AXA Rosenberg Global Emerging Markets Equity Alpha Fund
Last NAV 16.2300 USD as of 16/09/19
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 : 31/08/19
Emerging market equities lagged developed markets in August, with the benchmark MSCI Emerging Markets index posting a 4.9% loss in US dollar terms. The index fell to a seven-month low amid a global sell-off over fears of a slowdown in growth and rising global trade tensions. The Fund underperformed its benchmark, net of fees and expenses applicable to the A USD share class. The Fund’s style exposures and stock selection weighed on relative returns while industry allocations provided some positive contributions. Style-wise it was the emphasis to value stocks based on book assets that proved detrimental as value stocks remained firmly out of favour. Offsetting to some degree was the Fund’s positive exposure to the momentum factor, which outperformed over August. From an industry standpoint, the overweight to the retail industry was additive as investors rotated to more defensive areas of the market. Above-benchmark holdings in staples such as food and drinks retailers, Luzhou KLaojiao, Zhongsheng, Charoen Pkphand Foods, Vipshops and Cia De Bebidas Das Americas featured among the top contributors to excess returns. Stock selection was challenging across a number of sectors, particularly in materials which lagged the broader market due to increased trade tensions. Weak stock picks from this sector came from holding above-benchmark positions in NMDC, Kumba Iron Ore and Cia Siderugica Nacianal SA. The largest individual stock detractors came from overweight holdings in Brazilian banks, Banco Do Brasil and Banco Bradesco as the financials sector underperformed in August.
|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