60031_brand_brandbook_20100215
TRANSCRIPT
Brand bookFebruary 8th, 2010
BRAND
BOOK
redefi ning
When we redefi ne, we are not necessarily
looking to do something completely new.
We are simply changing it for the better.
We are changing it to ensure it meets
clients’ needs.
investment solutions
A solution is an answer to a problem. It can be a product – pure or composed of expertise bricks -, a service, or both.
2
Introduction
This brand book aim’s to explain and demonstrate AXA IM’s new brand identity
It defi nes the brand’s communication territory, as well as our key communications principles letting you know what you may or may not do.It gives specifi c guidelines covering any kind of communications. You will fi nd the usual guidelines such as logos and signature, colours, templates, but also some new visual elements.
This book can easily be shared with your agencies as you can fi nd it in PDF format on ConneXion. It provides the frame so you and your teams can focus on the message.
AXA IM’s signature is:
redefi ning investment solutions
3
The aim of this document is to clearly set out AXA IM’s response to the AXA IM Group’s global re-branding exercise.It is essential to keep in mind that artwork across all of AXA IM’s offi ces must have a coherent look and feel to demonstrate to our clients that we have a strong global brand. This entails that:- The artwork produced by the London and Paris DTP teams is shared between teams;- This brandbook is clear and structured so as to ensure that any external service provider using it will achieve artwork which is optimally aligned with AXA IM’s visual identity.
As designers we know that clients (individually and in each country) have a preference for slightly different styles, which is why we have created some fl exibility in the execution of the brand. But if we are, at the same time, to ensure consistency, adherence to the following core rules is necessary:• Follow the guidelines defi ned in this brandbook • Ensure the following governance is effi ciently implemented
- The initial process for standard artwork:All new artwork created within the framework of this brandbook is to be validated by the Brand and Corporate Marketing team to ensure a coherent look and feel across AXA IM.
- The process for non-standard and new artwork:To avoid confusion, new artwork and/or imagery that does not obviously follow the core rules set out on this brandbook: 1. Is to be discussed between DTP teams (via pdf);2. Is to be ultimately validated by the Head of Brand, and referred to the Global Head of MIS should an issue arise.
This Charter must be shared with all communications agencies that create or produce client publications. For more information, please contact: Brand Team: [email protected] Book: [email protected] indd: [email protected]
DTP Teams : located in Paris : [email protected] and located in London : [email protected]
Core brand
Governance
4
FUNDAMENTALS 5
Logo 6
Brand architecture 9
Colours 10
Logo modus vivendi 12
The Switch 15
Typefaces 20
Writing 21
Iconography 22
COVERS AND INSIDE BROCHURES 24
First layout structure 25
Second layout structure 32
Third layout structure 33
Inside layout brochures 34
The grid 36
CHARTER 37
First layout structure cover 38
Second layout structure cover 57
Third layout structure cover( magazine) 61
The inside of brochures 64
REGULAR REVIEW 68
RI Inside 69
AXA Framlington Inside-Out review 70
Investment Acumen 71
CHARTER 72
RI Inside 72
AXA Framlington Inside-Out review 75
Investment Acumen (work in progress) 77
OTHER DOCUMENTS AND CHARTER 79
Newsletter 80
Documents focussed on products 90
- «2 pager» 91
- Fund fact sheet 94
- Reporting sheet 97
Leafl et 100
Invitation cards 105
Posters 110
OFFICE DOCUMENTS 118Stationery 119
Offi ce templates 127
- Company fax 128
- Company meeting report 129
Badges 130
E- stationnary 132
- E-signature 133
- Internal E-mail banners 134
Powerpoint templates 139
JOINT VENTURE & CO-BRANDING 142
Joint Venture 143Co-branding 144
ADVERTISING 148
WEB CHARTER 151
5
- Logo block 6
- Colours and logos 7
- The logo and its’ environment 8
- Brand architecture 9
- AXA IM’s corporate colours 10
- AXA IM’s expertise colours 11
- The logo modus vivendi 12
- The Switch 15
- AXA IM’s Switch 16
- The Switch and the heading 17
- Typefaces 20
- Writing guidelines 21
- Iconography 22
- Iconography: Portraits 23
FundamentalsIn this section, you will fi nd all the information
to guide you with regards to your publications:
principles and guidelines.
6
• The AXA square,
• The INVESTMENT MANAGERS name on the rightof the AXA square,
• The « redefi ning investment solutions » signature,with the “ ” Switch in the middle, underneath.
The signature must not be used alone*
and it is an integral part of the AXA IM logo.
* Except one document. The Manifest come from the AXA Group.
N.B. When reproducing the logo block, please use the electronic fi les available.
The AXA IM logo is composed of:
Logo block
The single colour AXA IM logo exists only in black white version for faxes, black and white press releases, etc.
It is not possible to change the colour of the logo (exept in the case of a black and white logo).
Red: Pantone 185M 100 % - Y 70 %R 255 - G 24 - B 33
The colour specifi cations for each type of medium must bescrupulously respected.
THERE IS NO REVERSE VERSION OF THE AXA IM LOGO
7
Blue: Pantone 287C 100 % - M 70 % - K 10 %R 16 - G 49 - B 132
Colours and logos
8
100% white background 75% white background
(in order to have a transparency effect)
X =
12mmX =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
1/3 X
=4m
m
1/3 X
=4m
m
X =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
A minimum clear space around the logo must be maintained,to ensure optimal legibility and visual impact:
The AXA IM logo:
- The clear space is equal to one third of the AXA IM square aroundthe entire logo block.
- The minimum size is equal to 7 mm in height for the square of the logo block. Depending on the reproduction process it may be necessaryto increase its size.
- Exception: for promotional items, the logo may be used in a formatas small as 5 mm.
7 mm
5 mm
The logo and its’ environment
AXA IM’s brand architecture has been streamlined in order to clarify, strengthen and raise awareness of the multi-expert model. This new brand architecture leads to all of AXA IM’s expertises being equally visible within the architecture and enables the corporate signature to take its full meaning, as all of these expertise are what our investment solutions will be made of.
When presentingAXA IM’s brand architecture , please do so in the following way:
This image can be found on the Global Brand sharepoint
9
Fixed Income Equities Alternatives
■ Asset Liability Management
■ Allocation Management
■ Insurance Investment
■ Structured Management
Brand architecture
10
AXA Corporate
Responsible Investment
AXA IM Corporate palette
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The corporate palette must be the colour basis of all corporate documents produced.
The colour can be used at a second level
AXA IM’s corporate colours
11
The expertise palette must be the colour basis of all documents produced
AXA Fixed Income AXA Framlington AXA Rosenberg AXA Private Equity
AXA Real Estate AXA Structured FinanceAXA Funds of Hedge Funds
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hex: d5c3d5
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hex: e0d2e1
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40%
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100%
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70%
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40%
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40%
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hex:dabe97
100%
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hex: d6c476
70%
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hex: e2d6a0
40%
r239 g232 b202
hex: efe8ca
AXA IM’s expertise colours
The overall objectives of the logo modus vivendi are:
To continue to raise awareness of AXA IM’s multi-expert modelby giving each expertise the same brand toolkit (logo, colour,positioning etc.)
To highlight the key roles played by the AXA IM corporate brand:
• Expertise role: A solution provider
• Distribution role: An integrator with a seamless client interface
• Corporate role: A seal of endorsement/label of qualityfor the expertise brands
The signature must only and always appear under
the AXA IM corporate logo and never under
the expertise logos
The logo modus vivendi - Introduction
12
• The AXA IM logo is always to be found on the bottom white banner, on the right hand corner
(to symbolise backing and endorsement)
• If several expertises are concerned, only the AXA IM logo is to appear on the bottom right hand corner.
In order to fulfi l these objectives, the following guidelines are to be implemented:
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• If only one expertise is concerned, the expertise logo is on the top left hand corner
(to illustrate who is speaking)
The logo modus vivendi - Marketing documents
13
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product name
Brochure
Leafl etAXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.
La performance est générée en arbitrant 3 types d’actifs : les actions à haut dividende, les obligations et les liquidités. Les gérants peuvent également utiliser des futures sur indice pour protéger temporairement le portefeuille.
Un couple rendement / risque performant depuis création (04/03/2004) au 30/06/2009
Performance nette depuis création (04/03/2004) au 30/06/2009
MSCI EUROPE
0 5 10 15 20 25 30
-4-3-2-10123456 AXA WF Framlington Optimal Income (E)
Merrill Lynch EMU Corp 2-8 Volatilité annualisée (%)
Per
form
ance
net
te (
%)
Moyennede lacatégorie
(1) Catégorie Europerformance : Diversifi és int-gest fl exibleSource : Europerformance au 30/01/2009
+ 5,10%-3,61%
+ 18,18%
AXA WF Framlington Optimal Income (E)
MSCI Europe
Merrill Lynch EMU Corp. 2-8 ans
70
80
90
100
110
120
130
140
150
160
170
180
30/06/200930/06/2008
29/06/200730/06/2006
30/06/200530/06/2004
04/03/2004
L’art de maîtriser la volatilité
Quelle est l’originalité du concept AXA WF Optimal Income ? ■ Une combinaison innovante entre des actions à haut dividende (moins volatiles
et plus performantes que les indices à long terme) avec des liquiditéset/ou des obligations d’entreprises européennes.
■ La possibilité de diminuer l’exposition « actions » grâce à la vente de futures sur l’indice Eurostoxx 50.
■ Une solution d’investissement permettant de maîtriser la volatilité.
Pourquoi un investissement fl exible et réactif ? ■ La répartition entre les poches « actions » et « taux » peut varier entre 25% et 75%.
■ Une gestion active et sans contrainte d’indice de référence.
■ Une utilisation ponctuelle de couvertures.
■ Un arbitrage quotidien entre les 3 classes d’actifs.
Quel couple rendement / risque depuis la création du fonds ? ■ Depuis sa création (le 4 mars 2004), AXA WF Optimal Income (Part E) est en hausse
de + 5,10%* avec une volatilité de 7,48%*.
Serge PIZEM, gérant principal d’AXA WF Optimal Income responsable de l’équipe de gestion Convictions Actions.
« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents.Le fonds sélectionneles meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».
Source : AXA Investment Managers
au 30/01/2009
www.axaframlington.com
Risk profile Volatility scale
Septembre 2009
AXA WF FramlingtonOptimal income
www.axaframlington.com
■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
December 2009
AXA WF FramlingtonGlobal Real estate Securities A EUR
“We have always had a simple philosophy: to buy good
stocks on modest valuations that can signifi cantly grow
their revenues and profi ts revenues and profi ts.”
■ AXA WF Framlington American Growth seeks to achieve capital growth through investment essentially in US companies. Overall, the fund gives investors broad exposure to the world’s largest stockmarket by investing in companies that show above average profi tability, management quality and growth.
■ Sustainable growth: We identify good quality stocks that have the potential for signifi cant growth in both revenues and earnings, and focus on secular rather than cyclical growth. Typically, companies that expand their market share or innovate are likely to be on a sustainable growth path and are set to perform well in an environment of rarefi ed growth. Relatively to its perfor-mance indicator (1), the fund tends to have large weightings in small and mid caps as this area provide more opportunities to add value.
■ Unconstrained management: The fund derives much of its performance through a stockpicking approach driven by AXA Framlington’s “Growth at a Reasonable Price” (GARP) philosophy.,Since the fund manager is not directly infl uenced by the index’s stock or sector weightings, he is free to look for the index constituents of tomorrow, not of today. The portfolio’s typically contains 65 to 75 stocks, with a maximum weight per stock of 2%. Once our invest-ment objectives have been met, or when we are disappointed on growth delivery, stocks are systematically sold.
■ A specialised and experienced investment team : The current fund’s manager, who has been managing US stocks for over 18 years and the fund for 12 years, has always managed the fund according to the same bottom-up, growth-orientated approach. He is supported by a team of sector specialists (among which technology, healthcare and biotech) to whom he can resort for focused investment insight.
Net total assets of fund (in million - in USD)
74.20
� Portfolio* � Benchmark**
Performance analysis (in EUR)
31/12/1999
Data are rebased to 100 by AXA IM on the graph start date.
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%Quartile*** 2 2 2 -Category*** Fixed Income Global Infl ation Linked/offshore
2005 2006 2007 2008 2009
Portfolio* 26,4% 80,0% 123,0% 23,0% 80,0%Benchmark** 26,4% 80,0% 123,0% 23,0% 80,0%
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%
Annualised performance
Annual performance
Annualised volatility
Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures.
* Fund AXA WF Aedifi candi benefi ts of the historical evolution of the performance of the French fund AXA Aedifi candi, since its creation on the 17/08/05, because they have the same investment objectives.**Benchmark : 100.0% FTSEEPRAEUROPECAPPEDNETTR from 01/01/09. Is a performance indicator given as a basis for comparison only, the fund does not have a reference index.*** Source : MorningstarSource(s) : AXA Investment Managers Paris - FTSE to 30/10/09
Fund fact sheet
Invitation
«2 pagers»
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• The logo modus vivendi is different for reporting document
Only the expertise logo is to be found on the bottom right hand corner.This is also true if the support used is the ppt template.
14
www.axaframlington.com
Analyse de la performance (en Eur)
2009 1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Chiffres clés (en Eur)
AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero
B2C AT 30/09/2009
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
Analyse du portefeuille
Valeurs Secteurs d’activité Pays %Industrial & Commercial Bank H Telecomm. serv. CHN 1,69%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,71%Industrial & Commercial Bank H Telecomm. serv. CHN 1,72%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,73%Industrial & Commercial Bank H Telecomm. serv. CHN 1,74%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,75%Industrial & Commercial Bank H Telecomm. serv. CHN 1,76%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,77%Industrial & Commercial Bank H Telecomm. serv. CHN 1,78%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,80%Total 1,70%
0
20
30
40
50
60
Royaum
e-Uni
France
Allemagne Suiss
ePortugalEspagne
Suède Italie Grèce
Belgique
Luxembourg Autres
20,84
30,65
45,50
28,45
%
25,56
8,50
40,20
3532,70
28,60
22,25
27
0
20
30
40
50
60
FinanceIndustrieConso-base
Energie SantéMatériaux Conso. cy
clTélécomServic
esCollectiv
.
Matière prem.Autres
20,84
30,65
45,50
28,4525,56
8,50
40,20
3532,70
28,60
22,25
27
%
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
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Performances cumulées
Performances mensuelles Performances annuelles
Valeur liquidative C xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xxValeur liquidative D xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xx
� Portfolio*
* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae corum si autemo et optia sit poruption repersperum rest essi** Benchmark : 100.0% EMBIGDIVHEDGED
Source : Apiderchicium comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsantRedaction : Estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsant
Net total assets of funds (in millions - in USD) xx,xx
Net assets (millions) xx,xx
Coupon (montant net) xx,xx
Date de détachement xx,xx
Cours de l’action xx,xx
� Portfolio* � Benchmark**
Performance evolution
31/12/1999
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Répartition géographique
Répartition sectorielle
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Tpo 10 ActionsPerformances annualisées
1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%
B2C AT 30/09/2009
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Subscriptions - redemptions
Fund general characteristics
Forme juridique + nationalité -
Date agrément/création -
Classifi cation AMF -
Devise du fonds -
Devise de la part -
Droit d’entrée maximum -
Droit de sortie maximum -
FG fi xes réels -
Dont commission de gestion fi nancière réelle -
Dont commission de gestion admin. & publication réelle -
FG fi xes maximum (cf Notice d’Information) -
FG fi nancière réels -
FG fi nancière max -
FG fi nancière max -
FG admin. & publication réelle -
Frais de distribution max -
FG Indirect Max -
TER -
FG variables (cf prospectus) -
Souscription Initiale min. -
Souscription suivantes min. -
Type de part -
Code ISIN -
Société de gestion -
(Sous) Délégation fi n. -
(Sous) Délégation comptable -
Dépositaire -
Valorisation -
Garant -
Teneur de compte conservateur de parts -
Commissions d’arbitrage -
Objective and investissement strategy
■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
Risk characteristics
Recommended investment time horizon: 3 years
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
Main specifi c risks :
Risk linked to investments in emerging markets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to investors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settle-ment, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maxi-mum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may usnts that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.
Participer, sur un horizon de 8 ans, à la performance d’un panier (voir notice d’information) de 12 actions internationales avec pour objectif que la valeur liqui-dative du 18/08/2009 soit égale à l’une des trois performances suivantes :- 1er cas : d’obtenir 300 % de la valeur liquidative constatée le 13/08/2001. Ce 1er cas trouve à s’appliquer si, sur la période du 16/08/2005 inclus au 7/08/2009 inclus (défi nie ci-après comme la période d’observation), le cours de clôture d’aucune des actions composant le panier n’a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 301,98 € ; - 2ème cas : d’obtenir 250 % de la valeur liquidative constatée le 13/08/2001. Ce 2ème cas trouve à s’appliquer si, pendant la période d’observation, la double condition suivante s’est réalisée : ■ à aucun moment, le cours de clôture d’aucune des 12 actions composant le panier n’a baissé de plus de 50 % par rapport à son cours Initial (voir notice d’information) constaté le 14/08/2001 et ■ au moins une fois, le cours de clôture d’une ou plusieurs actions composant le panier a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 251,65 € ; ■ 3ème cas : d’obtenir 100 % de la valeur liquidative constatée le 13/08/2001, majorée de 60 % de la performance moyenne positive fi nale du panier. Ce 3ème cas trouve à s’appliquer si, pendant la période d’observation, le cours de clôture d’une ou plusieurs actions composant le panier a baissé au moins une fois de plus de 50 % par rapport à son cours initial constaté le 14/08/2001. Les modalités de calcul sont précisées dans la notice d’infor-mation visée par l’AMF. Garantie : les porteurs ayant souscrit des parts entre le 18/06/2001 et le 31/07/2001 inclus bénéfi cient d’une garantie de leur capital investi (hors frais de souscription) pour tout rachat sur la base de la valeur liquidative fi nale du 18/08/2009 égale au minimum à 100 % de la valeur liquidative du 13/08/2001, soit 100,66 €.
Protection : les porteurs ayant souscrit des parts après le 31/07/2001 et demandant le rachat de leurs parts sur la valeur liquidative du 18/08/2009 bénéfi cieront de la valeur liquidative garantie constatée le 18/08/2009 (soit au minimum 100,66 €), qui peut être inférieure à la valeur liquidative sur laquelle leur souscription a été réalisée. En conséquence, les porteurs sortant sur une valeur liquidative antérieure au 18/08/2009 ne bénéfi cieront pas de la valeur liquidative garantie.
Simplifi ed and full prospectus available by simply asking AXA Investment Managers Paris Coeur Défense Tour B - La Défense 4 - 100 Esplande du Général de Gaulle 92932 PARIS LA DEFENSE CEDEX. Société de gestion de por te feuille titulaire de l’agrément COB 92.08Société Anonyme au Capital de 486 406 euros - SIREN 353 534 506RCS Paris
www.axaframlington.com
AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero
2
Page title in 20pt
Main bullet is 16pt text– indent is 14pt text
The logo modus vivendi - Reporting documents
Title in 20pt
Names of presenters to be listed here in 14pt
Date of presentation here in 12pt
15
The Switch is a key brand communication element
Beyond acting as a simple logo element symbolising the brand’s performance, the Switch is a dynamic element that actsas a brand device:More than a logo-code, the Switch is the incarnation of the brand’s unique mission, its real difference.
- That will aid its visual recognition, - That will transmit its message of rupture.
The Switch is the reference point of a rupture
It is a symbol of change, a sign that AXA IM is switching from one reality to another:
- a change of positioning
- a change of discourse
- a change of advertising execution
- a change of attitude
- a change of action
• Use the Switch as a stamp, a trademark at the end of a title.
• Use the Switch as a double symbol of change and connection
between one reality and another:
- a problem and a solution,
- a past and a future,
- a need and a response,
- a promise and a proof,
- a stereotype and an AXA IM response.
do• Use the Switch in a purely “cosmetic” way
(e.g: as a bullet point in a powerpoint).
• Tarnish the Switch through excessive use,
anywhere, anytime, anyhow, at the risk of threatening
its effi ciency and status.
• Use the Switch as a connection between two realities
that are not opposed or responding to each other.
don’t
The way we speak
Talk in terms everyone understands.
Say what we do. No more, no less.
The Switch
1/3 X
X
X
X
X
height 5,3 X
angle 52,32°
angle 52,32°
X
X
X
16
The Switch must always have the same proportions and angles in order to
remain consistent across communication channels.
The Switch must never be modifi ed or distorted in any way.
The slant of the Switch: 37,7°
Red Pantone 185M 100 % - Y 70 %R 255 - G 24 - B 33
Noir: Pantone blackK 100 % or 85 %R 0 - G 0 - B 0
The Switch should be used in red
where possible:
The Switch can be downloaded from Connexion.
It can be used in black (or K 85 % if necessary)
only on bi-chrome or black and white documents.
AXA IM’s Switch
17
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problem solution we can’t changeteens’ dreamswe just can tryto make them bigger
It may be used as a punctuation mark at the end of a title.
Or to separate two related ideas
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The Switch must never be used as a gimmick,
If the situation does not lend it self to it , having a Switch
within the title is not compulsory
Faut-il craindreun retour de
l’infl ation ?
Un nouvel élan pour notre
plateformeactions
The Switch and the heading
18
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It is not possible to alter these heading characteristics
It is not possible to change the typeface
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It is not possible to change the proportion between the heading and the sub-heading
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It is not possible to change the colours
The title with the Switch must be in AXA IM Blue or reversed
out into a visual
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The Switch and the heading
19
The Switch is used to encompass the heading. Adjusting the Switch: the height of the Switch must be adjusted with respect to the headingit encompasses, so that the proportion remains harmonious.
Heading: ITC Franklin Gothic Heavy - AXA IM Blue and ITC Franklin Gothic Book - AXA IM Blue
When the Switch is at the end of the title it must be equal to two times (2x) the size of the lettersEx : x = 8 mm ; y = 4 mm x 2, so the Switch = 16 mm
When the Switch is in a middle of the title, it must be equal to oneand a half times (x1.5) the size of the letters
Ex : x = 8 mm ; y = 2 mm x 2, soit Switch 12 mm
The height of the Switch must be four times (4x) the hight of X The Switch is centeredLine height = xEx : x = 8 mm x 4, so the Switch = 32 mm
The height of the Switch must be three times (3x) the height of X The Switch is centeredThe height between this line (y) is equal to 2/3 of x.Line height = yEx : x = 8 mm ; y (2/3 de x) = 5,33 mm. Switch = 8 mm x 3,so 24 mm centered on the 2 lines
One line
Two lines (heading + sub-heading)
the Switch is justifi ed with the last letter
fl ush rightthe space is equal to the width of the Switch
fl ush rightthe space is equal to the width of the Switch
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y
x
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x
y
y
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4 x
x
x
x
The Switch and the heading
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
ITC Franklin Gothic Book ITC Franklin Gothic Book Italic
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
ITC Franklin Gothic Medium ITC Franklin Gothic Medium Italic
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z
a b c d e f g h i j k l m m o p q r s t u v w x y z
1 2 3 4 5 6 7 8 9 0
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z
a b c d e f g h i j k l m m o p q r s t u v w x y z
1 2 3 4 5 6 7 8 9 0
ITC Franklin Gothic Demi ITC Franklin Gothic Demi Italic
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
A B C D E F G H I J K L M M O P Q R S T U V W X Y Z a b c d e f g h i j k l m m o p q r s t u v w x y z1 2 3 4 5 6 7 8 9 0
ITC Franklin Gothic Heavy ITC Franklin Gothic Heavy Italic
Arial RegularABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789
Arial ItalicArial BoldArial Bold Italic
20
ITC Franklin Gothic
#1: ITC Franklin Gothic is the mandatory typeface for the logo signature and all professionally-designed publicationsand communications materials (brochures, magazines, maillings, posters, etc).
Arial
#2: Arial is our typeface for everyday use (memos and fax, letters, PowerPoint, meeting reports, etc.). Arial can be an alternative typeface to ITC Franklin Gothic for communications materials produced internally (mailings, newsletters, etc.).
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>>> ITC FRANKLIN GOTHIC
Typefaces
21
Reminder: the “AXA” name and when abbreviated “AXA IM” must be in uppercase.
“Investment Managers” must be in uppercase for the fi rst letters of each word and lowercase for the rest.
The following guidelines apply for all the corporate and commercial documents you may produce. Please note that these are guidelines that you may need to fi netune or adapt depending on the specifi c requirements of your document, culture or language.
Main headings, subheadings and titles
• Capital letters at the beginning of main headings, subheadings and titles• No punctuation at the end of the title
Boldness
• Play with the different boldness in the body-text (medium, demi, heavy) to help the reader focusing on important elements by creating contrasts.
Italic
• Italic must be used with parsimony• You must use italic for names of books, magazines, master pieces etc.
or foreign language quotations• You can use italic for small introduction paragraph, as an alternative
to ITC Franklin Gothic book
Colour
• Body-text can be in black or blue• Notes, legends and a few paragraphs can be in grey (black 50 or 75%
intensity) to lighten the layout.
Bullet points (optional)
• Use square bullet points for the fi rst level of listing, and round bullet points for the second level.
• If it is a step-by-step list, you can also use numbers.• If all of your bullets are shorts items, use a lower case letter at the
beginning of each bullet and add a full stop only at the end of the fi nal bullet.
Writing guidelines
22
Three kinds of visuals
#1: Conceptual
#2: Humans in situations
#3: Clouds of fi gures
(but that do not represent objects)
It will be possible to use visual with humans but they will need to be validated by the Brand team. Illustrations can only be used exceptionally and need to be validated by the Brand team. You can have access to the Group’s photo/image bank in the Group Marketing/Brand section WSS.
#1
#3
#2
Iconography
23
name nametitle title
name nametitle title
name nametitle title
name nametitle title
You can also use Maraval pictures (employee portraits with a coloured background) or variations thereof. These will continue to be used in the press (where and whenit is appropriate) and in corporate/expertise docs.Portraits of AXA IM employees can be represented using oneof the following options:
Or you can use a new style in corporate/expertise docs.
First name, LAST NAME
Title
First name, LAST NAME
Title
First name, LAST NAME
Title
First name, LAST NAME
Title
Option 1
Option 2
Iconography: Portraits
24
3 layout structures
- First layout structure front cover 25
- First layout structure front cover with 2 logos 26
- Where does the Switch go? 27
- First layout structure front cover: visuals
or background colour 28
- First layout structure front cover:
visual proportions 29
- Visual - one colour or tow colours 30
- First layout structure: back cover 31
- Second layout structure: cover 32
- Third layout structure: cover 33
- The inside layout brochure 34
- The grid 36
Covers &inside brochures
25
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version 2version 1b
version 3
version 2aversion 1a
version 3a version 3b version 3c
version 1
3 main layout structures
have been created
so that the charter
is fl exible.
Version 1 provides more text space and the headline is emphasized.
Version 2 et 3 gives more space to visuals.
The front covers are based on 2 zones:
Quoted layouts on page 39
Zone 1: diagonal mirrors for visual, color block
Zone 2: for visual or color blockor white background
visualor colours
Typeface:AXA IM Blue or reversed out
White background
The position of the text is determined by the Switch and the location of the oblique area.
The diagonal mirrors the angle
of the Switch, and can be
moved horizontally accross the
page.
Authorized A5 and leafl et layouts (148 x 210 mm) , (21.0 x 148 mm), (100 x 210 mm)
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adipisicing consec
sed lorem lorem
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sed lorem
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Document covers - First layout structure front cover210 X 297mm PORTRAIT
26
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version 2 version 3
version 2bisversion 1bis version 3bis
version 1
BrochureLogo modus vivendi
Expertise logo: top left corner on a white
background ( AXA square : 12 mm)
AXA IM Logo : bottom right corner
and smaller ( AXA square : 10 mm)
visualor colours
white
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Quoted layouts on page 43
Document covers - First layout structure front cover with 2 logos210 X 297mm PORTRAIT
27
The Switch:
2 versions upper edge
and lower edge of the page
#1: fi rst version with the Switch alignedwith the upper edge of the page
for corporate documents.
#2: second version with the Switch aligned with the lower edge of the page
for commercial documents à utiliser de
préférence
White band: along the bottom of the page with the logo block
Optional: if you can, use the Switch
as a symbol element to connect
one reality with another.
#1
#2
Commercial
Corporate
Document covers - Where does the Switch go?
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28
Different ways of working with visuals
#1 & 2: Human in situation in the foregroundand conceptual visual in the background
#3: Conceptual visual in the foreground and a blurred visual in the background
#4: Conceptual visual in the foreground and a conceptual visual in the background
#5 & 6: Conceptual visual in the foreground and the same visual in the background
#7: Conceptual visual in the foreground on a white background
#8: Conceptual visual in the foreground
on a unifi ed coloured background
#1 #3
#3
#2 #4
#6 #7 #8#5
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Un nouvel élan pour notre
plateformeactions
Document covers - First layout structure front cover:visuals or background colour
29
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Version 1
1/3 of document
2/3 of document
1/7 of picture
6/7 ofpicture
Version 2
1/7 of document
3/5 of document
Version 3
All the proportions used for the visuals are calculated on the basis of the thickness and the slant of the Switch.
Document covers - First layout structure front cover:visual proportions
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30
1 Visual is in black . The red is reservedfor the Switch only. The logo and signature are in black 100%, while the taglines and titles are in black80 %.
