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AXA Rosenberg Global Equity Alpha Fund


Last NAV 12.9700 GBP as of 30/03/20


Investment objectives

The aim of the Sub-Fund is to provide long-term capital growth with a total annual return on investment (generated through an increase in the value of the shares held by the Sub-Fund and/or income received from those shares) of approximately 2% including all fees/expenses above the annual return of the MSCI World Index on a rolling three year basis.The MSCI World Index is designed to measure the performance of shares of companies listed on the stock exchanges of developed countries in the world.


Synthetic Risk & Reward Information scale

1 2 3 4 SRRI Value 5 6 7

The risk category is calculated using historical performance data and may not be a reliable indicator of the Sub-Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free.

Why is this Fund in this category?

The capital of the Sub-Fund is not guaranteed. The Sub-Fund is invested in financial markets and uses techniques and instruments which are subject to some levels of variation, which may result in gains or losses.

Additional risks

Counterparty Risk: failure by any counterparty to a transaction (e.g. derivatives) with the Sub-Fund to meet its obligations may adversely affect the value of the fund. The Sub-Fund may receive assets from the counterparty to protect against any such adverse effect but there is a risk that the value of such assets at the time of the failure would be insufficient to cover the loss to the Sub-Fund. Geopolitical Risk: investments issued or traded on markets in different countries may involve the application of different standards and rules (including local tax policies and restrictions on investments and movement of currency), which may be subject to change. The Sub-Fund's value may therefore be impacted by those standards/rules (and any changes to them) as well as the political and economic circumstances of the country/region in which the Sub-Fund is invested. Operational Risk: the Sub-Fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of the Sub-Fund's assets. Risk linked to Method and Model: attention is drawn to the fact that the Sub-Fund's strategy is based on the utilisation of a proprietary share selection model. The effectiveness of the model is not guaranteed and the utilisation of the model may not result in the investment objective being met. Further explanation of the risks associated with an investment in this Sub-Fund can be found in the prospectus.

Investment horizon

This Fund may not be suitable for investors who plan to withdraw their contribution within 5 years.

Fund manager comment : 29/02/20

Global equity markets started the month positively with several major indices hitting a new all-time high mid-month. However, towards the final week of the month a global sell-off ensued as the outbreak of the coronavirus worsened and concerns over the impact on businesses and to the wider economy weighed on investor sentiment. Against this backdrop the global equity markets fell -8.4% in dollar terms over February, as measured by the benchmark index MSCI World. All sectors recorded negative returns over the month but sectors that exhibited defensive characteristics outperformed while the energy sector remained in last place. From a factor perspective, Momentum was aligned with Low Volatility and outperformed the broader market, while Value swooned. The Fund underperformed its benchmark index, net of fees applicable to the A USD class, driven by stock selection. Style factor exposures detracted from relative returns, with the portfolio’s emphasis on lowly-valued companies being particularly challenged as investors once again gravitated to growth stocks. Additionally the portfolio’s tilt towards smaller companies also hurt as larger constituents outperformed. At an industry level, the portfolio’s larger-than-benchmark allocation to software stocks added value during the month as well as the benchmark overweight to biotech stocks - holding Gilead Science featured as the top stock contributor to relative returns. The company’s share price rose after the firm announced it had started two late-stage studies to test its antiviral drugs as a potential coronavirus treatment. Stock selection in aggregate was challenging within the information technology sector, in particular not holding chip maker Nvidia, whose share price rose on the back of a positive annual earnings result. Weak stock picks also came from the communications services sector, where underweighting Netflix and overweighting newly merged company ViacomCBS hurt relative returns as customers cut traditional cable channels in favour of streaming platforms.


Performance chart


Since launch

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Performance indicator Start date End date
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Performance table

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Performance table Net performance Performance indicator  Start date End date
1M - - - -
QTD - - - -
3M - - - -
6M - - - -
YTD - - - -
1Y - - - -
2Y - - - -
3Y - - - -
4Y - - - -
5Y - - - -
8Y - - - -
10Y - - - -
Since launch - - - -

Risk table

End date

Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
1M - - - - - - -
QTD - - - - - - -
3M - - - - - - -
6M - - - - - - -
YTD - - - - - - -
1Y - - - - - - -
3Y - - - - - - -
5Y - - - - - - -
8Y - - - - - - -
10Y - - - - - - -
Since launch - - - - - - -

Price table

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Price Date Portfolio AUM
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First NAV date 31/05/00


Distribution country

Distribution countries
Hong Kong
United Kingdom


Ongoing Charges 1.45%

Fund facts

Currency USD
Start date 30/09/99
RI fund False
Legal authority Central Bank of Ireland

Portfolio management

Fund Manager Harry PRABANDHAM
Investment team MT Rosenberg Global Equity


Investment area Global
Legal form Unit Trust

Subscription and redemption

The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Dealing (Business) Day no later than 1 p.m. Irish time. Orders will be processed at the Net Asset Value calculated for that Dealing Day.Please note that there may be additional processing time if your order is placed via intermediaries such as platforms, financial advisors or distributors.The Net Asset Value of this Sub-Fund is calculated on a daily basis. Minimum initial investment: £3,500 Minimum subsequent investment: £1,500