AXA Rosenberg All Country Asia Pacific Ex-Japan Equity Alpha Fund
Last NAV 14.0100 USD as of 08/11/19
The aim of the Sub-Fund is to provide long-term capital growth above that of the MSCI AC Asia Pacific Ex-Japan Index on a rolling three year basis.The MSCI AC Asia Pacific Ex-Japan Index is designed to measure the performance of shares of companies listed on the main stock exchanges of developed and emerging market countries in the Asia Pacific region (excluding Japan). The index's composition is available on www.msci.com.
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 : 30/09/19
Third quarter 2019 Benchmark: MSCI All Country Asia Pacific Ex-Japan (TR, Net) Asia Pacific (excluding Japan) markets fell 3.9% in US dollar terms over the quarter, as measured by the benchmark MSCI AC Asia Pacific ex Japan Index. Chinese equities were particularly hard hit by the escalating tensions with the US. The People’s Bank of China also reduced its reserve requirement ratio for banks to combat the negative effects of the trade conflict. Economic figures were also lacklustre: GDP growth in the second quarter was the slowest in almost 30 years. Hong Kong stocks also performed poorly, as domestic protests and the US-China trade tensions damaged investor sentiment. Australian equities were the notable outperformer in the region, helped by the Reserve Bank of Australia’s rate cut and a rise in resource-related stocks. The Fund dropped in value and underperformed its benchmark index during the quarter, net of fees and expenses applicable to the A USD share class. Stock selection weighed heavily on excess returns and style factors also went unrewarded; industry exposures proved modestly helpful. Among risk factors, the inherent focus on the price paid for earnings and net assets by our investment process was unrewarded, offsetting the positive contribution from the Fund’s below-average volatility profile. From a sector contribution level, the Fund’s overweight to IT stocks proved helpful as the sector led the market higher. Holding above-benchmark positions in semiconductor names Taiwan’s Nanya Technology and South Korea’s SK Hynix featured among the top contributors to relative returns. Stock selection was challenging within the financials sector, and the overweight positions in India’s Indiabulls Housing Finance, Power Finance and China’s Bank of featured among the bottom contributors to relative returns. Another weak stock pick was an overweight position in Swire Properties; the Hong Kong real estate operator saw its share price suffer from the on-going protests, which became increasingly violent.
|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||28/02/05|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Anubhuti GUPTA|
|Investment team||MT Rosenberg Asia Equity|
|Investment area||Asia Pacific ex-Japan|
|Legal form||Unit Trust|
Subscription and redemption
The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent, no later than 1 p.m. Irish time one business day before the relevant Dealing (business) Day. 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: USD 5,000 Minimum subsequent investment: USD 2,000