AXA Framlington American Growth Fund

ISIN GB0003509105

Last NAV 7.6840 GBP as of 18/11/19

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 5 SRRI Value 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 may be subject to sudden and significant variation, which may result in substantial gains or losses.

Investment horizon

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

Main documents

KIID 13/08/2019

Fund manager comment : 31/10/19

Main changes to the portfolio during October We initiated new positions in Cirrus Logic, Silicon Laboratories and NXP Semiconductors. They bring exposure to different markets within the broader semiconductor industry, an industry which we expect to show a strong recovery from 2019 as we move in to 2020. We closed positions in SVB Financial and CarMax. Factors affecting performance during October The Fund outperformed its comparative benchmark, the Russell 1000 Growth Index over the month. After value-orientated names outperformed in September, October saw growth-orientated names bounce back, with technology and healthcare outperforming. The Fund saw strong performance within its healthcare exposure, as names like Align Technologies (dental aligners) and Edwards Lifesciences (heart valves) both reported strong quarterly results. Current market influences and outlook The US equity market rallied in October as the economy continued to expand in the face of heightened investor fears surrounding an imminent recession and a healthy start to the third-quarter reporting season. Optimism also grew that the US and China could reach an interim agreement in the trade war. The damage that has been done economically to the President Trump’s core supporter base in the industrial heartland of the US is likely to negatively impact his re-election hopes in 12 months’ time unless a resolution can be found. While we are currently in the middle of the third mini recession since the Great Recession of a decade ago, we continue to believe that the outcome will be broadly the same as the previous two, namely that a US industrial recession does not cause a broader US recession. We expect the broader economy will continue to expand, driven by high confidence levels among consumers and small businesses, low unemployment and rising wages. Forward-looking credit indicators continue to demonstrate credit availability is high, suggesting the situation is unlikely to deteriorate sufficiently enough to result in negative growth. We also believe that a recent shift in the language emanating from the US Federal Reserve could be significant. Following the latest interest rate cut at the end of October, Chairman Powell has stated that interest rates are not going to be increased again until inflation overshoots their longstanding 2% target by an excessive margin. Given that inflation has struggled to get close to this level during the 10 years of the current expansion, we believe that the likelihood of any interest rate increases has been pushed out by a number of years. Stable interest rates and an ongoing economic expansion should be 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.

Performance

Performance chart

Period

1M
3M
6M
1Y
3Y
5Y
8Y
10Y
YTD
Since launch

Start date

End date

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 23/12/92

Administration

Fees

Ongoing Charges 1.57%

Fund facts

Currency GBP
Start date 23/12/92
Asset class FRAMLINGTON EQUITIES
RI fund False
Legal authority Financial Conduct Authority

Portfolio management

Fund Manager Stephen KELLY
Co-manager David SHAW
Investment team MT Framlington Thematic Equity

Structure

Investment area USA
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