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AXA Aedificandi

ISIN FR0000170193

Last NAV 421.6900 EUR as of 27/02/20

Overview

Investment objectives

The management objective of the UCITS is the pursuit of capital growth over the long term, by investing in listed stocks from the property sector in eurozone countries.

Risk

Synthetic Risk & Reward Information scale

1 2 3 4 SRRI Value 5 6 7

Historical data, such as that used to calculate the synthetic indicator, is not a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may shift over time. The lowest risk category does not mean "risk-free".

Why is this Fund in this category?

The Fund does not offer a capital guarantee. It is invested in markets and/or uses techniques or instruments that can fluctuate up and down. This can result in gains or losses.

Additional risks

Liquidity risk: Risk of encountering difficulties in buying or selling the Fund assets. Counterparty risk: Risk of bankruptcy or default by a counterparty of the Fund, which may lead to a default on payment or delivery.

Investment horizon

This UCITS may not suit investors who are seeking to withdraw their investments within 5 years.

Main documents

Fund manager comment : 31/12/19

European equity markets ended the year on a fresh increase on the back of a decline in political and geopolitical uncertainty. A so-called “phase 1” deal was concluded between the US and China (albeit still not signed) while the general elections in the UK led to a wide majority for the Conservative party, thereby triggering the transition phase for Brexit that should last until end-2020. Economic surveys validated the stabilisation in activity in the main economies. The European property stocks index ended 3% higher, making the most of the clear 5% rebound in highly discounted UK property stocks (EPRA Europe, +3%, EPRA Euro +0.8%). Newsflow was rich in the German housing sector. Deutsche Wohnen sold a portfolio of social housing located in Berlin to the municipal housing company for more than EUR350m, representing a yield of close to 3%. This should have a positive impact on earnings. The disposal represented a 30% premium to the latest valuation when the share was trading on a discount of 20% and the company announced a share buyback programme. At the same time, the quality of the portfolio was improved by the streamlining of non-strategic holdings. ADLER Real Estate AG and ADO Properties signed a merger agreement through a share swap offer based on the latest valuations, in a move that will create the third largest residential property group in Germany. The operation is fairly complex, especially since ADO Properties is also aiming to acquire Consus, the main German residential property developer specialised in rental products in nine leading cities. The Adler and Consus shares jumped 10% and 25% approximately following the announcement whereas ADO Properties was down by around 15%. The fund outperformed its benchmark index. The positive contributors stemmed primarily from overweightings in Icade (offices in the Paris region), Grainger (UK housing) and Safestore (storage in the UK and Paris) and underweightings in Befimmo (Beglian offices) and Merlin Properties (diversified in Iberia). Negative contributors were focused on the overweighting in ADO Properties (housing in Berlin) and the underweighting in British Land (offices/retail in the UK). In terms of activity in the fund, we made a few minor adjustments. We switched out of some exposure to German housing (Ado Properties) and UK student residences (Unite), and into more cyclical and discounted UK stocks such as British Land and Great Portland.

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

Performance indicator Start date End date
- - -

Performance table

End date

Performance table Net performance Performance indicator  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 31/12/86

Administration

Distribution country

Distribution countries
Austria
France
Germany
Liechtenstein
Spain
Switzerland

Fees

Ongoing Charges 1.66%

Fund facts

Currency EUR
Start date 29/04/70
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Autorité des Marchés Financiers

Portfolio management

Fund Manager Frédéric TEMPEL
Co-manager François-Xavier AUBRY
Investment team MT Framlington Listed Real Estate

Structure

Investment area Euro
Legal form SICAV

Subscription and redemption

Orders for redemption, subscription orders and exchanges between share classes C and D must be placed with the custodian each business day before 12.00 (CET) and are executed on the basis of the next net asset value. The attention of shareholders is drawn to the fact that additional delays in processing may occur due to the existence of intermediaries such as a financial advisor or distributor. The net asset value of this UCITS is calculated on a daily basis.

Literature