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AXA WF Framlington Talents Global

ISIN LU0266005023

Last NAV 113.3100 USD as of 30/03/20

Overview

Investment objectives

The Sub-Fund seeks to achieve long term capital growth measured in Euro by investing in equities and equity related securities issued by international companies of all capitalisations displaying entrepreneurial characteristics.

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: Risk of bankruptcy, insolvency, or payment or delivery failure of any of the Sub-Fund's counterparties, leading to a payment or delivery default. Liquidity Risk: risk of low liquidity level in certain market conditions that might lead the Sub-Fund to face difficulties valuing, purchasing or selling all/part of its assets and resulting in potential impact on its net asset value. Credit Risk: Risk that issuers of debt securities held in the Sub-Fund may default on their obligations or have their credit rating downgraded, resulting in a decrease in the Net Asset Value. Impact of any techniques such as derivatives: Certain management strategies involve specific risks, such as liquidity risk, credit risk, counterparty risk, legal risk, valuation risk, operational risk and risks related to the underlying assets.The use of such strategies may also involve leverage, which may increase the effect of market movements on the Sub-Fund and may result in significant risk of losses.

Investment horizon

This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 8 years.

Fund manager comment : 29/02/20

Global markets took a plunge at the end of the period, which was among the fastest and deepest correction since the Great Financial Crisis on the news that the newly identified strain of coronavirus Covid-19 emanating from China was spreading fast globally, in particular in countries such as Japan, South Korea, Italy, Iran and the West Coast of the USA. The World Health Organization is getting closer to call this viral outbreak a pandemic and the rhetoric has moved from ‘if’ to ‘when’ it will spread globally. Given the high infectivity rate, the virus is expecting to potentially spread fast and impact business activity as well as consumer spending. Mortality rate remains relatively low (estimated at 2-2.5%) but still 4-5 times higher than regular seasonal flu. Scientific observers are monitoring how the virus behaves (when temperature rise, whether patients get reinfected, etc.). Efforts to bring a new vaccine are accelerating but it is estimated it will take months before it is available. In this context, quality and growth stocks outperformed the broader market while cyclicals and small caps underperformed. Regionally, China held up remarkably well and finished the month higher (as investors expect the worse is behind us when it comes to China) while Western Europe and Japan under-performed on growing virus-related fears and the USA performed broadly in-line with the index. In terms of sectors, the energy sector was hit severely, down double-digit, as energy consumption slumped particularly in China and could come under further pressure in coming months. Materials, industrials and financials were also seen as the most exposed sectors in a scenario of a severe economic slowdown. On the other hand, communication services, real estate, healthcare and technology were seen as more resilient to a future economic shock. In terms of performance, the Fund outperformed the global index. Our top performers for the month included communication holdings Softbank (following the long expected Sprint/T-Mobile merger deal approval), Chinese video game maker Tencent (benefiting from Chinese people being home bound), Chinese online platform Alibaba, Fidelity National Information Services (after providing a solid 2020 outlook and increased synergy targets), IPG Photonics (given encouraging stabilisation signs and a broadening opportunity set over the medium term), Fedex (on the announcement of an initial and selective combination of the Express and Ground businesses to reduce costs) and healthcare firm Roche (given its diagnostics business positioning and potential role in virus testing). Detractors to performance included a number of stocks in the consumer staples sector such as Anheuser-Busch Inbev (which reduced its growth and profit outlook), Godrej Consumer Products in India (which continued to report weak sales trends in a context of a slowing Indian economy) and Kose (given its cosmetics sales are largely reliant on Chinese tourist demand), Jazz Pharmaceuticals (following higher spending in its new small-cell lung cancer drug launch), email security provider Proofpoint, financials Credicorp (on disappointing results and the slowing Peruvian economy) and US asset manager Blackrock (given the equity market sell-off). We made some changes to the portfolio at the start of the period. We initiated a position in dominant CRM technology platform Salesforce.com, which is led by founder Marc Benioff, who owns over 3% of the company (valued at over $150bn). We did not make any further change to the portfolio over the rest of the period as we believe the market moved into a panic mode and are monitoring the situation closely from company-specific updates on the impact of coronavirus to broader country-level policy responses.

Performance

Performance chart

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Performance table

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Risk table

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Price table

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Price Date Portfolio AUM
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NAV

First NAV date 30/04/04

Administration

Distribution country

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

Fees

Ongoing Charges 1.77%

Fund facts

Currency EUR
Start date 24/08/01
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Commission de Surveillance du Secteur Financier

Portfolio management

Fund Manager Anne TOLMUNEN
Co-manager PAULINE LLANDRIC
Investment team MT Framlington Thematic Equity

Structure

Investment area Global
Legal form SICAV

Subscription and redemption

The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to the following Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors.The Net Asset Value of this Sub-Fund is calculated on a daily basis.

Literature