing electronic sales of airtime
through short message service (SMS) and by
reducing the unit size of such sales to US$0.03.
Increase of local employment
It allows small merchants to resell minutes with a commission on every sale
creating business opportunity for 800,000
micro-entrepreneurs
Reducing poverty with profitability
By the end of 2003, just ten months after the launch of its innovative ‘Smart Load’
proposition, Smart Customer numbers had grown to 10 million, representing a 47%
on year growth over 2002. In 2004 the company had amongst the highest profit
margins in the Asia-Pacific region.
Fixed Income Emerging Markets - 17/07/2015
24
Microfinance in action
 Opportunites to provide finance for micro entrepreneurs
 Direct investments
 Current strategy
 indirect investments
 Structured products – growing inimportance
 Challenges
 Accessing market
 Reputational risk
Fixed Income Emerging Markets - 17/07/2015
25
Microfinance in Arequipa
 CMAC Arequipa - One of better managed MFIs in Latin America
 Over 70 000 members
 Owned by municipality but considering opening the share capital
 Due diligence visit by analyst in 2004
 Over 71% of loans made to micro entrepreneurs
 Benefits from Peru’s robust growth and reforms
 Strengths
 Strong growth and profitability
 Management of portfolio endures
liquidity
 Leader in the region
Fixed Income Emerging Markets - 17/07/2015
 Weaknesses
 Sole shareolder – Municipality
 Potential for political interferance
 Rise in arreas (30 days)
26
Supranationals and Development
 International Finance Facility for Immunization
 Accelerate immunization in 70 low income countries
 Financial base constitute grants from donor several EU governments and some
emerging countries
 AAA Rating reflects sovereign backing ( except Italy)
 Anticipates raising $4 bn over 10 years
 Spread pick-up of 45 bps
Sources: AXA IM, as at 10/09/07
Strategies are here for illustration purpose only, they might not reflect the current strategy.
Fixed Income Emerging Markets - 17/07/2015
27
Agenda
 AXA Investment Managers: company overview
 AXA IM Emerging Markets Expertise
 Why Emerging Markets?
 Why Responsible Investment in Emerging Markets?
 Fund features and performances
 Fund’s Investment process
 Appendix
Fixed Income Emerging Markets - 17/07/2015
28
AXA WF Responsible Development
Bonds*

Objective & investment strategy: AXA WF Responsible Development
Bonds is for investors whose goal is to participate in sustainable
development and solidarity in economies at a local and global level
through investments in diversified international bonds and debt
instruments with attractive three-year growth outlooks. The funds aims
to outperform the European Government Bonds 3-year return + 50bps.
Performance target : Yield of 3-year European Government Bonds +
50 bp



For investors whose goal is to participate in sustainable development
and solidarity in economies at a local and global level through
investment in diversified international bonds and debt instruments with
attractive three-year growth outlooks.
Legal form: Sub-fund of a Luxembourg-based SICAV


Agreement date: 02/01/02
Currency: EUR

AXA WF Responsible Development Bonds, F Eur
126
121
116
111
106
101
96
Fees





Maximum Initial Charge: Class F: 2,00%
Maximum exit fees: None
Minimum initial subscription: Class F: €500 000
Minimum subsequent investment, except in case of regular saving
plans: Class F: €50 000
Operating and management costs, gross of tax: Maximum rate: Class
F: 0,60%
AXA WF Responsible Development Bonds

Investment horizon: 3 years
Performances and Risk


Category of investors: All subscribers.
Risk profile Volatility target range: 0-5%**

