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AXA Rosenberg All Country Asia Pacific Ex-Japan Small Cap Alpha Fund
Last NAV 83.6000 USD as of 18/02/20
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 : 31/12/19
Asia Pacific small-cap markets (excluding Japan) had a strong final quarter of the year, with an improvement in the US-China relationship and its potential positive impact on global growth supporting performance. Chinese stocks, in particular, surged during the quarter, also helped by the People’s Bank of China amending its benchmark lending rates, which could lower borrowing costs and fuel economic expansion. Hong Kong stocks managed to post strong gains over the quarter, with trade advancements outweighing the negative impact of ongoing domestic political protests. Australian stocks were also up robust, rising on hopes of continued monetary easing from the Reserve Bank of Australia. The Fund rose in value and outperformed its benchmark index during the quarter, net of fees and expenses applicable to the A USD share class. The outperformance was largely driven by rewarded stock selection, while active risk positioning and industry exposure detracted from returns. Among style risk factors, the strategy’s focus on identifying companies that are relatively cheap compared to their book value was unrewarded, although the Fund’s bias towards stocks with higher dividend yield was beneficial this quarter. Among industries, the underweight to pharmaceutical companies acted as a drag on performance as the health care sector outperformed the broader market. In contrast, the benchmark-relative overweight positions in IT hardware-related areas were among the most significant tailwinds to returns, as the sector was supported by strong expectations for the semiconductor equipment market’s recovery in 2020. The positions in Taiwan’s Walsin Technology, Taiwan Surface Mounting Technology, Sino-American Silicon Products and Australia’s Codan all featured among the top contributors. Less helpful this quarter was the holding of Australia’s lottery company Jumbo Interactive, whose shares dropped due to profit taking after a stellar run in 2019.
|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|
|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