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AXA WF Framlington Europe

ISIN LU0389655811

Last NAV 211.4600 EUR as of 02/04/20

Overview

Investment objectives

The Sub-Fund seeks to achieve long term capital growth measured in Euro by investing in large, medium and small capitalisation companies domiciled or listed in Europe.

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

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. 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. 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.

Main documents

KIID 06/03/2020

KIID 03/07/2019

KIID 06/03/2020

Prospectus 19/02/2020

Fund manager comment : 29/02/20

News in February was significantly affected by developments in the coronavirus epidemic. Despite the roll-out of quarantine measures in China, new outbreaks were identified in mid-February in South Korea, Iran and Italy, reviving fears of a worldwide epidemic and a global recession. Whereas a number of companies made the most of their full-year earnings publication to review their growth prospects for the year, risk aversion became widespread. Gold moved higher, while 10-year US and German yields plummeted again and equities market faced significant withdrawals. The MSCI Europe dropped by 8.47%. Once again in this type of configuration, cyclical sectors, energy, materials, consumer discretionary and financials were the most sold off. Unexpectedly, however, the traditionally defensive consumer durables sector was the object of significant withdrawals following the publication of disappointing earnings and downward revisions to earnings forecasts for many companies. In this backdrop, the fund managed to limit the decline thanks to stock picks such as Worldline, Iliad, Prysmian, Seb, Atlas Copco, Kerry, SSE and Mondi, which were stable if not higher over the period. During the month, given the lack of visibility generated by the coronavirus outbreak, we reduced stocks, which in our view, could suffer the most from the current revision to growth prospects, LVMH and L’Oréal. In contrast, we strengthened our positions in Astrazeneca and Sanofi, which seem more immune in this phase. In coming weeks, developments in the Covid-19 epidemic and the possible reactions by central banks and governments will very certainly be the main focus for investors and hence also the main source of volatility. On the one hand, the constant increase in the number of confirmed cases with no slowdown in the contagion over the month could prompt a massive revision to global growth prospects. The low growth expected in earnings over 2020 could then be completed wiped out and could warrant a further downgrade in view of an already strained valuation. On the other hand, support from central banks could further reduce possible alternatives to shares and thereby limit the risk of a violent nosedive. In the short term, only budgetary support and the announcement of investment plans by governments would be likely to improve growth prospects. We should continue to be selective in our stock-picking, favouring companies that offer real potential for growth in revenues and/or margins, this being the only guarantee of an ability to generate profits and dividends in the long term.

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 15/10/08

Administration

Distribution country

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

Fees

Ongoing Charges 1.76%

Fund facts

Currency EUR
Start date 15/10/08
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Commission de Surveillance du Secteur Financier

Portfolio management

Fund Manager Gilles GUIBOUT
Co-manager Olivier EUGENE
Investment team MT Framlington Europe Equity

Structure

Investment area Global Europe
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 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.

Literature