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Luxembourg-Based AXA IM US LIBOR Plus Strategy Fund NAV Plummets. The NAVs of two AXA IM US Libor Plus strategy funds, funds whose objective is to "outperform US Libor by 50 basis points", fell by 13.45% and 12.6% last week following a "major correction ... in the US MBS/SS asset-class" and downgrades in securities in this sector. AXA has implemented temporary measures "in light of extraordinary market conditions" to purchases any shares wishing to redeem at "the prevailing NAV". AXA will bear "the full market risk" for these shares. The fund, based offshore, is not a money market fund. Some LIBOR plus strategies, however, are marketed as "money fund plus" vehicles.