2 The visual is in blue 287. The red is reserved for the Switch only.The logo and signature are in Pantone 287 and 185, while the taglines and titlesare in Pantone 287 except the websitein Pantone 185.
3 The visual, the Switch, the logoand signature are in black 100 %.Taglines and titles are in black 80 %.
Document covers - Visuals one colour or two colours
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31
3 examples of back covers: white - colour - visual
whitevisual or colour
sign
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AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
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Ref
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phone numberwebsite
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Document covers - First layout structure: back coverDifferents formats PORTRAIT or LANDSCAPE
32
product nameproduct name
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version 5 version 6version 4
visualvisual 40%visualvisual
To be used exceptionnaly
and validated by the Brand team
product nameproduct name
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Quoted layouts on page 58
Document covers - Second layout structure: cover210 X 297mm PORTRAIT
33
Magazine layouts Format : 210 X 297 - A4
This layout can only be used for corporate documents
ie which have only the AXA IM logo on the bottom right.
For consistency, in all covers and fi rst
pages of internal brochures, magasines,
please use:
- The AXA IM logo located at the bottom of the page against a white background;
- The title in the header can be in colour against a white background or in white against a colour background.
- The triangle at the lower right corner
is optional.
Ipsumn°01
month
2009
SPECIFICATIONS
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N°1 - novembre 2009
ARUMET ETUR DITAE CONSEQU
DOLUPTIUM ESCI NEM EXPEDIS
AUTA ESSUMQUI
Quoted layouts on page 62
Document covers - Third layout structure: cover210 X 297mm PORTRAIT A4
34
Example of inside double-page spread
1 2
4 type of insurance
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4.1 We pay for: 4.2 We do not pay for:
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Vulputpatio
Dolum vedionsed dolobore feu feui
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«Sed ut perspiciatis unde omnis iste natus error sit voluptatem ac-cus antium dolorem que laudan tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo.
Nemo enim ipsam voluptatem
quia voluptas sit
sed quia consequuntur magni dolores eos qui ratione volupta-tem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non num-quam eius modi tempora incidunt ut labore et dolore magnam ali-quam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?
Sed uttilis perspicitis unde omnis iste natus errorsit voluptatem accusantium
Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudan-tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia vo-luptas sit aspernatur aut odit aut fugit, sed qest, qui dolorem ipsum quia isci velit, sed quia non numquamt labore et dolore magnam aliquam quaerat volup-tatem.Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci ve-lit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quae-rat voluptatem. Ut enim ad mini-ma veniam, quis nostrum exerci-tationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?
«Sed ut perspiciatis unde omnis iste natus error sit voluptatem ac-cus antium dolorem que laudan tium, totam rem aperiam, eaque ipsa quae ab illo inventore veri-tatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia vo-luptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione vo-luptatem sequi nesciunt. Neque porro quisquam est, qui do-lorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercita-tionem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur?
Quis autem vel eum iure repre-
henderit qui in ea voluptate velit
esse quam nihil molestiae
Consequatur, vel illum qui do-lorem eum fugiat quo voluptas nulla pariatur?» Sed ut perspi-ciatis unde omnis iste natus er-ror sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam vo-luptatem quia voluptas sit asper-natur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nes-ciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit,
Eliis molibut pra rem et invoc, ca-perio nsulla nonscrum patemus viri publiusque fatus linti, sum te-restero, publientiem effretius sce-poribus; hae idem fi ribus, confex mod rehebatiam ad facciem se, quam efecepestere consimpere condum obula iam qua quam.
Epsenequo cem fac factus non-
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vastra dicitin tiostrae postali ca-tquem uturnum tat atiliis? Verit? que aut grae es, nosumei scerni intiam derbiss enitiampos verei poertius, tabem senteste nem ut actum abit? Nam. Hillerors nessa ad C. Udaces ignoculius, Patum, consules nostena, forarta
Sed ut perspicitis unde omnis iste natus errorsit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo odit voluptatem.
IPS
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Quoted layouts on page 66
Document covers - The inside layout brochures210 X 297 mm PORTRAIT A4
Example of inside double-page spread
DIAMCONAmbition 2012
hore it amet
conulpute?
dionseq uamcons onullaor
Erostis
Dolobore tio et amet wis nonsectet, susciduis dolu-tatue tio et amet vent irit diam illa faccumsan velisis ciduis aliquat wis accummod ercilisl enibh exercinibh et.
Eum digna
Dicinissim del ute tion erilisl ad doloreorper se do dolummo dolore molortin venim euipisisit lore mod ercin ut autem verat lorper incip essit, vullan utat.
Niamconsed
Felit veraessi. Cidunt lore magna facilit am iusto dolor iril del et nismolo rtincinipit lame ccommy nulputatio con ulla con henisl dit nit landip enim deliquat.
Adignim nim
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ad miniam, ver
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nos nonsendit iustio
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Vullut nonsequat, summodo lortin velisim velit alit ipit lortini scidunt utet iusci et lam, commy nibh ea feugiam iure ming exer inibh et, suscipsum ipisim iusciduis el eros aliqui blan ute magna atet nisit nullutatie tet acipis digna faccum eu faci te dolore dio diat inciduis eum ad er alit at. Velit praessi. Is aliquis amcon volor in et endre feuguer si.Duipsus cidunt nulla augueros do ea consequis delent aute te vullan-dreros atis accumsandit ip elisi tet wis et, quate faccum in venisis dolorper suscip ex et, quam, vel dolessim in henim zzrit irit ut acilis
duipsum nummolessi bla facilit et, sequat loreetuero dolore consequ ipsuscidunt vero con ut ulputem aliquat iure elit iliquis delessi smodio doluptatem vel duismodolum ip ea facincillute ver se dolorem zzrilit, quipis dionse min utpat. Dui tisi tatis ea faccumm odipsum doles-sisse cortin hendre modio dipis nit iuscilla conse velit augiamcorero Hendrem num velesequam, suscilisi tionsecte vendiam nit, vullam dolor si ex exeriusto exer si. El ut vel illa feumsan ea facidunt ad el digniamet vulla faccum in enisi. Gait, vulla feuipisl dio odolore magna coreet,
4 - 4
REET, SEQUIS DELIQUISSI.
ONULLAOR SE EU FEUISIM ZZRILISL ING ERCILLAORE
VERO EL DIONSEQ UAMCONS AMET LAN
MIN ONULLAOR.
Erostis
Dolobore tio et amet wis nonsectet, susciduis dolu-tatue tio et amet vent irit diam illa faccumsan velisis ciduis aliquat wis accummod ercilisl enibh exercinibh et.
Eum digna
Dicinissim del ute tion erilisl ad doloreorper se do dolummo dolore molortin venim euipisisit lore mod ercin ut autem verat lorper incip essit, vullan utat.
Niamconsed
Felit veraessi. Cidunt lore magna facilit am iusto dolor iril del et nismolo rtincinipit lame ccommy nulputatio con ulla con henisl dit nit landip enim deliquat.
sed molortis exer sit adignis alit dunt dolute conse vent volor alismolor adiamcommy nonsenim iniam velex eumsan ulputpat vulluptat autpatis alit er sumsan ute dio conseni scipit ing ex ero ex eugue min vullamet auguer augiam, quat volore dio core minisi tatin-cidunt luptat lum zzril ex ero odolortisi. Rud delit vullandrem alismodio exeraesecte miniam, si. Em ing eugiam quisi blan ullamet adit aliquat nullamet, quisit utet, quisi.
In utpatet augait prat praessed dunt lore do dit er sisim vel dignim el delit ulla feu feuip euguer ad motrud tat, consecte delesed la feugait alit lut nos etum quat nos alit pratum nostin ut lum iure tie molent nummy nulla feum amet, veli-quipit nostrud tat amconsectet lor iure con ea commy.
CORPORIS…
Minima veniam, quis nostrum sequi nesciunt. Nveritati enim ad Utlores eos qui ratione volup-tatem aum aliquam quaerat voluptatem. quae ab illo luptas sit aspernatur totam rem aperiam, eaque ipsa antium dolorem que laudan tium, ut labore et dolore m tvoluptatem accus antiuut ae ab illum, totam rem aperiam, dolorem que laudan tvote natus, tem accus antium dolorem que omnis iste natus error sit volupta Sed ut perspiciatis unde. Sed ut perspiciatis aum aliquam quaerat voluptatem dolore m tvoluptatem.
Document covers - The inside layout brochures210 X 297 mm PORTRAIT A4
35
SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR, ORCI NEC NONUMMY MOLESTIE, SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR.
Sit amet, adipiscing nec, ultricies sed,
dolor. Cras elementum ultrices diam.
Maecenas ligula massa, varius a, sem-
per congue, euismod non, mi. Proin
porttitor, orci nec nonummy molestie,
enim est eleifend mi, non fermentum
diam nisl sit amet erat.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum dolorem verate dolut wisl ut iureet diam.
Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Ctrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non lutpat libero pharetra tempor. Cras vestibulum bibendum augu.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Per sus-tie dolortie magnisit loreet iustrud eugait ulla feuisis nulpute vullam ea feuismolor sed del do consenim quatum dipsustrud dolorem verate dolut wisl ut iureet diam iure molum quamet ullut lan el ex exero esed tionsequi tat et velestie vulputpate tie magnit iureetum in ut adiat.
Or sectet at. Feuis am irit, consed dolor-tismod do conse ent nulputet lore digna faccum dolorperat ipit lore do eum ercilla feummod magniam, quatisi et nit lut et aut aliquis dolor iureet, susto dipsum-sandre vullut luptat.
AXA EMPRESA N°43 | noviembre 2009
aliquetumpellentesque diama
1
Sit amet, adipiscing nec, ultricies sed, dolor.
Cras elementum ultrices diam. Maecenas
ligula massa, varius a, semper congue,
euismod non, mi. Proin porttitor, orci nec
nonummy molestie, enim est eleifend mi,
non fermentum diam nisl sit amet erat.
Duis semper. Duis arcu massa, scelerisque
vitae, consequat in, pretium a, enim.
Pellentesque congue. Ut in risus volutpat
libero pharetra tempor. Cras vestibulum
bibendum augue. Praesent egestas leo
in pede. Praesent blandit odio eu enim.
Pellentesque sed dui ut augue blandit
sodales. Vestibulum ante ipsum primis
in faucibus orci luctus et ultrices posuere
cubilia Curae; Aliquam nibh. Mauris ac
mauris sed pede pellentesque fermentum.
Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed,
dolor. Cras elementum ultrices diam.
Maecenas lIbh et autat, quat lum
atis ad etum nibh eugiat lamet, susci
tatum dolor sum volobore magna core
facing endre dolortionsed dolorer adion
vel ullamcore vel do commolorerit
quat lum atis ad etum nibh eugiat.
core cons equatue
magna feuguer susto
eugue lenim ip
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molestie, enim est eleifend mi,
non fermentum diam nisl sit amet
erat.
Xero ea faci eu feugait lum adiam quisl ulla feui ent vendit aliquat.Ustis augiatisisis alit ipit acilit prat. Ut praessi.
Nauguercipisl dolorpercin eummy nisl do diametum vulput volent adionsecte dunt in vullamet, vel iril dolobore cons. Onullutpat. Nulputpat, si et amet ing eraessis at. Susto dio od tat.
Nonsequam et atum zzriurem dia-tum nonsed delesent vel utpatisit vel ipit lor in henim doloreet, veros el eum ent eummod ercil eum
exerat. Ullandio duis alis num volo-bor percilla aliquat nos nos nosto commodi amconse quatie veliquat. Ut lum exerci et verosto eum quam zzril dunt er sis nonsent nisl utpat. Ut atem numsandigna augue min erillam iure velit vel ulput ip exer autet nulla faccum vullam vel do-lumsan henibh exer iliquipit nis nulpute erit iliquis ea cor si tisit velesequate mod delessequam aut aut volobore voloboreetum quation seniam zzrit, sustis alisi.
Sed itomnisumiste natuserrorsit voluptiatem umop
Sit amet, adipiscing nec, ultricies sed, dolor. Cras lorem ipsum.Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit so-dales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere
42% SIT AMET, ADIPISCING
ULTRICIES SED, DOLOR.
CRAS LOREM IPSUM.
2
Quoted layouts on page 65
36
Example of layout grid
Opposite, example of inside double-page spread, A4 format (210 x 297 mm) with layout grid visible.For consistency, in all inside pages, please use: - diagonals like those of the
Switch, if you wish to do so, in the layout, without repeating the Switch itself,
- the Switch in titles and subtitles* if you wish to do so (do not overuse).
The use of the triangle in the lower right corner is recommended. Page numbers can be placed here.
Visuals can be full, or with one corner or two opposite corners cut on the diagonal, as illustrated in the layout grid.
Lower case text is used for headings or inserts. The use of color highlights titles and introduction (do not overuse).
The diagonal is based on the slant of the Switch: 37.7°
Document covers - The grid
37
- First layout structure cover 38- Portrait A4 (210 x 297) 39- Portrait A4 (210 x 297) with 2 logos 42- Landscape A4 (297 x 210) 48- Portrait A5 (148 x 210) 51- Portrait A5 (210 x 297) with 2 logos 54- Landscape A5 (210 x 148) 55
- Second layout structure cover 57
- Third layout structure cover (magazine) 61
- The inside of brochures 64
- Regular review 68- RI Inside 72- AXA Framlington Inside-out review 75- Investment Acumen (work in progress) 77
- Other documents 79- Newsletter 80- Documents focussed on products 90
- «2 pager» 91- Fund fact sheet 94- Reporting sheet 97- Leafl et 100- Invitation cards 105- Posters 110
- Offi ce documents 118- Stationery 119
- Letterheads 120- Envelopes 122- Cards 123
- Offi ce templates 127- Company fax 128- Company meeting report 129
- Badges 130
- E-stationery 132- Electronic signature 133- Email banner 134
- PPT templates 139
- Joint venture and co-branding 142- Joint venture 143- Co-branding 144
- Advertising (stand-by) 149
- Web charter (stand-by) 151
Charter
The dimensions/measures found in these layouts can potentially
be adapted to particular situations depending on the volume of
text and/or the various text elements to be included
38
- Portrait A4 39
- Landscape A4 48
- Portrait A5 51
- Landscape A5 55
First layoutstructure cover
The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included
39
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam no-numy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo.Igniae eos nusda velloreprae pos consequam, offi c te perehendus arumenihicid et lam necea del mos eris volor acea quideli quiatem quature ptatest hilit ditinumquo tore posae eaquid modigen imaxime nos mi, coruptassita et as ma doluptat.Es aut faccum voluptati volupitio et dendici iscipsam quuntiis eate nullandam ressererum dolorem porepudam et es molore veria dolo-rera vent, con nos alitium sam illanis autem reptatia qui imil moloresti ullit parunde bisciam, eos nobistrum voluptur sinctustia cones re cus-cientios dollignis incto quist milictas volupta tusam, odi dolo intius moluptat.Omnim am, eum aut ere aut il eiciendest fugit res et voluptatiis illa
Lorem ipsum dolor sit amet, tetur elitrsed diam. Facia pliquidi nobit laut fuga.Ruma ad Ta velenimin nihilitest omnim esere ne in endis
phone numberwebsite
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30
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11
1 - Title
ITC Franklin Gothic Book 45 ptITC Franklin Gothic Demi 45 ptLinefeed 50Flush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 27 ptFlush rightColour: reversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue
10 - Website
ITC Franklin Gothic demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 1210 X 297mm PORTRAIT A4
40
lorem Ipsum
1/5de Switch
2/5de Switch
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phone numberwebsite
10254 46
30
8
210
297
8
10
8
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8
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119
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43
8
43
35
8
10
11
1
2
56
7
8
3
4
9
5
7
1 - Title
ITC Franklin Gothic Book 45 ptITC Franklin Gothic Demi 45 ptLinefeed 50Flush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Logo and signature
12 mm front cover10 mm back coverFour colours
6 - White stripe
35 mm
7 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
8 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue
9 - Website
ITC Franklin Gothic demi 21 ptLinefeed autoAXA IM Red
10 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
11 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 2210 X 297mm PORTRAIT A4
41
15
8
10
8
193
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor suto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
8
8
210
8
297
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105
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15
12
35
262
8
88
179
8
210
48
1/5de Switch
2/5de Switch
AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
10
1
2
55 6
7
8
3
4
9
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 179 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Logo and signature
12 mm front cover10 mm back coverFour colours
6 - White stripe
35 mm
7 - Address
ITC Franklin Gothic Book 10 ptFlush left
8 - Website
ITC Franklin Gothic Demi 12 pt
9 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
10 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 2a210 X 297mm PORTRAIT A4
42
1 - Logos front cover
EXPERTISE: square 12 mm CORPORATE: square 10 mmFour colours
2 - Logo back cover
Only CORPORATE: square 10 mmFour colours
The only difference is the size of logos
First layout structure cover - Brochure 2 logos210 X 297mm PORTRAIT A4
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam no-numy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo.Igniae eos nusda velloreprae pos consequam, offic te perehendus arumenihicid et lam necea del mos eris volor acea quideli quiatem quature ptatest hilit ditinumquo tore posae eaquid modigen imaxime nos mi, coruptassita et as ma doluptat.Es aut faccum voluptati volupitio et dendici iscipsam quuntiis eate nullandam ressererum dolorem porepudam et es molore veria dolo-rera vent, con nos alitium sam illanis autem reptatia qui imil moloresti ullit parunde bisciam, eos nobistrum voluptur sinctustia cones re cus-cientios dollignis incto quist milictas volupta tusam, odi dolo intius moluptat.Omnim am, eum aut ere aut il eiciendest fugit res et voluptatiis illa
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phone numberwebsite
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
262
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10
12
8
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12
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phone numberwebsite
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
sign
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10
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10
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Lorem ipsum dolor sit amet, tetur elitr-sed diam. Facia pliquidi nobit laut fuga.Ruma ad Ta velenimin nihilitest omnim esere ne in endis
phone numberwebsite
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
262
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10
8
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10
2
1
1
43
1 - Logos front cover
EXPERTISE: square 12 mm CORPORATE: square 10 mmFour colours
2 - Logo back cover
Only CORPORATE: square 10 mmFour colours
3- The withe background
The size depend on the sizeof the Expertise logo.
1
1
The only difference is the size of logos
First layout structure cover - Brochure 2 logos210 X 297mm PORTRAIT A4
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor suto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
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12
8
8
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8
AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
10
8
8
10
8
12
8
8
8
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam no-numy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo.Igniae eos nusda velloreprae pos consequam, offi c te perehendus arumenihicid et lam necea del mos eris volor acea quideli quiatem quature ptatest hilit ditinumquo tore posae eaquid modigen imaxime nos mi, coruptassita et as ma doluptat.Es aut faccum voluptati volupitio et dendici iscipsam quuntiis eate nullandam ressererum dolorem porepudam et es molore veria dolo-rera vent, con nos alitium sam illanis autem reptatia qui imil moloresti ullit parunde bisciam, eos nobistrum voluptur sinctustia cones re cus-cientios dollignis incto quist milictas volupta tusam, odi dolo intius moluptat.Omnim am, eum aut ere aut il eiciendest fugit res et voluptatiis illa
Lorem ipsum dolor sit amet, tetur elitr-sed diam. Facia pliquidi nobit laut fuga.Ruma ad Ta velenimin nihilitest omnim esere ne in endis
phone numberwebsite
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
sign
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10
8
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10
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8
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor suto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
sign
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AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
10
8
8
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8
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8
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1
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44
1/5de Switch
2/5de Switch
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phone numberwebsite
10254 46
30
8
210
297
8
10
8
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8
35
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219
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126
8
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210
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8
35
8
10
12
11
1
2
5
66 7
8
3
4
9
8
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 24 ptFlush rightColour: reversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue
10 - Website
ITC Franklin Gothic Demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3210 X 297mm PORTRAIT A4
45
8
10
8
15AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
8
8
210
297
8
254
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AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
Lorem ipsum dolor sit ameconsectetur
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262
64 64
15
812 30
174
192
8
35
8
88
8
210
173
2/5de Switch
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 174 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Logo and signature
12 mm front cover10 mm back coverFour colours
6 - White stripe
35 mm
7 - Address
ITC Franklin Gothic Book 10 ptFlush left
8 - Website
ITC Franklin Gothic Demi12 pt
9 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
10 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
1
2
556
7
8
34
9
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3a210 X 297mm PORTRAIT A4
46
15
8
10
8
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor suto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si. Lorem ipsumti signature
8
8
210
297
8
120
sign
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AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
78
90
120
54
30
82
132
Lorem ipsum dolor sit ameconsectetur
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15
12
35
262
8
88
8
210
1/5de Switch
219
10
1
2
55 6
7
8
3
4
9
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 219 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Logo and signature
12 mm front cover10 mm back coverFour colours
6 - White stripe
35 mm
7 - Address
ITC Franklin Gothic Book 10 ptFlush left
8 - Website
ITC Franklin Gothic Demi12 pt
9 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
10 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3b210 X 297mm PORTRAIT A4
47
8
10
8
15AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si. Lorem ipsumti signature
8
8
210
297
8
210
sign
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AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
lorem ipsum dolor sit amet
262
26
64
15
812
35
8
88
8
210
136 51
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2/5de Switch
253
10
11
1
2
5
667
8
3
4
9
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 253 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 24 ptFlush rightColour: reversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Address
ITC Franklin Gothic Book10 ptFlush left
9 - Website
ITC Franklin Gothic Demi12 pt
10 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
11 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3c Corporate210 X 297mm PORTRAIT A4
48
phone numberwebsite
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210
8
8
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipitaccum estrud tem dolor si.
35
8
8
98 101 898
297
21
10
15
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product nameEquisim adigna facillam quat
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lorem ipsum
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icing elitsed 15
136
12
8
8
35
20
113
8
297
8
8
175
4242
1/5de Switch
1 - Title
ITC Franklin Gothic Demi 32 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 27 ptITC Franklin Gothic book 14 ptFlush rightColour: reversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue
10 - Website
ITC Franklin Gothic Demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
1
2
5
66 7
3
4
9
12
11
8
8
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 1297 x 210 mm LANDSCAPE A4
49
phone numberwebsite
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam no-numy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo.Igniae eos nusda velloreprae pos consequam, offi c te perehendus arumenihicid et lam necea del mos eris volor acea quideli quiatem quature ptatest hilit ditinumquo tore posae eaquid modigen imaxime nos mi, coruptassita et as ma doluptat.Es aut faccum voluptati volupitio et dendici iscipsam quuntiis eate nullandam ressererum dolorem porepudam et es molore veria dolo-rera vent, con nos alitium sam illanis autem reptatia qui imil moloresti ullit parunde bisciam, eos nobistrum voluptur sinctustia cones re cus-cientios dollignis incto quist milictas volupta tusam, odi dolo intius moluptat.Omnim am, eum aut ere aut il eiciendest fugit res et voluptatiis illa
Lorem ipsum dolor sit amet, tetur elitrsed diam. Facia pliquidi nobit laut fuga.Ruma ad Ta velenimin nihilitest omnim esere ne in endis
210
8
8
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
8
98 101 898
297
21
10
1535
8
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8
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icing elitsed
product nameEquisim adigna facillam quat
enit lortinis aliquatue dunt iure ullaor am zzrilis aut aci adigna
facillam core lorem ipsum
15
136
8
147
28
8
297
8
8
175
42
12
8
35
1/5de Switch
1 - Title
ITC Franklin Gothic Demi 32 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 136 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 27 ptITC Franklin Gothic book 14 ptFlush rightColour: reversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptFour colours, AXA IM Blue
10 - Website
ITC Franklin Gothic Demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
1
2
5
66
7
3
4
9
12
11
8
8
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 2297 x 210 mm LANDSCAPE A4
50
sign
atur
e hg
fl zue
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xx
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8
8
8
AXA Company name. Ilit accummy nullan henisl ut lor sis eum vullam acipiscipsum in ver sed magna feugue vel eugue consequi ea feu facil et aut lum inis num quismod olobor susto odolor sit lut dolorperosto consequat pratummy nim ipit iurer sit nullutatin. Velenim ing essis nit nulput alisiscilisl ent dion utpat, cortio odiamco nsequat. Susto dionsendion ulla commodip eum autatum sandre ver ad ming erit wis nibh er ipisis duipit accum estrud tem dolor si.
35
8
8
AXA INVESTMENT MANAGERS00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
10
15
8
297
210
lorem ipsumamet condseadipis nonest
icing elitsed
99
75
175241
100
25
8
35
8
8
2/5de Switch
12
297
8
15
1 - Title
ITC Franklin Gothic Book 26 ptITC Franklin Gothic Demi 26 ptLinefeed autoFlush leftColour: reversed outor AXA IM Blue
2 - Picture or colour block
Width: 241 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 2/5 Switch (15 mm)AXA IM Red
5 - Logo and signature
12 mm front cover10 mm back coverFour colours
6 - White stripe
35 mm
7 - Address
ITC Franklin Gothic Book 10 ptFlush left
8 - Website
ITC Franklin Gothic Demi 12 pt
9 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
10 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
1
2
565
7
34
9
8
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3 Corporate297 x 210 mm LANDSCAPE A4
51
1/5de Switch
2/5de Switch
72
10
38
172
38
8
8 8
30
210
8 8
10
sign
atur
e hg
flzue
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Sources : AXA Investment Managers Paris au 31/12/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances des fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Il s’agit de performances en euros (sauf indications d’une autre devise). Dans le cas où la devise de référence de l’investisseur est différente de la devise du fonds, les gains peuvent se voir augmentés ou réduits en fonction des fluctuations du taux de change. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifier avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. Ce document est exclusivement conçu à des fins d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplification, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifiées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comp-tables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA IM Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Le fonds AXA Rosenberg Equity Alpha Trust est organisé sous la forme d’un unit trust agréé par l’Autorité de réglementation des services financiers Irlandais. Société de gestion AXA Rosenberg Management Ireland Limited, Guild House, Guild Street, International Financial Services Centre, Dublin 1, Irlande, enregistré en Irlande sous le N° 310308.Les fonds AXA France Actions, AXA International Actions, AXA International Obligations, AXA NPI Actions, AXA Or et Matières Premières, AXA France Small Cap, AXA Europe Small Cap, AXA Europe opportunités, AXA Europe Actions, AXA Euro Obligations, AXA Court Terme et AXA Obligations Européennes, domiciliés à Cœur Défense Tour B - La Défense 4 - 100, Esplanade du Général de Gaulle - 92932 PARIS LA DEFENSE CEDEX – sont des SICAV françaises agrées par l’AMF et enregistrées au registre du commerce de Nanterre respectivement sous les références : RCS 311 305 239, RCS 339 549 156, RCS 315 710 244, RCS 351 700 869, RCS 342 054 905, RCS 395 043 615, RCS 421 484 965, RCS 348 926 213, RCS 333 614 550, RCS 329 167 118, RCS 326 085 180, et RCS 339 548 919.FTSE International Limited (« FTSE ») © FTSE [année]. FTSE® est une marque du London Stock Exchange Plc et de The Financial Times Limited qui ont concédé une licence à FTSE pour son utilisation. Tous droits rela-tifs aux indices FTSE sont la propriété de FTSE et/ou des concédants de sa licence. FTSE et les concédants de sa licence déclinent toute responsabilité en cas d’erreur ou d’omission concernant les indices FTSE ou les données sous-jacentes y afférant. Toute reproduction ou distribution des données FTSE est interdite, sauf consentement exprès et écrit de FTSE. Ni MSCI ni aucun autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données MSCI ne font aucune déclaration ni n’offrent aucune garantie expresse ou implicite quant à ces données (ou aux conséquences de leur utilisation), et l’ensemble desdits tiers décline expressément par les présentes toute responsabilité concernant l’originalité, l’exactitude, l’exhaustivité, la conformité de tout ou partie de ces données. Sans limitation de ce qui précède, MSCI, ses filiales ou tout autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données ne sauraient en aucun cas être tenus pour responsables d’aucuns dommages directs, indirects, spéciaux, punitifs, consécutifs ou autres (y com-pris les pertes encourues) même si l’éventualité des ces dommages leur a été signifiée. Toute reproduction ou distribution des données MSCI est interdite, sauf consentement exprès et écrit de MSCI.
AXA Investment Managers Paris : « Coeur Défense » Tour B – La Défense 4 100, Esplanade du Général de Gaulle 92400 Courbevoiewww.axa-im.fr
Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
8
lorem ipsum amet adipisil
consectetur elit sed do
lorem IpsumEquisim adigna facillam quat
enit lortinis aliquatue dunt iure ullaor am zzrilis aut aci adigna
facillam core lorem ipsum
95
148
18
9
117
36
8
8
30
8
63
8
8
9
1 - Title
ITC Franklin Gothic Demi 23 ptLinefeed 28 ptFour colours
2 - Picture or colour block
Width: 95 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 9 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 20 ptITC Franklin Gothic Book 10 ptFlush right
6 - Logo and signature
9 mm front cover8 mm back coverFour colours
7 - White stripe
30 mm
8 - Address
ITC Franklin Gothic Book9 ptFlush leftReversed out
9 - Website
ITC Franklin Gothic Demi10 ptReversed out
10 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
11 - Legal informations 1
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftReversed out
12 - Legal informations 2
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
1
3
2
4
6
5
7
8
9
10
11
12
Four colours, black and white or 2 colours
6
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3a148 x 210 mm PORTRAIT A5
52
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et do-lore magna aliquyam erat, sed diam voluptua. At vero eos
et accusam et justo.Es aut faccum voluptati volupitio et
dendici iscipsam quuntiis eate nullandam ressererum do-
lorem porepudam et es molore veria dolorera vent, con nos
alitium sam illanis autem reptatia qui imil moloresti ullit
parunde bisciam, eos nobistrum voluptur sinctustia cones
re cuscientios dollignis incto quist milictas volupta tusam,
odi dolo intius moluptat.
