AXA Rosenberg Global Emerging Markets Equity Alpha Fund
Last NAV 16.7000 USD as of 08/11/19
The aim of the Sub-Fund is to provide long-term capital growth above that of the MSCI Emerging Markets (EM) Index on a rolling three year basis.The MSCI Emerging Markets (EM) Index is designed to measure the performance of shares of companies listed on stock exchanges of emerging market countries in the world. 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 Emerging Markets Index (TR, Net) Emerging market equities were down over the third quarter, falling 4.1% in USD terms as measured by the benchmark MSCI Emerging Markets index. This was against a backdrop of continued tension from the US-China trade spat. All sectors were in the red with the exception of technology, while in terms of factors, despite the crash in momentum and its current inverse correlation to value, the value factor remained firmly underwater over the quarter. The Fund fell in value and underperformed its benchmark index, net of fees and expenses applicable to the A USD share class over the quarter. Stock selection dragged heavily on returns while style factors also detracted; industry allocations provided a modest contribution to relative returns. Style-wise, it was the Fund’s tilt towards value companies based on book assets that was notably unrewarded as investor’s leant towards companies that exhibited characteristics of the quality factor in periods of uncertainty. Among industries, the overweight relative to benchmark in telecoms and retail provided positive contributions as the defensive nature of these industries gave support to investors as volatility rose. Stock selection was challenging over the period, in particular within the financials sector. Holding above-benchmark positions in Banco Do Brasil, Banco Bradesco, Bank of Communications and Standard Bank Group all featured among the bottom contributors to relative returns. The energy sector was a laggard for the first two months of the quarter but in September saw a marked recovery as investors rotated to pro-cyclical sectors. Shares in the gas company Surgutneftegas rose strongly as a result, and holding it above benchmark weight featured as the largest individual contributor to 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||30/06/06|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Anubhuti GUPTA|
|Investment team||MT AXA Rosenberg 4|
|Investment area||Global Emerging Markets|
|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 100,000 Minimum subsequent investment: USD 5,000