Conferencia mensual sobre mercados e ideas de inversión

15 de Octubre de 2012

Mejor Gestora de Renta Fija Gama Amplia por segundo año consecutivo

Agenda

 Consecuencias de la bajada de rating de España

 Situación macro

 Recomendación de activos

  Idea de inversión; – AXA WF Euro Credit Plus

2

Evolución del origen de los inversores de deuda española

3

Emisiones y vencimientos de deuda soberana

4

Impacto en los principales índices de referencia

5

Agenda

 Consecuencias de la bajada de Rating de España

 Situación macro

 Recomendación de activos

  Idea de inversión; – AXA WF Euro Credit Plus

6

7

Key points – Major systemic obstacles removed

  €-crisis: Major obstacles have been removed –  The ECB translates “do whatever it takes” into ‘Outright Monetary Transaction’ (OMT) to deal with malfunctioning

monetary policy and to curtail short-term risk premia linked to expectations of a €-break-up –  The German Constitutional Court endorses the ESM –  EU Commission details the road to a Euro Banking Union and proposes new ECB power for banking supervision

  Global cyclical indicators confirm a tri-polar world –  US: high frequency indicators surprised on the upside; labor market remains the “Achilles heel”; recovery in housing –  € area: manufacturing-related data confirms a broad-based recessionary environment –  China: more resilient, yet incoming data confirms soft patch   The overall macro outlook remains weak – the likelihood of a relapse has, however, receded as policy makers are

doing their utmost to help the to overcome the weak economic backdrop

  Economic policy in developed economies will have to rely on monetary action as fiscal levers remain geared toward austerity

  Significant risks remain: –  Inconclusive negotiations on the euro area Banking Union –  Further downgrades of various euro countries –  US fiscal cliff

All our macro forecasts in appendix 1

Agenda

 Consecuencias de la bajada de Rating de España

 Situación macro

 Recomendación de activos

  Idea de inversión; – AXA WF Euro Credit Plus

8

9

Investment Strategy Asset allocation

10

Appendix 1: Marco forecasts

Source: FMI, Datastream, AXA IM Research

Agenda

 Consecuencias de la bajada de Rating de España

 Situación macro

 Recomendación de activos

  Idea de inversión; – AXA WF Euro Credit Plus

11

Paris   41 Portfolio Managers

  7 Portfolio Engineers

  9 Fundamental Credit Analysts

  13 FI Traders

Greenwich   18 Portfolio Managers

  1 Portfolio Engineer

  6 FI Traders

Zurich   4 Portfolio Managers

London   13 Portfolio Managers

  2 Portfolio Engineers

  3 FI Traders Frankfurt   3 Portfolio Managers

Singapore   3 Portfolio Managers

Donde gestionamos la renta fija

The expertise & global scale required to outperform Source: AXA IM as at 30/06/2012.

Stefan Wolpert Head of AXA FI Germany

James Gledhill Global Head of High Yield

Deputy, Global Head of Credit

Graham Nicol Global Head of Credit

Mikael Pacot Head of Money Markets

Yves Berger

Eleonore Bunel Aurélien Billard Sharmin Ahmed Mathieu Cranz

Michael Graham

David Fourgoux (5)

Cheryl Beusch

Source: AXA IM as at 31/07/2012. (1) Investment Assistant; also member of the PEG. (2) Portfolio Manager and Head of Insurance Specialists Paris, reports to Matthieu-Emmanuel Levilion. (3) Also Insurance Specialist and Head of AXA Fixed Income UK & Asia. (4) Also member of the Sterling Rates team. (5) Also Insurance Specialist. (6) Assistant Portfolio Manager. (7)Investment Grade PMAs also

providing High Yield sector coverage.

