Axa Investment Managers is continuing equity investments in its £440 million AXA Defensive Distribution Fund and £692.9 million AXA Distribution Fund, Financial Times reports. In spite of the extremely volatile conditions on global stock markets, manager Richard Marwood has been reinvesting money from maturing index-linked gilts into equities. During 2011 to September 12, the AXA Defensive Distribution Fund lost 0.5 percent, outperforming the Cautious Managed sector that lost an average 3.4 per cent, according to Morningstar. The AXA Distribution Fund lost 3.8 percent during the same period but has created second-quartile returns over one, three and five years.

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