AXA WF Framlington Europe
Real Estate Securities Fund - Fund Documents
Monthly Report (EN) as of 31/01/2017
> A EUR 303 KB PDF
> A (H) USD 313 KB PDF
> A (H) q USD 325 KB PDF
> A (H) q HKD 319 KB PDF
Dividend Record 529 KB PDF as of 30/09/2016
Composition of Dividend Payment 470 KB PDF as of 30/11/2016
Product Key Fact (EN) 194 KB PDF as of 12/2016
Prospectus (EN) 807 KB PDF as of 12/2016
Annual Report (EN) 3122 KB PDF as of 12/2015
Semi-annual Report (EN) 3004 KB PDF as of 06/2016
歐洲房地產基金 - 基金文件
Important Note to Hong Kong Investors:
- This is a sub-fund of AXA World Funds which is a Luxembourg based open-ended investment company with several separate sub-funds (individually the "Sub-Fund" and collectively the "Sub-Funds") each with different investment objectives and risks profile.
- The Sub-Fund is mainly invested in equity for which there is a high risk of invested capital loss and is exposed to concentration risk on real estate and investment in specific geographic zones.
- The Sub-Fund is subject to currency and foreign exchange, Eurozone political, regulatory, economic and convertibility risks.
- This Sub-Fund may use derivative instruments and may subject the investor to additional risks including counterparty, volatility, valuation, leverage and liquidity risks.
- For the Distribution Shares, investors should be aware that dividends may be paid directly or effectively out of the Sub-Funds’ capital at the Management Company's discretion. This may result in an immediate decrease in the net asset value per share of the Distribution Shares. Payment of distribution out of the Sub-Funds’ capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, which may further decrease the net asset value per share and may also reduce the capital available for the Sub-Funds for future investment and capital growth.
- Investors should not make investment decision on the basis of this document alone. The offering documents of the Fund should be read for further details including risk factors.
Why Invest in Europe Real Estate Securities?
Low interest rate environment
The European "lower for longer" interest rate environment offers significant potential cost of capital benefits combined with the decline in financing rates for the listed real estate companies which are only having moderate levels of gearing.Thus, it creates favourable conditions for project investment and mergers & acquisitions.
Tapping Eurozone recovery
Real estate sector & the economic cycle is closely linked. The European listed real estate sector is well placed to take advantage of the up and rising development returns back by the improving economy.
From a cyclical standpoint, Europe lacks the recovery seen in other global markets like the US. And therefore we believe that Europe is probably having a higher catch-up potential versus the rest of the world and other markets.
Diversified investment themes
European Real Estate sector is very fragmented with a rich diversification of investment themes across office, industrial and residential buildings and consists of more than 100 companies. Many of them are small and mid-sized companies which creates a superb hunting ground for investors. European Real Estate keeps gaining momentum and we are in a context where we can still buy property that has good yields with low financing levels.
European Real Estate sector still has room for improvement in the fundamentals with the existing healthy financing levels. A growing economy will be highly beneficial for the companies' earnings growth.
Distributor / 分銷商：
This document has not been reviewed by the Securities Futures Commission (“SFC”).
This document is issued by AXA Investment Managers Asia Limited (“AXA IM Asia”). AXA IM Asia is regulated by SFC.The Sub-Fund has been authorized by the SFC in Hong Kong but authorization does not imply official approval orrecommendation. SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is an endorsement of its suitability for any particular investor or class of investors. The information contained in this document may be subject to change without notice. Information herein may be obtained from sources believed to be reliable. AXA IM Asia has reasonable belief that such information is accurate, complete and up-to-date. This documentation does not constitute an offer to purchase, sell or subscribe to financial instruments, an offer to sell investments fund or an offer of financial services. Investment involves risks. Investors are advised that the unit price of the performance of investments may go down as well as up. Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The Sub-Fund is authorized under the SFC Code on Unit Trusts and Mutual Funds but not under the Code on Real Estate Investment Trusts.
In the case where the currency of investment is different from the Fund's reference currency the gains are capable of varying considerably due to the fluctuations of the exchange rate.