Omnim am, eum aut ere aut il eiciendest fugit res et vo-
luptatiis ill
phone numberwebsite
Lorem ipsum dolor sit amet, consetetur sadipscing elitr,
sed diam nonumy eirmod tempor invidunt ut labore et
dolore magna aliquyam erat, sed diam voluptua. At vero
eos et accusam et justo.Igniae eos nusda velloreprae pos
consequam, offic te perehendus arumenihicid et lam ne-
cea del mos eris volor acea quideli quiatem quature pta-
test hilit ditinumquo tore posae eaquid modigen imaxime
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10
3838
8
8 8
30
210
8 88
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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
8
lorem IpsEquisim adigna facillam
enit lortinis aliquatue dunt iure ullaor am zzrilis
148
180
8
8
30
8
8
8
1/5de Switch
2/5de Switch
95
30
9
95
lorem ipsum
amet adipisil
consectetur
9
1 - Title
ITC Franklin Gothic Demi 23 ptLinefeed 28 ptFour colours
2 - Picture or colour block
Width: 95 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 9 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 20 ptITC Franklin Gothic Book 10 ptFlush right
6 - Logo and signature
9 mm front cover8 mm back coverFour colours
7 - White stripe
30 mm
8 - Text
ITC Franklin Gothic Book 8 ptLinefeed 12Justifi ed
9 - Phone
ITC Franklin Gothic Heavy 15 ptLinefeed autoAXA IM Blue
10 - Website
ITC Franklin Gothic Demi10.5 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
1
3
2
4
6
5
7
8
910
11
12
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3b148 x 210 mm PORTRAIT A5
53
1/5de Switch
2/5de Switch
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et do-lore magna aliquyam erat, sed diam voluptua. At vero eos
et accusam et justo.Es aut faccum voluptati volupitio et
dendici iscipsam quuntiis eate nullandam ressererum do-
lorem porepudam et es molore veria dolorera vent, con nos
alitium sam illanis autem reptatia qui imil moloresti ullit
parunde bisciam, eos nobistrum voluptur sinctustia cones
re cuscientios dollignis incto quist milictas volupta tusam,
odi dolo intius moluptat.
Omnim am, eum aut ere aut il eiciendest fugit res et vo-
luptatiis ill
Lorem ipsum dolor sit amet, consetetur sadipscing elitr,
sed diam nonumy eirmod tempor invidunt ut labore et
dolore magna aliquyam erat, sed diam voluptua. At vero
eos et accusam et justo.Igniae eos nusda velloreprae pos
consequam, offic te perehendus arumenihicid et lam ne-
cea del mos eris volor acea quideli quiatem quature pta-
test hilit ditinumquo tore posae eaquid modigen imaxime
72
10
3838
8
8 8
30
210
8 8
phone numberwebsite
172
sign
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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
8
105
30
9
95
lor IpumEquisdigna facillam quat
enit lorti aliuatue dunt iure ullam zzrilis aut aci adigna facillam core lorem ipsum
148
180
8
8
30
8
8
8
lorem iums
amet adipi
consect
etur
9
1 - Title
ITC Franklin Gothic Demi 23 ptLinefeed 28 ptFour colours
2 - Picture or color block
Width: 105 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or color block
Four colours
4 - Switch
Width: 9 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 20 ptITC Franklin Gothic Book 10 ptFlush right
6 - Logo and signature
9 mm front cover8 mm back coverFour colours
7 - White stripe
30 mm
8 - Text
ITC Franklin Gothic Book 8 ptLinefeed 12Justifi ed
9 - Phone
ITC Franklin Gothic Heavy 15 ptLinefeed autoAXA IM Blue
10 - Website
ITC Franklin Gothic Demi10.5 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
1
3
2
4
6
5
7
8
910
11
12
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 3c148 x 210 mm PORTRAIT A5
54
1 - Logos front cover
EXPERTISE: square 9 mm CORPORATE: square 7 mmFour colours
2 - Logo back cover
Only CORPORATE: square 7 mmFour colours
8
8 8
Sources : AXA Investment Managers Paris au 31/12/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances des fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Il s’agit de performances en euros (sauf indications d’une autre devise). Dans le cas où la devise de référence de l’investisseur est différente de la devise du fonds, les gains peuvent se voir augmentés ou réduits en fonction des fluctuations du taux de change. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifier avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. Ce document est exclusivement conçu à des fins d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplification, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifiées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comp-tables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA IM Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Le fonds AXA Rosenberg Equity Alpha Trust est organisé sous la forme d’un unit trust agréé par l’Autorité de réglementation des services financiers Irlandais. Société de gestion AXA Rosenberg Management Ireland Limited, Guild House, Guild Street, International Financial Services Centre, Dublin 1, Irlande, enregistré en Irlande sous le N° 310308.Les fonds AXA France Actions, AXA International Actions, AXA International Obligations, AXA NPI Actions, AXA Or et Matières Premières, AXA France Small Cap, AXA Europe Small Cap, AXA Europe opportunités, AXA Europe Actions, AXA Euro Obligations, AXA Court Terme et AXA Obligations Européennes, domiciliés à Cœur Défense Tour B - La Défense 4 - 100, Esplanade du Général de Gaulle - 92932 PARIS LA DEFENSE CEDEX – sont des SICAV françaises agrées par l’AMF et enregistrées au registre du commerce de Nanterre respectivement sous les références : RCS 311 305 239, RCS 339 549 156, RCS 315 710 244, RCS 351 700 869, RCS 342 054 905, RCS 395 043 615, RCS 421 484 965, RCS 348 926 213, RCS 333 614 550, RCS 329 167 118, RCS 326 085 180, et RCS 339 548 919.FTSE International Limited (« FTSE ») © FTSE [année]. FTSE® est une marque du London Stock Exchange Plc et de The Financial Times Limited qui ont concédé une licence à FTSE pour son utilisation. Tous droits rela-tifs aux indices FTSE sont la propriété de FTSE et/ou des concédants de sa licence. FTSE et les concédants de sa licence déclinent toute responsabilité en cas d’erreur ou d’omission concernant les indices FTSE ou les données sous-jacentes y afférant. Toute reproduction ou distribution des données FTSE est interdite, sauf consentement exprès et écrit de FTSE. Ni MSCI ni aucun autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données MSCI ne font aucune déclaration ni n’offrent aucune garantie expresse ou implicite quant à ces données (ou aux conséquences de leur utilisation), et l’ensemble desdits tiers décline expressément par les présentes toute responsabilité concernant l’originalité, l’exactitude, l’exhaustivité, la conformité de tout ou partie de ces données. Sans limitation de ce qui précède, MSCI, ses filiales ou tout autre tiers impliqué dans ou associé à la composition, au calcul ou à la création des données ne sauraient en aucun cas être tenus pour responsables d’aucuns dommages directs, indirects, spéciaux, punitifs, consécutifs ou autres (y com-pris les pertes encourues) même si l’éventualité des ces dommages leur a été signifiée. Toute reproduction ou distribution des données MSCI est interdite, sauf consentement exprès et écrit de MSCI.
AXA Investment Managers Paris : « Coeur Défense » Tour B – La Défense 4 100, Esplanade du Général de Gaulle 92400 Courbevoiewww.axa-im.fr
Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
7
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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
7
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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
7
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10Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992 - S.A. au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
7
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1
1
2
The only difference
is the size of logos
First layout structure cover - Brochure 2 logos148 x 210 mm PORTRAIT A5
55
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AXA INVESTMENT MANAGERS PARIS « Cœur Défense » Tour B – La Défense 4100, Esplanade du Général De Gaulle 92400 Courbevoie.www.axa-im.fr
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Société de gestion de portefeuille titulaire de l’agrément AMF N° GP 92-08 en date du 7 avril 1992.S.A au capital de 1 384 380 euros immatriculée au registre du commerce et des sociétés de Nanterre sous le numéro 353 534 506.
10
8
8
30
63
55
140
1120
8
9
210
20
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1/5de Switch
2/5de Switch
1 - Title
ITC Franklin Gothic Demi 22 ptITC Franklin Gothic Book 19 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 140 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 11 mmAXA IM Red
5 - Logo and signature
9 mm front cover8 mm back coverFour colours
6 - White stripe
30 mm
7 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
8 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
9- Address
ITC Franklin Gothic Book9 ptFlush left
10 - Website
ITC Franklin Gothic Demi10 pt
1
2
55
6
7
3
4
8
10
9
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 1210 x 148 mm LANDSCAPE A5
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Société de gestion de portefeuille titulaire de l’agrément AMF N° GP 92-08 en date du 7 avril 1992.S.A au capital de 1 384 380 euros immatriculée au registre du commerce et des sociétés de Nanterre sous le numéro 353 534 506.
10
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AXA INVESTMENT MANAGERS PARIS « Cœur Défense » Tour B – La Défense 4100, Esplanade du Général De Gaulle 92400 Courbevoie.www.axa-im.fr
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8
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69
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49
8
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8
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210
15
68
2/5de Switch
1 - Title
ITC Franklin Gothic Demi 20 ptand 30 ptLinefeed autoFlush leftColour: Four coloursor reversed out
2 - Picture or colour block
Width: 140 mmThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture or colour block
Four colours
4 - Switch
Width: 11 mmAXA IM Red
5 - Logo and signature
9 mm front cover8 mm back coverFour colours
6 - White stripe
30 mm
7 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
8 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
9- Address
ITC Franklin Gothic Book 9 ptFlush leftReversed out
10 - Website
ITC Franklin Gothic Demi10 ptReversed out
1
2
55
6
7
3
4
8
10
9
Four colours, black and white or 2 colours
!Switch: to be located on top left side of visual in the case of corporate document
to be located on bottom right side of visual in the case of commercial document
First layout structure cover - Brochure version 2210 x 148 mm LANDSCAPE A5
57
Second layoutstructure cover
The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included
58
phone numberwebsite
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam no-numy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo.Igniae eos nusda velloreprae pos consequam, offi c te perehendus arumenihicid et lam necea del mos eris volor acea quideli quiatem quature ptatest hilit ditinumquo tore posae eaquid modigen imaxime nos mi, coruptassita et as ma doluptat.Es aut faccum voluptati volupitio et dendici iscipsam quuntiis eate nullandam ressererum dolorem porepudam et es molore veria dolo-rera vent, con nos alitium sam illanis autem reptatia qui imil moloresti ullit parunde bisciam, eos nobistrum voluptur sinctustia cones re cus-cientios dollignis incto quist milictas volupta tusam, odi dolo intius moluptat.Omnim am, eum aut ere aut il eiciendest fugit res et voluptatiis illa
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11
12
1
2
5
66 7
8
8
3
4
9
1 - Title
ITC Franklin Gothic Demi 35 ptLinefeed autoFlush leftColour: reversed out
2 - Picture
Width: 96 mmFour colours2bis : visual to 40%The diagonal is based on the slant of the Switch: 37.7°
3 - Picture
Four colours
4 - Switch
Width: 8 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 24 ptITC Franklin Gothic Demi 24 ptITC Franklin Gothic Book 14 ptFlush rightReversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptAXA IM Blue
10 - Website
ITC Franklin Gothic Demi21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
2 bIs
2 bIs
Second layout structure cover - Brochure version 1210 X 297 mm PORTRAIT A4
59
39
45
18
phone numberwebsite
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product nameproduct name
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1 - Title
ITC Franklin Gothic Demi 35 ptLinefeed autoFlush leftColour: reversed out
2 - Picture
Width: 32 mm / 56 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture
Four colours
4 - Switch
Width: 8 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 24 ptITC Franklin Gothic Demi 24 ptITC Franklin Gothic Book 14 ptFlush rightReversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptAXA IM Blue
10 - Website
ITC Franklin Gothic Demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
11
12
1
22
5
667
8
8
3
4
9
Second layout structure cover - Brochure version 2210 X 297 mm PORTRAIT A4
60
88
phone numberwebsite
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product nameproduct name
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210
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12
1 - Title
ITC Franklin Gothic Demi 35 ptLinefeed autoFlush leftColour: reversed out
2 - Picture
Width: 96 mmFour coloursThe diagonal is based on the slant of the Switch: 37.7°
3 - Picture
Four colours
4 - Switch
Width: 8 mmAXA IM Red
5 - Text (optional)
ITC Franklin Gothic Heavy 24 ptITC Franklin Gothic Demi 24 ptITC Franklin Gothic Book 14 ptFlush rightReversed out
6 - Logo and signature
12 mm front cover10 mm back coverFour colours
7 - White stripe
35 mm
8 - Text
ITC Franklin Gothic Book 16 ptLinefeed autoFlush leftITC Franklin Gothic Book 9.5 ptLinefeed autoJustifi ed
9 - Phone
ITC Franklin Gothic Heavy 30 ptLinefeed 30 ptAXA IM Blue
10 - Website
ITC Franklin Gothic Demi 21 ptLinefeed autoAXA IM Red
11 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
12 - Legal informations
ITC Franklin Gothic Book 8 ptLinefeed autoFlush leftBlack 70 %
10
11
12
1
2
5
667
8
8
3
4
9
Second layout structure cover - Brochure version 3210 X 297 mm PORTRAIT A4
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Third layoutstructure cover
The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included
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297
n°01
month
2009
SPECIFICATIONS
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21071
1 - Data
ITC Franklin Gothic Demi 15 ptITC Franklin Gothic Book 18 ptReversed out
2 - Magazine title
ITC Franklin heavy122 ptFour colours or reversed out
3 - Magazine sub-title
ITC Franklin Gothic heavy 26 ptITC Franklin Gothic book 31 ptFour colours or reversed out
4 - Picture
Product picture contextFour coloursThe diagonal is based on the slant of the Switch: 37.7°
5 - Switch
Width: 9 mmAXA IM Red
6 - White stripe
35 mm
7 - Logo and signature
12 mmFour colours
1
3
2
4
6
5
7
Third layout structure cover - Magazine version 1210 X 297 mm PORTRAIT A4
63
AXA IM NOBIS as mo temporestior sumquunt
N°1 - novembre 2009
ARUMET ETUR DITAE CONSEQU
DOLUPTIUM ESCI NEM EXPEDIS
AUTA ESSUMQUI
8
8
35
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52
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297
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13
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SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR, ORCI NEC NONUMMY MOLESTIE, SIT AMET, ADIPISCING NEC, ULTRICIES SED, DOLOR. CRAS ELEMENTUM UL-TRICES DIAM. MAECENAS LIGULA MASSA, VARIUS A, SEMPER CONGUE, EUISMOD NON, MI. PROIN PORTTITOR.
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diam nisl sit amet erat.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum dolorem verate dolut wisl ut iureet diam.
Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Ctrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non lutpat libero pharetra tempor. Cras vestibulum bibendum augu.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Per sus-tie dolortie magnisit loreet iustrud eugait ulla feuisis nulpute vullam ea feuismolor sed del do consenim quatum dipsustrud dolorem verate dolut wisl ut iureet diam iure molum quamet ullut lan el ex exero esed tionsequi tat et velestie vulputpate tie magnit iureetum in ut adiat.
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AXA EMPRESA N°43 | noviembre 2009
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4 type of insurance
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4.1 We pay for: 4.2 We do not pay for:
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las pymesapuestan por las renovables
LOREM IPSUM DOLOR SIT AMET, CONSEC-TETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS DUIS SEMPER. DUIS ARCU MASSA CONSEQUAT IN, PRETIUM A, ENIM. PELLENTESQUE CONGUE.
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est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Ctrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non lutpat libero pharetra tempor. Cras vestibulum bibendum au-gue.
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AXA EMPRESA N°43 | noviembre 2009
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- RI Inside 72
- AXA Framlington inside-out review 75
- Investment Acumen 77
Regularreview
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Shareholder alignment – is this the only answer?
which would expand the possibilities of his one-way-only bet happening. The shareholder on the other hand would naturally have a more balanced approach to risk to the extent that it may threaten his capital in the company. Put simply, the risk-tolerance capacity of an investor is different from that of an executive and this factor is rarely incorporated into remuneration design.
Short term myopiaAnother major problem with the Shareholder Alignment approach is that it can provide false comfort to shareholders about the inherent sustainability of the business. While remuneration can be tangentially linked with short-term shareholder value, the structure and terms of remuneration itself can be such
as to expose the whole enterprise to the risk of failure. Shareholder-value based evaluations can obscure the true picture of the sustainability of a business or even lead to fl awed strategic decisions.
Examples of this are when companies leverage up the balance sheet in order to return money to shareholders – thus raising the Total Shareholder Return –, or buy back shares – which in turn means Earnings Per Share targets are met –, or even cut necessary capital investments in order to reduce costs. While these situations usually lead to shareholders receiving benefi ts in the short-term and executives meeting performance targets – thus showing alignment between the interests of executives and shareholders – it may be that these objectives have been met to the detriment of the company’s longer term viability.
Taking stock of the futureThis type of focus in itself may obscure important information about the type of fundamental risk a business enterprise is facing. It distracts critical questioning about the costs of short-term returns to shareholders. It may undermine investments in areas which are necessary for the long-term viability of shareholders e.g. reducing investments in customer services, and lead to deferment of necessary capital investments.To summarise, the main fl aw of the Shareholder Alignment approach is that it simply assumes that the interests of shareholders, who may themselves have shorter term interests, is synonymous
amongst others, focus on remuneration reform as an important aspect of restoring stability to the fi nancial system. The core need is to acknowledge – and then correct – the fact that executive remuneration has now become an overly complex, technocratic
process in which the long-term health of the company has been at best sidelined, at worst forgotten. The long-term strategy of the company should be at the heart of any remuneration system and executive performance should be measured relative to achievements against this long-term strategy. The necessary steps would be to move away from outcome based evaluation of remuneration to one that focuses more on the inputs necessary
The main fl aw of the Shareholder
Alignment approach is that it simply
assumes that the interests of
shareholders, who may themselves have
shorter term interests, is synonymous
with what is good for the company as a
whole and over the longer term.
with what is good for the company as a whole and over the longer term. It also does not take account of the position of the other stakeholders of the company such as employees, customers, bondholders etc, whose interests are not necessarily identical to those of shareholders.
Putting the business fi rstSo how can remuneration design be reformed to ensure that it does not encourage strategic or business decisions which endanger the viability of the company? This is the subject of much governmental attention – the Walker Review in the UK and the G20 Recommendations,
The necessary steps would be to move away from
outcome based evaluation of remuneration to one
that focuses more on the inputs necessary for real
value creation in the longer term. This means that
there should be more discussions around the inputs
needed for success and less focus on structuring
remuneration around possible outcomes.
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Recent events have brought the issues surrounding executive pay to the fore. Regulatory authorities and other stakeholders have rightly focused on remuneration reform as one of the critical steps needed towards enshrining a different kind of fi nancial model. However, getting from where we are to where we need to be will not work unless we take a critical look at the existing philosophy guiding remuneration and how and why that philosophy contributes to the current problems.
The driving philosophy underpinning executive remuneration today has been the alignment of such remuneration with
the interest of shareholders, commonly known as the “Shareholder Alignment”approach. One objective has been to structure remuneration in a way that encourages the executives to create value for shareholders. Another has been to ensure that executives only benefi t in tandem with any value created for shareholders or, in the reverse, do not benefi t if shareholder value is not created.
This Shareholder Alignment philosophy is rooted in the Anglo-Saxon model of corporate governance but has now infl uenced executive remuneration in many jurisdictions. The Greenbury
Code, which articulates this philosophy in the United Kingdom, states that “performance-related elements of remuneration should be designed to align the interests of Directors and shareholders and to give directors keen incentives to perform at the highest level”.
The intention behind the “Shareholder Alignment” approach is beyond reproach – to minimise instances where executives receive signifi cant rewards which are not correlated with the value created
for shareholders. The problem, however, is that in practice this approach ignores some fundamental behavioural issues related to remuneration.
Heads we win, tails you loseThe fi rst challenge relates to weak, in practice, alignment of interests. The Shareholder Alignment approach believes that executives
can be incentivised to manage companies in the interest of the owners of the Company as through incentives they have a similar (if reward based) interest in the Company being successful. However, the approach ignores the fact that the characteristics of shareholders’ interests
are fundamentally different from those of executives.
As interests of last priority, shareholders can, and in some unfortunate cases actually do, lose not just additional accrual of value but also their capital in a company. The interests of shareholders therefore are not just to ensure that additional value is created on their original investments, but also that
the whole venture and invested capital is not at risk. In contrast, the risk to executives is that performance-related incentives may not vest – there is no additional down-side risk to the executives. The executive is therefore pre-disposed to taking decisions
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Shareholder alignment – is this the only answer?Shade Duffy - Head of Corporate Governance, Responsible Investment Department - AXA Investment Managers
The interests of shareholders therefore are not just
to ensure that additional value is created on their
original investments, but also that the whole venture
and invested capital is not at risk.
AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Cœur DéfenseTour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number353 534 506, a Portfolio Management Company, holder of AMF approvalno. GP 92-08, issued on 7 April 1992.
This document is used for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specifi c date. Due to the subjective and indicative aspect of these analysis, we draw your attention to the fact that the effective evolution of the economic variables and values of the fi nancial markets could be signifi cantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplifi cation, the information given in this document can only be viewed as subjective. This document may be modifi ed without notice and AXA Investment Managers Paris may, but shall not be obligated, update or otherwise revise this document. All information in this document is established on data given made public by offi cial providers of economic and market statistics.AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or for reliance on this document. Furthermore, due to the subjective nature of these analysis and opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by AXA IM Paris’ management teams or its affi liates who may act based on their own opinions and as independent departments within the Company.By accepting this information, the recipients of this document agrees that it will use the information only to evaluate its potential interest in the strategies described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is unless otherwise authorised by AXA IM prohibited.
www.axa-im.com
Contact:
Raj ThamotheramDirector, Responsible [email protected]
+33 1 44 45 78 58
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Shareholder
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Is this theonly answer?
p. 4
Funds Focus
The case for forestry investing takes root
In search of Europe’s best businesses: Responsible
Investment shows the way p. 9
AXA IM Initiatives
Acting to support the long-term growth of companies
p. 19
ESG commitment
Corporate restructuring: Handle with Care
p. 25
The EUROSIF study
Watching the watchers – How consultants see their role
in (the rise of) responsible investingp. 30
RI Inside Review - January 2010
nsideRI
Shareholder
alignment
Is this theonly answer?
p. 4
Funds Focus
The case for forestry investing takes root
In search of Europe’s best businesses: Responsible
Investment shows the way p. 9
AXA IM Initiatives
Acting to support the long-term growth of companies
p. 19
ESG commitment
Corporate restructuring: Handle with Care
p. 25
The EUROSIF study
Watching the watchers – How consultants see their role
in (the rise of) responsible investingp. 30
RI
La revue Investissement Responsable d’AXA IM - Novembre 2009
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somma i re
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Zoom produitsLe pouvoir des hommes
ou la valeur du fonds« AXA WF Human Capital »
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Initiatives d’AXA IMRassembler des indices rentables
Engagements ESGDe la connaissance à la sagesse
p. 16
p. 23
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One of the loudest whispers coming from the fi nancial and economic grapevine is that
emerging markets have arrived. To the point that the question on many a commentator’s lips is: has the term “emerging market” become obsolete?
Today, most emerging economies are growing, and fast. While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years. Indeed although the crisis started as a Western one, globalisation meant that emerging markets were not left unscathed – though they were also quick to show signs of recovery. This is of course not true for all: Eastern Europe remains depressed, and several Latin American economies are unlikely to avoid their own home-grown crises. One of the key differentiators between emerging markets and their developed counterparts is leverage. Indeed excessive leverage is likely to have a detrimental impact on the future growth prospects of developed countries. In contrast, the banking sector in emerging markets is overall well capitalised, has low loan-to- deposit ratios, and is consequently for the most part well placed to continue lending at rates concomitant with
the prospects and needs of these market’s economies. In addition, investment is also an essential driver behind the sustainable growth of these emerging economies. Over the last ten years, emerging markets as a group have worked hard to build a fi rm platform for investment, be it domestic or foreign. Consequently, today, emerging markets are able to raise their growth rates to levels shifting their populations’ expenditure up the pyramid from subsistence to discretionary. Although China is already well on this path, other countries such as India and Indonesia are still rife with immense opportunities.So it is beginning to look like emerging markets could be coming of age. Signifi cantly, the G20 has been confi rmed as one of the world’s primary international forums, displacing the G7, while – anecdotally – Brazil has being selected ahead of Madrid, Tokyo and Chicago to host the 2016 Olympics. One of the key drivers behind this momentum is that they are increasingly fi nding their strength from within, through domestic and intra-emerging market led growth. So those hailing emerging markets should continue to do so, whilst avoiding a common pitfall: approaching these markets as a homogenous investment class.
A glocal treasure hunt
Emerging markets account for more than 80% of the world’s population, more than 70% of its land mass, 70% of its foreign exchange reserves and more than half of its global economic output – but only around 12% of global equity market capitalisation. This statistic stands out as an anomaly which cannot last
sequitiesAXA Framlington’sStraight TalkThe Inside-Out ReviewDecember 2009
Western and contagious
The fi nancial crisis that began in the US sub-prime mortgage market in 2007 had spread by mid-2008, affecting fi nancial systems across the globe and economic activity in virtually all countries. It is here key to note that the fi nancial institutions in most of the emerging economies had not engaged in the kinds of practices seen in their developed counterparts: balance sheets were typically not exposed to toxic assets; derivatives were employed much less frequently and generally limited to the more traditional instruments employed to hedge against currency and other risks associated with trade; and the more exotic instruments were shied away from. Yet this did
not render these markets fully immune. One of the most signifi cant impacts was provoked by the quasi drying-up of credit fl ows to emerging markets. The fl ow of export credits to emerging economies as well as inward portfolio investment all but collapsed in 2008, and commercial bank loans decreased signifi cantly. This created considerable stress in several of these markets, some of which were already experiencing problems before the crisis began to spread. This is especially true for Central and Eastern European countries, which then began to run dangerously large current account defi cits. Another key contagion channel was of course international trade. The slowing of economic activity in OECD countries led to a sharp contraction in exports from the great majority of emerging markets. This created an internal feedback loop wherein the initial reduction in trade weakened their domestic economies.
What is more, the downturn they experienced is not always attributable to the developed world slump. In effect in 2008, domestic spending across these regions was squeezed by higher commodity prices, coupled with tighter monetary policies to curb infl ation. China’s growth, for instance, began to slow well before global demand did, due to tight credit policies put in place to prevent the economy from overheating. This in turn led to a general slowdown in the property and construction markets. And then there were those economies – Russia being a prime example – that were already in overheating mode, blowing their own – credit - bubble when the crisis hit.
The degree to which the crisis affected each of these markets is variable, depending on the size of the economy, its openness to trade, and the level of diversifi cation of its exports and export markets. But they have all had to deal with some element of contagion and have shown, for the most part, unexpected buoyancy and an ability to not only weather the storm but also to make this crisis a systemic opportunity to leverage their domestic strengths – growing middle classes, developing education systems, increasing intra-emerging market collaboration.
Weathering the storm
One big and growing family
Emerging markets are often viewed as a single investment class, and therefore put under the same microscope. Indeed the majority of these economies are characterised by natural resource wealth, favourable demographics they represent 80% of the worlds’ population, a growing working age population, and one which is increasingly literate, educated and affl uent middle classes, and together represent the largest contribution to global economic output.Historically, many have been open to, and relied heavily upon, global trade, which has in turn helped to stabilise their fi nances, enabled them to build foreign exchange reserves and solid external
2 December 2009
While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years
balances, and resulted in stronger, better-managed companies, operating within a more robust regulatory environment. Indeed, the MSCI Emerging Markets Index has delivered an average annualized return of 10.6% since 1990, compared to 4.4% for the MSCI World Index. In sum, their story as a group is one of rapid economic development, but not without growing pains and hard lessons learnt.
Today they have decreasing debt levels, stabilising banking systems and a better capacity to sustain growth to show for. Also, low interest rates and low infl ation are being achieved, as many of these markets have succeeded in breaking the high infl ation/high interest rates spiral that have been a feature in the past, the most telling examples being Brazil, Turkey, Indonesia and Egypt. The value of Group therapy
With the potential of the region
as a whole established, there is also real value in creating sub-groups of emerging markets using various criteria. For example, an interesting separation can be made by dividing these markets according to their capacity to generate savings and accumulate capital, measured by current account surpluses or defi cits. Indeed, some emerging countries are structural savers, while others are chronic spenders. Asian countries (most prominently China) are most often characterised by external surpluses, meaning domestic savings exceed domestic investment. These excess savings are in turn recycled on the international capital markets, particularly the US.
