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AXA Rosenberg Eurobloc Equity Alpha Fund
Last NAV 21.2800 EUR as of 20/02/20
The aim of the Sub-Fund is to provide long-term capital growth above that of the MSCI EMU Index on a rolling three year basis.The MSCI EMU Index is designed to measure the performance of the shares of companies listed on stock exchanges of developed countries within the Eurozone. 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 : 31/12/19
An apparent resolution to the US-China trade conflict that had hampered sentiment for much of 2019 helped lift markets in the fourth quarter of the year. The increasing optimism, coupled with the Conservative Party’s UK general election victory in December – which reduced uncertainty around Brexit – boosted Eurobloc equities by 5.3% in euro terms (as measured by the benchmark MSCI EMU Index). At her first policy meeting, new European Central Bank president Christine Lagarde reassured investors by suggesting that the current ultra-low monetary stance would be maintained in the medium term. Meanwhile, the latest Eurozone GDP growth figures came in ahead of expectations, although this did not stop the International Monetary Fund from downgrading its GDP forecasts. Sector-wise, traditional defensives (with the exception of healthcare) underperformed the broader market in a risk-on environment. Pro-cyclical sectors outperformed, with industrials and technology stocks leading the charge. Factor-wise, Quality and Value outperformed while Momentum underperformed given its alignment with lower volatility stocks in what became a risk-on environment. Against this backdrop, the Fund outperformed its benchmark index, net of fees and expenses applicable to the A EUR share class. Favourable style exposures, industry positioning and stock selection in the portfolio all contributed to excess returns. Style-wise, the bias in the Fund’s holdings towards smaller companies relative to the benchmark was well-rewarded as they outperformed their larger peers over the quarter. The Fund’s exposure to the Quality and Value factors also helped as investors rewarded companies with strong earnings growth and with lower levels of debt. With the energy sector lagging the broader market, the Fund’s underweight allocation to integrated oil stocks provided a positive contribution to relative returns. The overweight to the IT sector as a whole (and to software companies in particular) was also beneficial as tech stocks were again bolstered by positive earnings surprises and the thawing of global trade tensions. Off-benchmark positions in digital services and software company TietoEvry and chipmaker ASM International were among the top contributing holdings for the quarter as a result. Positive stock selection within IT also contributed strongly to excess returns. Shares in both Nokia and Wirecard took a big hit in October, rewarding the decision to not hold either in the Fund. Nokia’s stock plunged over 23% in one day after it announced the suspension of its dividend and slashed its profit outlook on the back of increasing costs relating to the roll-out of equipment for 5G mobile networks. Wirecard’s share price tumbled after the Financial Times published a report alleging false accounting practices to inflate sales and profit figures.
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.
|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||31/05/00|
|Asset class||ROSENBERG EQUITIES|
|Legal authority||Central Bank of Ireland|
|Fund Manager||Cameron GRAY|
|Investment team||MT AXA Rosenberg 3|
|Legal form||Unit Trust|
Subscription and redemption
The subscription, conversion or redemption orders must be received by the Registrar and Transfer Agent on any Dealing (Business) Day no later than 1 p.m. Irish time. 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: EUR 100,000 Minimum subsequent investment: EUR 5,000