Marie Zedda

Karla Emmerich

Fabien Collado (1)

Euro Credit Paris, Frankfurt

Global Credit Paris

Sterling Credit London

Money Markets Paris

European & Global High Yield

London

Nicolas Trindade

Julie Lamirel

Boutaina Deixonne

Maud Debreuil

Fabien Delavigne

Ian Bates

Emmanuel Philis

Maria Quesada

Thomas Coudert

Ismael Lecanu

Damien Maisonniac

Marc Dakoure

Hadiza Lair

Christophe Herpet

Nicolas Tamisier

Anne Ollier (2)

Philippe Zhang

Anne Velot Co-Head of Euro Credit

Virginie Derue Co-Head of Euro Credit

Mark Benstead (3) Head of Sterling Credit

Nicole Montoya Head of Money Markets & Global Credit

Stefanie Erner

Robert Houle

US Dollar Credit High Yield Greenwich

Carl Whitbeck Head of US High Yield

Peter Vecchio

Steve Nelson (7)

Head of USIG Credit

US Dollar Credit Investment Grade

Greenwich

David Polson (7)

Frank Olszewski (7)

Theo Zemek Global Head of AXA Fixed Income

Sarah Nichols

Nick Hayes (4)

Lionel Pernias Brian McMillan (7)

Mike McCartan

Alex Kim (6) (7)

Private Loans London

Debbie Dias

El equipo de crédito

Vern Bond

John Coultrap

David Shapiro

14 - 15330

Credito Euro:1/3 del mercado son emisores de fuera de la zona Euro

Fuente: BoA Merrill Lynch indices a 17/08/2012

15

Sector no Financiero: Los fundamentales de las empresas son buenos.

Fuente: UBS, basado en FTSE Euro First 300 excluyendo financieras, a 31/10/2011

Facturacón por aéreas geográficas

UK 8%

N. America 17%

Resto del mundo 32% Europa continental

43%

Desapalancamiento

La evolución de ingresos de las compañías europeas ya no dependen tanto de sus ventas en Europa.

Las compañías están haciendo un gran esfuerzo para reducir su apalancamiento.

16 - 15330

Sector Financiero: Los ratios de los bancos siguen mejorando

Los bancos están mejor preparados para una eventual crisis Los fundamentos de los bancos siguen mejorando con un aumento de ratio Tier 1 de 39pb durante el segundo trimestre de 2012, impulsado por la acumulación de capital y el desapalancamiento. El ratio Tier 1 esta en 11,3%.

Reducción del ratio crédito/deposito Los depósitos han aumentado en un 1.5% desde septiembre de 2011, mientras los créditos han bajado un 1.8%, por lo que el ratio crédito/deposito se ha reducido a 109%

17

Características del fondo (número de bonos en cartera 201)

AXA WF Euro Credit Plus

Cartera índice

Rating BBB+ A-

Yield to Call 3.33% 2.43%

Spread Duration 4.30 3.70

Duración modificada 3.56 3.69

Cash 4%

% High Yield 6.29%

Patrimonio (€ mn) € 384M

Fuente: AXA IM Paris, a 28/09/2012

AXA WF Euro Credit Plus

Objetivo y estrategia de

inversión

Objetivo de tracking Error

Índice de referencia

AXA WF Euro Credit Plus se dirige a aquellos inversores que buscan una e l e v a d a r e n t a b i l i d a d y l a revalorización del capital a través de una cartera de deuda corporativa denominada en Euros con una distribución táctica oportunista pos ic ionada ent re los t í tu los ”investment grade” y los títulos de deuda “high yield”.

Máximo de 2.5% Merrill Lynch EMU

Corporate 1-10

18 18

 Added peripheral exposure via primary market

 Added exposure on insurance subordinated debt and covered

 Profit taking on financials as well High Yield

 Assed some senior debt .

 From August, defensive positioning (liquidity >10%)

 No High Yield  Underweight on financials

both senior and subordinated, towards defensive corporates

 From October added senior positions then neutralized subordinated positions

Nuestras opiniones de inversión aplicadas a la cartera del fondo AXA WF Euro Credit Plus

Fuente: AXA IM Paris, a 28/09/2012

 Bearish view on November  Closing short positions on financials

(senior and sub) and peripheral exposure from December

 From January, continued to increase financials exposure, both senior and subordinated, on an improved backdrop for the economy and the asset class

 In mid-March reduced Spanish positions, then Italian and financial positions

 In late May, started to close short peripheral and subordinated exposure

 Mid June, started to go long peripheral and subordinated exposure

19

Fuente: BofA Merrill Lynch & AXA IM a 28/09/2012.