Eastern European countries on the other hand, typically import more than they export, leading to high external defi cits that need to be fi nanced. These economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility. In the face of systemic shocks, having an external defi cit renders economies more vulnerable to a reversal in capital fl ows. A high domestic savings rate means growth can be more easily channelled through domestic consumption and investment in the face of a hostile international environment. This can explain the better resilience of China compared to countries such as Hungary or the Baltics.Another possible angle is differentiating those countries where sovereign debt still
dominates private debt, and those in which public debt has been signifi cantly reduced. Several emerging markets, such as China or Brazil, as well as Turkey and Indonesia, have managed to reduce their sovereign debt. This has led to a fall in sovereign risk premia and allowed private investors to benefi t from lower fi nancing costs on the international market. So, for these economies, investors need to analyse not only country but also corporate risks, and an in-depth knowledge of both is necessary in order to establish an informed view.
These are just a few examples to illustrate that it is indeed possible to group these economies into several categories using a variety of different segmentation criteria, in order to assess emerging market investment opportunities. Each brings value, contributing to a more in-depth understanding of these markets. But whatever the criteria used to divide emerging markets into sub-groups, it is important to always remember that each market is at different phases of its
3December 2009
0
1000
2000
3000
4000
5000
20502040
20302020
20102000
19901980
19701960
1950
EmergingDeveloped
Mill
ions
Year
Working age population, 15-64
Eastern European economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility
Sources: United Nations and Morgan Stanley, 2008. Excludes the least developed sub-Saharan African countries
Regular review - AXA Framlington Inside-out review210 X 297 mm PORTRAIT A4
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Work in progress
AXA
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Investment Acumen
Number 7 - Autumn 2009
AXA INVESTMENT MANAGERS’ RESEARCH REVIEW
Corporate Restructuring:Handle with care page 10 Reducing sensitivity: An active challenge page 16
Active management: Beyond Heads or Tails page 50
AXA INVESTMENT MANAGERS, a French « société anonyme » with a share capital of EUR. 52.733 097 - with its registered offi ce at Cœur Défense - Tour B - La Défense 4, - 100, Esplanade du Général de Gaulle 92400 Courbevoie, is registered with the Registery of Commerce and Companies of Nanterre under the number 393 051 826
AXA Investment Managers Paris :« Coeur Défense » Tour B – La Défense 4100, Esplanade du Général de Gaulle92400 Courbevoiewww.axa-im.com AX
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Investment Acumen
Number 7 - Autumn 2009
AXA INVESTMENT MANAGERS’ RESEARCH REVIEW8
5555555555555555666666668888888
56888888888888888888
Corporate Restructuring:Handle with care page 10 Reducing sensitivity: An active challenge page 16
Active management: Beyond Heads or Tails page 50
AXA INVESTMENT MANAGERS, a French « société anonyme » with a share capital of EUR. 52.733 097 - with its registered offi ce at Cœur Défense - Tour B - La Défense 4, - 100, Esplanade du Général de Gaulle 92400 Courbevoie, is registered with the Registery of Commerce and Companies of Nanterre under the number 393 051 826
AXA Investment Managers Paris :« Coeur Défense » Tour B – La Défense 4100, Esplanade du Général de Gaulle92400 Courbevoiewww.axa-im.com
INVESTMENT ACUMEN: AXA INVESTMENT MANAGERS’ RESEARCH REVIEW
Equities: Past, Present, Future
1871, we have broken returns down
into their most important contributing
factors: dividend yield, earning growth and
P/E expansion or contraction
(better known as equity re- or de-rating)
over a 130-year time span. From 1871
until the end of 2008, the annual
average total return for the S&P 500
has been 8.94%. Dividends (4.61%)
as well as earnings growth (3.78%)
make up the lion’s share of total
average return. Contrary to general
perception, multiple expansions only
generated a minimal contribution of
+0.55%. Furthermore, a great deal of
this small contribution is due to the
exceptional multiple expansion that
took place during the early 1980s
and 1990s.
Decomposing equity return over
the long run
Usually investors say they have a
long-term investment horizon. But when
it comes to the acid-test, people usually
equate this time horizon with a couple
of years. This is particularly true since
the start of the new millennium and
the associated poor equity performance,
which has tempted people to turn equity
investments down. This ignores the fact
that the past 30-odd years are out of
whack with history, observation which is
best illustrated via a decomposition of
the most important return parameters
(dividends, growth and re-rating) over a long
period.
Using Shiller data, which offers detailed
information about the S&P 500 since
“Stocks for the long run” was the title of the famous book by J. Siegel. Unfortunately, a look
at the big picture clearly shows that the past decade has returned a fairly lousy performance equity-
wise. Firstly, we had the burst of the internet bubble and the subsequent accounting trickeries which
put into question the long-term perspective of equity investors. Then, the recent fi nancial crisis—the
worst in generations—seems to have totally wiped out any belief that risky assets in general, and
equities in particular, outperform, even in the long run.
Whilst the harsh reality exhibited by statistics is unquestionable, it would be wrong not to try
to understand what has happened. Indeed, although the global economy has known relatively
low historical variations over the past 30-odd years, volatility has been extreme in equity markets.
The latter have visited the stratosphere and then back again, with a crash landing. Which begs
the question: what kind of future return should equity investors expect in the next long run?
Charles Dautresme – Strategist Franz Wenzel – Deputy Director Investment Strategy DepartmentAXA Investment Managers
LOOKING AHEAD
The past thirty years –
a story of equity re-rating
Obviously, such a long time span has
numerous pitfalls and might therefore not
necessarily be representative. The two
World Wars and the Great Depression are
presumably the outstanding elements that
have distorted the data. And one should
not forget the collapse of the Bretton
Woods system back in the early 1970s,
followed by the fi rst and second oil-shocks
of the '70s.
For all these reasons, as well as the fact
that investors do not have a 130-year time
horizon ahead of them, we have broken
down the entire period into decades to
extract how the various return components
behaved during the different time spans.
Usually investors
say they have a long-
term investment
horizon.
But when it comes
to the acid-test,
people usually equate
this time horizon with
a couple of years
As intuition suggests, the different periods
show very different return patterns. Whilst
over a very long period equity returns
have been predominantly determined
by dividends, the past 30 years or so
are testimony to an important shift in
leadership: a substantial re-rating of
equities, which is presumably best-
illustrated by the impressive multiple
expansion since the early '80s, propelled
equity returns.
So what are the reasons for this
impressive re-rating? The nomination of
Paul Volcker (August 1979) at the helm
of the Federal Reserve marked a seesaw
change in monetary policy. Fighting
infl ation became an openly declared
target of the new chairman – nominal as
well as real short rates skyrocketed.
During the years that followed, infl ation
trended steadily downwards, allowing
nominal yields to move in tandem. As
a consequence, classical valuation
metrics like the P/E ratio shifted
upwards – from single-digit readings
all the way up to the high 20s (bar the
sharp earnings recessions of the early
2000s). This process culminated with
skyscraper-valuations and the famous
words of “irrational exuberance” of Alan
Greenspan. At the time of the peak of
the tech bubble, some analysts even
suggested making the P/E valuation
metric obsolete as some tech companies
generated hardly any profi ts. Over this
time period, multiple expansion became
the most important performance vector1.
Between 1980 and 2000, multiple
expansion actually accounted for close to
half of the total 15.63% annual return.
This period of excessive valuations was
followed by a sharp period of de-rating.
Whilst the “growth” component generated
an annual return of 8.12% from 2001
until the end of 2008, P/E contraction
reduced total return by 7.09% annually
over this period. Earnings grew at a faster
pace than market prices as investors
were not willing to pay a premium for
growth that was generated through off
balance sheet leverage and concentrated
5
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EXHIBIT 1: S&P 500 RETURN AND RETURN ATTRIBUTION SINCE 1871Sources: Shiller, AXA IM, December 2008
PE expansion/contractionDividend returnGrowthTotal Return, rhs
18711881
18811891
19011911
19111921
19211931
19311941
19411951
19511961
19611971
19711981
19811991
19912001
18911901
20012008
0
2
4
6
8
10
12
14
16
18
20% %
EXHIBIT 2: S&P 500 TRAILING P/E SINCE 1871Sources: Shiller, AXA IM, June 2009
05
1015202530354045505560
01/1871 01/1885 01/1899 01/1913 01/1927 01/1941 01/1955 01/1969 01/1997 12/200801/1983
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AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Cœur DéfenseTour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number353 534 506, a Portfolio Management Company, holder of AMF approvalno. GP 92-08, issued on 7 April 1992.
Des
ign
and
Prod
uctio
n: A
XA In
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arke
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artm
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12/2
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it ph
otos
: ©
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olia
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ndo
Flor
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osu,
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helle
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gkam
p, A
leks
ande
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itsky
, Alx
, cor
neliu
s, F
ranz
Pfl u
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Jam
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teid
l / J
upite
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ages
This document is used for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell, solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specifi c date. Due to the subjective and indicative aspect of these analysis, we draw your attention to the fact that the effective evolution of the economic variables and values of the fi nancial markets could be signifi cantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplifi cation, the information given in this document can only be viewed as subjective. This document may be modifi ed without notice and AXA Investment Managers Paris may, but shall not be obligated, update or otherwise revise this document. All information in this document is established on data given made public by offi cial providers of economic and market statistics.AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or for reliance on this document. Furthermore, due to the subjective nature of these analysis and opinions, these data, projections, forecasts, anticipations, hypothesis and/or opinions are not necessary used or followed by AXA IM Paris’ management teams or its affi liates who may act based on their own opinions and as independent departments within the Company.By accepting this information, the recipients of this document agrees that it will use the information only to evaluate its potential interest in the strategies described herein and for no other purpose and will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is unless otherwise authorised by AXA IM prohibited.
www.axa-im.com
Contact:
Raj ThamotheramDirector, Responsible [email protected]
+33 1 44 45 78 58
Shareholder
alignment
Is this theonly answer?
p. 4
Funds Focus
The case for forestry investing takes root
In search of Europe’s best businesses: Responsible
Investment shows the way p. 9
AXA IM Initiatives
Acting to support the long-term growth of companies
p. 19
ESG commitment
Corporate restructuring: Handle with Care
p. 25
The EUROSIF study
Watching the watchers – How consultants see their role
in (the rise of) responsible investingp. 30
RI Inside Review - January 2010
nsideRIShareholder
alignment
Is this theonly answer?
p. 4
Funds Focus
The case for forestry investing takes root
In search of Europe’s best businesses: Responsible
Investment shows the way p. 9
AXA IM Initiatives
Acting to support the long-term growth of companies
p. 19
ESG commitment
Corporate restructuring: Handle with Care
p. 25
The EUROSIF study
Watching the watchers – How consultants see their role
in (the rise of) responsible investingp. 30
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Recent events have brought the issues surrounding executive pay to the fore. Regulatory authorities and other stakeholders have rightly focused on remuneration reform as one of the critical steps needed towards enshrining a different kind of fi nancial model. However, getting from where we are to where we need to be will not work unless we take a critical look at the existing philosophy guiding remuneration and how and why that philosophy contributes to the current problems.
The driving philosophy underpinning executive remuneration today has been the alignment of such remuneration with
the interest of shareholders, commonly known as the “Shareholder Alignment”approach. One objective has been to structure remuneration in a way that encourages the executives to create value for shareholders. Another has been to ensure that executives only benefi t in tandem with any value created for shareholders or, in the reverse, do not benefi t if shareholder value is not created.
This Shareholder Alignment philosophy is rooted in the Anglo-Saxon model of corporate governance but has now infl uenced executive remuneration in many jurisdictions. The Greenbury
Code, which articulates this philosophy in the United Kingdom, states that “performance-related elements of remuneration should be designed to align the interests of Directors and shareholders and to give directors keen incentives to perform at the highest level”.
The intention behind the “Shareholder Alignment” approach is beyond reproach – to minimise instances where executives receive signifi cant rewards which are not correlated with the value created
for shareholders. The problem, however, is that in practice this approach ignores some fundamental behavioural issues related to remuneration.
Heads we win, tails you loseThe fi rst challenge relates to weak, in practice, alignment of interests. The Shareholder Alignment approach believes that executives
can be incentivised to manage companies in the interest of the owners of the Company as through incentives they have a similar (if reward based) interest in the Company being successful. However, the approach ignores the fact that the characteristics of shareholders’ interests
are fundamentally different from those of executives.
As interests of last priority, shareholders can, and in some unfortunate cases actually do, lose not just additional accrual of value but also their capital in a company. The interests of shareholders therefore are not just to ensure that additional value is created on their original investments, but also that
the whole venture and invested capital is not at risk. In contrast, the risk to executives is that performance-related incentives may not vest – there is no additional down-side risk to the executives. The executive is therefore pre-disposed to taking decisions
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Shareholder alignment – is this the only answer?Shade Duffy - Head of Corporate Governance, Responsible Investment Department - AXA Investment Managers
The interests of shareholders therefore are not just
to ensure that additional value is created on their
original investments, but also that the whole venture
and invested capital is not at risk.
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Shareholder alignment – is this the only answer?
which would expand the possibilities of his one-way-only bet happening. The shareholder on the other hand would naturally have a more balanced approach to risk to the extent that it may threaten his capital in the company. Put simply, the risk-tolerance capacity of an investor is different from that of an executive and this factor is rarely incorporated into remuneration design.
Short term myopiaAnother major problem with the Shareholder Alignment approach is that it can provide false comfort to shareholders about the inherent sustainability of the business. While remuneration can be tangentially linked with short-term shareholder value, the structure and terms of remuneration itself can be such
as to expose the whole enterprise to the risk of failure. Shareholder-value based evaluations can obscure the true picture of the sustainability of a business or even lead to fl awed strategic decisions.
Examples of this are when companies leverage up the balance sheet in order to return money to shareholders – thus raising the Total Shareholder Return –, or buy back shares – which in turn means Earnings Per Share targets are met –, or even cut necessary capital investments in order to reduce costs. While these situations usually lead to shareholders receiving benefi ts in the short-term and executives meeting performance targets – thus showing alignment between the interests of executives and shareholders – it may be that these objectives have been met to the detriment of the company’s longer term viability.
Taking stock of the futureThis type of focus in itself may obscure important information about the type of fundamental risk a business enterprise is facing. It distracts critical questioning about the costs of short-term returns to shareholders. It may undermine investments in areas which are necessary for the long-term viability of shareholders e.g. reducing investments in customer services, and lead to deferment of necessary capital investments.To summarise, the main fl aw of the Shareholder Alignment approach is that it simply assumes that the interests of shareholders, who may themselves have shorter term interests, is synonymous
amongst others, focus on remuneration reform as an important aspect of restoring stability to the fi nancial system. The core need is to acknowledge – and then correct – the fact that executive remuneration has now become an overly complex, technocratic
process in which the long-term health of the company has been at best sidelined, at worst forgotten. The long-term strategy of the company should be at the heart of any remuneration system and executive performance should be measured relative to achievements against this long-term strategy. The necessary steps would be to move away from outcome based evaluation of remuneration to one that focuses more on the inputs necessary
The main fl aw of the Shareholder
Alignment approach is that it simply
assumes that the interests of
shareholders, who may themselves have
shorter term interests, is synonymous
with what is good for the company as a
whole and over the longer term.
with what is good for the company as a whole and over the longer term. It also does not take account of the position of the other stakeholders of the company such as employees, customers, bondholders etc, whose interests are not necessarily identical to those of shareholders.
Putting the business fi rstSo how can remuneration design be reformed to ensure that it does not encourage strategic or business decisions which endanger the viability of the company? This is the subject of much governmental attention – the Walker Review in the UK and the G20 Recommendations,
The necessary steps would be to move away from
outcome based evaluation of remuneration to one
that focuses more on the inputs necessary for real
value creation in the longer term. This means that
there should be more discussions around the inputs
needed for success and less focus on structuring
remuneration around possible outcomes.
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Matthew LovattTel.: +44 20 7330 6541 Philippe De LavaletteTel.: +33 1 44 45 94 70 www.axaframlington.com
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One of the loudest whispers coming from the fi nancial and economic grapevine is that
emerging markets have arrived. To the point that the question on many a commentator’s lips is: has the term “emerging market” become obsolete?
Today, most emerging economies are growing, and fast. While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years. Indeed although the crisis started as a Western one, globalisation meant that emerging markets were not left unscathed – though they were also quick to show signs of recovery. This is of course not true for all: Eastern Europe remains depressed, and several Latin American economies are unlikely to avoid their own home-grown crises. One of the key differentiators between emerging markets and their developed counterparts is leverage. Indeed excessive leverage is likely to have a detrimental impact on the future growth prospects of developed countries. In contrast, the banking sector in emerging markets is overall well capitalised, has low loan-to- deposit ratios, and is consequently for the most part well placed to continue lending at rates concomitant with
the prospects and needs of these market’s economies. In addition, investment is also an essential driver behind the sustainable growth of these emerging economies. Over the last ten years, emerging markets as a group have worked hard to build a fi rm platform for investment, be it domestic or foreign. Consequently, today, emerging markets are able to raise their growth rates to levels shifting their populations’ expenditure up the pyramid from subsistence to discretionary. Although China is already well on this path, other countries such as India and Indonesia are still rife with immense opportunities.So it is beginning to look like emerging markets could be coming of age. Signifi cantly, the G20 has been confi rmed as one of the world’s primary international forums, displacing the G7, while – anecdotally – Brazil has being selected ahead of Madrid, Tokyo and Chicago to host the 2016 Olympics. One of the key drivers behind this momentum is that they are increasingly fi nding their strength from within, through domestic and intra-emerging market led growth. So those hailing emerging markets should continue to do so, whilst avoiding a common pitfall: approaching these markets as a homogenous investment class.
A glocal treasure hunt
Emerging markets account for more than 80% of the world’s population, more than 70% of its land mass, 70% of its foreign exchange reserves and more than half of its global economic output – but only around 12% of global equity market capitalisation. This statistic stands out as an anomaly which cannot last
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Western and contagious
The fi nancial crisis that began in the US sub-prime mortgage market in 2007 had spread by mid-2008, affecting fi nancial systems across the globe and economic activity in virtually all countries. It is here key to note that the fi nancial institutions in most of the emerging economies had not engaged in the kinds of practices seen in their developed counterparts: balance sheets were typically not exposed to toxic assets; derivatives were employed much less frequently and generally limited to the more traditional instruments employed to hedge against currency and other risks associated with trade; and the more exotic instruments were shied away from. Yet this did
not render these markets fully immune. One of the most signifi cant impacts was provoked by the quasi drying-up of credit fl ows to emerging markets. The fl ow of export credits to emerging economies as well as inward portfolio investment all but collapsed in 2008, and commercial bank loans decreased signifi cantly. This created considerable stress in several of these markets, some of which were already experiencing problems before the crisis began to spread. This is especially true for Central and Eastern European countries, which then began to run dangerously large current account defi cits. Another key contagion channel was of course international trade. The slowing of economic activity in OECD countries led to a sharp contraction in exports from the great majority of emerging markets. This created an internal feedback loop wherein the initial reduction in trade weakened their domestic economies.
What is more, the downturn they experienced is not always attributable to the developed world slump. In effect in 2008, domestic spending across these regions was squeezed by higher commodity prices, coupled with tighter monetary policies to curb infl ation. China’s growth, for instance, began to slow well before global demand did, due to tight credit policies put in place to prevent the economy from overheating. This in turn led to a general slowdown in the property and construction markets. And then there were those economies – Russia being a prime example – that were already in overheating mode, blowing their own – credit - bubble when the crisis hit.
The degree to which the crisis affected each of these markets is variable, depending on the size of the economy, its openness to trade, and the level of diversifi cation of its exports and export markets. But they have all had to deal with some element of contagion and have shown, for the most part, unexpected buoyancy and an ability to not only weather the storm but also to make this crisis a systemic opportunity to leverage their domestic strengths – growing middle classes, developing education systems, increasing intra-emerging market collaboration.
Weathering the storm
One big and growing family
Emerging markets are often viewed as a single investment class, and therefore put under the same microscope. Indeed the majority of these economies are characterised by natural resource wealth, favourable demographics they represent 80% of the worlds’ population, a growing working age population, and one which is increasingly literate, educated and affl uent middle classes, and together represent the largest contribution to global economic output.Historically, many have been open to, and relied heavily upon, global trade, which has in turn helped to stabilise their fi nances, enabled them to build foreign exchange reserves and solid external
2 December 2009
While it is true that the world has not changed so dramatically that markets such as China or India can calmly shrug off calamity in the US, they have shown unexpected resilience over the past two years
20 207 752 52 52
balances, and resulted in stronger, better-managed companies, operating within a more robust regulatory environment. Indeed, the MSCI Emerging Markets Index has delivered an average annualized return of 10.6% since 1990, compared to 4.4% for the MSCI World Index. In sum, their story as a group is one of rapid economic development, but not without growing pains and hard lessons learnt.
Today they have decreasing debt levels, stabilising banking systems and a better capacity to sustain growth to show for. Also, low interest rates and low infl ation are being achieved, as many of these markets have succeeded in breaking the high infl ation/high interest rates spiral that have been a feature in the past, the most telling examples being Brazil, Turkey, Indonesia and Egypt. The value of Group therapy
With the potential of the region
as a whole established, there is also real value in creating sub-groups of emerging markets using various criteria. For example, an interesting separation can be made by dividing these markets according to their capacity to generate savings and accumulate capital, measured by current account surpluses or defi cits. Indeed, some emerging countries are structural savers, while others are chronic spenders. Asian countries (most prominently China) are most often characterised by external surpluses, meaning domestic savings exceed domestic investment. These excess savings are in turn recycled on the international capital markets, particularly the US.
Eastern European countries on the other hand, typically import more than they export, leading to high external defi cits that need to be fi nanced. These economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility. In the face of systemic shocks, having an external defi cit renders economies more vulnerable to a reversal in capital fl ows. A high domestic savings rate means growth can be more easily channelled through domestic consumption and investment in the face of a hostile international environment. This can explain the better resilienceof China compared to countries such as Hungary or the Baltics.Another possible angle is differentiating those countries where sovereign debt still
dominates private debt, and those in which public debt has been signifi cantly reduced. Several emerging markets, such as China or Brazil, as well as Turkey and Indonesia, have managed to reduce their sovereign debt. This has led to a fall in sovereign risk premia and allowed private investors to benefi t from lower fi nancing costs on the international market. So, for these economies, investors need to analyse not only country but also corporate risks, and an in-depth knowledge of both is necessary in order to establish an informed view.
These are just a few examples to illustrate that it is indeed possible to group these economies into several categories using a variety of different segmentation criteria, in order to assess emerging market investment opportunities. Each brings value, contributing to a more in-depth understanding of these markets. But whatever the criteria used to divide emerging markets into sub-groups, it is important to always remember that each market is at different
3December 2009
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Eastern European economies tend to have more “normal” emerging market profi les, being importers of capital from developed economies, and therefore face more traditional emerging market risks linked to balance of payments defi cits and exchange rate volatility
Sources: United Nations and Morgan Stanley, 2008. Excludes the least developed sub-Saharan African countries
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Offerta AXA
Planes
de Pensiones
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Red AXA Asesores, Los mayores especialistas en SaludLOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS.
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Boletìn de los Asedores de Axa Espana
AXA SEGUROS E INVERSIONES
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Rafael Raya,Nuevo Director del Canal Agentes
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¿ Cual es la situacion del Canal
Agentes en el mercado ?
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¿ Cual es la situacion del Canal Agentes en AXA ?
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NUMERO
07NOVIEMBRE 2009
editorial
EN AVANCE Boletìn de los Asedores de AXA España
NOMBRAMIENTO DE
JAVIER CABALLERO
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CONTENIDOSeditorial ........................................................................................p.1
estrategia AXA ...........................................................................p.3
estrategia Canal Agentes .......................................................p.5
acciones Promocionales, Agentes Exclusivos .................p.6
boutique AXA ..............................................................................p.8
herramientas de Gestion, Agentes Exclusivos ................p.8
offerta AXA ..................................................................................p.9
¿ Cual es la Estrategia del Canal Agentes ?
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¿ Como prevés el futuro del Canal Agentes ?
Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feu-giat, augue non elementum posuere, metus purus iaculis.RAFAEL E.RAYA
DIRECTOR DEL CANAL AGENTES
¿ Cual es situa-
cion del Canal
Agentes?
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¿ Cual es la situacion del Canal Agentes
en AXA ?
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¿ Cual es la Estrategia del Canal
Agentes ?
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¿ Como prevés el futuro del Canal
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FÉLICIDAD LOZANODIRECTORA CANAL AXA ASESORES
un canal en Crecimiento
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CONTENIDOS
editorial ...................................... p.1Un Canal en Crecimiento
estrategia AXA ........................ p.2 Nueva Estrategia Marca
accionees promocionales . p.3
boutique AXA .......................... p.4Nuestro Ganadores Camapna Super ventas 2008 Campana Pensiones
oferta AXA ................................ p.6Planes de pensiones de empleo vida segura activa
boutique AXA .......................... p.7estrategia Canal AXA
asesores .................................... p.7Los mayores especialistas en Salud El Club Reclutadores Escuela Comercial
07
AXA SEGUROS E INVERSIONES
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NUMERO
NOVIEMBRE 2009
EN AVANCE Boletìn de los Asedores de AXA España
editorial
RAFAEL E.RAYA
DIRECTOR DEL CANAL AGENTES
version 1 version 2
Repèren°1
Septembre
2009
Contexte
Sept. Depuis le mois d’octobre dernier, la BCE a procédé à 7 baisses des taux, ramenant son taux de refi nancement à 1% en mai 2009. Dans son sillage, la Fed a situé l’objectif entre 0 - 0,25 %.
Parallèlement, la demande pour des fonds monétaires réguliers n’a cessé de croître dans un contexte de hausse du niveau d’aversion au risque. Ainsi, plus les taux bais-saient, plus les souscriptions sur des produits liquides et faiblement rému-nérateurs progressaient.
Maintenant que les rendements des fonds monétaires sont au plus bas, les investisseurs s’interrogent. Quelle juste place accorder aux fonds monétaires ? Pourquoi ne pas envisager de migrer vers des fonds plus rémunérateurs, profi tant de spreads de crédit attrac-tifs ?
Il n’y pas de réponse unique à ces questions. Chez AXAIM, nous sommes convaincus que les marchés monétaires et obligataires demeurent une classe d’actifs incontournable car offrant une palette très large de profi ls de risque.
Découvrons ensemble un panorama de nos solu-tions d’investissement à court et moyen terme.
Nos solutions d’investissements
à court et moyen terme
version 3
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque
sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est
eleifend mi, non fermentum diam nisl sit
amet erat.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante
ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum. Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras
vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed.
SIT AMETDIRECTORA CANALAXA ASESORES
estrategia Canal AXA Asesores
LOS ASESORES DESEMPENAN UN PAPEL FUNDAMENTAL EN LA VENTA DE PRODUCTOS DE SALUD
«
»
El Club Reclutadores, sigue ganadoadeptos
02
Boletìn de los Asedores de Axa Espana
Red AXA Asesores, Los mayores especialistas en Salud
LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA,
Egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue
numero 07 - novembre 2008
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est elei-fend mi, non fermentum.
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vesti-bulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blan-dit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est
eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed. Duis semper. Duis arcu massa, scelerisque vitae, conse-quat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum
Campana de pensiones LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS.
Offerta AXA
Planes
de Pensiones
de Empleo Sit amet, adipiscing nec, ultricies sed,
dolor. Cras elementum ultrices diam.
Maecenas ligula massa, varius a, sem-
per congue, euismod non, mi. Proin
porttitor, orci nec nonummy molestie,
enim est eleifend mi, non fermentum
diam nisl sit amet erat.
Duis semper.
Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus vo-lutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luc-tus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum. Maecenas adipiscing ante non diam
Sit amet,
adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas li-gula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est elei-fend mi, non fermentum diam nisl sit amet erat. Duis semper.
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie.
Other documents - Newsletter cover and inside
82
Three proposals.
The header always contains the newsletter title followedby the AXA IM Switch.
Décembre 2009
FLASHINFO
Emploi
Insertion par l’activité économique
Revitalisation des quartierset des territoires en diffi culté
Egalité des chances
Environnement
Filières biologiques
Energies renouvelables
Protection de la nature
Social et logement
Insertion par le logement
Entraide et santé
Droits de l’homme
Culture
Solidarité Internationale
Commerce équitable
Microcrédit
Humanitaire
Un investissement est solidaire lorsqu’une partie des actifs est
investi dans des entreprises/associations/organisations solidaires
agréées par l’Etat. Faire le choix d’une épargne solidaire c’est donc
faire fructifi er son épargne en fi nançant des activités économiques
utiles à la lutte contre l’exclusion, à la cohésion sociale et au
développement durable.
Les entreprises dites solidaires
Les structures d’insertion par l’activité économique et les entreprises adaptée conventionnées par l’état.
Les entreprises employant au moins 30% de contrats aidés, travailleurs handicapés ou en diffi culté d’insertion professionnelle.
Les associations, coopératives, mutuelles ou institutions de prévoyanceou sociétés dont les dirigeants sont élus par les salariés, les adhérentsou les sociétaires dont la moyenne des salaires versés aux 5 salariésou dirigeants les mieux rémunérés n’excèdent pas 5 fois la rémunérationannuelle perçue par un salarié à temps complet sur la base du SMIC.
Sont assimilées solidaires
Les organismes dont l’actif est composé pour au moins 35% de titres émispar des entreprises solidaires (exemple France active).
Les établissements de crédit dont 80% de l’activité de prêt ou d’investissement s’effectue en faveur des entreprises solidaires.
