AXA Framlington UK Select Opportunities Fund

ISIN GB0003501581

Last NAV 36.1900 GBP as of 18/10/19

Why this fund

For clients looking for sustainable growth in the UK market, this proven performer offers an attractive choice.

The AXA Framlington UK Select Opportunities Fund is a multi-capitalisation, unconstrained equity portfolio based on the stock picking skills and strong, long term performance of the lead manager, Chris St John, one of the most highly regarded fund managers in the industry.

The Fund manager aims to achieve capital growth by investing in companies, primarily of UK origin, where he believes above-average returns can be realised.

Reasons to invest:

  1. Consistent investment performance over various market cycles
  2. An unconstrained and fundamental bottom-up stock-picking approach
  3. A multicap portfoliofocusing on "GARP" (Growth at a Reasonable Price) stocks
  4. Mid and small cap companies are a rich source of potential added value
  5. Disciplined portfolio construction with strong sell discipline and risk monitoring

Key figures

  • 70-90

    Stocks

  • Bottom-up

    Stock picking style

  • Multi-capitalisation

    Approach

Fund facts:

  • Launch date: 31/01/1969
  • Sector: UK All Companies
  • Lead Portfolio Manager: Chris St John
  • Pay dates: 15 May & 15 Nov
Ratings as at 31 August 2019

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Overview

Investment objectives

The aim of this Fund is to provide long-term capital growth.

Risk

Synthetic Risk & Reward Information scale

1 2 3 4 SRRI Value 5 6 7

The risk category is calculated using historical performance data and may not be a reliable indicator of the 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 Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which are subject to some levels of variation, which may result in gains or losses.

Additional risks

Liquidity Risk: some investments may trade infrequently and in small volumes. As a result the Fund manager may not be able to sell at a preferred time or volume or at a price close to the last quoted valuation. The Fund manager may be forced to sell a number of such investments as a result of a large redemption of units in the Fund. Depending on market conditions, this could lead to a significant drop in the Fund's value and in extreme circumstances lead the Fund to be unable to meet its redemptions.

Investment horizon

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

Fund manager comment : 30/09/19

Main changes to the portfolio during September We used share price volatility to add to core holdings and make reductions. We initiated a new holding in QinetiQ. Main factors affecting performance during September Equity returns were positive in September as a small improvement in the global economic indicators helped cyclical stocks rally over the month. Brexit developments remain unpredictable and continue to influence both the levels of sterling and the demand for UK economically exposed stocks. Capital flows and short-term volatility were a feature. From a sector allocation perspective, the underweight position in consumer goods was positive, whereas the underweight position in financials was negative. Positive stock performances of note included the holdings in Serica Energy, Spirent and Miton Group. Advanced Medical Solutions, Xaar (both downgraded earnings) and Fidelity National Information Services (formerly Worldpay) underperformed. Current market influences and outlook Global economic conditions, in which all of our companies must operate, are flashing amber and although the causes may be nuanced and country-specific to some degree, the overall picture is one of economic slowdown. However, central banks have once again responded, increasing monetary stimulus via interest rate cuts or further quantitative easing. Global liquidity remains plentiful, inflation remains subdued, anxiety is widespread and over the past year, global equity markets have risen. What will turn this ‘wall of worry’ into a ‘wall of fear’ is not clear, while such loose monetary policy and plentiful liquidity is maintained. Given the ongoing spread between the earnings yield of UK equities and BBB corporate bond yields, activists, corporate buyers, private equity firms and UK equity investors with a long-term investment horizon will be enjoying the opportunity short-term fears provide. We remain focused on UK and internationally-exposed businesses, where the fundamental profit drivers remain entrenched and equity holders benefit from the capital allocated and risks taken by management. We continue to believe that a rewarding strategy is to actively invest in UK-listed companies that are compounding their earnings and dividends, where corporate governance is world leading, where contract law and title law are dependable, and where company management teams are permanently accessible.

Performance

Any performance shown is net of the ongoing charge for the share class selected with income reinvested . Past performance is not a guide to future performance. The value of investments can fall as well as rise and you may get back less than invested. The fund can use derivatives for investment purposes.  These instruments may cause periods of high volatility in the price of the shares of the fund.

Benchmark

Reference index Start date End date
- - -

Performance table

End date

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

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 31/01/69

Administration

Distribution country

Distribution countries
Switzerland

Fees

Ongoing Charges 1.58%

Fund facts

Currency GBP
Start date 31/01/69
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Financial Conduct Authority

Portfolio management

Fund Manager Christopher ST. JOHN
Co-manager John KING
Investment team MT Framlington Global Equity

Structure

Investment area UK
Legal form Unit Trust

Subscription and redemption

Your orders to buy, sell or transfer units in the Fund must be received by the Administrator by 12 noon on any working day, to receive that days Fund price. Please note that if your order is placed by an intermediary or Financial Adviser they may require extra processing time.The Net Asset Value of this Fund is calculated on a daily basis. Minimum initial investment: £1,000 Minimum subsequent investment: £100

Literature