** This figure is a working base for fund management teams. It is subject to change
without notice and should not be construed as a firm commitment on the part of AXA
Investment Managers
3M
YTD
1Y
3Y
5Y
Gross Performance
1,37%
0,93%
4,76%
11,50%
22,48%
Net Performance
1,18%
0,86%
3,95%
8,89%
17,88%
0,90%
0,94%
1,13%
Volatility
Sources: AXA IM, as at 31/01/2008
Past results are not necessarily indicative of future performance. No assurances can be made that profits will be achieved or that substantial losses will not be incurred. Fund's performances are calculated net of management
fees, dividend reinvested. Index performance is presented gross, dividends non reinvested. Performances are expressed in Euros (except if specified otherwise).
* Since 07/01/2008, the name has changed from AXA Development Debt to AXA Responsible Development Bonds
* AXA World Funds (AXA WF) is a UCITS III Luxembourg based SICAV Regulated by the CSSF, registered under the number RC Luxembourg B-63.116, on February 18, 1998
Fixed Income Emerging Markets - 17/07/2015
29
Fund identity
AXA WF Development Debt
 Share of mutual fund under Luxembourg law
 Volatility Range: 0 - 5%
 Investment Horizon: 3 years
 Exchange Risk Exposure: potential
 VL calculation: every 15 days
 Open to all informed investors
 Management Fees: 0.60% taxes not included (F share)
 NAV of the share : 60.85 (12/10/2007, F share)
 AUM: €15.8 Mio
The fund will change its name in the current months and will be called AXA WF Responsible Development Bonds; it will also benefit from a weekly NAV.
Fixed Income Emerging Markets - 17/07/2015
Source: AXA IM, 31/10/07
30
Risk diversification rules
 Diversification and liquidity constraints
 MFIs
 Maximum per issuer: 3% of assets
 10% of total portfolio
 Local
Agencies
 Maximum per country: 10% of total portfolio
 Country
Risk
 Max 50% of portfolio assets by regions
(diversification in Latin America, Central and
Eastern Europe, Africa and Asia)
 Currency risk
 75% covered against currency risk, the other
25% can be exposed to non Euro currencies
Fixed Income Emerging Markets - 17/07/2015
Source: AXA IM, 30/06/07
31
Achieving our performance objectives
 Alpha sources:
 Spread duration (sovereign and supranationals)
 Microfinance
 Corporates
 Local currencies
 Interest rate duration (local and external)
 CDS Curve Play
Fixed Income Emerging Markets - 17/07/2015
20%
10%
10%
10%
40%
10%
32
Agenda
 AXA Investment Managers: company overview
 AXA IM Emerging Markets Expertise
 Why Emerging Markets?
 Why Responsible Investment in Emerging Markets?
 Fund features and performances
 Fund’s Investment process
 Appendix
Fixed Income Emerging Markets - 17/07/2015
33
Strong Resources for this Fund
Portfolio
managers
2 portfolio managers
responsible
for performance and the respect
of the client’s guidelines
Shared Resources
8 people from RI team +
6 external partnerships
(whom 3 specific
partnerships), working
alongside portfolio
managers
Responsible
Investment
Team & CRS
partnerships
CERES
In-house tools
Specialist micro-finance
intermediary
11 Macro Analysts &
23 Credit Analysts
Credit &
Macro
Research
A disciplined. repeatable and consistent process
supported at every stage by three pillars
Fixed Income Emerging Markets - 17/07/2015
34
A Clear and Rigorous Process
1 Global Macro &
Sector Outlook
2
Country
Selection
3 Instrument
Selection
• Defining
duration & asset
allocation views
Analysing &
Quantifying
macro views
• External debt
• Defining credit
sector views
RI Criteria /
ESG Filter
•RI Criteria /
ESG Filter
Fixed Income
Teams
Forecasting &
Credit Strategy
Groups
EMD Team
Investment Policy
Meeting
•Local Debt
•Currency
Portfolio Manager
Investment Policy
Meeting
4
Portfolio
Construction
Implementing
& Optimising
Strategies
within
constraints
Portfolio Manager
PEG Meeting
5
Dynamic
Portfolio
Reviews
Revising
portfolio
consistency
EMD Team
Portfolio Managers
…shared by all Fixed Income Expertises and supported by resources globally
(RI team)
Fixed Income Emerging Markets - 17/07/2015
35
Agenda
 AXA Investment Managers: company overview
 AXA IM Emerging Markets Expertise
 Why Emerging Markets?
 Why Responsible Investment in Emerging Markets?
 Fund features and performances
 Fund’s Investment process
 Appendix
Fixed Income Emerging Markets - 17/07/2015
36
Investment Process – Steps:
Fixed Income Emerging Markets - 17/07/2015
37
Step 1: Market forecasts
 The Forecasting Group establishes market forecasts on:
 interest rates, notably for the US