Un contexte réglementaire qui favorise l’investissement solidaire
La loi LME du 4 août 2008 (modernisation de l’économie) rend obligatoire la présence d’un FCPE solidaire dans tous les PEE, même dans ceux qui sont déjà en place. Au 1er janvier 2010, tous les Plans d’épargne Entreprise devront en être doté. Un FCPE est dit « solidaire » lorsqu’il détient entre 5% et 10% de titres émis par des entreprises solidaires agréées.
...Pourquoi faire le choix
d’une épargne solidaire ?
Le choix du Groupe AXA
AXA soutient des projets
sociaux comme ceux
développés par les entreprises
solidaires agrées suivantes :
Société d’Investissementde France Active (SIFA)www.franceactive.comElle renforce les capitaux permanents des entreprises solidaires qui créent ou consolident des emplois par le développement d’activités économiques. Depuis 1988, elle a contribué à la création ou consolidation de 94.000 emploisen France, dont près de 17.000en 2007. 83% des projets fi nancés passent le cap des 5 ans.
Habitat & Humanismewww.habitat-humanisme.org Société foncière favorisant l’acquisition et la réhabilitationde logements destinés aux personnes en diffi culté.Depuis sa création en 1985,elle a contribué à relogeret réinsérer près de 9.000 familles.
Association pour le Droità l’Initiative Economique (ADIE) www.adie.org Cette association vise à aiderles personnes exclues du marché du travail et du système bancaire classique à créer leur entrepriseet leur propre emploi grâce au microcrédit. Depuis sa créationen 1989, elle a favorisé la créationde près de 53.426 entreprises,pour 66.511 emplois, via plusde 65.209 microcréditsoctroyés.
S comme Solidaire…
AXA Investment Managers progresse dans l’Investissement Responsable (IR)...
Le fonds AXA Trésor Court Terme met désormais en œuvreune philosophie Investissement Responsable (IR) en sélectionnant des émetteurs selon une approche ESG (Environnement, Social, Gouvernance).
Le groupe AXA IM s’intéresse à la philosophie « Investissement Responsable » depuis 2001 et a signé les principes d’investissement responsable des Nations Unies en 2007 (l’objectif étant d’intégrer les questions environnementales, sociales et de gouvernanceaux décisions d’investissement).
Le groupe AXA IM
FLASHINFO
...avec son fonds monétaire
AXA Trésor Court Terme
AXA Investment Managersprogresse dans l’Investissement Responsable (IR)...
Le fonds AXA Trésor Court Terme met désormais en œuvreune philosophie Investissement Responsable (IR) en sélectionnant des émetteurs selon une approche ESG (Environnement, Social, Gouvernance).
Le groupe AXA IM s’intéresse à la philosophie« Investissement Responsable » depuis 2001 et a signé les principes d’investissement responsable des Nations Unies en 2007 (l’objectif étant d’intégrer les questions environnementales,sociales et de gouvernanceaux décisions d’investissement).
Le groupe AXA IM
FLASHINFO
...avec son fonds monétaire
AXA Trésor Court Terme
Classement des pays selon leur gouvernance Filtre E.S.G.
Titres d’émetteursde dette privée
Titres d’émetteursgouvernementaux
et quasi-gouvernementaux
Portefeuille IR
Filtre « dernier quartile »
Comment s’opère la sélection des titres ?L’équipe IR défi nit les critères de sélection pour les émetteurs privés d’une part et pour les émetteurs gouvernementaux d’autre part. Le schéma ci-dessous illustre ce processus de sélection de titres.
Filt e »
Le gérant doit limiter ses investissementsdans les pays appartenant au dernier quartile
du classement à 20% du portefeuille.
Calcul d’un score IR et classement des émetteurs après évaluation du respect des trois piliers Environnement, Social, Gouvernance : Environnement :
- Management des risques environnementaux, des émissions, éco-effi cience, … Social :
- Conditions de travail, santé, relations syndicales, …
Gouvernance :- Indépendance du board, droits des
actionnaires, rémunération, …
Exclusion des entreprises appartenantau dernier quartile.
Classement par pays basé sur des indicateurs de gouvernance publiés par la Banque Mondiale et sur leur évolution sur 2 ans :
- stabilité politique- effi cacité gouvernementale- qualité de régulation- absence de violence/terrorisme
Other documents - Short newsletter
January 2008
Companies are increasingly integrating the issues linked to sustainable
investment and corporate governance into their strategies, as they are convinced that these issues contribute to value creation in the long term.
For many years, AXA Investment Managers (AXA IM) has been interested in environmental, social and governance criteria when considering a company.
By progressively improving the integration of extra-financial factors in investment and governance decisions, AXA IM is responding to the growing need of its clients for a more responsible long term management approach.
Let’s take a look at all the initiatives AXA IM has taken which reaffirm its commitment and its expertise.
September 2008
June 2008
February 2007
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11 years already !
Octobre 2009
AXA Investment Managers and Responsible Investment…
FLASH INFO
AXA IM participates in the Commission of the European Federation of Financial Analysts Societies (EFFAS) on environmental, social and governance (ESG) subjects.
Creation of RI Search
RI Search is a central research service whose mission is to provide information and alerts for all portfolio managers concerning extra-financial factors which could influence stockmarket performance. RI Search is a unique and innovative service because it enables all portfolio managers to gain easy access to extra-financial information which is useful, aggregated, comparable, pertinent and which comes from several rigorously selected sources.
AXA IM becomes a signatory to the Principles
of Responsible Investment (PRI)
PRI is a private, volontary and collaborative initiative launched in April 2006 and coordinated by the United Nations. Its primary objective, via the establishment of 6 principles, is to consider issues, also called extra-financial factors, into investment managers in the world including some of our large clients, prospects and competitors. All share a common conviction: taking into account extra-financial risks and opportunities contributes significantly to the long term profitability of an investment and to an optimal risk management.
Find out more: www.unpri.org
AXA IM joins the Enhanced Analytics Initiative (EAI)
EAI is the result of an international cooperation between investors and asset managers which aims to encourage research which takes into account the impact of extra-financial factors on the long term performance of companies. As a member of the EAI, AXA IM is committed to allocating at least 5% of its annual research budgets to organisations which analyse extra-financial factors which could affect the performance of a company or sector.
Find out more: www.enhancedanalytics.com
83
1 - Newsletter title
ITC Franklin Gothic Demi ItalicITC Franklin Gothic Book 60 ptAXA IM BlueSwitch width: equal one timeof the size of the letterAXA IM Red
2 - Sub-title newsletter
ITC Franklin Gothic Book 11 ptAXA IM Blue
3 - Data
ITC Franklin Gothic Demi 9 ptITC Franklin Gothic Demi 75 ptITC Franklin Gothic Medium 8 ptUpper caseReversed out
4 - Table of contents
ITC Franklin Gothic Heavy 18 ptITC Franklin Gothic Medium 12 ptITC Franklin Gothic Book and Book Italic 8 ptLinefeed 20 ptReversed out
5 - Editorial
ITC Franklin Gothic Book 30 pt
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35 mm
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12 mmFour colours
¿ Cual es situa-
cion del Canal
Agentes?
sit amet, adi-piscing nec, ultricies sed, dolor. Cras ele-mentum ultrices diam. Maecenas ligula massa, va-rius a, semper congue, euismod
non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fer-mentum diam nisl sit amet erat.
¿ Cual es la situacion del Canal Agentes
en AXA ?
Duis semper. Duis arcu massa, scele-risque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vesti-bulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit so-dales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum.
¿ Cual es la Estrategia Canal Agentes ?
Maecenas adipiscing ante non diam so-dales hendrerit. Ut velit mauris, egestas sed, gravida nec, ornare ut, mi. Aenean ut orci vel massa suscipit pulvinar. Nulla
sollicitudin. Fusce varius, ligula non tem-pus aliquam, nunc turpis ullamcorper nibh, in tempus sapien eros vitae ligula. Pellentesque rhoncus nunc et augue. Integer id felis.
¿ Como prevés el futuro del Canal
Agentes ?
Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam fauci-bus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feugiat, augue non elementum posuere, metus purus iaculis lectus, et tristique ligula justo vitae magna. Aliquam convallis sollicitudin Morbi vel erat non mauris convallis vehi-cula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam.
FÉLICIDAD LOZANO DIRECTORA CANAL AXA ASESORES
un canal en Crecimiento
LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA.
CONTENIDOS
Editorial ...................................... p.1Un Canal en Crecimiento
Estrategia AXA IM ................. p.2 Nueva Estrategia Marca
Accionees promocionales . p.3
AXA IM ........................................ p.4Nuestro Ganadores Camapna Super ventas 2008 Campana Pensiones
Oferta AXA IM ......................... p.6Planes de pensiones de empleo vida segura activa
Boutique .................................... p.7estrategia Canal AXA
Asesores .................................... p.7Los mayores especialistas en Salud El Club Reclutadores Escuela Comercial
07
AXA IM Comunicacion distribution Soporte Ventas
camino fuente de la mora, 1
Cc RTA534TA
28050 madrid
telefono 902 40 40 84
www.axa.es
NUMERO
NOVIEMBRE 2009
EN AVANCE Boletìn de los Asedores de AXA IM España
Editorial
RAFAEL E.RAYA
DIRECTOR DEL CANAL AGENTES
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Rafael Raya,Nuevo Director del Canal Agentes
LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS.
¿ Cual es la situacion del Canal
Agentes en el mercado ?
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam.
Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit amet.
¿ Cual es la situacion del Canal Agentes en AXA ?
Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum.
NUMERO
07NOVIEMBRE 2009
Editorial
EN AVANCE Boletìn de los Asedores de AXA España
NOMBRAMIENTO DE
JAVIER CABALLERO«Curabitur aliquet pellentesque diam. Integer quis
metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. »
CONTENIDOSeditorial ........................................................................................p.1
estrategia AXA IM .....................................................................p.3
estrategia Canal Agentes .......................................................p.5
acciones Promocionales, Agentes Exclusivos .................p.6
AXA IM ..........................................................................................p.8
herramientas de Gestion, Agentes Exclusivos ................p.8
offerta AXA IM ............................................................................p.9
¿ Cual es la Estrategia del Canal Agentes ?
Maecenas adipiscing ante non diam sodales hendrerit. Ut velit mauris, egestas sed, gravida nec, ornare ut, mi. Aenean ut orci vel massa suscipit pulvinar. Nulla sollicitudin. Fusce varius, ligula non tempus aliquam, nunc turpis ullamcorper nibh, in tempus sapien eros vitae ligula. Pellentesque rhoncus nunc et augue. Integer id felis.
¿ Como prevés el futuro del Canal Agentes ?
Curabitur aliquet pellentesque diam. Integer quis metus vitae elit lobortis egestas. Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Morbi vel erat non mauris convallis vehicula. Nulla et sapien. Integer tortor tellus, aliquam faucibus, convallis id, congue eu, quam. Mauris ullamcorper felis vitae erat. Proin feu-giat, augue non elementum posuere, metus purus iaculis.giat, augue non elementum posuere, metus purus iaculis.
RAFAEL E.RFGHTF
DIRECTOR DEL CANAL AGENTES GHBNUO
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ITC Franklin Gothic Book 25 ptITC Franklin Gothic Demi 90 ptITC Franklin Gothic Medium 8 ptUpper caseReversed out
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Reperen°01
month
2010
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Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est
eleifend mi, non fermentum diam nisl sit
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ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum. Maecenas adipiscing ante non diam
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SIT AMETAMET METADIRECTORA CANAL DEBRUT-TRO PRODUCTOS AXA INVESTMENT MANAGERS
estrategia Canal AXA Asesores
LOS ASESORES DESEMPENAN UN PAPEL FUNDAMENTAL EN LA VENTA DE PRODUCTOS DE SALUD
«
»
El Club Reclutadores, sigue ganadoadeptos
02
Boletìn de los AsedFores Espana
Red AXA Asesores, Los mayores especialistas en Salud
LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA, LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS LIGULA MASSA,
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Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est
eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, scelerisque vitae, consequat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pupretium a, enim. Pellentesque congue. Ut in risus volutpit odio eu enim. Pellentesque sed dui ut aue ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellentesque fermentum.
Campana de pensiones
Offerta AXA
Planes
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dolor. Cras elementum ultrices diam.
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Sit amet,
adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas li-gula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est elei-fend mi, non fermentum diam nisl sit amet erat. Duis semper.
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ITC Franklin Gothic Book 11 ptITC Franklin Gothic Demi 11 ptFour colours
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3 - Introduction
ITC Franklin Gothic Book 10 ptLinefeed 13 ptUpper caseJustifi edBlack, 50 %
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ITC Franklin Gothic Demi 9 ptITC Franklin Gothic Book 9 ptLinefeed 13 ptJustifi edBlack
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Four colours
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ITC Franklin Gothic Book 9 ptLinefeed 13 ptJustifi edFour colours
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ITC Franklin Gothic Book 18 ptITC Franklin Gothic Demi 24 ptITC Franklin Gothic Bookand Medium 9 ptLinefeed 13 ptJustifi edReversed out
8 - Address
ITC Franklin Gothic Medium Italic 7 ptITC Franklin Gothic Book Italic 7 ptLinefeed 10 ptUpper caseReversed out
9 - Logo and signature
Logo: 12 mmFour colours
10- White stripe
35 mm
Offerta AXA IM
Planes
de Pensiones
de Empleo Sit amet, adipiscing nec, ultricies sed,
dolor. Cras elementum ultrices diam.
Maecenas ligula massa, varius a, sem-
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enim est eleifend mi, non fermentum
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Sit amet,
adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas li-gula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est elei-fend mi, non fermentum diam nisl sit amet erat. Duis semper.
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est eleifend mi, non fermentum diam nisl sit
amet erat.
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Maecenas adipiscing ante non diam
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper
congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie, enim est
eleifend mi, non fermentum diam nisl sit amet erat. Duis semper. Duis arcu massa, sceleri massa, scelerisque vitae, conse-quat in, pretium a, enim. Pellentesque congue. Ut in risus volutpat libero pharetra tempor. Cras vestibulum bibendum augue. Praesent egestas leo in pede. Praesent blandit odio eu enim. Pellentesque sed dui ut augue blandit sodales. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Aliquam nibh. Mauris ac mauris sed pede pellen-tesque fermentum.
Red AXA Asesores, Los mayores especialistas en Salud
LOREM IPSUM DOLOR SIT AMET, CONSECTETUER ADIPISCING ELIT. SED NON RISUS. CRAS ELEMENTUM ULTRICES DIAM. MAECENAS.
Sit amet, adipiscing nec, ultricies sed, dolor. Cras elementum ultrices diam. Maecenas ligula massa, varius a, semper congue, euismod non, mi. Proin porttitor, orci nec nonummy molestie.
As Maecenas ligula mres Espana
AXA SEGUROS E INVERSIONES
Comunicacion distribution Soporte Ventas
camino fuente de la mora, 1
EDIFICIO AXA
28050 madrid
telefono 902 40 40 84
www.axa.es
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Décembre 2009
FLASHINFO
Emploi
Insertion par l’activité économique
Revitalisation des quartierset des territoires en diffi culté
Egalité des chances
Environnement
Filières biologiques
Energies renouvelables
Protection de la nature
Social et logement
Insertion par le logement
Entraide et santé
Droits de l’homme
Culture
Solidarité Internationale
Commerce équitable
Microcrédit
Humanitaire
Un investissement est solidaire lorsqu’une partie des actifs est
investi dans des entreprises/associations/organisations solidaires
agréées par l’Etat. Faire le choix d’une épargne solidaire c’est donc
faire fructifi er son épargne en fi nançant des activités économiques
utiles à la lutte contre l’exclusion, à la cohésion sociale et au
développement durable.
Les entreprises dites solidaires
Les structures d’insertion par l’activité économique et les entreprises adaptée conventionnées par l’état. Les entreprises employant au moins 30% de contrats aidés, travailleurs handicapés ou en diffi culté d’insertion professionnelle. Les associations, coopératives, mutuelles ou institutions de prévoyanceou sociétés dont les dirigeants sont élus par les salariés, les adhérentsou les sociétaires dont la moyenne des salaires versés aux 5 salariésou dirigeants les mieux rémunérés n’excèdent pas 5 fois la rémunérationannuelle perçue par un salarié à temps complet sur la base du SMIC.
Sont assimilées solidaires
Les organismes dont l’actif est composé pour au moins 35% de titres émispar des entreprises solidaires (exemple France active). Les établissements de crédit dont 80% de l’activité de prêt ou d’investissement s’effectue en faveur des entreprises solidaires.
Un contexte réglementaire qui favorise l’investissement solidaire
La loi LME du 4 août 2008 (modernisation de l’économie) rend obligatoire la présence d’un FCPE solidaire dans tous les PEE, même dans ceux qui sont déjà en place. Au 1er janvier 2010, tous les Plans d’épargne Entreprise devront en être doté. Un FCPE est dit « solidaire » lorsqu’il détient entre 5% et 10% de titres émis par des entreprises solidaires agréées.
...Pourquoi faire le choix
d’une épargne solidaire ?
Le choix du Groupe AXA
AXA soutient des projets
sociaux comme ceux
développés par les entreprises
solidaires agrées suivantes :
Société d’Investissementde France Active (SIFA)www.franceactive.comElle renforce les capitaux permanents des entreprises solidaires qui créent ou consolident des emplois par le développement d’activités économiques. Depuis 1988, elle a contribué à la création ou consolidation de 94.000 emploisen France, dont près de 17.000en 2007. 83% des projets fi nancés passent le cap des 5 ans.
Habitat & Humanismewww.habitat-humanisme.org Société foncière favorisant l’acquisition et la réhabilitationde logements destinés aux personnes en diffi culté.Depuis sa création en 1985,elle a contribué à relogeret réinsérer près de 9.000 familles.
Association pour le Droità l’Initiative Economique (ADIE) www.adie.org Cette association vise à aiderles personnes exclues du marché du travail et du système bancaire classique à créer leur entrepriseet leur propre emploi grâce au microcrédit. Depuis sa créationen 1989, elle a favorisé la créationde près de 53.426 entreprises,pour 66.511 emplois, via plusde 65.209 microcréditsoctroyés.
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ITC Franklin Gothic Demi 24 ptITC Franklin Gothic Book 20 ptFlush leftReversed outThe diagonal is based on the slantof the Switch: 37.7°Flash Info:ITC Franklin Gothic Book 40 ptITC Franklin Gothic Medium 40 ptblack 70%Date: ITC Franklin Gothic Medium 8 pt
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Width: 5 mmAXA IM Red
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AXA Investment Managers Paris. Société Anonyme au capital de 1 384 380 € - Siren : 353 534 506 RCS NanterreSiège social : Cœur Défense - Tour B La Défense 4, 100, esplanade du Général de Gaulle 92932 Paris La Défense Cedex
FLASHINFOS comme Solidaire…
AVERTISSEMENT : Les informations contenues dans ce document sont strictement confi dentielles et ne sont fournies qu’à la seule demande du destinataire.En acceptant ce document, le destinataire s’engage à ne pas divulguer ces informations à d’autres personnes. Toute reproduction et diffusion, même partielle, de ce document est strictement interdite. Ce document est exclusivement conçu à des fi ns d’information. Il ne constitue ni un élément contractuel, ni un conseil en investissement. Du fait de leur simplifi cation, les informations contenues dans ce document sont partielles. Elles peuvent être subjectives et sont susceptibles d’être modifi ées sans préavis. Toutes ces données ont été établies sur la base d’informations comptables ou de marché. Les données comptables n’ont pas toutes été auditées par le Commissaire aux comptes. La responsabilité d’AXA Investment Managers Paris ne saurait être engagée par une prise de décision sur la base de ces informations. Préalablement à toute souscription l’investisseur doit prendre connaissance du prospectus mis à disposition sur simple demande. Les fonds cités sont autorisés à la commercialisation en France. Nous vous invitons à vérifi er avec la société de gestion ou directement sur son site internet www.axa-im-funds.com, la liste des pays de commercialisation des fonds. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. Dans le cas où la devise de référence de l’investisseur est différente de la devise de référence du Fonds, les gains peuvent se voir augmentés ou réduits en fonction des fl uctuations du taux de change. AXA IM et/ou ses affi liés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissementAXA Investment Managers Paris au 31/07/2009. Rédacteur : AXA Investment Managers Paris.
L’essentiel
Objectif de gestion :
Eonia capitalisé, ajusté des fraisde gestionDurée de placement recommandée :
minimum 1 jourZone d’investissement :
Europe et International (marchéde l’OCDE)Actifs en portefeuille :
Instruments du marché monétaire émis dans des pays membres de l’OCDE (Etats, entreprises publiques ou privées)Sensibilité au risque de taux :
0,5% maximumProfi l de risque :
B (il existe un risque de perte en capital modérée)Forme juridique :
FCP de droit françaisDevise du fonds :
EuroCode ISIN :
part C : FR0000447823 part D : FR0000447831Type de parts :
Capitalisation et distributionCatégorie AMF :
Monétaire EuroDate de création :
03/02/1995Valorisation :
QuotidienneFrais de gestion fi xes :
0,50% maximumDroits d’entrée / droits de sortie : 1% max / 0%Société de gestion :
AXA Investment Managers Paris
Exerore mperore scimagnit
Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur,
Omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quisqui dolenis sunt rempore ssequam eostis
haritistius autas imolupt ataquia
Omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quisqui dolenis sunt rempore ssequam eostis Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur.
Caborepti nume earibusam ulpa et quamusdam haritistius autas imolupt ataquia pore velibus et harunt facernam ut arisqui soluptatus aut volorae. Et a volorite voluptur, omnihil landionsene pre niae es qui sanda doluptatem con repe sit eum volessi quis dolenissunt rempore ssequam eostis qui iniendi a volor aliquidel inum a enimus.Bea quae cument. Solores tintibus sus nimus. Is assit quae rehendel el inullorepta nissequid mos ut ute prepeliquodi que sit etus aut liquia dolupie il mint lab in.
consequatem ut apel is aut qui bearum
* Source : AXA IM au 30/09/09
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photos credit
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Documents focussedon products
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91
AXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.
La performance est générée en arbitrant 3 types d’actifs : les actions à haut dividende, les obligations et les liquidités. Les gérants peuvent également utiliser des futures sur indice pour protéger temporairement le portefeuille.
Un couple rendement / risque performant depuis création (04/03/2004) au 30/06/2009
Performance nette depuis création (04/03/2004) au 30/06/2009
MSCI EUROPE
0 5 10 15 20 25 30
-4-3-2-10123456 AXA WF Framlington Optimal Income (E)
Merrill Lynch EMU Corp 2-8 Volatilité annualisée (%)
Per
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net
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%)
Moyennede lacatégorie
(1) Catégorie Europerformance : Diversifi és int-gest fl exibleSource : Europerformance au 30/01/2009
+ 5,10%-3,61%
+ 18,18%
AXA WF Framlington Optimal Income (E)
MSCI Europe
Merrill Lynch EMU Corp. 2-8 ans
70
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29/06/200730/06/2006
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L’art de maîtriser la volatilité
Quelle est l’originalité du concept AXA WF Optimal Income ? ■ Une combinaison innovante entre des actions à haut dividende (moins volatiles
et plus performantes que les indices à long terme) avec des liquiditéset/ou des obligations d’entreprises européennes.
■ La possibilité de diminuer l’exposition « actions » grâce à la vente de futures sur l’indice Eurostoxx 50.
■ Une solution d’investissement permettant de maîtriser la volatilité.
Pourquoi un investissement fl exible et réactif ? ■ La répartition entre les poches « actions » et « taux » peut varier entre 25% et 75%.
■ Une gestion active et sans contrainte d’indice de référence.
■ Une utilisation ponctuelle de couvertures.
■ Un arbitrage quotidien entre les 3 classes d’actifs.
Quel couple rendement / risque depuis la création du fonds ? ■ Depuis sa création (le 4 mars 2004), AXA WF Optimal Income (Part E) est en hausse
de + 5,10%* avec une volatilité de 7,48%*.
Serge PIZEM, gérant principal d’AXA WF Optimal Income responsable de l’équipe de gestion Convictions Actions.
« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents.Le fonds sélectionneles meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».
Source : AXA Investment Managers
au 30/01/2009
www.axaframlington.com
Risk profile Volatility scale
Septembre 2009
AXA WF FramlingtonOptimal income
L’essentiel Contactez-nous : 01 44 45 85 98
Forme juridique SICAV de droit luxembourgeois
Devise du fonds Euro
Code ISIN part E LU0189846529
Type de part Capitalisation
Catégorie Morningstar GIFS Obligations EUR emprunts privés
Dates de création 08/04/2004
Attribut fi scal Aucun
Valorisation Quotidienne
Profi l de risqueC (Il existe un risque de perte en capital, mais limitée au capital investi)
Horizon d’investissement > 3 ans
Frais de gestion fi xes maximum 0,90% + 0,50% de commission de distribution
Droits d’entrée maximum 0%
Droits de sortie maximum 0%
Société de gestion AXA Funds Management SA (Luxembourg)
Gestionnaire fi nancier par délégation AXA Investment Managers Paris
AXA Investement Managers Paris, a company incorporated under the laws of France, having its registered offi ce located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.
AXA WF FramlingtonOptimal income
* Sources : AXA InvestmentManagers Paris au 30/04/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures. Les performances en euro du fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. Le Fonds AXA Optimal Income n’a pas d’indicateur de référence. La valeur des parts ou actions dépendent de la valeur des titres détenus en portefeuille qui étant soumis aux fl uctuations de marchés peuvent donc varier tant à la hausse qu’à la baisse. Le fonds AXA Optimal Income n’a pas d’indicateur de référence. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. AXA IM et/ou ses affi liés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissement. Ce produit est autorisé à la commercialisation en France.
L’année aura aurodit liquiat emquam, corem inciis ma
alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inustor eiciis restorum liquis event la plautatiur as reperum ipsamendes velit offi cilignis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne doluptia as et estibusa dit ipsant ve à sa philosophie d’investissement. Le fonds s’est réinvestit très progressivement sur les actions européennes, en maintenant.Mint voloraescit occum aut fugit odi illuptatem labor aut quae offi c te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendentenet landanimenis enis nus erspernatem sectis ut offi cipis ent fugiti dolecus dolupta volupicia volupta nusam eos sitisimusam fugia vendis et voloreritisimusam fugia vendis et itisimusam fugia vendis et itisimolupicia volupta
Commentaire
Serge PIZEM
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Piciis evenda que cumquas quid et porum res alia ventiaturis eicaes autate con reria consequo cuptur, commolu mquam, qui totatio. Apidit eaquia dit volum, venimet modit parcide llatus, volesciam, ut eum audistibus reptaeria-tem hilis ipsandi catquo volenda sundior ehendes reperchil ma dolorepera dolori corum ea volore et et autae. Nam ipsam exerum hillanti rero velendemod mo blam rem. Nam, quo tem dit quatatur?
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Consequissi offi ciisi ut invenim usci-dem oluptatis quost, ut es sit harum ni te sumque non pellore sendaecatium natem landiat usaectium anti offi cid emporeh endaectiat volorum iusciis sit plibus ex enis is quam evelentiae ipsandi atibus si beribus core es dolupta turestium autas mo dem reperuptates rero in con reperibeat alique cum abo. Neque nim reprem et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitatibea volor seque sunt vollorit, quos estiae nus as
estrum am, ommosa nustibus et fugitas doluptia nonet ventor reperibus dolorum dolorer speribus essunt errunt et ut ex etur mo quam solupta eperferit peli-quis dolorep eliqui dit molorem quaest, soluptu sapiendebit quos cus.
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Mint voloraescit occum aut fugit odi illuptatem labor aut quae offi c te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendent invenet landanimenis enis nus ersperna-tem sectis ut offi cipis ent fugiti dolecus dolupta volupicia volupta nusam eos siti-simusam fugia vendis et volorer spides-tius.
■ Et odi volum sedit aceri temoluptam, vid qui ipientu remodit liquiat emquam, corem inciis ma alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inus-tor eiciis restoru ipsamendes velit offi cili-gnis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne dolup-tia as et estibusa dit ipsant verae mos pariat pos exceruptas doloria doloris re
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Septembre 2009
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AXA WF Optimal Income se caractérise par une gestion réactive face aux mouvements des marchés fi nanciers européens.
La performance est générée en arbitrant 3 types d’actifs : les actions à haut dividende, les obligations et les liquidités. Les gérants peuvent également utiliser des futures sur indice pour protéger temporairement le portefeuille.
Un couple rendement / risque performant depuis création (04/03/2004) au 30/06/2009
Performance nette depuis création (04/03/2004) au 30/06/2009
MSCI EUROPE
0 5 10 15 20 25 30
-4-3-2-10123456 AXA WF Framlington Optimal Income (E)
Merrill Lynch EMU Corp 2-8 Volatilité annualisée (%)
Per
form
ance
net
te (
%)
Moyennede lacatégorie
(1) Catégorie Europerformance : Diversifi és int-gest fl exibleSource : Europerformance au 30/01/2009
+ 5,10%-3,61%
+ 18,18%
AXA WF Framlington Optimal Income (E)
MSCI Europe
Merrill Lynch EMU Corp. 2-8 ans
70
80
90
100
110
120
130
140
150
160
170
180
30/06/200930/06/2008
29/06/200730/06/2006
30/06/200530/06/2004
04/03/2004
L’art de maîtriser la volatilité
Quelle est l’originalité du concept AXA WF Optimal Income ? ■ Une combinaison innovante entre des actions à haut dividende (moins volatiles
et plus performantes que les indices à long terme) avec des liquiditéset/ou des obligations d’entreprises européennes.
