AXA Rosenberg Eurobloc Equity Alpha Fund
Last NAV 12.2200 EUR as of 16/09/19
The aim of the Sub-Fund is to provide long-term capital growth above that 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. 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 : 31/08/19
European equities fell 1.2% over August, as measured by the benchmark MSCI EMU Index in euro terms. Markets came under pressure from negative economic sentiment as Germany – the region’s largest economy – contracted 0.1% over the second quarter, marking a technical recession. In Italy, the ruling coalition collapsed as Prime Minister Giuseppe Conte resigned from the government, while UK Prime Minister Boris Johnson announced that he will suspend parliament for five weeks, increasing fears of a no-deal Brexit. Investors sought more defensive positions and flocked to low volatility/high quality companies, meaning more cyclically oriented stocks and sectors underperformed, with energy, financials, materials and consumer discretionary sectors particularly hard hit. Against this backdrop, the Fund underperformed its benchmark index, net of fees and expenses applicable to the A EUR share class, as style exposures, industry allocations and, in particular, stock selection went unrewarded. Style-wise, the exposure to lowly-valued stocks based on earnings relative to price proved unhelpful as the value factor had a particularly bad month. From an industry standpoint, the largest active position - an overweight to insurance stocks - was the least helpful, as financials was one of the worst-performing sectors over August. Above-benchmark holdings in insurers AXA and NN Group consequently weighed on relative returns. Stock selection was unrewarded overall and was particularly unfavourable within the industrials sector, with a nil-weight in construction firm Vinci and an overweight holding of manufacturing company Siemens both among the biggest drags. Not holding blue-chip pharmaceuticals firm Bayer also weighed on relative returns after its stock surged more than 11% in one day on reports that it had agreed to settle over 18,000 US legal claims relating to its allegedly cancer-causing Roundup weed killer product. Better stock picking within the consumer staples sector offset some of the losses, however, and the above-benchmark position in wine-and-spirits giant Pernod Ricard provided a boost as its share price rose late in the month after it announced plans for a share buyback and lifted its dividend following results that beat expectations.
|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