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AXA Rosenberg US Enhanced Index Equity Alpha Fund
Last NAV 39.9500 USD as of 25/02/20
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
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 : 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 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||08/10/03|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Harry PRABANDHAM|
|Investment team||MT AXA Rosenberg 7|
|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