■ La possibilité de diminuer l’exposition « actions » grâce à la vente de futures sur l’indice Eurostoxx 50.
■ Une solution d’investissement permettant de maîtriser la volatilité.
Pourquoi un investissement fl exible et réactif ? ■ La répartition entre les poches « actions » et « taux » peut varier entre 25% et 75%.
■ Une gestion active et sans contrainte d’indice de référence.
■ Une utilisation ponctuelle de couvertures.
■ Un arbitrage quotidien entre les 3 classes d’actifs.
Quel couple rendement / risque depuis la création du fonds ? ■ Depuis sa création (le 4 mars 2004), AXA WF Optimal Income (Part E) est en hausse
de + 5,10%* avec une volatilité de 7,48%*.
Serge PIZEM, gérant principal d’AXA WF Optimal Income responsable de l’équipe de gestion Convictions Actions.
« Nous avons créé AXA WF FramlingtonOptimal Income pour répondre aux besoins des investisseurs souhaitant s’exposer à la dynamique des marchés actionstout en restant prudents. Le fonds sélectionne les meilleures opportunités entre les actions à haut rendement, les obligations d’entreprises européennes et les liquidités ».
Source : AXA Investment Managers
au 30/01/2009
www.axaframlington.com
Risk profile
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Other documents - Documents focussed on products - «2 pager» - front210 x 297 mm PORTRAIT A4
1 - Heading
ITC Franklin Gothic Book 30 ptITC Franklin Gothic Demi 24 ptFlush leftFour coloursDate: ITC Franklin Gothic Medium 8 ptThe diagonal is based on the slantof the Switch: 37.7°
1- Switch
Width: 5 mmAXA IM Red
2 - Title 1
ITC Franklin Gothic Book 20 ptFlush rightLinefeed 24 pt
3 - Title 2
ITC Franklin Gothic Medium 12 ptLinefeed 13 ptBlack 75%
4 - Introduction
ITC Franklin Gothic Book 11 ptLinefeed 13 ptFlush leftFour colours
5- Text
ITC Franklin Gothic Book 9 ptLinefeed 11 ptJustifi edBlack
6 - Frame
AuthorITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack
7 - Frame text
ITC Franklin Gothic Book Ital 10 ptLinefeed 12 pt Flush leftBlack and four colours
8 - Tables
Title:ITC Franklin Gothic Medium 9 ptITC Franklin Gothic Book 8 ptLinefeed AutoFlush leftBlack and reversed out Caption:ITC Franklin Gothic Book 8 pt
9 - White stripe
30 mm
10 - Logos
Logo EXPERTISE: 10 mmLogo CORPORATE: 8 mmFour colours
11 - Portrait
12 - Website
ITC Franklin Gothic Demi 10 ptAXA IM Blue
93
Other documents - Documents focussed on products - «2 pager» - back210 x 297 mm PORTRAIT A4
1 - Heading
ITC Franklin Gothic Book 20 ptITC Franklin Gothic Demi 16 ptFlush leftFour coloursThe diagonal is based on the slantof the Switch: 37.7°
2 - Switch
Width: 4 mmAXA IM Red
3 - Ttitle
ITC Franklin Gothic Medium 12 ptLinefeed 13 ptGrey
4 - Text
ITC Franklin Gothic Book 9 ptLinefeed 11 ptJustifi edBlackSpace 4 mm
5 - Frame
AuthorITC Franklin Gothic Book 12 ptTextITC Franklin Gothic Book 8 ptLinefeed 11 ptFlush leftBlack
6 - Frame title
ITC Franklin Gothic Demi 9 ptFlush leftBlack ou reversed out
7 - Tables
Title: ITC Franklin Gothic Demi 9 ptLinefeed AutoFlush leftBlack ou reversed outText:ITC Franklin Gothic Book 8 ptLinefeed AutoFlush leftBlack
8 - Caption
ITC Franklin Gothic Book 8 ptLinefeed 8 ptJustifi edBlack
9 - Address
ITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack 70%
10 - Website
ITC Franklin Gothic Demi 10 ptAXA IM Blue
11 - White stripe
30 mm
12 - Logo
Logo EXPERTISE: 10 mmLogo CORPORATE: 8 mmFour colours
13 - Design’s signature,
photos credit
ITC Franklin Gothic Bookbetween 6 and 8 pt
L’essentiel Contactez-nous : 01 44 45 85 98
Forme juridique SICAV de droit luxembourgeois
Devise du fonds Euro
Code ISIN part E LU0189846529
Type de part Capitalisation
Catégorie Morningstar GIFS Obligations EUR emprunts privés
Dates de création 08/04/2004
Attribut fiscal Aucun
Valorisation Quotidienne
Profil de risqueC (Il existe un risque de perte en capital, mais limitée au capital investi)
Horizon d’investissement > 3 ans
Frais de gestion fixes maximum 0,90% + 0,50% de commission de distribution
Droits d’entrée maximum 0%
Droits de sortie maximum 0%
Société de gestion AXA Funds Management SA (Luxembourg)
Gestionnaire financier par délégation AXA Investment Managers Paris
AXA Investement Managers Paris, a company incorporated under the laws of France, having its registered office located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.
AXA WF FramlingtonOptimal income
* Sources : AXA InvestmentManagers Paris au 30/04/2009. Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fiable des performances futures. Les performances en euro du fonds sont calculées nettes de frais de gestion, dividendes réinvestis. Les performances des indices sont calculées dividendes réinvestis. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. Le Fonds AXA Optimal Income n’a pas d’indicateur de référence. La valeur des parts ou actions dépendent de la valeur des titres détenus en portefeuille qui étant soumis aux fluctuations de marchés peuvent donc varier tant à la hausse qu’à la baisse. Le fonds AXA Optimal Income n’a pas d’indicateur de référence. Les indices présentés sont des indicateurs de performance et ne sont donnés qu’à titre de comparaison. En fonction de la stratégie d’investissement de l’OPCVM ces données peuvent être différentes de celles mentionnées dans le prospectus. Elles ne constituent pas un engagement contractuel de la société de gestion, peuvent être subjectives, et sont susceptibles d’évoluer sans préavis dans les limites du prospectus. AXA IM et/ou ses affiliés peut recevoir ou payer une rémunération ou une rétrocession en relation avec l’OPCVM ou l’OPC ou le fonds d’investissement. Ce produit est autorisé à la commercialisation en France.
L’année aura aurodit liquiat emquam, corem inciis ma
alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inustor eiciis restorum liquis event la plautatiur as reperum ipsamendes velit officilignis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne doluptia as et estibusa dit ipsant ve à sa philosophie d’investissement. Le fonds s’est réinvestit très progressivement sur les actions européennes, en maintenant.Mint voloraescit occum aut fugit odi illuptatem labor aut quae offic te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendentenet landanimenis enis nus erspernatem sectis ut officipis ent fugiti dolecus dolupta volupicia volupta nusam eos sitisimusam fugia vendis et voloreritisimusam fugia vendis et itisimusam fugia vendis et itisimolupicia volupta
Commentaire
Serge PIZEM
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Piciis evenda que cumquas quid et porum res alia ventiaturis eicaes autate con reria consequo cuptur, commolu mquam, qui totatio. Apidit eaquia dit volum, venimet modit parcide llatus, volesciam, ut eum audistibus reptaeria-tem hilis ipsandi catquo volenda sundior ehendes reperchil ma dolorepera dolori corum ea volore et et autae. Nam ipsam exerum hillanti rero velendemod mo blam rem. Nam, quo tem dit quatatur?
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Consequissi officiisi ut invenim usci-dem oluptatis quost, ut es sit harum ni te sumque non pellore sendaecatium natem landiat usaectium anti officid emporeh endaectiat volorum iusciis sit plibus ex enis is quam evelentiae ipsandi atibus si beribus core es dolupta turestium autas mo dem reperuptates rero in con reperibeat alique cum abo. Neque nim reprem et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitatibea volor seque sunt vollorit, quos estiae nus as
estrum am, ommosa nustibus et fugitas doluptia nonet ventor reperibus dolorum dolorer speribus essunt errunt et ut ex etur mo quam solupta eperferit peli-quis dolorep eliqui dit molorem quaest, soluptu sapiendebit quos cus.
et vollora niantem aut videbis expera vel is ut fuga. Ignatum cust doluptatio tem rem vitati-bea
■ Mint voloraescit occum aut fugit odi illuptatem labor aut quae offic te dolut arum rem que nem quia aut explis dist, ut et, cum re quid elecaer umendent invenet landanimenis enis nus ersperna-tem sectis ut officipis ent fugiti dolecus dolupta volupicia volupta nusam eos siti-simusam fugia vendis et volorer spides-tius.
■ Et odi volum sedit aceri temoluptam, vid qui ipientu remodit liquiat emquam, corem inciis ma alitatis si toriatur, to odi derspiet expero dolent il is voloriat exerume nimaximus, omnis simus inus-tor eiciis restoru ipsamendes velit officili-gnis sam ilis mos aut aut pro con nonsedi untia porum audipsum, ut eiureptatem erferae poraepe lluptas perovid et laccae commod expel eatumenduci ressit quo quist et aut omni omni dite mo dolorae landis ra cus, omnis molupite ne dolup-tia as et estibusa dit ipsant verae mos pariat pos exceruptas doloria doloris re
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■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
December 2009
AXA WF FramlingtonGlobal Real estate Securities A EUR
“We have always had a simple philosophy: to buy good
stocks on modest valuations that can signifi cantly grow
their revenues and profi ts revenues and profi ts.”
■ AXA WF Framlington American Growth seeks to achieve capital growth through investment essentially in US companies. Overall, the fund gives investors broad exposure to the world’s largest stockmarket by investing in companies that show above average profi tability, management quality and growth.
■ Sustainable growth: We identify good quality stocks that have the potential for signifi cant growth in both revenues and earnings, and focus on secular rather than cyclical growth. Typically, companies that expand their market share or innovate are likely to be on a sustainable growth path and are set to perform well in an environment of rarefi ed growth. Relatively to its perfor-mance indicator (1), the fund tends to have large weightings in small and mid caps as this area provide more opportunities to add value.
■ Unconstrained management: The fund derives much of its performance through a stockpicking approach driven by AXA Framlington’s “Growth at a Reasonable Price” (GARP) philosophy.,Since the fund manager is not directly infl uenced by the index’s stock or sector weightings, he is free to look for the index constituents of tomorrow, not of today. The portfolio’s typically contains 65 to 75 stocks, with a maximum weight per stock of 2%. Once our invest-ment objectives have been met, or when we are disappointed on growth delivery, stocks are systematically sold.
■ A specialised and experienced investment team : The current fund’s manager, who has been managing US stocks for over 18 years and the fund for 12 years, has always managed the fund according to the same bottom-up, growth-orientated approach. He is supported by a team of sector specialists (among which technology, healthcare and biotech) to whom he can resort for focused investment insight.
Net total assets of fund (in million - in USD)
74.20
� Portfolio* � Benchmark**
Performance analysis (in EUR)
31/12/1999
Data are rebased to 100 by AXA IM on the graph start date.
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%Quartile*** 2 2 2 -Category*** Fixed Income Global Infl ation Linked/offshore
2005 2006 2007 2008 2009
Portfolio* 26,4% 80,0% 123,0% 23,0% 80,0%Benchmark** 26,4% 80,0% 123,0% 23,0% 80,0%
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%
Annualised performance
Annual performance
Annualised volatility
Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures.
* Fund AXA WF Aedifi candi benefi ts of the historical evolution of the performance of the French fund AXA Aedifi candi, since its creation on the 17/08/05, because they have the same investment objectives.**Benchmark : 100.0% FTSEEPRAEUROPECAPPEDNETTR from 01/01/09. Is a performance indicator given as a basis for comparison only, the fund does not have a reference index.*** Source : MorningstarSource(s) : AXA Investment Managers Paris - FTSE to 30/10/09
AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered offi ce located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.
www.axaframlington.com
DisclaimerThis document is for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell or a solicitation or in-vestment advice. Due to its simplifi cation, this document is partial and the infor-mation can be subjective. AXA Investment Managers Paris may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis. All accounting information is un-audited. AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or relying on this document. Performance calculations are net of management or distribution fees. The performance calculations of performance indicators are based on the reinvest-ment of dividends. The fi gures provided relate to past months or years and past performance is not a reliable indicator as to future performance. Risk Ratios are calculated from gross performances. In cases where the client’s reference currency differs from the Fund’s reference currency, resulting gains or losses may vary considerably due to exchange rate fl uctuations. The fund is registered for public distribution in Luxembourg. Please check the countries of registra-tion with the asset manager, or on the web site www.axa-im-funds.com, where a fund registration map is available. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depend on each investor’s tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. Depending on the investment strategy used the information contained herein may be more detailed than the information disclosed in the prospectus. Any such information (i) does not constitute a representation or undertaking on the part of the investment manager; (ii) is subjective and (iii) may be modifi ed at any time within the limits provided in the fund prospectus.The references to league tables and awards are not an indicator of the future places in league tables or awards. Depending on the publishing date, the infor-mation presented herein can vary from updated data. AXA IM and/or its affi liates may receive or pay fees or rebates in relation to the Mutual Fund or investment vehicle. The most recent prospectus is available to all investors and must be read prior subscription and the decision whether to invest or not must be based on the information contained in the prospectus.AXA Funds Management, a société anonyme organized under the laws of Luxem-bourg with the Luxembourg Register Number B 32 223RC, and whose registered offi ce is located at 49, Avenue J.F. Kennedy L-1885 LuxembourgAXA WORLD FUNDS ‘s registered offi ce is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B. 63.116 at the “Registre de Commerce et des Sociétés” The Company is a Luxembourg SICAV UCITS III approved by the CSSF. AXA INVESTMENT
© 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be co-pied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no gua-rantee of future results.
FTSEFTSE International Limited («FTSE») © FTSE. [2009] FTSE International Limited («FTSE») © FTSE. FTSE® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSEunder licence. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Objective and investment universe■ Performance objective : long-term capital growth■ Investment zone : Global■ Investment universe : Small and mid cap equities related to the energy sector
Risk characteristics■ Recommended investment horizon : > 8 years■ Main specifi c risks : Risk linked to investments in emerging mar-kets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to inves-tors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settlement, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may use derivative instruments that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.
Fund general characteristics
Legal forme -Agreement date -Fund Currency -Share type -Class -Management company -(Sub) Financial delegation -Custodian -Investor type -ISIN Code C/D -Minimum initial subscription -Minimum subsequent subscription -Minimum holding / company -Minimum holding / subfund -Maximum management fee -Real management fee -Maximum exit fee -Variable fee -Valuation -
Subscriptions / RedemptionsOrders must reach SSB Luxembourg every Luxembourg business day (D) no later than 15:00 CET. The orders will be executed on the basis of NAV/share calculated the following day (D+1).Settlement: D+4
AXA WF FramlingtonGlobal Real estate Securities A EUR
Other documents - Documents focussed on products - Fund Fact Sheet
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www.axaframlington.com
■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
December 2009
AXA WF FramlingtonGlobal Real estate Securities A EUR
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“We have always had a simple philosophy: to buy good
stocks on modest valuations that can signifi cantly grow
their revenues and profi ts revenues and profi ts.”
■ AXA WF Framlington American Growth seeks to achieve capital growth through investment essentially in US companies. Overall, the fund gives investors broad exposure to the world’s largest stockmarket by investing in companies that show above average profi tability, management quality and growth.
■ Sustainable growth: We identify good quality stocks that have the potential for signifi cant growth in both revenues and earnings, and focus on secular rather than cyclical growth. Typically, companies that expand their market share or innovate are likely to be on a sustainable growth path and are set to perform well in an environment of rarefi ed growth. Relatively to its perfor-mance indicator (1), the fund tends to have large weightings in small and mid caps as this area provide more opportunities to add value.
■ Unconstrained management: The fund derives much of its performance through a stockpicking approach driven by AXA Framlington’s “Growth at a Reasonable Price” (GARP) philosophy.,Since the fund manager is not directly infl uenced by the index’s stock or sector weightings, he is free to look for the index constituents of tomorrow, not of today. The portfolio’s typically contains 65 to 75 stocks, with a maximum weight per stock of 2%. Once our invest-ment objectives have been met, or when we are disappointed on growth delivery, stocks are systematically sold.
■ A specialised and experienced investment team : The current fund’s manager, who has been managing US stocks for over 18 years and the fund for 12 years, has always managed the fund according to the same bottom-up, growth-orientated approach. He is supported by a team of sector specialists (among which technology, healthcare and biotech) to whom he can resort for focused investment insight.
Net total assets of fund (in million - in USD)
74.20
� Portfolio* � Benchmark**
Performance analysis (in EUR)
31/12/1999
Data are rebased to 100 by AXA IM on the graph start date.
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%Quartile*** 2 2 2 -Category*** Fixed Income Global Infl ation Linked/offshore
2005 2006 2007 2008 2009
Portfolio* 26,4% 80,0% 123,0% 23,0% 80,0%Benchmark** 26,4% 80,0% 123,0% 23,0% 80,0%
1 year 3 years 5 years Since Launch*
Portfolio* 26,4% 80,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0%
Annualised performance
Annual performance
Annualised volatility
Les chiffres cités ont trait aux années ou aux mois écoulés et les performances passées ne sont pas un indicateur fi able des performances futures.
* Fund AXA WF Aedifi candi benefi ts of the historical evolution of the performance of the French fund AXA Aedifi candi, since its creation on the 17/08/05, because they have the same investment objectives.**Benchmark : 100.0% FTSEEPRAEUROPECAPPEDNETTR from 01/01/09. Is a performance indicator given as a basis for comparison only, the fund does not have a reference index.*** Source : MorningstarSource(s) : AXA Investment Managers Paris - FTSE to 30/10/09
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AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Coeur Défense Tour B La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie, registered with the Nanterre Trade and Companies Register under number 353 534 506, a Portfolio Management Company, holder of AMF approval no. GP 92-08, issued on 7 April 1992.
www.axaframlington.com
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DisclaimerThis document is for informational purposes only and does not constitute, on AXA Investment Managers Paris part, an offer to buy or sell or a solicitation or in-vestment advice. Due to its simplification, this document is partial and the infor-mation can be subjective. AXA Investment Managers Paris may but shall not be obligated to update or otherwise revise this document without any prior notice. All information in this document is established on the accounting information or on market data basis. All accounting information is un-audited. AXA Investment Managers Paris disclaims any and all liability relating to a decision based on or relying on this document. Performance calculations are net of management or distribution fees. The performance calculations of performance indicators are based on the reinvest-ment of dividends. The figures provided relate to past months or years and past performance is not a reliable indicator as to future performance. Risk Ratios are calculated from gross performances. In cases where the client’s reference currency differs from the Fund’s reference currency, resulting gains or losses may vary considerably due to exchange rate fluctuations. The fund is registered for public distribution in Luxembourg. Please check the countries of registra-tion with the asset manager, or on the web site www.axa-im-funds.com, where a fund registration map is available. The tax treatment relating to the holding, acquisition or disposal of shares or units in the fund depend on each investor’s tax status or treatment and may be subject to change. Any potential investor is strongly encouraged to seek advice from its own tax advisors. Depending on the investment strategy used the information contained herein may be more detailed than the information disclosed in the prospectus. Any such information (i) does not constitute a representation or undertaking on the part of the investment manager; (ii) is subjective and (iii) may be modified at any time within the limits provided in the fund prospectus.The references to league tables and awards are not an indicator of the future places in league tables or awards. Depending on the publishing date, the infor-mation presented herein can vary from updated data. AXA IM and/or its affiliates may receive or pay fees or rebates in relation to the Mutual Fund or investment vehicle. The most recent prospectus is available to all investors and must be read prior subscription and the decision whether to invest or not must be based on the information contained in the prospectus.AXA Funds Management, a société anonyme organized under the laws of Luxem-bourg with the Luxembourg Register Number B 32 223RC, and whose registered office is located at 49, Avenue J.F. Kennedy L-1885 LuxembourgAXA WORLD FUNDS ‘s registered office is 49, avenue J.F Kennedy L-1885 Luxembourg. The Company is registered under the number B. 63.116 at the “Registre de Commerce et des Sociétés” The Company is a Luxembourg SICAV UCITS III approved by the CSSF. AXA INVESTMENT
© 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be co-pied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no gua-rantee of future results.
FTSEFTSE International Limited («FTSE») © FTSE. [2009] FTSE International Limited («FTSE») © FTSE. FTSE® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSEunder licence. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Objective and investment universe■ Performance objective : long-term capital growth■ Investment zone : Global■ Investment universe : Small and mid cap equities related to the energy sector
Risk characteristics■ Recommended investment horizon : > 8 years■ Main specific risks : Risk linked to investments in emerging mar-kets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to inves-tors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settlement, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maximum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may use derivative instruments that are volatile, may be subject to various types of risks and can involve significant economic leverage.
Fund general characteristicsLegal forme -Agreement date -Fund Currency -Share type -Class -Management company -(Sub) Financial delegation -Custodian -Investor type -ISIN Code C/D -Minimum initial subscription -Minimum subsequent subscription -Minimum holding / company -Minimum holding / subfund -Maximum management fee -Real management fee -Maximum exit fee -Variable fee -Valuation -
Subscriptions / RedemptionsOrders must reach SSB Luxembourg every Luxembourg business day (D) no later than 15:00 CET. The orders will be executed on the basis of NAV/share calculated the following day (D+1).Settlement: D+4
AXA WF Framlington Global Real estate Securities A EUR
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www.axaframlington.com
Analyse de la performance (en Eur)
2009 1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Chiffres clés (en Eur)
AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero
B2C AT 30/09/2009
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
Analyse du portefeuille
Valeurs Secteurs d’activité Pays %Industrial & Commercial Bank H Telecomm. serv. CHN 1,69%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,71%Industrial & Commercial Bank H Telecomm. serv. CHN 1,72%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,73%Industrial & Commercial Bank H Telecomm. serv. CHN 1,74%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,75%Industrial & Commercial Bank H Telecomm. serv. CHN 1,76%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,77%Industrial & Commercial Bank H Telecomm. serv. CHN 1,78%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,80%Total 1,70%
0
20
30
40
50
60
Royaum
e-Uni
France
Allemagne Suiss
ePortugalEspagne
Suède Italie Grèce
Belgique
Luxembourg Autres
20,84
30,65
45,50
28,45
%
25,56
8,50
40,20
3532,70
28,60
22,25
27
0
20
30
40
50
60
FinanceIndustrieConso-base
Energie SantéMatériaux Conso. cy
clTélécomServic
esCollectiv
.
Matière prem.Autres
20,84
30,65
45,50
28,4525,56
8,50
40,20
3532,70
28,60
22,25
27
%
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
Bit militae nonet fugia dolore etur apellat emquam, cupicatem repuditaerae quibus quod eventin nullessum iumsumaantiis aut ommoluptur? Quis eliquo volo offi ctam que apiciis eatem qui in conem et vitam acipsan danditem fugia dolore etur apellat emquam, cupicatem repuditaerae quibus quod eventin nullessum ium andantiis.
Performances cumulées
Performances mensuelles Performances annuelles
Valeur liquidative C xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xxValeur liquidative D xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xx
� Portfolio*
* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae corum si autemo et optia sit poruption repersperum rest essi** Benchmark : 100.0% EMBIGDIVHEDGED
Source : Apiderchicium comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsantRedaction : Estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsant
Net total assets of funds (in millions - in USD) xx,xx
Net assets (millions) xx,xx
Coupon (montant net) xx,xx
Date de détachement xx,xx
Cours de l’action xx,xx
� Portfolio* � Benchmark**
Performance evolution
31/12/1999
Pudae porerum niae cumqui aut et omnimus nus ipsandebis neratat
Répartition géographique
Répartition sectorielle
Pudae porerum niae cumqui aut et omnimus nus ipsandebis non nobis
Tpo 10 ActionsPerformances annualisées
1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%
B2C AT 30/09/2009
Ure minibh esectet ea acillamet ipit atio esenis esequipit utpat. Ustio et lut ilis dunt ad te feugiatie dunt wis nostrud tatue te faciduisl iliquate feu facidunt wisl ut nibh eniam ilit dolore magna aut acin utate velisci psuscip ercinit loborti onulput wisit la alit vel utem num dolore vero odolesecte.
Subscriptions - redemptions
Fund general characteristics
Forme juridique + nationalité -
Date agrément/création -
Classifi cation AMF -
Devise du fonds -
Devise de la part -
Droit d’entrée maximum -
Droit de sortie maximum -
FG fi xes réels -
Dont commission de gestion fi nancière réelle -
Dont commission de gestion admin. & publication réelle -
FG fi xes maximum (cf Notice d’Information) -
FG fi nancière réels -
FG fi nancière max -
FG fi nancière max -
FG admin. & publication réelle -
Frais de distribution max -
FG Indirect Max -
TER -
FG variables (cf prospectus) -
Souscription Initiale min. -
Souscription suivantes min. -
Type de part -
Code ISIN -
Société de gestion -
(Sous) Délégation fi n. -
(Sous) Délégation comptable -
Dépositaire -
Valorisation -
Garant -
Teneur de compte conservateur de parts -
Commissions d’arbitrage -
Objective and investissement strategy
■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
Risk characteristics
Recommended investment time horizon: 3 years
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
Main specifi c risks :
Risk linked to investments in emerging markets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to investors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settle-ment, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maxi-mum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may usnts that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.
Participer, sur un horizon de 8 ans, à la performance d’un panier (voir notice d’information) de 12 actions internationales avec pour objectif que la valeur liqui-dative du 18/08/2009 soit égale à l’une des trois performances suivantes :- 1er cas : d’obtenir 300 % de la valeur liquidative constatée le 13/08/2001. Ce 1er cas trouve à s’appliquer si, sur la période du 16/08/2005 inclus au 7/08/2009 inclus (défi nie ci-après comme la période d’observation), le cours de clôture d’aucune des actions composant le panier n’a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 301,98 € ; - 2ème cas : d’obtenir 250 % de la valeur liquidative constatée le 13/08/2001. Ce 2ème cas trouve à s’appliquer si, pendant la période d’observation, la double condition suivante s’est réalisée : ■ à aucun moment, le cours de clôture d’aucune des 12 actions composant le panier n’a baissé de plus de 50 % par rapport à son cours Initial (voir notice d’information) constaté le 14/08/2001 et ■ au moins une fois, le cours de clôture d’une ou plusieurs actions composant le panier a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 251,65 € ; ■ 3ème cas : d’obtenir 100 % de la valeur liquidative constatée le 13/08/2001, majorée de 60 % de la performance moyenne positive fi nale du panier. Ce 3ème cas trouve à s’appliquer si, pendant la période d’observation, le cours de clôture d’une ou plusieurs actions composant le panier a baissé au moins une fois de plus de 50 % par rapport à son cours initial constaté le 14/08/2001. Les modalités de calcul sont précisées dans la notice d’infor-mation visée par l’AMF. Garantie : les porteurs ayant souscrit des parts entre le 18/06/2001 et le 31/07/2001 inclus bénéfi cient d’une garantie de leur capital investi (hors frais de souscription) pour tout rachat sur la base de la valeur liquidative fi nale du 18/08/2009 égale au minimum à 100 % de la valeur liquidative du 13/08/2001, soit 100,66 €.
Protection : les porteurs ayant souscrit des parts après le 31/07/2001 et demandant le rachat de leurs parts sur la valeur liquidative du 18/08/2009 bénéfi cieront de la valeur liquidative garantie constatée le 18/08/2009 (soit au minimum 100,66 €), qui peut être inférieure à la valeur liquidative sur laquelle leur souscription a été réalisée. En conséquence, les porteurs sortant sur une valeur liquidative antérieure au 18/08/2009 ne bénéfi cieront pas de la valeur liquidative garantie.
