What happens in the US can – and typically does - have a global impact. In our latest Sound Progress podcast, AXA IM Chief Investment Officer, Core Investments, Chris Iggo (https://www.linkedin.com/in/chris-iggo-76585ba/) and AXA Group Chief Economist and Head of AXA IM Research Gilles Moëc (https://www.linkedin.com/in/gilles-moec-3b9b305/) discuss how the world’s largest economy and its policies affect the rest of the world, and what it means for investors.Recorded on 26 April 2024An AXA IM podcastProduced by GOOMMusic performed by Sum Wave, composed by Niclas Gustavsson******************************************************************************This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision.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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited.Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding.Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

In the face of the global polycrisis of war, climate change, slow growth, and political instability, many corporate leaders are revaluating their net zero commitments to prioritize concerns such as supply chain resources, high interest rates, and declining consumer demand amid a cost-of-living crisis. In this episode of Sound Progress, our host Herschel Pant (https://www.linkedin.com/in/herschelpant/?originalSubdomain=uk) speaks to Simon Rawson (https://www.linkedin.com/in/simon-rawson/?originalSubdomain=uk), Deputy Chief Executive of ShareAction; Gilles Guibout (https://www.linkedin.com/in/gilles-guibout-b751838/), Head of European Equity Strategies at AXA IM; and Héloïse Courault (https://www.linkedin.com/in/heloisecourault/), Senior Corporate Governance and Stewardship Analyst at AXA IM, about shifting corporate priorities and why it is important that CEOs hold steady on their sustainability commitments. Héloïse references AXA IM’s Corporate Governance and Voting Policy in this episode. For the full details, please refer to the following links for additional information:Stewardship & Engagement | Responsible Investing | AXA IM Corporate ( (https://www.axa-im.com/championing-sustainability/stewardship-and-engagement)axa-im.com (http://axa-im.com)) (https://www.axa-im.com/championing-sustainability/stewardship-and-engagement)AXA IM calls on companies to appropriately report on their climate lobbying activities in its updated voting policy | AXA IM Corporate ( (https://www.axa-im.com/press-releases/axa-im-calls-companies-appropriately-report-their-climate-lobbying-activities-its-updated-voting)axa-im.com (http://axa-im.com)) (https://www.axa-im.com/press-releases/axa-im-calls-companies-appropriately-report-their-climate-lobbying-activities-its-updated-voting)Recorded on 7 March 2024An AXA IM podcastProduced by GOOMMusic performed by Sum Wave, composed by Niclas Gustavsson******************************************************************************This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision.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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited.Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding.Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

The move to a low-carbon economy will require a substantial increase in the production of so-called transition minerals which are needed for, amongst other things, renewable electricity networks, battery performance and permanent magnets - key components of wind turbines and electric vehicles. These minerals (including copper, aluminium, lithium, nickel, cobalt and manganese) all need to be mined - a process which has historically often been at odds with positive environmental outcomes and labour practices. For investors, this has clear implications. In this episode of Sound Progress, our host Herschel Pant (https://www.linkedin.com/in/herschelpant/) speaks to Professor at Paris School of Economics, Mouez Fodha (https://www.linkedin.com/in/mouez-fodha-96a2902a/); AXA Group Chief Economist and Head of AXA IM Research, Gilles Moëc (https://www.linkedin.com/in/gilles-moec-3b9b305/); and AXA IM Portfolio Manager, Tom Atkinson (https://www.linkedin.com/in/tom-atkinson-cfa-5079b82a/); about the importance of minimizing harm during this critical transition and the role that investors can play in this process.  In this episode, guests refer to AXA IM’s approaches to ESG, stewardship and engagement. For more information, please see the following links:·       Stewardship & Engagement | Responsible Investing | AXA IM Corporate ( (https://www.axa-im.com/championing-sustainability/stewardship-and-engagement)axa-im.com (http://axa-im.com)) (https://www.axa-im.com/championing-sustainability/stewardship-and-engagement)·       Putting ESG to work | AXA IM Core ( (https://core.axa-im.com/responsible-investing/putting-esg-to-work)axa-im.com (http://axa-im.com)) (https://core.axa-im.com/responsible-investing/putting-esg-to-work)Music performed by Sum Wave, composed by Niclas Gustavsson******************************************************************************This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision.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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited.Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding.Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

