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AXA WF Framlington Emerging Markets
Last NAV 148.0400 EUR as of 14/01/20
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.
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 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.
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||27/11/07|
|Asset class||FRAMLINGTON EQUITIES|
|Legal authority||Commission de Surveillance du Secteur Financier|
|Fund Manager||Paul BIRCHENOUGH|
|Investment team||MT Framlington Emerging Markets Equity|
|Investment area||Global Emerging Markets|
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.
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
Semi-Annual Report 30/06/2019
Subscription Form Institutional 01/2019
Subscription Form - Retail 01/2019
Operating Memorandum 07/10/2019