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AXA WF Framlington Talents Global

ISIN LU0266005023

Last NAV 132.3200 USD as of 25/02/20

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

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. 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. 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. 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 : 31/01/20

Global stock markets started the year well driven by the ‘Phase One’ trade deal between the US and China, which outweighed geopolitical concerns in the Middle East. However, the rise of the coronavirus in China, and fears over it spreading globally, proved damaging to markets, leading to a drop in the latter half of the month. Oil prices fell in January, with concerns that the coronavirus may lead to sharp declines in demand, especially from China. US markets held up better than the global average and rose slightly over the period. Most central banks maintained key interest rates unchanged but yields in major markets moved lower given rising uncertainties. Utilities and technology went up the most, while energy was the worst performing sector, followed by materials. The fund outperformed its global index over the month. The main driver was positive stock selection, particularly among financials, health care and consumer discretionary names. We are in the midst of corporate earnings reporting season, with companies often providing a cautious outlook onto next year. Dexcom continued to show robust sales growth momentum domestically and internationally. Roche moved higher as investors become increasingly convinced that the firm will be able to sustain its profitable core franchise while new products should be supportive. Large technology firms in the portfolio generally reported solid results. Alphabet announced Sundar Pichai is expanding his role to become CEO of the entire firm. Investors like us see its dominance in search and video advertising as lasting. Amazon reported strong performance, particularly in its cloud division and overall resilient profitability. Apple saw a return to growth for its iphone franchise, while accessories and services continue to grow healthily. Other technology firms in the portfolio such as Dassault Systemes or Proofpoint also moved higher. Booz Allen Hamilton’s stock price moved higher as investors anticipate continued robust US government defense spending. Blackrock, the dominant platform in ETFs, reported assets under management reaching $7.4 trillions. Unsurprisingly, names exposed to oil prices came under renewed pressure following the coronavirus outbreak (EOG Resources, Concho Resources, Reliance Industries). Kose lowered its guidance given its reliance on travel retail. Bank of Ozarks reported good quarterly numbers but its loan growth is slowing, leading to negative operating leverage, as the company remains focused on pricing and credit quality. UnitedHealth reported solid results but the outcome of the 2020 US presidential election remains an overhang for the US managed care group. Cognex moved lower as the Chinese industrial outlook is being negatively impacted near-term by the coronavirus. We made some changes to the portfolio over the period. We sold Future retail in India and bought instead Reliance Industries, led by business magnate Mukesh Ambani, who has a 42% stake in the business. We like Reliance Industries for the revenue growth and future monetisation potential of its telecom and retail operations but recognize that the refining and petrochemical businesses may come under pressure. We also conducted some portfolio rebalancing across the portfolio, taking profit mainly in some of the large technology holdings and reinvesting it selectively across the portfolio.

Performance

Performance chart

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Benchmark

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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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End date

Price Date Portfolio AUM
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NAV

First NAV date 30/04/04

Administration

Distribution country

Distribution countries
Denmark
Finland
Netherlands
Norway
United Kingdom

Fees

Ongoing Charges 1.79%

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