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AXA Framlington American Growth Fund
Last NAV 3.9320 GBP as of 14/02/20
The aim of this Fund is to provide long-term capital growth.
Synthetic Risk & Reward Information scale
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?
Fund manager comment : 31/12/19
Main changes to the portfolio during December No major changes to the portfolio were made in December. Factors affecting performance during December The Fund marginally underperformed its comparative benchmark, the Russell 1000 Growth Index, over the month. This was largely driven by profit taking in several of our healthcare holdings, such as DexCom and Edwards Lifesciences, which enjoyed strong gains in 2019. Current market influences and outlook The US equity market continued to rally in December as investors became increasingly confident on the outlook for the economy. Sentiment was further boosted by optimism that the US and China could reach an interim agreement in the trade war. Consumer and business confidence levels remain high, unemployment is low and wages rising. Most importantly, forward-looking credit indicators continue to demonstrate credit availability is high suggesting an end to the current economic expansion is not imminent. We also believe that a recent shift in the language emanating from the US Federal Reserve (Fed) is highly significant. Following the latest interest rate cut at the end of October, Fed Chairman Powell stated that interest rates are not going to be increased again until inflation overshoots its longstanding 2% target by a substantial margin. Given that inflation has struggled to reach this level during the 11 years of the current expansion, we believe that the likelihood of interest rate increases by the Fed has been pushed out by a number of years. Stable interest rates and an ongoing economic expansion should be positive for equity markets 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.
|Reference index||Start date||End date|
|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||23/12/92|
|Asset class||FRAMLINGTON EQUITIES|
|Legal authority||Financial Conduct Authority|
|Fund Manager||Stephen KELLY|
|Investment team||MT Framlington Thematic Equity|
|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: £100,000 Minimum subsequent investment: £5,000