AXA IM Investment Institute Presents; Outlook 2024: Forces to reckon with - what the year ahead could mean for investors and for the Net Zero transition. As we approach the end of the year, Sound Progress takes a look at AXA IM’s macroeconomic outlook for 2024, asking: what impact will the 2024 economic context have on net zero progress? Will a slowdown in inflation rises mean more opportunity for net zero investment? Will uncertain political futures, amidst major national elections, cause countries to scale back their from their emissions targets, or is there cause for optimism? And what does all of this mean for investors - what is the role of Asset Managers in this equation? Our host, Herschel Pant (https://www.linkedin.com/in/herschelpant/) , interviews Head of AXA IM's Macro Research Team, David Page (https://www.linkedin.com/in/david-page-5a06968/) ; Chief Investment Officer for Core Investments and Chair of AXA IM's Investment Institute, Chris Iggo (https://www.linkedin.com/in/chris-iggo-76585ba/) ; and Economist, and CEO and Co-Founder of Chronos Sustainability, Dr. Rory Sullivan (https://www.linkedin.com/in/rory-sullivan-73188418/). Music performed by Sum Wave, composed by Niclas Gustavsson ****************************************************************************** This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Coal is the largest source of electricity generation worldwide and the largest single source of CO2 emissions. Transitioning to a low-carbon economy is both urgent and crucial to meet the Paris Agreement goals. We know that renewable energy from solar and wind is now economical to produce, so why are new coal mines being given the go ahead and new coal fired power stations still being commissioned when the IEA has explicitly called for No New Coal? Alongside the environmental factors, are there social issues that are making it difficult to make the transition away from this legacy fuel? Or is it legacy infrastructure that is the problem in satisfying the intense energy needs of hard to abate sectors such as steel and cement production? What are the alternatives? Are we ready for alternative fuels such as green hydrogen or a pivot away from heat to green chemistry innovations? This episode will give AXA IM experts a chance to discuss its role in engaging with companies to be more ambitious in their targets and navigate future clean energy investment challenges and opportunities. And why we don’t just divest. Olivier references AXA IM’s Coal Policy in this episode, for the full details, please see our Climate Risks policy on our corporate website (https://www.axa-im.com/our-policies-and-reports). Our host, Herschel Pant (https://www.linkedin.com/in/herschelpant/?originalSubdomain=uk), speaks to Tim Gould (https://www.linkedin.com/in/tim-gould-95999aba/), Chief Energy Economist at the International Energy Agency, and Olivier Eugène (https://www.linkedin.com/in/olivier-eug%C3%A8ne-paris/), Head of Climate and ESG Research at AXA IM as well as Mark Gilligan (https://www.linkedin.com/in/mark-gilligan-27310911/), Head of Infrastructure of AXA IM Alts. Music performed by Sum Wave, composed by Niclas Gustavsson This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries.

COOs are the people with their hands on the operational levers of how a company does its business. So are COOs the real gatekeepers to the net zero economy? How important it is for companies to get their own house in order in terms of their operational emissions footprint, and what lies on the road ahead for organisations looking to reduce their operational and third-party emissions?  Our host, Herschel Pant (https://www.linkedin.com/in/herschelpant/?originalSubdomain=uk), speaks to Louise Kjellerup Roper (https://www.linkedin.com/in/louisewkroper/), CEO of a think tank and sustainable consultancy Volans, Fiona Swallow (https://www.linkedin.com/in/fiona-swallow-7b33867/), Global Head of Corporate Responsibility at AXA IM as well as Stéphane Lago (https://www.linkedin.com/in/stephane-lago-4265a62b/), Head of Equity and Multi-asset Investment Specialists. Music performed by Sum Wave and composed and produced by Niclas Gustavsson This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