 steepness and shape of yield curve
 credit spreads (approached by swap spreads)
 EMD sets own duration target using these inputs and
 Views of global risk aversion
 Global FX
 Commodity cycle
Fixed Income Emerging Markets - 17/07/2015
38
Step 2: Emerging Country views
 Fundamental views and
monthly in-depth analysis
 Qualitative factors
 Institutions
 Political stability
 Law & order
 Market Technicals
 Country Scoring
Fixed Income Emerging Markets - 17/07/2015
39
Step 3: Defining active investment
strategies
 Selection of tradable bonds, micro-credit securities and financing
projects
 Tradable bonds selected on scoring and valuation
 Micro-credit: Projects are selected in partnership with local
correspondents & external research
 Financing projects: direct financing of bodies whose goal is to promote
sustainable development.
 Projects are medium to long term
 Partnership with supranational bodies in a co-financing context or in cooperation with in-house teams specialised in financial projects.
Fixed Income Emerging Markets - 17/07/2015
40
Step 4: Portfolio Construction
 For compliance with the following diversification rules:
 micro finance projects: maximum of 10% of total assets and 3% of assets per
issuer
 local agencies: maximum per country of 10% of total assets
 geographical risk: any geographical zone cannot exceed 50% of total assets
 Monitoring of the portfolio’s credit risk
Fixed Income Emerging Markets - 17/07/2015
41
Step 5: Dynamic Portfolio Review
 Weekly and Monthly Monitoring of positions
 Reconciliation of views, positions and risk budget
 Feedback from Management
Fixed Income Emerging Markets - 17/07/2015
42
Current Exposure
Fixed Income Emerging Markets - 17/07/2015
Source: AXA IM, 31/10/07
43
Maturity and issuer profile
Fixed Income Emerging Markets - 17/07/2015
Source: AXA IM, 31/10/07
44
Disclaimer
 This presentation is for information purposes only and does not in anyway constitute an offer, solicitation or specific
recommendation with respect to the purchase or sale of securities issued by any fund which is promoted or managed by AXA
Investment Managers.
 This presentation is not an advertisement and may not be copied or circulated, in whole or in part, to any person without the prior
written consent of AXA Investment Managers. It shall not be deemed to constitute investment advice and should not be relied upon
as the basis for a decision to enter into a transaction or as the basis for an investment decision. Investments should only be made
on the basis of suitable investment, legal and taxation advice. Subscriptions to any fund managed or promoted by AXA Investment
Managers are accepted only from eligible investors on the basis of the then current prospectus and related offering documentation.
 AXA Investment Managers does not offer legal, investment, tax or other advice on the suitability of these funds or services for
investors, who should take appropriate professional advice and make their own assessment of the merits, risks and tax
consequences prior to investing. The value of the investments may fall as well as rise. Past performance is not necessarily
indicative of future returns. Target returns and volatility are not guaranteed. Investment returns may be subject to foreign currency
exchange risks.
 The funds presented in this document are governed by French or Luxembourgian law. The investor must read the relevant
prospectus (available upon request) prior to any subscription. Fund's performances are calculated net of management fees,
dividend reinvested. Index performance is presented gross, dividends non reinvested. Performances are expressed in Euros
(except if specified otherwise).
 Investors cannot rely solely on this document to make any investment decision, insofar as the information is partial and cannot
allow an estimate of the consequences of such potential investment. Any investment decision must be based on the information
published in the relevant prospectus and on an independent analysis.
 AXA Investment Managers Paris - Coeur Défense - Tour B - La Défense 4 - 100 esplanade du Général de Gaulle - 92932 Paris La
Défense Cedex. Société anonyme au capital de 1 384 380 euros - 353 534 506 RCS Nanterre. Société de Gestion de Portefeuille
titulaire de l'agrément COB n° GP 92-08 du 7 avril 1992
 AXA World Funds (AXA WF) is a Luxembourg SICAV UCITs III approuved by the CSSF ans registered under RC Luxembourg B63.113, 18 February, 1998.
Fixed Income Emerging Markets - 17/07/2015
45