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AXA Rosenberg Eurobloc Equity Alpha Fund
Last NAV 9.6000 EUR as of 31/03/20
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.
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
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 indicator||Start date||End date|
|Performance table||Net performance||Performance indicator||Start date||End date|
|Risk table||Fund volatility||Benchmark volatility||Tracking error||Information ratio||Sharpe ratio||Beta||Alpha|
|First NAV date||31/05/00|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Cameron GRAY|
|Investment team||MT AXA Rosenberg 3|
|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 5,000 Minimum subsequent investment: EUR 2,000