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AXA WF Framlington Clean Economy

ISIN LU1914342180

Last NAV 111.8700 USD as of 14/01/20

Overview

Investment objectives

The Sub-Fund seeks to provide long-term growth, in USD, from an actively managed listed equity and equity-related securities portfolio.

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. 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.

Investment horizon

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

Main documents

KIID 08/07/2019

KIID 08/07/2019

Prospectus 07/10/2019

Fund manager comment : 31/12/19

Main changes to the portfolio We made no material changes to the portfolio during December. Factors affecting performance Global equities made positive progress over the period. Energy and Materials were the strongest performing sectors globally, with industrials continuing to underperform. Emerging Markets was the best performing region, with the UK also performing well following the result of the General Election. In the US, the S&P 500 reached a new all-time high, driven by optimism around prospects for a trade deal which is due to be signed in January, and healthy economic indicators showing that consumption remains an important positive driver of the country's economic growth. Comments from the Chair of the Federal Reserve indicating that a rate rise is less likely in the foreseeable future have also offered support to the market. In the UK, the result of the General Election has increased confidence as political risk has subsided and there is increased visibility over Brexit. Elsewhere in Europe, macroeconomic data continues to show signs of stabilisation. Emerging market equity indices performed well, in response to the apparent easing in trade tensions. Against this backdrop, the portfolio outperformed the benchmark over the period. Smart Energy drove outperformance within the fund as Kingspan, Hannon Armstrong, TSMC and Siemens Gamesa all contributed positively. Kingspan (market leader in high performance building insulation) contributed positive performance due to increased confidence in its UK market following the result of the General Election and increased visibility over Brexit. Hannon Armstrong is a US REIT which invests in renewable energy projects. The stock responded positively to Federal Reserve comments suggesting that US rates are likely to remain low throughout 2020. TSMC has performed well as expectations for the semi-conductor market have improved. Siemens Gamesa performed well following the announcement of several orders for its new wind turbine. Offsetting these positive drivers, Kerry Group in Responsible Nutrition gave back some of its earlier strong performance and Hexcel which offers light weighting to aircraft, thus contributing to Sustainable Transport suffered on concerns over the impact of negative newsflow surrounding Boeing. Whilst Boeing is a customer of Hexcel, the company is more exposed to competitors and we therefore view these concerns as overdone. Current market influences and outlook The uncertainty surrounding trade conflict weighed on investment activity last year and was reflected in a slowdown in growth through 2019. However, ongoing progress towards a resolution of trade conflict is viewed positively by investors. The recent instability in the Middle East represents a risk through the potential for a spike in the oil price but thus far, sentiment has remained constructive. Economic indicators in both the US and Asia are now generally improving. Monetary policy remains supportive and we expect to see earnings growth, particularly from the US, in 2020. The growth outlook for Emerging Markets is also improving with valuations at a relative low. The liquidity backdrop remains supportive and healthy, with dividend yields offering additional support to markets whilst macroeconomic uncertainties persist. The portfolio retains its bias towards high quality businesses which benefit from clear secular growth trends within the Clean Economy. The ever increasing

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 14/12/18

Administration

Distribution country

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

Fees

Ongoing Charges 1.78%

Fund facts

Currency USD
Start date 14/12/18
Asset class FRAMLINGTON EQUITIES
RI fund yes
Legal authority Commission de Surveillance du Secteur Financier

Portfolio management

Fund Manager Amanda O'TOOLE
Co-manager Mark HARGRAVES
Investment team MT Framlington Thematic Equity

Structure

Investment area Global
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