AXA Rosenberg All Country Asia Pacific Ex-Japan Small Cap Alpha Fund
Last NAV 82.9800 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 Small Cap Index on a rolling three year basis.The MSCI AC Asia Pacific ex-Japan Small Cap Index is designed to measure the performance of shares of smaller 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 AC Asia Pacific Ex-Japan Small Cap Index (TR, Net) Asia Pacific (excluding Japan) small-cap markets fell 4% in US dollar terms over the quarter, as measured by the benchmark MSCI AC Asia Pacific ex Japan Small Cap Index. Chinese equities were particularly hard hit by 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, while industry exposures proved modestly helpful. Among risk factors, the inherent focus on the price paid for earnings and net asset by our investment process was unrewarded, offsetting the positive contribution from the greater emphasis to stocks with above-average price momentum. From a sector contribution level, the Fund’s overweight to IT sector proved helpful as the sector led the market higher. Holding above-benchmark positions in semiconductor and IT hardware manufacturers China’s Avic International, Australia’s Codan, Taiwan’s King Yuan, Walsin Technology, Chipmos Technology and Hannstar Board International all featured among the top contributors to relative returns. Weaker stock picks came from within the industrials sector, which is composed of trade-related companies and has been highly susceptible to the recent spikes in volatility induced by the on-going trade war between US and China. Consequently overweight positions in China’s Harbin Electric and Philippines’ Alliance Global Group featured among the bottom detractors from excess returns.
|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||30/09/99|
|Taiwan, Province of|
|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