Foto de la cartera a septiembre de 2012

Desglose por sectores Desglose por paises

20

12 años con una solida trayectoria

Fuente: AXA IM a 28/09/2012. Los datos proporcionadas relacionados con meses o años anteriores y a rentabilidades pasadas no son un indicador fiable de resultados futuros. Los cálculos de rentabilidad se basan en la reinversión de los dividendos netos o de gestión. El índice de rendimiento se calcula sobre la base de dividendos reinvertidos. No se puede garantizar que los beneficios producidos en el pasado se lograran en el futuro o que el fondo no tendrá perdidas en el futuro.

Solo en dos de los 12 años de trayectoria el fondo ha tenido rendimientos negativos.

21

Rendimientos de los últimos 5 años del fondo AXA WF Euro Credit Plus A

Fuente: AXA IM a 28/09/2012. Los datos proporcionadas relacionados con meses o años anteriores y a rentabilidades pasadas no son un indicador fiable de resultados futuros. Los cálculos de rentabilidad se basan en la reinversión de los dividendos netos o de gestión. El índice de rendimiento se calcula sobre la base de dividendos reinvertidos. No se puede garantizar que los beneficios producidos en el pasado se lograran en el futuro o que el fondo no tendrá perdidas en el futuro. * Morningstar ha calificado el fondo AXA WF Euro Credit Plus “I” con 5 estrellas, la acción “A” del fondo esta calificado con 4 estrellas.

Algunas de las compañías del fondo a 28/09/2012

22

Algunas de las compañías del fondo a 28/09/2012

23

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Disclaimer 1/2

  The information contained herein is confidential information supplied at the sole request of the recipient. By accepting this information, the recipient agrees that it will not divulge any such information to any other party. Any reproduction of this information, in whole or in part, is prohibited. This 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 investment advice. Due to its simplification, this document is partial and the information 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 for reliance on this document. 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. 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 affiliates who may act based on their own opinions and as independent departments within the Company.

  The figures provided relate to previous months or years and past performance is not a reliable indicator as to future performance.   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.   Information contained in this document may be updated from time to time. Information contained herein may vary from previous or future

published versions of this document.   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.

  Redex share class Risk factor relating to interest rate: Interest rate risk involves the risk that, when interest rates increase along the curve, as the market value of fixed-income securities tends to decline, as a result the Net Asset Value of standard shares tends to decrease. Conversely, when interest rates decline along the curve, the market value of fixed-income securities tends to increase, as a result, the Net Asset Value of the standard Shares tend to increase. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term securities. The aim of the listed derivatives overlay strategy implemented at the Redex Share Class level is to reduce the exposure to interest rates parallel shifts along the curves. Therefore, the impact of interest rates parallel shifts on the Redex Share Net Asset Value tends to be reduced compared to the impact of such move on the standard Shares. When interest rates increase, as the market value of fixed-income securities tends to decline, the market value of the overlay strategy tends to increase, as a result the impact of the interest rates increase on the value of the Redex Shares tends to be more limited. Conversely, when interest rates decline, the market value of fixed-income securities tends to increase, and the market value of the overlay strategy tends to decrease as a result the impact of the interest rates decrease on the value of the Redex Shares tends to be more limited.

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Disclaimer 2/2

  The fund is registered for public distribution in Luxembourg. Please check the countries of registration with the asset manager, or on the web site www.axa-im-funds.com where a fund registration map is available.

  AXA 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 Funds Management, a société anonyme organized under the laws of Luxembourg with the Luxembourg Register Number B 32 223RC, and whose registered office is located at 49, Avenue J.F. Kennedy L-1885 Luxembourg

  Editor : AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Cœur 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.