Simplifi ed and full prospectus available by simply asking AXA Investment Managers Paris Coeur Défense Tour B - La Défense 4 - 100 Esplande du Général de Gaulle 92932 PARIS LA DEFENSE CEDEX. Société de gestion de por te feuille titulaire de l’agrément COB 92.08Société Anonyme au Capital de 486 406 euros - SIREN 353 534 506RCS Paris
www.axaframlington.com
AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero
AXA apedio bero quod quatur quaspernam re vendicto di ducie apedio bero
MONTHLY REPORT AT 30/09/2009
Performance analysis (in Eur)
1 mois 3 mois 2009 1 an 3 ans 5 ans 8 ans Depuis création*Portfolio* 0,1% -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** 0,1% -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%
1 an 3 ans 5 ans 8 ans Depuis création*Portfolio* 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** 26,4% 80,0% 123,0% 123,0% 123,0%
2008 2007 2006 2005 2004 2003 2002Portfolio* -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%Benchmark** -1,0% 3,0% 26,4% 80,0% 123,0% 123,0% 123,0%
Risk analysis
* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia** Benchmark : 100.0% EMBIGDIVHEDGED
Source : Apiderchicium comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsantRedaction : Estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsant
KEY FIGURES
Key fi gures (in Eur)
Pudae porerum niae cumqui aut et omnimus nus ipsandebis non nobis deratat
Cumulative performance
Annualised performance
Annual performance
Ratios de risque
Valeur liquidative C xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xxValeur liquidative D xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xx
Net total assets of funds (in millions - in USD) xx,xx
Net assets (millions) xx,xx
Coupon (montant net) xx,xx
Date de détachement xx,xx
Cours de l’action xx,xx
Monthly performances
� Portfolio*
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct Nov Dec Mars Avr Mai 31/12/2007
� Portfolio* � Benchmark**
Performance evolution
31/12/1999
Pudae porerum niae cumqui aut et omnimus nus ipsandebis non nobis deratat
1 an 3 ans 5 ans Depuis création*
Volatilité annualiséePortfolio*Benchmark**
26,4% 80,0% 80,0% 80,0%26,4% 80,0% 80,0% 80,0%
Tracking error 26,4% 80,0% 80,0% 80,0%Ratio de Sharpe 26,4% 80,0% 80,0% 80,0%Ratio d’information 26,4% 80,0% 80,0% 80,0%Alpha 26,4% 80,0% 80,0% 80,0%Beta 26,4% 80,0% 80,0% 80,0%
For professionnal only
AXA
FRAMLINGTON
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
FUNDS MANAGERS’ REPORT - 30/09/2009
AXA
PRIVATE EQUITY B2C - 30/09/2009
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
AXA
REAL ESTATE FACTSHEETS - 30/09/2009
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
Responsible
Investment
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
REPORTING RI - 30/09/2009
AXA
FIXED INCOME
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
PERFORMANCE FACTSHEETS - 30/09/2009
AXA
ROSENBERG
AXA Rosenberg All-Country Asia Pacifi c ex-Japan Equity Alpha Fund A Eur
B2B - 30/09/2009
AXA
FUNDS
OF HEDGE FUNDS
AXA Liti ditatur apedio bero quod quatur quaspernam re vendicto di duci
FUNDS MANAGERS’ REPORT - 30/09/2009
AXA
STUCTURED
FINANCE
AXA Rosenberg All-Country Asia Pacifi c ex-Japan Equity Alpha Fund A Eur
B2B - 30/09/2009
Other documents - Reporting Sheet
98
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10 - Logo
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Other documents - Reporting Sheet front210 x 297 mm PORTRAIT A4
www.axaframlington.com
Analyse de la performance (en Eur)
2009 1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 3,0% 26,4% 80,0% 23,0% 23,0% 123,0%
Chiffres clés (en Eur)
AXA WF Framlington apedio bero quod quaturquaspernam re vto di ducie apedio bero
B2C AT 30/09/2009
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
Analyse du portefeuille
Valeurs Secteurs d’activité Pays %Industrial & Commercial Bank H Telecomm. serv. CHN 1,69%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,71%Industrial & Commercial Bank H Telecomm. serv. CHN 1,72%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,73%Industrial & Commercial Bank H Telecomm. serv. CHN 1,74%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,75%Industrial & Commercial Bank H Telecomm. serv. CHN 1,76%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,77%Industrial & Commercial Bank H Telecomm. serv. CHN 1,78%Industrial & Commercial Bank H Telecomm. serv. ZAF 1,80%Total 1,70%
0
3
6
9
12
15
Fev Mars Avr Mai Juin Juil Aout Sept Oct
Bit militae nonet fugia dolore etur apellat emquam, cupicatem repuditaerae quibus quod eventin nullessum iumsumaantiis aut ommoluptur? Quis eliquo volo offi ctam que apiciis eatem qui in conem et vitam acipsan danditem fugia dolore etur apellat emquam, cupicatem repuditaerae quibus quod eventin nullessum ium andantiis.
Performances cumulées
Performances mensuelles Performances annuelles
Valeur liquidative C xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xxValeur liquidative D xx,xx
Plus haut (sur 12 mois) xx,xxPlus bas (sur 12 mois) xx,xx
� Portfolio*
* Apiderchicium hil estium ullestias raeperi tem ipsa soluptata comniae corum si autemo et optia sit poruption repersperum rest essi** Benchmark : 100.0% EMBIGDIVHEDGED
Source : Apiderchicium comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsantRedaction : Estium ullestias raeperi tem ipsa soluptata comniae volecume non corum si autemo et optia sit poruption repersperum rest essi ducipsant
Net total assets of funds (in millions - in USD) xx,xx
Net assets (millions) xx,xx
Coupon (montant net) xx,xx
Date de détachement xx,xx
Cours de l’action xx,xx
� Portfolio* � Benchmark**
Performance evolution
31/12/1999
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Répartition géographique
Répartition sectorielle
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Tpo 10 ActionsPerformances annualisées
1 an 3 ans 5 ans 8 ansDepuis
création*Portfolio* 26,4% 80,0% 23,0% 23,0% 123,0%
Benchmark** 26,4% 80,0% 23,0% 23,0% 123,0%
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1 - Heading
ITC Franklin Gothic Book 17 ptITC Franklin Gothic Demi 19 ptFlush leftReversed out
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Width: 4 mmAXA IM Red
3 - Title
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4 - Text
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Title ITC Franklin Gothic Book 8 ptITC Franklin Gothic Book 8 ptLinefeed 9 ptFlush leftBlack Line 0.5pt
8 -Website
ITC Franklin Gothic Demi 10 ptAXA IM Blue
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ITC Franklin Gothic Book 8 ptLinefeed 8 ptFlush leftBlack 70%
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Stripe: 30 mm
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B2C AT 30/09/2009
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Subscriptions - redemptions
Fund general characteristics
Forme juridique + nationalité -
Date agrément/création -
Classifi cation AMF -
Devise du fonds -
Devise de la part -
Droit d’entrée maximum -
Droit de sortie maximum -
FG fi xes réels -
Dont commission de gestion fi nancière réelle -
Dont commission de gestion admin. & publication réelle -
FG fi xes maximum (cf Notice d’Information) -
FG fi nancière réels -
FG fi nancière max -
FG fi nancière max -
FG admin. & publication réelle -
Frais de distribution max -
FG Indirect Max -
TER -
FG variables (cf prospectus) -
Souscription Initiale min. -
Souscription suivantes min. -
Type de part -
Code ISIN -
Société de gestion -
(Sous) Délégation fi n. -
(Sous) Délégation comptable -
Dépositaire -
Valorisation -
Garant -
Teneur de compte conservateur de parts -
Commissions d’arbitrage -
Objective and investissement strategy
■ European small and mid cap equities■ Risk of capital loss, but limited to the invested capital
A B C D 1 2 3 4 5 6 7 8 9 10
Risk profile Volatility scale
Risk characteristics
Recommended investment time horizon: 3 years
The Fund’s position on the volatility scale is linked to its investment universe and its performance objective
Main specifi c risks :
Risk linked to investments in emerging markets: Emerging market legal infrastructure may not provide with the same degree of investors’ protection or information to investors, as would generally apply to major securities markets. There may also be higher risks associated to transactions settle-ment, as well as liquidity risks and volatility. Risk linked to investments in hedge funds: A limited part of the assets of the concerned Sub-Fund (maxi-mum 10%) is exposed to funds pursuing alternative strategies. Derivatives risk and leverage: The Sub-Fund may usnts that are volatile, may be subject to various types of risks and can involve signifi cant economic leverage.
Participer, sur un horizon de 8 ans, à la performance d’un panier (voir notice d’information) de 12 actions internationales avec pour objectif que la valeur liqui-dative du 18/08/2009 soit égale à l’une des trois performances suivantes :- 1er cas : d’obtenir 300 % de la valeur liquidative constatée le 13/08/2001. Ce 1er cas trouve à s’appliquer si, sur la période du 16/08/2005 inclus au 7/08/2009 inclus (défi nie ci-après comme la période d’observation), le cours de clôture d’aucune des actions composant le panier n’a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 301,98 € ; - 2ème cas : d’obtenir 250 % de la valeur liquidative constatée le 13/08/2001. Ce 2ème cas trouve à s’appliquer si, pendant la période d’observation, la double condition suivante s’est réalisée : ■ à aucun moment, le cours de clôture d’aucune des 12 actions composant le panier n’a baissé de plus de 50 % par rapport à son cours Initial (voir notice d’information) constaté le 14/08/2001 et ■ au moins une fois, le cours de clôture d’une ou plusieurs actions composant le panier a baissé de plus de 20 % par rapport à son cours initial constaté le 14/08/2001. Dans ce cas, la valeur liquidative fi nale serait de 251,65 € ; ■ 3ème cas : d’obtenir 100 % de la valeur liquidative constatée le 13/08/2001, majorée de 60 % de la performance moyenne positive fi nale du panier. Ce 3ème cas trouve à s’appliquer si, pendant la période d’observation, le cours de clôture d’une ou plusieurs actions composant le panier a baissé au moins une fois de plus de 50 % par rapport à son cours initial constaté le 14/08/2001. Les modalités de calcul sont précisées dans la notice d’infor-mation visée par l’AMF. Garantie : les porteurs ayant souscrit des parts entre le 18/06/2001 et le 31/07/2001 inclus bénéfi cient d’une garantie de leur capital investi (hors frais de souscription) pour tout rachat sur la base de la valeur liquidative fi nale du 18/08/2009 égale au minimum à 100 % de la valeur liquidative du 13/08/2001, soit 100,66 €.
Protection : les porteurs ayant souscrit des parts après le 31/07/2001 et demandant le rachat de leurs parts sur la valeur liquidative du 18/08/2009 bénéfi cieront de la valeur liquidative garantie constatée le 18/08/2009 (soit au minimum 100,66 €), qui peut être inférieure à la valeur liquidative sur laquelle leur souscription a été réalisée. En conséquence, les porteurs sortant sur une valeur liquidative antérieure au 18/08/2009 ne bénéfi cieront pas de la valeur liquidative garantie.
Simplifi ed and full prospectus available by simply asking AXA Investment Managers Paris Coeur Défense Tour B - La Défense 4 - 100 Esplande du Général de Gaulle 92932 PARIS LA DEFENSE CEDEX. Société de gestion de por te feuille titulaire de l’agrément COB 92.08Société Anonyme au Capital de 486 406 euros - SIREN 353 534 506RCS Paris
www.axaframlington.com
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PACKAGE 110,16 € (100% du TR.)
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8
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8
8
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8
8
100
7
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30
70
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110
8
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100
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9
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7AXA Company name Lorem ipsum dolor amet, consetetur sadipscing elitr, diam nonumy eir mod tempor labore et dolore
8
1 - Title
ITC Franklin Gothic Book13,5 ptLinefeed autoFlush rightBlack
2 - Picture
Four colours
3 - Switch
Width: 1/3 Switch (9 mm)
4 - Colour block
Four colours
5 - Text (optional)
ITC Franklin Gothic Heavy 12 ptFlush rightReversed out
6 - Logo and signature
Cover: logo EXPERTISE: 9 mmCover: logo CORPORATE: 8 mmBack cover: logo CORPORATE: 8 mmFour colours
7 - White stripe
30 mm
8 - Title
ITC Franklin Gothic Demi 18 ptITC Franklin Gothic Demi 16 ptFlush leftAXA IM Blue
9 - Subtitle
ITC Franklin Gothic Demi 14 ptFlush left
10 - Text
ITC Franklin Gothic Book 9 ptLinefeed autoFlush left
11 - Phone
ITC Franklin Gothic Heavy 20 ptAXA IM Blue
12 - Website
ITC Franklin Gothic Demi 14.5 ptAXA IM Red
13 - Design’s signature,
photos credit
ITC Franklin GothicBook between 6 and 8 pt
14 - Legal informations
ITC Franklin Gothic Book 8 ptJustifi edBlack 70 %
1
10
11
12
14
13
2
34
5
6
6
6 7
9
8
8
lorem ipsun!
lorenipsum dolor sitDuis autem vel eum iriure dolorin hendrerit in vulputate
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velit esse molestie: vel illum dolore eu feu giat.
• Velillum dolore eu feugiat.
• Nulla facilisis at vero eros poemata redit.
• Accumsan et iusto odiodi. Gnissim qui blandit.
• Praesent luptatum ozril.
• Delenit augue duis dolore.
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• Nulla facilisis at vero eros poemata redit.
• Accumsan et iusto odiodi. Gnissim qui blandit.
lorem ipsum contract
phonewebsite
8
97
30
8
210
25
88
8
8
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et lam necea del mos eris volor acea quideli quiatem quature
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8
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8
8
100
7
9
78
100
8
30
62
210
110
8
8
16
5
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11
88
13
8
7
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8
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!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Leafl et Cover - Corporate and Expertise logos100 x 210 mm PORTRAIT - 2 Logos
105
Invitationcards
- 210x100 Landscape 107
- 148x210 Portrait 108
- 210x148 Landscape 109
The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included
106
Layout / example
version 1: 210 x 100 landscape
version 2: front cover layout of an A5 portrait or upright format (148 x 210 mm)
version 3: front cover layout of an A5 landscape or wide format (210 x 148 mm).
agenda 4 February-
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9:OO Mus eumet que optatusCum dolorates dolor antem quis rescia illique dem voluptur
9:15 Modita voluptati omnimolorem Aturis quiatem que exero illorro odissit landae
10:00 Est que es as est porrorem eum
‘Rehent laborest, que nulpa ilibus?’Cum dolorates dolor antem quis rescia illique dem voluptur Eaturis quiatem que exero illorro odissit landae
‘Gea dolorectinim no’Dolorates dolor antem quis rescia illique dem voluptur Quiatem que exero illorro odissit landaeRehent laborest, que nulpa ilibus
12:30 Eum Rehent laborest, que nulpa ilibusCum dolorates dolor antem quis rescia illique dem voluptur
14:30 Que es as nulpa que est porrorem eum
‘Laborest, que nulpa ilibus’Cum dolorates dolor antem quis rescia illique voluptur que exero illorro odissit landae
‘Voluptati omnimolorem’ Dolor antem quis rescia illique dem voluptur Quiatem que exero illorro odissit landaeRehent laborest, que nulpa ilibus
17h00 ColorectinimDolor antem rescia illique dem voluptur
Guest speakers
Hervé Liévore
Stratégiste spécialiste des matières premières et des pays émergents
Christian Rabeau,
Directeur Général Déléguéd’AXA IM Paris
Mario Le Morhedec
Gérante des FondsAXA WF Global Infl ation Bonds et AXA WF Euro Infl ation Bonds
Frédéric Tempel
Gérant des FondsAXA Aedifi candi et AXA WF Framlington Global Real Estate Securities
AXA INVESTEMENT MANAGERSDuis num iliquip sumsandre consectem dolorperilla faccummy nulla consenis 92100 Duismmywww.axa-im.com R
ef. 000000 X
00 0
000 X
XX
Duis num iliquip sumsandre consectem dolorperilla faccummy nulla consenissumsandre consectem dolorperilla faccummy nulla consenisDuis num iliquip sumsandre consectem dolorperilla faccummy nulla consenis
Invitation consectetur
2/5de Switch
Corporate event
Corporate event
Commercial event
Commercial event
version 2
version 1
version 1 version 3
lorem ipsum dolor sit ametconsectetur
adipisicing
sed lorem
Invitation
InvitationJeudi 25 mars 2010 Romniqui deribus is in seMipiMp
ssttrreeeeppppxxEEEEEE
!Switch: to be located on top left side of visual in the case
of corporate event
to be located on bottom right side of visual
in the case of commercial event
Other documents - Invitation cards
107
1 - Invitation
ITC Franklin Gothic Demi 28 ptFour colours or reversed out
2 - Title
ITC Franklin Gothic Demi 22 ptFlush leftFour colours or reversed out
3 - Picture or colour block
Four colours
4 - Picture or colour block
Four colours
5 - Switch
Width: 8 mmAXA IM Red
6 - Address
ITC Franklin Gothic Book 9 ptLinefeed autoFlush left
7 - Website
ITC Franklin Gothic Demi 10 pt
8 - Logo and signature
Front cover: 9 mmBack cover: 8 mmFour colours
9 - White stripe
30 mm
10 - Design’s signature,
photos credit
ITC Franklin GothicBook between 6 and 8 pt
8
8 8
30
8
8
10
210
62
Ref
. 00
00
00
X 0
0 0
00
0 X
XX
AXA INVESTEMENT MANAGERSDuis num iliquip sumsandre consectem dolorperilla faccummy nulla consenis 92100 Duismmywww.axa-im.com
!Switch: to be located on top left side of visual in the case of corporate event
to be located on bottom right side of visual in the case of commercial event
6
7
9
30
8
8
8
8
102 1008
2/5de Switch27
Invitation consectetur consectetur
consectetur
1
2
3
4
5
8
9
8
4
9
10
Other documents - Invitation cards version 1210 X 100 mm LANDSCAPE
108
8
2/5de Switch
Ref
. 000000 X
00 0
000 X
XX
AXA INVESTMENT MANAGERS 00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa-im.com
Invitationconsectetur
adipisicing
sed lorem
8
8 8
308
10
8
8
148
210
9
8
30
180
8
8
83 578
1 - Invitation
ITC Franklin Gothic Demi 28 ptFour colours or reversed out
2 - Title
ITC Franklin Gothic Demi 22 ptLinefeed 27 ptFlush leftFour colours or reversed out
3 - Picture or colour block
Four colours
4 - Picture or colour block
Four colours
5 - Switch
Width: (8 mm)AXA IM Red
6 - Address
ITC Franklin Gothic Book 9 ptLinefeed autoFlush left
Website
ITC Franklin Gothic Demi 12 pt
7 - Logo and signature
Front cover: 9 mmBack cover: 8 mmFour colours
8 - White stripe
30 mm
9 - Design’s signature,
photos credit
ITC Franklin GothicBook between 6 and 8 pt
1
2
3
4
5
6
77 8
9
!Switch: to be located on top left side of visual in the case
of corporate event
to be located on bottom right side of visual
in the case of commercial event
Other documents - Invitation cards version 2148 x 210 mm PORTRAIT
109
8
8 8
8
10
8
210
110
9
8
30
8
8
8
2/5de Switch
8119
83
2515
118
8
30
8
Ref
. 000000 X
00 0
000 X
XX
lorem ipsum dolor sit ametconsectetur
adipisicing
sed lorem
Invitation
AXA00, nosto dolobortin utat00000 Dolesequat adiam 00Tel. : 01 40 00 00 00Fax : 01 40 00 00 01www.axa.com
1 - Invitation
ITC Franklin Gothic Demi 28 ptFour colours or reversed out
2 - Title
ITC Franklin Gothic Demi and book 22 ptLinefeed 27 ptFlush leftFour colours or reversed out
3 - Picture or colour block
Four colours
4 - Picture or colour block
Four colours
5 - Switch
Width: (8 mm)AXA IM Red
6 - Address
ITC Franklin Gothic Medium 10 ptLinefeed autoFlush left
Website
ITC Franklin Gothic Demi 10 pt
7 - Logo and signature
Front cover: 9 mmBack cover: 8 mmFour colours
8 - White stripe
30 mm
9 - Design’s signature,
photos credit
ITC Franklin GothicBook between 6 and 8 pt
1
2
34
5
6
77
8
9
!Switch: to be located on top left side of visual in the case
of corporate event
to be located on bottom right side of visual
in the case of commercial event
Other documents - Invitation cards version 3210 x 148 mm LANDSCAPE
110
- 400 x 600 112
- 600 x 800 114
Posters
The dimensions/measures found in these layouts can potentially be adapted to particular situations depending on the volume of text and/or the various text elements to be included
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
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xx
xxxx
lorem ipsum amet consecteturadipisicing elitseti dolor
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
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ry e
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eç_r
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ll xx
xx
xxxx
lorem ipsum amet consecadipis nonesticing elitset
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
e hg
fl zue
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ry e
r_ya
eç_r
yaeè
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ll xx
xx
xxxx
product name phone number
website
lorem ipsum amet consecadipis nonesticing elitset
111
400 x 600 mm format
with corners in fl at color (white or color fromthe palette) framing the visual.Text appears in AXA IM Blue or white.
600 x 800 mm format
with shaded corners in see-through effect around the visual.
Other formats can be used.Text appears in AXA IM Blue or white.
The diagonal mirrors the angle of the Switch,
and can be moved horizontally accross the poster
version 2version 1
version 3
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Posters
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
e hg
fl zue
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r_ya
eç_r
yaeè
rykl
ll xx
xx
xxxx
product name phone number
website
lorem ipsum amet consecadipis nonesticing elitset
Visual
112
1 - Title
ITC Franklin Gothic Book and Demi 65 ptLinefeed 70 ptFlush leftReversed out or AXA IM Blue
2 - Picture
Four colours
3 - Picture
Width: 273 mmFour colours
4 - Switch
Width: 2/5 Switch (31 mm)AXA IM Red
5 - Product name or text
ITC Franklin Gothic Heavy 45 ptITC Franklin Gothic Medium 30 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
28 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 10 ptFlush leftBlack, 70%
9 - White stripe
78 mm
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 1400 x 600 mm
28
31
17
17
1717
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
e hg
fl zue
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ry e
r_ya
eç_r
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rykl
ll xx
xx
xxxx
400
50
180
342
273
2/5
Switch
1/5 de switch
2/5 de switch
78
600
lorem ipsum amet consecteturadipisicing elitseti dolor
1
2
4
5
6
8
79
3
113
1 - Title
ITC Franklin Gothic Book and Demi 65 ptLinefeed 70 ptFlush leftReversed out or AXA IM Blue
2 - Picture
Four colours
3 - Picture
Width: 273 mmFour colours
4 - Switch
Width: 2/5 Switch (31 mm)AXA IM Red
5 - Product name or text
ITC Franklin Gothic Heavy 45 ptITC Franklin Gothic Medium 30 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
28 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 10 ptFlush leftBlack, 70%
9 - White stripe
78 mm
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 2400 x 600 mm
522
31
78
273
248
17
17
17
85
240
17
product name phone number
website
lorem ipsum amet consecadipis nonesticing elitset
85
189
400
28
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
e hg
fl zue
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ry e
r_ya
eç_r
yaeè
rykl
ll xx
xx
xxxx
1/5 de switch
2/5 de switch
600
product name phone number
website
lorem ipsum amet consecadipis nonesticing elitset
1
2
3
4
5
6
8
79
114
1 - Title
ITC Franklin Gothic Book and Demi 65 ptLinefeed 70 ptFlush leftReversed out or AXA IM Blue
2 - Picture
Four colours
3 - Picture
Width: 273 mmFour colours
4 - Switch
Width: 2/5 Switch (31 mm)Four coloursAXA IM Red
5 - Product name or text
ITC Franklin Gothic Heavy 45 ptITC Franklin Gothic Medium 30 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
28 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 10 ptFlush leftBlack, 70%
9 - White stripe
78 mm
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 3400 x 600 mm
60031
248
274
17
17
17
85
300
400
17
273
28
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. Paris. AXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux :26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
sign
atur
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xx
xxxx
1/5 de switch
2/5 de switch
78
product name phone number
website
lorem ipsum amet consecadipis nonesticing elitset
1
2
3
4
5
6
8
79
115
1 - Title
ITC Franklin Gothic Book and Demi 100 ptLinefeed 105 ptFlush leftReversed out or AXA IM Blue
2 - Picture
Four colours
3 - Picture
Width: 364 mmFour colours
4 - Switch
Width: 2/5 Switch (40 mm)AXA IM Red
5 - Product name or text
ITC Franklin Gothic Heavy 69 ptITC Franklin Gothic Medium 44 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
38 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 12 ptFlush leftBlack, 70%
9 - White stripe
102 mm
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 1600 x 800 mm
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes -SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
100
600
25
25
38
102
698
40
368
25
364 65
25
240
sign
atur
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xx
xxxx
2/5
Switch
1/5 de switch
2/5 de switch
lorem ipsum amet ipsum icing elitset consecadipis nonest elitseti dolor
800
1
2
4
5
6
8
79
3
116
sign
atur
e hg
fl zue
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ry e
r_ya
eç_r
yaeè
rykl
ll xx
xx
xxxx
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
lorem ipsum amet consecte adipisicing dolor
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
113
600
25
25
102
698
40
345
25
364
25
113
215
38
1/5 de switch
2/5 de switch
800
1 - Title
ITC Franklin Gothic Book and Demi 100 ptLinefeed 105 ptFlush leftReversed out AXA IM Blue
2 - Picture
Four colours
3 - Picture
Width: 364 mmFour colours
4 - Switch
Width: 2/5 Switch (40 mm)Four coloursAXA IM Red
5 - Product name or text
ITC Franklin Gothic Heavy 69 ptITC Franklin Gothic Medium 44 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
38 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 12 ptFlush leftBlack, 70%
9 - White stripe
102 mm
1
2
3
4
5
6
8
79
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 2600 x 800 mm
117
product name phone number
website
Selon clauses et conditions du contratAXA France Vie : Société anonyme au capital de 487 725 073,50 E - 310 499 959 R.C.S. ParisAXA Assurances Vie Mutuelle : Société d’assurance mutuelle sur la vie et de capitalisation à cotisations fi xes - SIREN 353 457 245. Sièges sociaux : 26, rue Drouot - 75009 Paris. Entreprises régies par le code des assurances.
lorem ipsum amet consecadipis nonesticing elitset
product name phone number
website
113
600
800
25
25
102
698
40
370
25
364
25
38
sign
atur
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fl zue
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ry e
r_ya
eç_r
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ll xx
xx
xxxx
1/5 de switch
2/5 de switch
1 - Title
ITC Franklin Gothic Book and Demi 100 ptLinefeed 105 ptFlush leftReversed out or AXA IM Blue
2 - Picture context
Four colours
3 - Picture
Width: 364 mmFour colours
4 - Switch
Width: 2/5 Switch (40 mm)AXA IM Red
5 - Product name and text
ITC Franklin Gothic Heavy 69 ptITC Franklin Gothic Medium 44 ptFlush rightReversed out or four colours
6 - Design’s signature,
photos credit
ITC Franklin Gothic Book 10 pt
7 - Logo and signature
38 mmFour colours
8 - Legal informations
ITC Franklin Gothic Book 12 ptFlush leftBlack, 70%
9 - White stripe
102 mm
1
2
3
4
56
8
79
!Switch: to be located on top left side of visual
in the case of corporate document
to be located on bottom right side of visual
in the case of commercial document
Other documents - Poster version 3600 x 800 mm
118
- Stationery 119
. Letterheads 120
. Envelopes 122
. Cards 123
- Offi ce templates 127
. Company Fax 128
. Company Meeting report 129
- Badges 130
- E-stationery 132
. Electronic signature 133
. E-mail banner 134
- Powerpoint templates 139
Offi cedocuments
119
- Company letterheads 120
- Company continuation page 121
- Company envelopes 122
- Company business cards 123
Stationery
AXA Investment Managers Paris - Tél : 01 44 45 70 00 - Site Internet : www.axa-im.frSiège social : Cœur Défense - Tour B - La Défense 4, 100, Esplanade du Général de Gaulle 92400 Courbevoie Adresse postale : Cœur Défense - Tour B - La Défense 4, 100, Esplanade du Général de Gaulle 92932 Paris La Défense cedex Société de gestion de portefeuille titulaire de l’agrément COB n°GP 92-08 en date du 7 avril 1992Société Anonyme au capital de 1 384 380 euros, 353 534 506 RCS Nanterre.
120
1 - Logo
12 mmPantone 287 and 185 or four colours
2 - Address
ITC Franklin Gothic Book 8 ptPantone 287 or four colours
This layout is valid for the following
12
12
12
12
12
Please be aware that this is the AXA IM Paris, you will need to adapt
the footer to your particular situation (legal entity and country).
Please contact your legal team for this information.
Offi ce documents - Stationery - Company letterheads210 x 297 mm - AXA IM Corporate brand
12
10
12 12
1
2
recto
12
121
1 - Logo
10 mmPantone 287 and 185 or four colours
This layout is valid for the following
12
12
12
12
12
Offi ce documents - Stationery - Company continuation page210 x 297 mm - AXA IM Corporate brand
10
10
10
1
122
1 - Logo
12 mmBlack and white
2 - Logo
12 mmPantone 287 and 185 or four colours
This layout is valid for the following
12
12
12
12
12
Offi ce documents - Stationery - Company envelopesAXA IM Corporate brand
Envelope - 220 x 110 mm
8
8 12
1
Envelope - A5 & A4
8
8 12
2
Envelope - 220 x 110 mm
8
2
8 12
2
Martin DupondTechnical and Development Manager
AXA Investment Managers ParisCœur Défense - Tour B - La Défense 4
100, Esplanade du Général de Gaulle 92400 CourbevoieTel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00
Website : www.axa-im.com – E-mail : [email protected]
123
Card - 85 x 54 mm
1 - Name
ITC Franklin Gothic Medium 10 ptPantone 432 or four colours
2 - Function / Title
ITC Franklin Gothic Medium 7 ptPantone 432 or four colours
3 - Address
ITC Franklin Gothic Book 7 ptPantone 432 or four colours
4 - Logo
8 mmPantone 287 and 185 or four colours
Card - 128 x 80 mm
1 - Name
ITC Franklin Gothic Medium 11 ptPantone 432 or four colours
2 - Function / Title
ITC Franklin Gothic Medium 9 ptPantone 432 or four colours
3 - Address
ITC Franklin Gothic Book 9 ptPantone 432 or four colours
4 - AXA IM’s logo
12 mmPantone 287 and 185 or four colours
Martin DupondTechnical and Development Manager
AXA Investment Managers Paris - Cœur Défense - Tour B - La Défense 4100, Esplanade du Général de Gaulle 92400 Courbevoie
Tel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00Website : www.axa-im.com – E-mail : [email protected]
Please be aware that this is the AXA IM Paris, you will need to adapt
the footer to your particular situation (legal entity and country).
