AXA WF Framlington American Growth
Last NAV 409.4600 EUR as of 08/10/19
Why this fund
For clients looking to invest in the US market, we believe high quality growth stocks are well positioned to navigate unstable economic conditions.
The AXA Framlington American Growth Fund gives investors broad exposure to the world's largest stock market.
The team uses a rigorous bottom-up stock selection process that focuses on identifying good quality growth stocks that are innovative and have the potential to sustain significant growth in both revenues and earnings even in a decelerating macro-environment. The nature of the process tends to lead to a bias towards mid-cap stocks which tend to exhibit strongest growth rate at attractive valuation levels. The AXA Framlington American Growth Fund aims to achieve capital growth through investment principally in US large and medium capitalisation companies which, in the manager's opinion, show above average profitability, management quality and growth.
Reasons to invest:
- Consistent investment performance over various market cycles
- A focus on US mid-cap stocks with strong, unit-driven revenue growth
- A fundamental and unconstrained bottom-up investment approach, where stock selection is the primary source of added value
- Sector weightings are a function of bottom-up stock picking
- Rigorous investment process with strong sell discipline and risk monitoring
Lead manager, Stephen Kelly, is a top-ranked fund manager who has managed the Fund since 1997. He is supported by co-manager, Dan Harlow who has over 11 years' industry experience. The AXA Framlington American Growth Fund (OEIC) currently has more than £628m in assets under management (AUM), as at 31.05.2015.
- Launch Date: 31/12/1992
- Sector: North America
- Lead Fund Manager: Stephen Kelly
- Deputy Fund Manager: Dan Harlow
- Pay Date: 28 Feb
The Sub-Fund seeks to achieve long-term capital growth measured in USD by investing mainly in companies domiciled or operating predominantly within the Americas, including the US, Canada and Mexico.
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
Main changes to the portfolio during August We initiated new positions in Five9, a leading provider of cloud-based software for call centres, and search and analytics platform Elastic. We exited Pioneer Natural Resources. Factors affecting performance during August The Fund underperformed its comparative benchmark, the Russell 1000 Growth Index, over the month. The underperformance was largely driven by poor performance from a couple of financial services holdings, namely Alliance Data Systems and Kemper. Current market influences and outlook Equity markets fell in August, with a further escalation in the trade dispute with China, as well as a market perception that the US Federal Reserve (Fed) was reluctant to cut rates over and above its announced 25 basis points. US President Donald Trump announced new tariffs on Chinese imports, although the implementation of some of these tariffs have been delayed. At month-end, markets took some respite in the news from the US that a new round of trade talks would take place with China. While such actions are undoubtedly unhelpful for many areas of the economy and will have a detrimental impact on the rate of growth, we do not believe they are sufficient to cause a recession. Forward-looking credit indicators continue to demonstrate credit availability is high, and with further rate cuts by the US Federal Reserve likely, the situation is unlikely to deteriorate sufficiently to result in negative growth. Declining interest rates in a non-recessionary environment have historically been positive for equity markets, and we expect the current slow, steady economic expansion to continue for several years. Growth stocks remain well positioned in such an environment.
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.
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|Performance table||Net performance||Reference index||Start date||End date|
|Risk table||Fund volatility||Benchmark volatility||Tracking error||Information ratio||Sharpe ratio||Beta||Alpha|
|First NAV date||01/10/09|
|Asset class||FRAMLINGTON EQUITIES|
|Legal authority||Commission de Surveillance du Secteur Financier|
|Fund Manager||Stephen KELLY|
|Investment team||MT Framlington Thematic Equity|
|Investment area||North America|
Subscription and redemption
The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Valuation Day no later than 3 p.m. Luxembourg time. Orders will be processed at the Net Asset Value applicable to such Valuation Day. The investor's attention is drawn to the existence of potential additional processing time due to the possible involvement of intermediaries such as Financial Advisers or distributors.The Net Asset Value of this Sub-Fund is calculated on a daily basis.