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AXA Rosenberg Global Small Cap Alpha Fund

ISIN IE0008366928

Last NAV 32.5500 USD 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 4% including all fees/expenses above the annual return of the MSCI World Small Cap Index on a rolling three year basis.The MSCI World Small Cap Index is designed to measure the performance of the shares of smaller 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

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. Liquidity Risk: some investments may trade infrequently and in small volumes. As a result the fund manager may not be able to sell at a preferred time or volume or at a price close to the last quoted valuation. The fund manager may be forced to sell a number of such investments as a result of a large redemption of units in the Sub-Fund. Depending on market conditions, this could lead to a significant drop in the Sub-Fund's value and in extreme circumstances lead the Sub-Fund to be unable to meet its redemptions. 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 equities started the month strongly, boosted by Chinese stimulus measures and Beijing’s announcement that it would cut US import tariffs. However, sentiment weakened as the month progressed and as the spread of the coronavirus appeared to intensify, stoking fears of a global recession. With investors seeking out safe havens, yields on government bonds fell to record lows and US equities posted one of their worst weekly returns since the global financial crisis. Other developed and emerging market indices also fell sharply, though Chinese equities were a notable exception as investors seemed to welcome signs of stabilization in the spread of the virus and central bank efforts to prop up markets. The MSCI World Small Cap Index ended the month with a loss of 9.2% (US$ returns, net dividend re-invested), with the declines particularly pronounced among cyclical sectors of the market, such as energy, materials and industrials. The Fund fell in value and underperformed its benchmark index, net of fees and expenses applicable to the A USD share class, as style and industry exposures offset positive stock selection. From a style perspective, investors’ ongoing appetite for growth stocks proved to be the biggest headwind to portfolio returns, leaving our emphasis on lowly valued companies unrewarded. This dynamic was also evident among sector and industry returns, as health care companies significantly outperformed. In this environment, the Fund’s lower-than-benchmark weight in the sector held back relative returns, but underweight positions in the embattled energy and financials sectors added value. Among individual companies, online marketplace Groupon was the biggest detractor from returns after it reported weak quarterly results. Shares in the company fell sharply after it missed analysts’ earnings expectations and issued a disappointing outlook. Footwear maker Crocs also weighed on returns – despite announcing better-than-expected earnings – after it said the coronavirus would negatively affect this year’s revenues. More positively, the Fund benefited from its holdings in real estate investment trust Taubman Centers and asset manager Legg Mason, both buoyed by merger and acquisition activity. SolarEdge Technologies was another top contributor after it reported strong profits.


Performance chart


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Risk table

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Price table

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First NAV date 31/05/00


Distribution country

Distribution countries
United Kingdom


Ongoing Charges 0.96%

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: USD 100,000 Minimum subsequent investment: USD 5,000