71% of the earth's surface is covered by water and of this, 96% is in our oceans. It's this natural capital that makes human life possible. But could our oceans also hold the key to fighting climate change? And how can we, as investors, protect against biodiversity loss by investing in both public and private markets? Our host, Herschel Pant (https://www.linkedin.com/in/herschelpant/?originalSubdomain=uk), speaks to Dr. Ana Queiros (https://www.linkedin.com/in/ana-queir%C3%B3s-8544a064/), Senior Benthic Ecologist at Plymouth Marine Laboratory and winner of the 2022 AXA IM Research Award, and Adam Gibbon (https://www.linkedin.com/in/adamgibbon/), Natural Capital Lead at AXA IM Alts as well as Chris Iggo (https://www.linkedin.com/in/chris-iggo-76585ba/), Chair of the AXA IM Investment Institute and CIO of AXA IM Core. Music performed by Sum Wave and composed and produced by Niclas Gustavsson This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

More than 80% of the world economy aims to be net zero by 2050. Such commitment requires significant action, and the investment world is no exception. But with many studies showing that greenwashing, a lack of common language and data are standing in the way, we ask: is more transparency always a good thing? Does more data add up to greater climate progress?  Our host, Herschel Pant (https://www.linkedin.com/in/herschelpant/?originalSubdomain=uk), speaks to Nigel Topping (https://www.linkedin.com/in/nigeltopping/?originalSubdomain=uk), Policy Adviser and former UN Climate Change High-Level Climate Champion and Hans Stoter (https://www.linkedin.com/in/hansstoter/?originalSubdomain=fr), Global Head of AXA IM Core as well as Justin Travlos (https://www.linkedin.com/in/justin-travlos-93130891/?originalSubdomain=uk), Head of Responsible Investment, AXA IM Alts. Music performed by Sum Wave and composed and produced by Niclas Gustavsson Watch on YouTube (https://www.youtube.com/channel/UCgSioWwvbJjjebzRFgN_gKQ) This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Welcome to Sound Progress, the AXA IM podcast that showcases the people driving real progress on climate commitments. Did you know that cement production is responsible for 8% of the world's greenhouse gas emissions? If it were a country, the cement industry would be the world's third largest emitter. It’s a huge topic that cuts across two of our metrics in the AXA IM for Progress Monitor, recently launched to transparently track our progress to Net Zero. To help explore whether investor pressure can help to decarbonise a sector, our host welcomes Dr Andrew Minson (https://www.linkedin.com/in/andrew-minson-aa629b6/?originalSubdomain=uk) from the Global Concrete and Cement Association, as well as Olivier Eugène (https://www.linkedin.com/in/olivier-eug%C3%A8ne-paris/?originalSubdomain=fr), Head of Climate Research at AXA IM and Gabriel Mattout (https://www.linkedin.com/in/gabriel-mattout-19603b7a/?originalSubdomain=fr), Pan-European Development Coordinator at AXA IM Alts. Music performed by Sum Wave and composed and produced by Niclas Gustavsson This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. 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. All information in this document is established on data 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. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment.  Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ. In other jurisdictions, this document is issued by AXA Investment Managers SA’s affiliates in those countries. Hosted on Ausha. See ausha.co/privacy-policy for more information.

Ever wondered what ‘Active Ownership’ means? How can we, as investors, play a role in improving gender equality? In this episode of Sound Progress, the podcast series which explores AXA IM’s journey to a Better Tomorrow through collaboration, find out why AXA IM cares about gender diversity and what we’re doing to improve it – all over the world. Hosted on Ausha. See ausha.co/privacy-policy for more information.