Please contact your legal team for this information.
Offi ce documents - Stationery - Company business cardsAXA IM Corporate brand
8
5
7.5
8
12
5
5
8
5
8
5
8
1
1
2
2
3
3
4
4
124
Card Recto - 85 x 54 mm
1 - Name
ITC Franklin Gothic Medium 10 ptPantone 432 or four colours
2 - Function / Title
ITC Franklin Gothic Medium 7 ptPantone 432 or four colours
3 - Address of legal entity
ITC Franklin Gothic Book 7 ptPantone 432 or four colours
4 - Logo
8 mmPantone 287 and 185 or four colours
5 - Logo
8 mmCentered on the back of the card must bear the logo AXA IM Pantone 287 and 185 or four colours
Please be aware that this is the AXA IM Paris, you will need to adapt
the footer to your particular situation (legal entity and country).
Please contact your legal team for this information.
Offi ce documents - Stationery - Company business cardsExpertise brands - (front and back)
Card - 128 x 80 mm
1 - Name
ITC Franklin Gothic Medium 11 ptPantone 432 or four colours
2 - Function / Title
ITC Franklin Gothic Medium 9 ptPantone 432 or four colours
3 - Address of legal entity
ITC Franklin Gothic Book 9 ptPantone 432 or four colours
4 - Logo
12 mmPantone 287 and 185 or four colours
5 - Logo
8 mmCentered on the back of the card must bear the logo AXA IM Pantone 287 and 185 or four colours
! Name of local legal entity (NOT name of expertise)
Xxxxxx XxxxxxxxxxxxXxxxxxxxxxxxxxx Xxxxxxxxxx Xxxxxxxxxxxxxxxxxxxx
Name of local legal entityAddress - City - Country
Tel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00Website: www.xxxx.xxx – E-mail: [email protected]
8
7.5
8
12
8 12
8
1
2
3
4
back
58
front
This layout is valid for the following
! Name of local legal entity (NOT name of expertise)
Xxxxxx XxxxxxxxxxxxXxxxxxxxxxxxxxx Xxxxxxxxxx Xxxxxxxxxxxxxxxxxxxx
Name of local legal entityAddress - City - Country
Tel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00Website: www.xxxx.xxx - E-mail: [email protected]
5
5
5
12
3
4
back
front
5
8
5
5
8
125
Please be aware that this is the AXA IM Paris, you will need to adapt
the footer to your particular situation (legal entity and country).
Please contact your legal team for this information.
AXA Investment Managers ParisCœur Défense - Tour B - La Défense - 100, Esplanade du Général de Gaulle 92400 CourbevoieTel : +33 0 00 00 00 00 - Fax : +33 0 00 00 00 00 - Website : www.axa-im.com
With our compliments
Card - 210 x 105 mm
1 - Logo
12 mmPantone 287 and 185 or four colours
2 - Address
ITC Franklin Gothic Book 9 ptPantone 287 or four colours
3 - Text
ITC Franklin Gothic demi 10 ptPantone 287 or four colours
10
12
10
10 12
1
2
3
32
32
Offi ce documents - Stationery - Company complementary cardsAXA IM corporate brand
126
This layout is valid for the following
Please be aware that this is the AXA IM Paris, you will need to adapt
the footer to your particular situation (legal entity and country).
Please contact your legal team for this information.
Offi ce documents - Stationery - Company complementary cardsExpertise brand - (front and back)
Card - 210 x 105 mm
1 - Logo
12 mmPantone 287 and 185 or four colours
2 - Address of legal entity
ITC Franklin Gothic Book 9 ptPantone 287 or four colours
3 - Text
ITC Franklin Gothic demi 10 ptPantone 287 or four colours
4 - Logo
12 mmCentered on the back of the card must bear the logo AXA IM Pantone 287 and 185 or four colours
2
412
With our compliments
Name of local legal entityAddress - City - CountryTel: +33 0 00 00 00 00 - Fax: +33 0 00 00 00 00 - Website: www.xxxx.xxx - E-mail: [email protected]
10
12
10
10 12
2
3
32
32
front
back
! Name of local legal entity (NOT name of expertise)
127
- Company fax 128
- Company meeting report 129
Offi cetemplates
128
1 - Logo
12 mmBlack and white
2 - Title
Arial bold 24 ptSwitchBlack
3 - Text
Arial 9 ptBlack
This layout is valid for the following
12
12
12
12
12
Offi ce documents - Offi ce templates - Company fax210 x 297 mm
Fax
(
(Enter your text here)
Prénom Nom / First name Last name Fonction / Job title
Expéditeur / From: (enter your name)
Destinataires / To: (enter name)
Company: (enter company) Tel +XX(X) XX XX XX XX XX
Fax +XX(X) XX XX XX XX XX
Société / Company: (enter name and address of your correspondent’s company here)
[email protected] Fax: (enter fax number)
Date: (enter date) Pages: (enter number of pages, Including the cover page)
OBJET / CONCERN: (enter object)
12
37
18
12 12 28
1
2
3
Meeting report Expéditeur / From: (enter your name)
Tel + XX(X) XX XX XX Fax + XX(X) XX XX XX [email protected]
Destinataires / To: (enter names)
Date: (enter date)
OBJET / CONCERN: (enter object)
Participants: (enter names)
Meeting date
Pages: (enter number of pages)
Absent(e)s:(enter names)
129
1 - Logo
12 mmBlack and white
2 - Title
Arial bold 24 ptSwitchBlack
3 - Text
Arial 9 ptBlack
This layout is valid for the following
12
12
12
12
12
Offi ce documents - Offi ce templates - Company meeting report210 x 297 mm
12
37
18
12 12 28
1
2
3
130
Badges
131
Staff badge - 90 x 55 mm
1 - Logo
9 mmPantone 287 and 185 or four colours
2 - ID photo
Line thickness 1 ptPantone 287Photo four colours
3 - Name
ITC Franklin Gothic Book and Medium 11 ptPantone 287 or four coulour
1 - Statut
ITC Franklin Gothic Book 9 pt Pantone 287 or four colours
Visitor badge - 80 x 40 mm
1 - Text
ITC Franklin Gothic Medium 15 ptPantone 287 or four colours
2 - Line
Thickness 0.5 ptPantone 287, 50 %
3 - Logo
9 mmPantone 287 and 185 or four colours
Offi ce documents - Badges
VISITOR5
7,5
9
5
5
5
1
2
3
Marie-France
Favreau-Laloyeau
Permanent
5
9
30
5 25 5
1
2
3
4
5
12
6
5
5
5
132
- Electronic signature 133
- Internal E-mail banners 134
E-stationery
133
Your electronic signature must appear at least once on all external and internal messages.There is a standard e-mail signature format to be respected when confi guring your personal signature: To confi gure your electronic signature, you can use 2 methods:
For instructions on how to build your electronic email signature,
please go to the Brand/ Brandbook / electronic signature section on Connexion.
Signature description:
•Black line, under which you will add your signature
• Your name in bold: fi rst name in small letters,
LAST NAME in capital letters, Police Arial, Font 8
•Your TITLE in capital letters, Police Arial, Font 7.5
• Your expertise logo or the AXA IM corporate
(To insert logo, please go to Connexion page)
•Name of legal entity in bold, Police Arial, Font 7.5
•Address, Police Arial, Font 7.5
• Telephone number using international format, Police Arial, Font 7.5
• Fax number using the international format, Police Arial, Font 7.5
•E-mail address Police Arial, Font 7.5
•Address of the local AXA IM website, Police Arial, Font 7.5
•Name of legal entity in bold, Police Arial, Font 7.5
•Address, Police Arial, Font 7.5
• Telephone number using international format, Police Arial, Font 7.5
• Fax number using the international format, Police Arial, Font 7.5
•E-mail address Police Arial, Font 7.5
•Address of the local AXA IM website, Police Arial, Font 7.5
•Environmental message
Example:
Martine SMITH HEAD OF XXXXXXX XXXXXXXXXXXXX
AXA Investment Managers Paris (name of legal entity)Coeur Défense Tour B La Défense 4100 Esplanade du Général de Gaulle92932 Paris La Défense, FRANCETel : +33 1 44 45 00 00Fax : +33 1 44 45 00 00
E-mail : mailto:[email protected]: www.axa-im.fr
Please consider the environment - Do you really need to print this email Pensez à l’environnement avant d’imprimer ce message.
CAREFUL – REMINDER- Please be advised that should you need to send one of the AXA IM Group’s logos to any third party, please contact the corporate legal team, Catherine Testot, before doing so to ensure that you are doing so within a previously defi ned context.- Also, you cannot change the shape of the logo.
Offi ce documents - E-stationery - Electronic signature
134
Layout / example: Model 1
Corporate banner Expertise banner (with AXA IM corporate logo on bottom E-mail)
Offi ce documents - E-stationery - Internal E-mail banners
135
Layout / example: Model 2
You can use all other corporate colours for corporate banners.
Corporate banner
Corporate banner
Offi ce documents - E-stationery - Internal E-mail corporate banners
136
Expertise banners
Layout / example: Model 2
Offi ce documents - E-stationery - Internal E-mail expertise bannersExpertise banners (with AXA IM corporate logo on bottom E-mail)
137
Layout / example: Model 3
You can customise the visual by contacting DTP teams in Paris or London
and you can use all the corporate colours for corporate banners.
Corporate banner
Corporate banner
Offi ce documents - E-stationery - Internal E-mail corporate banners
138
Layout / example: Model 3
You can customize the visual using DTP teams in London and Paris and you can use all other corporate colours for corporate banners.
Expertise banners
Offi ce documents - E-stationery - Internal E-mail expertise bannersExpertise banners (with AXA IM corporate logo on bottom E-mail)
139
Powerpointtemplates
140
The powerpoint template is installed on all PCs by default.
It includes 20 slides with histogrammes, charts, graphs etc... for you to choose from.
It also includes AXA IM’s corporate and expertise colour palette.
Title in 20pt
Names of presenters to be listed here in 14pt
Date of presentation here in 12pt
2
Page title in 20pt
Main bullet is 16pt text– indent is 14pt text
3
Team chart 1
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
Source: AXA IM as at dd/mm/10
5
Company profile
XXXXxxXxxXxx
XXX
XXX
XXXBased on xxxxx
Source: AXA IM as at dd/mm/10
1st Qtr2nd Qtr3rd Qtr4th Qtr
0
10
20
30
40
50
60
70
80
90
100
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
EastWestNorth
0
10
20
30
40
50
60
70
80
90
100
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
EastWestNorth
Offi ce documents - Powerpoint templatesAXA IM corporate brand
141
There is one corporate template and one template per expertise.
They all have the same look and feel.
The difference between them is the logo modus vivendi.
Title in 20pt
Names of presenters to be listed here in 14pt
Date of presentation here in 12pt
- On the cover page, both the AXA IM corporate logo and the expertise logo are present in order to raise awareness of the expertise whilst highlighting both the endorsement of AXA IM as well as its role of provider of solutions.If the content of the presentation should concern more than one expertise then the corporate template should be used.
2
Page title in 20pt
Main bullet is 16pt text– indent is 14pt text
3
Team chart 1
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
NAMETITLE
Source: AXA IM as at dd/mm/10
1
Team photos
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Finance
Joe BloggsGlobal and Local Sales and
Customer Services
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business
in UK & US
Joe BloggsHead of Business in UK
& US
Joe BloggsHead of Business in UK
& US
Joe BloggsCEO
- On the inside pages, only the expertise logo is present – illustrating “who” is speaking.
NB: Please refer to the reporting page (page 14)with regards to the powerpoint templateto be used for reporting documents.
Title in 20pt
Names of presenters to be listed here in 14pt
Date of presentation here in 12pt
Offi ce documents - Powerpoint templatesAXA IM expertise brand
!
142
- Joint Venture 143
- Co-branding 144
Joint Venture& co-branding
143
Joint Venture - LogoTitle in 20pt
Names of presenters to be listed here in 14pt
Date of presentation here in 12pt
With regards the Brand of a Joint Venture (JV), the objective
is two-fold:
1) Leverage the synergies created by the joining of 2 brands (1+1=3)by capitalising and building on the brand equity and notorietyof all brands concerned...
2) ...While speaking in one voice: creating a new brand.
Therefore, in terms of visual identity, the two-fold objective is to:
1) Keep the visual components of each brand that are believed to best fi t the culture and expectations of the market in which the JV is goingto operate, the clients it is going to target and the products it is going to distribute...
2) ...Whilst raising awareness of the key markers of the new JV - logo, colours, types of visuals.
Each JV is different. Each will need to be looked at specifi cally.
Please contact the Brand team should you have any further questions.
2
X =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
144
Defi ning the relative size of each logo is an important part of creating
co-branded documents.
The following rules were designed to help you create a layoutthat respects both logos.
The size of the minimum clear space allowed around the AXA IM logocan be used as a guide to determine the ideal proportions.
When the two companies are equal partners, their logos must
be visually the same size.
The shape (square, rectangle, triangle,circular) of the partner logomust be taken into account to determine the correct proportions.
When you need to produce co-branded documents
with an AXA IM (corporate or expertise) logo+ a third
party logo - including powerpoint presentations,
please contact the Brand team to discuss the best way
forward.
White background
Colored background
Co-branding occurs when AXA IM partners with other brands wathever the objective:
business, non-profi t, sponsorship communications, etc...
Co-branding - Logo proportion
PARTNER'S LOGO PARTNER'S LOGO
4 X maximum
PARTNER'S LOGO
2/3 X
1/3 X
1/3 X1/3 X
PARTNER'S LOGO
1/3 X
1/3 X
X
1/3 X1/3 X
X =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
145
In this example, the partner logo is 2/3 as tall as the AXA IM square.
If the height of the partner logo were the same as the AXA IM logo, it would appear to be much larger.
In addition, the width of the partner cannot be more than 4 times the AXA IM square.
Layout specifi cations
Layout specifi cation on a colored background
Example
Co-branding - Rectangular logo
1/3 X
1/3 X
X
1/3 X
1/3 X
X
1/3 X 1/3 X 1/3 X 1/3 X
PARTNER'SLOGO
PARTNER'SLOGO
PARTNER'SLOGO
X =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
146
In this example, the partner logo is the same height as the AXA IM logo.
If the height of the partner logo were taller than the AXA IM square, it would appear to be much larger.
Layout specifi cations
Layout specifi cation on a colored background
Co-branding - Triangular logo
PARTNER'SLOGO
PARTNER'SLOGO
1/6 X
1/6 X
X + 1/6 X
1/3 X
1/3 X
X
1/6 X 1/6 X 1/3 X1/3 X
1/3 X
1/3 X
X
1/3 X1/3 X
PARTNER'SLOGO
PARTNER'SLOGO
PARTNER'SLOGOX =
12mm
1/3 X =4mm
1/3 X =4mm
1/3 X
=4m
m
1/3 X
=4m
m
147
Circular logoIn this example, the circular logo is a little wider than the AXA IM square. If it were the same width, it would appear too small.
Square logoIn this example, the square logo has the same dimensions as the AXA IM square.
Layout specifi cations
Layout specifi cation on a colored background
Co-branding - Circular and square logos
148
Work in progress - Work in progress
Advertising
149
13-0
0000
AXA Euro Credit Plus
Source: Lipper, offer to offer, net income reinvested as at 30.01.09.
Dellat. Odit, offictiae voluptat lam senimus, occus mos as arumquam quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ odiant dolendunt moloriae nectem. Nam, inctur? Dellat. Odit, offictiae voluptat lam senimus, occus mos as arumquam quibus quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ odiant dolendunt moloriae nectem. Nam, inctur?Ese nita sende nonsequi ut ut rehenit officil lestiuntibus voles et
Iscipsum est dolum fuga. Nam, quassimintem quunte dipit everibus sam facia audae quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ doleste sendit, comniti quodit offictur mincium earibusda inctotatur? Ferferunt ut alit aut alicipsa doluptat quae vendust ere optiandi bea voloribus denia
Ese nita sende nonsequi ut ut rehenit officil lestiuntibus voles etaxaframlington.com or by calling 0845 766 0184.
Cumulative performance as at 30.01.09
% change
6 months 1 year 3 years 5 years
Biotech Fund +12.97% +27.41% +8.85% +19.73%
Quartile Ranking 1 (1st decile) 1 2 3
www.axa-im.com
FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. Issued by AXA Framlington Unit Management Limited, 155 Bishopsgate, London EC2M 3FT. Tel 020 7374 4100. Authorised and regulated by the Financial Services Authority. A member of IMA. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Investments in pharmaceutical companies and related medical industries may involve product testing on animals as part of clinical trials and associated genetic research. Telephone calls may be recorded.
www.axa-im.com
I redefine Agility and Talent Je réinvente des Produits de Qualité
You redefine Innovation and Thought Leadership Tu réinventes la Gestion du Risque
She redefines CORE Behaviours Il réinvente Fiabilité et Disponibilité
They redefine their Needs and Expectations Ils réinventent le Service Clients
Together, we all redefi ne investment solutions
Our daily commitments
Layout / example
For more information, please contact François Pavée: [email protected]
www.axaframlington.com
1301
5 CW
01/
10 L
ondo
n
A feather in many capsMulti-cap UK equity income prospects.AXA Framlington Equity Income Fund.
To make the most of the pickup in UK equity income prospects, stockpicking is key. But why restrict yourself to the FTSE 100? George Luckraft widens his portfolio by reviewing opportunities from across the market spectrum to select companies with attractive yield as well as capital growth potential. One of the most respected Fund managers in his peer group, George’s return to form is in keeping with a return to fundamentals.
So with a sense of normality returning to markets, maybe it’s time to look beyond the large-cap bias of the rest, and pluck for the benefits of multi-cap expertise. For more information, go to www.axaframlington.com or call 0845 766 0184.
TOP QUARTILE
full year 2009*
*Source: Lipper Hindsight offer to offer net income reinvested, for the 12 month period ending 31/12/09. FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. AXA Framlington is an expertise of AXA Investment Managers UK Limited. Issued by AXA Investment Managers UK Limited. Registered in England and Wales No: 1431068. Registered Office: 7 Newgate Street, London, EC1A 7NX. Authorised and regulated by the Financial Services Authority. A member of the Investment Management Association. Past performance is not a guide to future performance. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Telephone calls may be recorded or monitored for quality.
www.axaframlington.com
*Source: Lipper Hindsight offer to offer net income reinvested, for the 12 month period ending 31/12/09. FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. AXA Framlington is an expertise of AXA Investment Managers UK Limited. Issued by AXA Investment Managers UK Limited. Registered in England and Wales No: 1431068. Registered Office: 7 Newgate Street, London, EC1A 7NX. Authorised and regulated by the Financial Services Authority. A member of the Investment Management Association. Past performance is not a guide to future performance. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Telephone calls may be recorded or monitored for quality.
1301
5 M
MT 0
1/10
Lond
on
A feather in many capsMulti-cap UK equity income prospects.AXA Framlington Equity Income Fund.
To make the most of the pickup in UK equity income prospects, stockpicking is key. But why restrict yourself to the FTSE 100? George Luckraft widens his portfolio by reviewing opportunities from across the market spectrum to select companies with attractive yield as well as capital growth potential. One of the most respected Fund managers in his peer group, George’s return to form is in keeping with a return to fundamentals.
So with a sense of normality returning to markets, maybe it’s time to look beyond the large-cap bias of the rest, and pluck for the benefits of multi-cap expertise. For more information, go to www.axaframlington.com or call 0845 766 0184.
TOP QUARTILE
full year 2009*
Advertising
www.axa-reim.com
This document is for informational purposes only and does not constitute, on AXA REIM part, an offer to buy or sell or a solicitation or investment advice. AXA REIM disclaims any and all liability relating to a decision based on or for reliance on this information.
AXA Real Estate,The Investment Manager for your real estate solutions*
The largest real estate investment manager in Europe, AXA REIM is a wholly-owned subsidiary of AXA Investment Managers, part of the leading financial AXA group.
AXA REIM has developed a high performing expertise with recognised skills in fund and asset management across all property types (offices, retail, hotels, logistics,…).
As a global player with 515 staff operating from 21 counties in Europe and Asia, AXA REIM is trusted to provide investment solutions to over 140 institutions worldwide. With established European platforms, AXA REIM is successfully expanding to Asia with a Memorandum of Understanding (MoU) signed this year with Ping An Trust for China’s mid tier residential property investments.
13-0
5771
Real Expert
Real People
Real Estate
* Top investment manager in Europe by INREV ranking 2009
13-0
0000
Source: Lipper, offer to offer, net income reinvested as at 30.01.09.
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Iscipsum est dolum fuga. Nam, quassimintem quunte dipit everibus sam facia audae quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim veratem quiscim nonsequ odiant dolendunt moloriae nectem. Nam, inctur? Dellat. Odit, offictiae voluptat lam senimus, occus mos as arumquam nonsequ quibus estius plit re volest hilluptam fugitiorrum liti veratem quiscim nonsequ doleste sendit, comniti quodit offictur mincium earibusda inctotatur? Ferferunt ut alit aut alicipsa doluptat quae vendust ere optiandi bea voloribus denia
Ese nita sende nonsequi ut ut rehenit officil lestiuntibus voles etaxaframlington.com or by calling 0845 766 0184.
Cumulative performance as at 30.01.09
% change
6 months 1 year 3 years 5 years
Biotech Fund +12.97% +27.41% +8.85% +19.73%
Quartile Ranking 1 (1st decile) 1 2 3
www.axa-im.com
FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. Issued by AXA Framlington Unit Management Limited, 155 Bishopsgate, London EC2M 3FT. Tel 020 7374 4100. Authorised and regulated by the Financial Services Authority. A member of IMA. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Investments in pharmaceutical companies and related medical industries may involve product testing on animals as part of clinical trials and associated genetic research. Telephone calls may be recorded.
AXA Fram Ad UKUntur quia nonse
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Layout / example
Per maggiori informazioni: Numero verde 800 431 771
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I rendimenti passati non sono indicativi di quelli futuri. I rendimenti rappresentati sono calcolati al netto delle spese di gestione ed il loro calcolo si basa sul reinvestimento dei dividendi netti. I rendimenti sono rappresentati al lordo degli oneri fiscali.
(2) AXA WF Euro Credit Plus Classe A Eur, a capitalizzazione. (3) Indice Merrill Lynch Euro Credit 1-10. L’indice viene utilizzato solo a scopo comparativo. Il fondo non possiede un benchmark. AXA WF Euro Credit Plus è un comparto della SICAV AXA World Funds (la Società). La sede legale della Società è ubicata al 49, avenue J.F Kennedy L-1885 Luxembourg. La Società è registrata con il numero B. 63.116 presso il Registro del Commercio e delle Imprese. E’ una SICAV UCITS III Lussemburghese approvata dalla CSSF. L’orizzonte d’investimento raccomandato per investire in AXA WF Euro Credit Plus è di almeno 3-5 anni.
Distributore in Italia: AXA Investment Managers Italia SIM S.p.A. – Capitale Sociale € 3.895.789,59 versato € 2.745.790,15 – Sede Legale: Corso di Porta Romana, 68 – 20122 Milano
Ampia diversificazione degli investimenti: oltre 200 titoli1 in portafoglio
Una gestione attiva capace di modificare rapidamente la composizione del portafoglio per adattarla ad ogni condizione di mercato. Il fondo investe principalmente in obbligazioni di alta qualità emesse da società europee. L’investimento in titoli “High Yield”, più redditizi ma più rischiosi, è effettuato tatticamente, permettendo al fondo di mantenere un profilo di rischio contenuto.
Prima dell’adesione leggere il prospetto informativo disponibile presso le sedi dei soggetti collocatori, nonché sul sito internet
Il fondo può essere sottoscritto presso i nostri collocatori: Cassa Lombarda, Finecobank S.p.A, IW Bank S.p.A., Sudtirol Bank, Credit Suisse (Italy) S.p.A., Gruppo Banca Leonardo S.p.A, Banca Network Investimenti S.p.A., Banca Monte dei Paschi di Siena S.p.A., UBS Italia S.p.A., MPS Banca Personale S.p.A., Banca Profilo S.p.A., BNL - BNP Paribas Private Banking S.p.A.
Vuoi cogliere le opportunità offerte dal Mercato Obbligazionario Europeo? Con noi puoi farlo diversificando
1 anno 3 anni 5 anni
Fondo2 9,33% 7,05% 14,21%
Indice di riferimento3 4,62% 6,16% 13,78%
(1) Fonte: AXA IM, dati al 30 Giugno 2009.
www.axa-im.it
AXA WF Euro Credit Plus il fondo obbligazionario di AXA Investment Managers, è la risposta che stavi cercando
+ 9,33% nell’ultimo anno1, più del doppio rispetto all’indice di riferimento.
+ 4,62%
+ 9,33%
90
100
110
120
06/0905/0903/0901/0911/0809/0806/08
Merrill Lynch EMU Corporate 1-10 anni
AXA WF Euro Credit Plus A Cap
La información y datos financieros reseñado no suponen invitación o recomendación de adquisición ni garantía de rentabilidad futura y tienen una finalidad meramente informativa. No debe tomarse como referencia la rentabilidad pasada pues no implica que se comporte igual en el futuro. AXA WF Euro Credit Short Duration es un compartimento de la sicav de derecho luxemburgués, AXA WORLD FUNDS, adaptada a la Directiva 85/611/CE e inscrita en la CNMV bajo el número 239. Para suscripciones y mayor información, por favor póngase en contacto con los comercializadores que aparecen en la página web de la CNMV: www.cnmv.es. Los folletos y el resto de documentación de la IIC pueden ser solicitados a los comercializadores o a AXA IM GS LTD. SUCURSAL EN ESPAÑA (Paseo de la Castellana núm. 93, 28046 Madrid) o consultados en www.axa-im.es.
18P
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■ Atractivo perfil riesgo/rendimiento■ Menor sensibilidad a subidas de tipos de interés■ Con la experiencia de una de las mayores gestoras
de renta fija del mundo
AXA WF Euro Credit Short Duration
Bonos corporativos a corto plazo en euros
Rentabilidades netas 2009 (a 03/01/2010)
1 mes 3 meses 6 meses 20100,29% 1,30% 5,01% 8,99%
012009
022009
032009
042009
052009
062009
072009
082009
092009
102009
112009
122009
012010
98100102104106108110 +9,13 %
www.axa-im.es
AXA WF Euro Credit Short Duration A
Evolución en el año
For more information, please contact François Pavée: [email protected]
Advertising
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13-0
0000
AXA WF EURO CREDIT PLUS
www.axa-im.com
FOR PROFESSIONAL ADVISER USE ONLY. This communication must not be relied upon by retail clients and circulation must be restricted accordingly. Issued by AXA Framlington Unit Management Limited, 155 Bishopsgate, London EC2M 3FT. Tel 020 7374 4100. Authorised and regulated by the Financial Services Authority. A member of IMA. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Investments in pharmaceutical companies and related medical industries may involve product testing on animals as part of clinical trials and associated genetic research. Telephone calls may be recorded.
AXA WF Euro Inflation Bonds
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SICAV de droit luxembourgeoisCode ISIN de la part I (e) : LU0227145546 ( D ) / LU0227145389 ( C )Type d’investisseurs : InstitutionnelsProfil de risque : C, produits ayant un risque de perte limité à la somme du capital InvestiHorizon d’investissement : 3 ansMontant minimal de souscription : 100 000 eFrais de gestion fixes maximum 0,25%Société de gestion : AXA Funds Management SAGestionnaire financier par délégation : AXA Investment Managers Paris
AXA WF Optatem et quunt
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SICAV de droit luxembourgeoisCode ISIN de la part I (e) : LU0227145975 (D) / LU0227145629 (C)Type d’investisseurs : InstitutionnelsProfil de risque : C, produits ayant un risque de perte limité à la somme du capital InvestiHorizon d’investissement : 3 ansMontant minimal de souscription : 100 000 eFrais de gestion fixes maximum 0,30% Société de gestion : AXA Funds Management SAGestionnaire financier par délégation : AXA Investment Managers Paris
Source: Lipper, offer to offer, net income reinvested as at 30.01.09.
Cumulative performance
as at 30.01.09% change
6 months 1 year 3 years 5 years
Biotech Fund +12.97% +27.41% +8.85% +19.73%
Quartile Ranking 1 (1st decile) 1 2 3
151
Work in progress - Work in progress
Webcharter
152
Remerciements: Un grand merci à l’équipe DTP pour m’avoir aidé dans la production de ce Brand book :Fati Souggane , Jean-Jacques Auger, William Bertrand , Valérie Pineiro et Christophe Comte et Merci à Garance Wattez et à Caroline Dawson pour notre collaboration enrichissante.
Valérie Dherbecourt
Thank you very mutch to the DTP team for helping me in producing this Brand book:Fati Souggane, Jean-Jacques Auger, William Bertrand, Valerie Pineiro, Christophe Comte. and Thanks to Garance Wattez-Richard and Caroline Dawson for our nice cooperation.
Valérie Dherbecourt
153
Note
This document is confi dential to the AXA IM Group and may only be distributed within the AXA IM Group and its agencies to persons who need to be aware of the contents to carry out specifi c tasks.
This document must not be copied in total or partiallyor distributed to third parties without prior agreement with the copyright owners. Any unauthorised use maylead to legal action.
© AXA IM 2010
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