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AXA Rosenberg Eurobloc Equity Alpha Fund

ISIN IE0008366365

Last NAV 15.0100 EUR as of 31/03/20

Overview

Investment objectives

The aim of the Sub-Fund is to provide long-term capital growth with a total annual return on investment (generated through an increase in the value of the shares held by the Sub-Fund and or income received from those shares) of approximately 2% including all fees/expenses above the annual return of the MSCI EMU Index on a rolling three year basis.The MSCI EMU Index is designed to measure the performance of the shares of companies listed on stock exchanges of developed countries within the Eurozone.

Risk

Synthetic Risk & Reward Information scale

1 2 3 4 5 SRRI Value 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 may be subject to sudden and significant variation, which may result in substantial gains or losses.

Additional risks

Counterparty Risk: failure by any counterparty to a transaction (e.g. derivatives) with the Sub-Fund to meet its obligations may adversely affect the value of the fund. The Sub-Fund may receive assets from the counterparty to protect against any such adverse effect but there is a risk that the value of such assets at the time of the failure would be insufficient to cover the loss to the Sub-Fund. Geopolitical Risk: investments issued or traded on markets in different countries may involve the application of different standards and rules (including local tax policies and restrictions on investments and movement of currency), which may be subject to change. The Sub-Fund's value may therefore be impacted by those standards/rules (and any changes to them) as well as the political and economic circumstances of the country/region in which the Sub-Fund is invested. Operational Risk: the Sub-Fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of the Sub-Fund's assets. Risk linked to Method and Model: attention is drawn to the fact that the Sub-Fund's strategy is based on the utilisation of a proprietary share selection model. The effectiveness of the model is not guaranteed and the utilisation of the model may not result in the investment objective being met. Further explanation of the risks associated with an investment in this Sub-Fund can be found in the prospectus.

Investment horizon

This Fund may not be suitable for investors who plan to withdraw their contribution within 5 years.

Fund manager comment : 29/02/20

European equities suffered a volatile month with an extreme sell-off over the final week of the month brought on by the outbreak of the coronavirus, with Italy particularly impacted. On an economic front, fourth quarter GDP for the Eurozone slowed with Germany flat and France and Italy contracting. Against this backdrop equities fell -7.9% in dollar terms as measured by the benchmark MSCI EMU. The Fund underperformed its benchmark index in February, net of fees and expenses applicable to the A USD share class. The Fund’s positive exposure to momentum helped, but the tilt towards smaller companies detracted as smaller companies within the benchmark underperformed their larger counterparts. Industry positioning in favour of utilities and away from oil-sensitive parts of the market proved beneficial as investors sought safety. Weak stock picks came from insurers Ageas and AXA, the overweight to these names hurt as both companies reported weaker-than-expected results leading to downgrades by the analyst community. The largest individual contributor to relative returns, however, was from not owning Belgium brewer AB InBev. The company missed its sales and earnings estimates and simultaneously issued a profit warning, citing the impact of the coronavirus, which led to its share price falling dramatically at the end of the month.

Performance

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

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 - - - -

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 31/05/00

Administration

Distribution country

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

Fees

Ongoing Charges 0.83%

Fund facts

Currency EUR
Start date 30/09/99
Asset class ROSENBERG EQUITIES
RI fund False
Legal authority Central Bank of Ireland

Portfolio management

Fund Manager Cameron GRAY
Investment team MT AXA Rosenberg 3

Structure

Investment area Euro
Legal form Unit Trust

Subscription and redemption

The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Dealing (Business) Day no later than 1 p.m. Irish time. Orders will be processed at the Net Asset Value calculated for that Dealing Day.Please note that there may be additional processing time if your order is placed via intermediaries such as platforms, financial advisors or distributors.The Net Asset Value of this Sub-Fund is calculated on a daily basis. Minimum initial investment: EUR 100,000 Minimum subsequent investment: EUR 5,000

Literature