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AXA Rosenberg US Enhanced Index Equity Alpha Fund

ISIN IE0033609615

Last NAV 33.1500 USD as of 30/03/20

Overview

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 1% including all fees/expenses above the annual return of the S&P 500 index on a rolling three-year basis, while seeking to maintain a level of risk close to that of the index.The S&P 500 index is designed to measure the performance of the shares of the 500 largest US listed companies.

Risk

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. Stock Lending: the Sub-Fund may enter into securities lending agreements and as a result be subject to increased counterparty risk. Should the counterparty fail financially, the securities received will be called upon. However in the event of significant market volatility at the time of default the value of those securities received could fall below the value of the lent securities. In this instance the manager would not have sufficient cash to purchase the equivalent value of securities lent out which could result in a significant negative impact on the Sub-Fund's value. 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

US equity markets started the month positively and the S&P 500 hit 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 US equity market fell -8.2% in US dollar terms over February, as measured by the benchmark index S&P 500. All sectors recorded negative returns over the month but sectors that exhibited defensive characteristics outperformed. The consumer discretionary sector took the lead, boosted by retail stocks, with communication services and technology also outperforming; 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 performed in line with its benchmark index, net of fees and expenses applicable to the A USD share class. The risk factor profile of the Fund proved detrimental as the positive exposure to the value factor based on earnings detracted in an environment where Value remained out of favour over the month. A positive contribution to relative returns came from industry allocations; the overweight to biotech stocks helped as the industry exhibited positive price momentum on news of studies to find a treatment for the coronavirus. Consequently top stock picks were biotech firm Gilead Science and Vertex pharmaceutical, with the former announcing the start of two late-stage studies to test its antiviral drugs as a potential treatment to the virus.

Performance

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

Benchmark

Performance indicator Start date End date
- - -

Performance table

End date

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

Start date

End date

Price Date Portfolio AUM
- - -

NAV

First NAV date 08/10/03

Administration

Distribution country

Distribution countries
Austria
Chile
Denmark
Finland
France
Germany
Iceland
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom

Fees

Ongoing Charges 0.40%

Fund facts

Currency USD
Start date 08/10/03
Asset class ROSENBERG EQUITIES
RI fund False
Legal authority Central Bank of Ireland

Portfolio management

Fund Manager Harry PRABANDHAM
Investment team MT AXA Rosenberg 7

Structure

Investment area USA
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

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