AXA Rosenberg Global Emerging Markets Equity Alpha Fund

ISIN IE00B101JY64

Last NAV 16.7000 USD as of 08/11/19

Overview

Investment objectives

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.

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. Stock Lending: the Sub-Fund may enter into securities lending agreements and as a result be subject to increased counterparty risk. Should the counterparty fail financially, the securities received will be called upon. However in the event of significant market volatility at the time of default the value of those securities received could fall below the value of the lent securities. In this instance the manager would not have sufficient cash to purchase the equivalent value of securities lent out which could result in a significant negative impact on the Sub-Fund's value. 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 : 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

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 30/06/06

Administration

Distribution country

Distribution countries
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom

Fees

Ongoing Charges 1.06%

Fund facts

Currency USD
Start date 30/06/06
Asset class ROSENBERG EQUITIES
RI fund False
Legal authority Central Bank of Ireland

Portfolio management

Fund Manager Anubhuti GUPTA
Investment team MT AXA Rosenberg 4

Structure

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

Literature