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AXA WF Framlington Emerging Markets

ISIN LU0327689542

Last NAV 148.0400 EUR as of 14/01/20

Overview

Investment objectives

The Sub-Fund seeks to achieve long-term capital growth measured in USD by investing mainly in equities issued companies domiciled or operating predominantly in emerging markets.

Risk

Synthetic Risk & Reward Information scale

1 2 3 4 5 SRRI Value 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 may be subject to sudden and significant variation, which may result in substantial 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. Geopolitical Risk: investments in securities issued or listed in different countries may imply the application of different standards and regulations. Investments may be affected by movements of foreign exchange rates, changes in laws or restrictions applicable to such investments, changes in exchange control regulations or price volatility. Operational Risk: Risk that operational processes, including those related to the safekeeping of assets may fail, resulting in losses.

Investment horizon

This Sub-Fund may not be suitable for investors who plan to withdraw their contribution within 8 years.

Main documents

KIID 14/10/2019

KIID 13/11/2019

KIID 03/07/2019

Prospectus 07/10/2019

Fund manager comment : 31/12/19

Main changes to the portfolio during December We initiated new positions in XP, LARGAN Precision and Bolsa Mexicana de Valores. We closed positions in Housing Development Finance Corporation, PT Bank Central Asia, Regional and Zee Entertainment Enterprises. Factors affecting performance during December Emerging markets (EM) were up by 4.99% in sterling terms, bolstered by the announcement of a ‘Phase One’ trade deal reached between the US and China and hopes for a smoother Brexit. Chinese stocks surged during the month, with positive sentiment from improving trade relations with the US and its potential positive impact on global growth supporting performance. Indian bourses were up in local terms but down in sterling as the rupee depreciated versus the pound. Better Sino-US relations provided some impetus, while the anticipation of weaker economic growth weighed on the market. In Latin America, Brazilian equities performed well, driven by global trade optimism, an interest rate cut by its central bank to a record low and a more optimistic view towards the country’s economy. Mexican bourses were also positive over the month, fuelled by a revamped trade deal between the US and Canada, and the central bank cutting interest rates for a fourth consecutive time as inflation remains low. Within emerging Europe, Russian stocks set new all-time highs, helped by rising oil prices. Turkish stocks were up in local currency terms but down in sterling, as the lira struggled following intervention by its central bank. The Fund underperformed the index during the month. On a sector basis, communication services and utilities were the largest positive drivers of relative performance, while financials and consumer staples were the largest detractors. At a stock level, the top contributors were Ambev and XP. The worst contributors were Bandhan Bank and Godrej Consumer Products. Current market influences and outlook Relatively higher levels of income growth in many parts of EM, and related ‘catch up’ in terms of product penetration and industry consolidation, will provide relatively attractive growth opportunities for long-term EM investors exposed to the right themes and companies. The need to combat structurally deflationary forces in developed markets will be a persistent phenomenon, which, in turn, should justify a healthy valuation premium for resilient growth companies. In the nearer term, EM equities will likely continue to be highly influenced by trade relations between the US and China, the monetary policy outlook for the Fed, moves in the price of oil and other important commodities, and economic growth dynamics in China.

Performance

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

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.

Benchmark

Reference index Start date End date
- - -

Performance table

End date

Performance table Net performance Reference index Start date End date
- - - - -
1M - - - -
QTD - - - -
3M - - - -
6M - - - -
YTD - - - -
1Y - - - -
2Y - - - -
3Y - - - -
4Y - - - -
5Y - - - -
8Y - - - -
10Y - - - -
Since launch - - - -
1y - - - -
2y - - - -
3y - - - -
4 ans - - - -
5y - - - -
8 ans - - - -
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

Start date

End date

Price Date Portfolio AUM
- - -

NAV

First NAV date 27/11/07

Administration

Distribution country

Distribution countries
Austria
Belgium
France
Germany
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom

Fees

Ongoing Charges 1.89%

Fund facts

Currency USD
Start date 27/11/07
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Commission de Surveillance du Secteur Financier

Portfolio management

Fund Manager Paul BIRCHENOUGH
Co-manager Ian SMITH
Investment team MT Framlington Emerging Markets Equity

Structure

Investment area Global Emerging Markets
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