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AXA Rosenberg Global Small Cap Alpha Fund
Last NAV 25.8300 USD as of 30/03/20
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
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?
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 indicator||Start date||End date|
|Performance table||Net performance||Performance indicator||Start date||End date|
|Risk table||Fund volatility||Benchmark volatility||Tracking error||Information ratio||Sharpe ratio||Beta||Alpha|
|First NAV date||31/05/00|
|Taiwan, Province of|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Harry PRABANDHAM|
|Investment team||MT Rosenberg Global Equity|
|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 5,000 Minimum subsequent investment: USD 2,000