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AXA WF Framlington Europe
Last NAV 211.4600 EUR as of 02/04/20
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.
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 : 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.
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||15/10/08|
|Asset class||FRAMLINGTON EQUITIES|
|Legal authority||Commission de Surveillance du Secteur Financier|
|Fund Manager||Gilles GUIBOUT|
|Investment team||MT Framlington Europe Equity|
|Investment area||Global Europe|
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 02/2020
Shareholder Letters 18/09/2017
Articles of association 09/11/2015
Management Regulations 17/11/2016
Annual Report 31/12/2018
Fund Manager Comment 02/2020
Semi-Annual Report 30/06/2019
Performance Fact Sheet 03/2020
Subscription Form Institutional 02/2019
Subscription Form - Retail 02/2019
Transparency Code 03/2020
ESG Report 03/2020
Voting and Engagement Reports 03/2020
Operating Memorandum 27/02/2020