RI annual review 2014

20 May 2015

2014 in review

The bull market continued through 2014, poised to mark 6 years since the panic of 2008.
Nevertheless, investors continue to be increasingly anxious about the overall health of the
investment markets in light of ongoing world events.

Financial markets have also increasingly taken notice of ESG issues since 2008; the mainstreaming of ESG factors within the asset management profession is becoming a long term trend that will continue regardless of the end point of the current bull market. In line with this trajectory, investors increasingly called upon AXA Investment Managers' Responsible Investment (RI) team to monitor and assess ESG risks in their portfolios across asset classes over the course of the past year.

This communication is intended for professional investors use only and should not be relied upon by retail clients. Circulation must be restricted accordingly.

This document is for informational purposes only and does not constitute, on AXA Investment Managers part, an offer to buy or sell or a solicitation or investment advice. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this information. This document is a promotional document used for informational purposes only and does not constitute, on AXA Investment Managers 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 specific date. Due to the subjective and indicative aspect of these analyses, we draw your attention to the fact that the effective evolution of the economic variables and values of the financial markets could be significantly different from the indications (projections, forecast, anticipations and hypothesis) which are communicated in this document. Furthermore, due to simplification, the information given in this document can only be viewed as subjective. This document may be modified without notice and AXA Investment Managers 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 official providers of economic and market statistics. AXA
Investment Managers 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’ management teams or its affiliates who may act
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