AXA Rosenberg Eurobloc Equity Alpha Fund

ISIN IE0004352823

Last NAV 12.2200 EUR as of 16/09/19

Overview

Investment objectives

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.

Risk

Synthetic Risk & Reward Information scale

1 2 3 4 5 SRRI Value 6 7

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?

The capital of the Sub-Fund is not guaranteed. The Sub-Fund is invested in financial markets and uses techniques and instruments which may be subject to sudden and significant variation, which may result in substantial gains or losses.

Additional risks

Counterparty Risk: failure by any counterparty to a transaction (e.g. derivatives) with the Sub-Fund to meet its obligations may adversely affect the value of the fund. The Sub-Fund may receive assets from the counterparty to protect against any such adverse effect but there is a risk that the value of such assets at the time of the failure would be insufficient to cover the loss to the Sub-Fund. Geopolitical Risk: investments issued or traded on markets in different countries may involve the application of different standards and rules (including local tax policies and restrictions on investments and movement of currency), which may be subject to change. The Sub-Fund's value may therefore be impacted by those standards/rules (and any changes to them) as well as the political and economic circumstances of the country/region in which the Sub-Fund is invested. Risk linked to Method and Model: attention is drawn to the fact that the Sub-Fund's strategy is based on the utilisation of a proprietary share selection model. The effectiveness of the model is not guaranteed and the utilisation of the model may not result in the investment objective being met. Operational Risk: the Sub-Fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of the Sub-Fund's assets.

Investment horizon

This Fund may not be suitable for investors who plan to withdraw their contribution within 5 years.

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

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

Benchmark

Performance indicator Start date End date
- - -

Performance table

End date

Performance table Net performance Performance indicator  Start date End date
1M - - - -
QTD - - - -
3M - - - -
6M - - - -
YTD - - - -
1Y - - - -
2Y - - - -
3Y - - - -
4Y - - - -
5Y - - - -
8Y - - - -
10Y - - - -
Since launch - - - -

Risk table

End date

Risk table Fund volatility Benchmark volatility Tracking error Information ratio Sharpe ratio Beta Alpha
1M - - - - - - -
QTD - - - - - - -
3M - - - - - - -
6M - - - - - - -
YTD - - - - - - -
1Y - - - - - - -
3Y - - - - - - -
5Y - - - - - - -
8Y - - - - - - -
10Y - - - - - - -
Since launch - - - - - - -

Price table

Start date

End date

Price Date Portfolio AUM
- - -

NAV

First NAV date 31/05/00

Administration

Distribution country

Distribution countries
Austria
Belgium
Denmark
Germany
Switzerland

Fees

Ongoing Charges 1.49%

Fund facts

Currency EUR
Start date 30/09/99
Asset class ROSENBERG EQUITIES
RI fund False
Legal authority Central Bank of Ireland

Portfolio management

Fund Manager Cameron GRAY
Investment team MT AXA Rosenberg 3

Structure

Investment area Euro
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

Literature