AXA Investment Managers has launched the UCITS
IV-compliant, Luxembourg-domiciled AXA WF Universal Inflation Bonds fund, offering
investors “transparent and tax-efficient” access to inflation-linked bonds.

According to a statement, the fund has both retail and institutional share classes, with no minimum investment into the retail share class and €5 million (about $6.1
million) into the institutional share class.

It seeks to capture opportunities presented by
inflation in both developed and emerging markets. “The period of great moderation is over and inflation is an increasingly
global phenomenon generated by new macro-economic dynamics,” said Jonathan Baltora,
lead manager of the new fund.

“For years developed
economies have imported disinflation from emerging markets,” he added. “The
positioning of the portfolio is designed to efficiently allocate exposure to
those economies that are driving global growth, as opposed to giving weight to
more indebted economies.”

Although the fund is not currently registered for sale
in any jurisdictions other than Luxembourg, the firm said it is
considering registration across “a number of countries in Europe”.

AXA Investment Management has approximately
€528 billion in assets under management, as at end-March. It employs some 2,400 people globally and operates out of 22 countries.