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AXA Rosenberg Global Emerging Markets Equity Alpha Fund
Last NAV 17.2700 USD as of 18/02/20
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 : 31/12/19
Emerging market equities were up over the fourth quarter, posting 11.9% in USD terms as measured by the benchmark MSCI Emerging Markets index. This was against a backdrop of progressive trade negotiations between the US and China leading to an interim “Phase one” deal being announced. Pro-cyclical sectors led the market with technology sector returning in the high-teens, while defensive sectors lagged behind with utilities and consumer staples the worst-performing sectors. In terms of factors, momentum, quality and value were broadly in line with the market while low volatility underperformed in a risk-on environment. The Fund outperformed its benchmark index, net of fees and expenses applicable to the A USD share class over the quarter. Positive stock selection contributed to the outperformance while style factors and industry allocations were additive but to a lesser degree. Style-wise, it was the Fund’s tilt towards value companies based on book assets that was notably rewarded however this was offset by the Fund’s tilt towards smaller companies which underperformed their larger peers over the period. Among industries, positive contributions came from the underweight to banks and oil companies as both energy and financials sector underperformed the broader market. Strong stock picks over the quarter came from within materials and industrials sectors, both sectors benefited from the increased certainty over the US-China trade negotiations. Consequently above-benchmark positions in Impala Platinum, NMDC and China National Building Materials were among those that featured among the top contributors to relative 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