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AXA WF Framlington American Growth
Last NAV 477.5200 EUR as of 14/01/20
The Sub-Fund seeks to achieve long-term capital growth measured in USD by investing mainly in companies domiciled or operating predominantly within the Americas, including the US, Canada and Mexico.
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
Main changes to the portfolio during December No major changes to the portfolio were made in December. Factors affecting performance during December The Fund marginally underperformed its comparative benchmark, the Russell 1000 Growth Index, over the month. This was largely driven by profit taking in several of our healthcare holdings, such as DexCom and Edwards Lifesciences, which enjoyed strong gains in 2019. Current market influences and outlook The US equity market continued to rally in December as investors became increasingly confident on the outlook for the economy. Sentiment was further boosted by optimism that the US and China could reach an interim agreement in the trade war. Consumer and business confidence levels remain high, unemployment is low and wages rising. Most importantly, forward-looking credit indicators continue to demonstrate credit availability is high suggesting an end to the current economic expansion is not imminent. We also believe that a recent shift in the language emanating from the US Federal Reserve (Fed) is highly significant. Following the latest interest rate cut at the end of October, Fed Chairman Powell stated that interest rates are not going to be increased again until inflation overshoots its longstanding 2% target by a substantial margin. Given that inflation has struggled to reach this level during the 11 years of the current expansion, we believe that the likelihood of interest rate increases by the Fed has been pushed out by a number of years. Stable interest rates and an ongoing economic expansion should be positive for equity markets We expect the current slow, steady economic expansion to continue for several years. Growth stocks remain well positioned in such an environment.
The figures provided relate to previous months or years and past performance is not a reliable indicator as to future performance. The Fund may not have a reference index. In such case, the Fund’s performance indicator is given as a basis for comparison only.
SRRI stands for Synthetic Risk & Reward Information: From 1 lower risk to 7 higher risk. Lower risk has potentially lower reward and higher risk has potentially higher reward. 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.
|Reference index||Start date||End date|
|Performance table||Net performance||Reference index||Start date||End date|
|Risk table||Fund volatility||Benchmark volatility||Tracking error||Information ratio||Sharpe ratio||Beta||Alpha|
|First NAV date||01/10/09|
|Asset class||FRAMLINGTON EQUITIES|
|Legal authority||Commission de Surveillance du Secteur Financier|
|Fund Manager||Stephen KELLY|
|Investment team||MT Framlington Thematic Equity|
|Investment area||North America|
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 such 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.
Fund Factsheet B2B 12/2019
Shareholder Letters 18/09/2017
Articles of association 09/11/2015
Management Regulations 17/11/2016
Annual Report 31/12/2018
Key Point 01/01/2016
Semi-Annual Report 30/06/2019
Subscription Form Institutional 01/2019
Subscription Form - Retail 01/2019
Operating Memorandum 07/10/2019