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AXA Rosenberg Global Equity Alpha Fund


Last NAV 15.3600 GBP as of 25/02/20


Investment objectives

The aim of the Sub-Fund is to provide long-term capital growth above that 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. The index's composition is available on www.msci.com.


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. 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. 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.

Investment horizon

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

Fund manager comment : 31/12/19

Global Equities had a strong final quarter of the year, with the benchmark MSCI World Index advancing 8.3% in dollar terms. The announcement of a ‘Phase One’ trade deal between the US and China and a reduction in uncertainty regarding Brexit helped lift markets worldwide. US stocks were bolstered by strong domestic economic data, encouraging corporate results, dovish monetary policy by the US Federal Reserve and the easing of trade tensions; all three major US indices registered all-time highs during the period. European shares also gained, as an apparent resolution to the US-China trade conflict drove sentiment. UK shares were buoyed by trade optimism and the Conservative Party victory in December’s general election, which removes some of the uncertainty around Brexit. Sector-wise, traditional defensives (with the exception of healthcare) underperformed the broader market in a risk-on environment. Pro-cyclical sectors outperformed, with technology stocks generally leading the charge across most major regions. Factor-wise, Quality and Value outperformed, with the latter’s recent recovery holding up well during the quarter. Momentum’s performance remained underwater, however, while Low Volatility consistently lagged over the three months given the risk-on environment. The Fund rose in value but underperformed its benchmark during the quarter, net of fees and expenses applicable to the A USD share class, as unrewarded stock selection weighed on relative returns. Contributions from risk factor exposures and industry allocations were flat. From a risk factor perspective, the Fund’s exposure to the Momentum factor was unrewarded; stocks with high near-term share-price momentum were those with lower volatility, which underperformed in what became a risk-on environment. The diversified factor approach of the Fund meant that this headwind was offset by exposure to some exposure to some pro-cyclical stocks, as the Vlue factor delivered better performance Industry wise, the Fund’s overweight to software companies was beneficial; however the gains here were eroded by underweighting hardware-related stocks. Of all the positions within the portfolio, holding Apple below benchmark weight was least helpful. Its share price continued to surge over the final quarter of 2019 on better-than-expected iPhone sales and strong growth in its ‘wearables’ business – including its hugely popular AirPod headphones – and closed out the year at record highs. Stock selection was most challenged within the healthcare and financials sectors for the quarter. Not holding UnitedHealth Group – one of the largest health insurers in the US – detracted as it shrugged off recent concerns over public health policy uncertainty with third-quarter earnings that beat analyst estimates, raised its outlook and saw its share price rise over 35% during the final three months of the year. Amongst financials, overweight exposure to Bank of America and Toronto Dominion Bank of Ontario also featured among the largest detractors from relative return.


Performance chart


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Performance table

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Risk table

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Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
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Price table

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First NAV date 31/05/00


Distribution country

Distribution countries


Ongoing Charges 1.47%

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