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AXA Rosenberg US Enhanced Index Equity Alpha Fund

ISIN IE0033609615

Last NAV 38.9800 USD as of 25/02/20


Investment objectives

The aim of the Sub-Fund is to provide long-term capital growth above that 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. The index's composition is available on www.spindices.com/sp500.


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. 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

The final quarter of the year ended positively for US equity markets, the benchmark index S&P 500 was up 9.1% in USD terms and recorded a series of new highs. Markets were supported by the announcement of a “Phase One” trade deal between the US and China, the dovish stance of the US Federal Reserve and better-than-expected economic data. Technology, healthcare and financials were the market leaders in terms of sectors. Sectors that exhibit a defensive nature were weak over the quarter against a risk-on environment, which saw consumer staples, utilities and real estate underperform, with the latter in the red. From a factor perspective, investors favoured quality, while value maintained the positive trajectory that started last quarter. Momentum remained with low volatility and both factors underperformed in an environment where investors shifted their focus to risk-on assets. The Fund modestly underperformed over the quarter, net of fees and expenses applicable to the A USD share class. Underperformance was largely driven from the tilt to smaller companies within the benchmark as market leadership was firmly with the largest index names. However, industry allocations and stock selection provided some modest positive contributions. Among industries, the underweight to airline and aircraft proved helpful and a below-benchmark holding in Boeing saw the company featured among the top stock contributors to relative returns. Shares in Boeing remains under pressure on their 737 Max crisis, which forced its CEO to resign and the fleet to remain suspended. Top stock picks came from within the consumer discretionary sector, and holding retailers Target and Best Buy above-benchmark featured among the top stock contributors to excess returns. The retail industry reported better-than-expected consumer spending and both companies saw their share prices rise after reporting positive earnings surprises.


Performance chart


Since launch

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Performance indicator Start date End date
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Performance table

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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

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Price Date Portfolio AUM
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First NAV date 08/10/03


Distribution country

Distribution countries
United Kingdom


Ongoing Charges 0.41%

Fund facts

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

Portfolio management

Fund Manager Harry PRABANDHAM
Investment team MT AXA Rosenberg 7


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