AXA FRAMLINGTON EQUITY INCOME R

  • 0.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 0.00p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 5.25% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.50%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.61%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Fund data last updated 16 November 2009

George Luckraft pioneered a “barbell” approach to UK Equity Income investing in the 1990s, combining traditional high yielding equities with lower yielding growth stocks to target a yield of 110% of that of the FTSE All-Share. The manager has a successful long term record, but the bias to often illiquid small and mid cap stocks can lead to periods of significant divergence from the benchmark

Fund summary

Sector UK Equity Income
Structure X-UNIT TRUST
Launched
Size £135m
Yield 0.00%
Charging basis Capital
Dividends paid 15/03 15/09

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.61%

Allocation

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Investment process

The objective is to produce a higher than average yield combined with long term growth of income and capital. Investment is made principally in UK equities and convertible shares of companies which, in the manager's opinion, show above average profitability, management quality and growth. The manager uses a "barbell" strategy which splits the portfolio into two parts: - High quality stocks with attractive, sustainable yields; - Equities with attractive growth characteristics but little or low yield. This inclusion of the latter, often mid and small cap stocks, means the fund can still prove successful in a period where traditional 'value' stocks are out of favour. Weightings between the two styles are varied according to market conditions. Stock research is primarily bottom-up, using company meetings and traditional valuation analysis, but the manager also looks at macroeconomic factors that may affect the portfolio.

George Luckraft pioneered a “barbell” approach to UK Equity Income investing in the 1990s, combining traditional high yielding equities with lower yielding growth stocks to target a yield of 110% of that of the FTSE All-Share. However, this inclusion of the latter, often featuring illiquid small cap stocks, means the fund may prove from time to time to be extremely volatile, relative to the typical Equity Income fund. Therefore this fund should not be considered as a core fund for income.

Manager research

Average monthly relative returns

  • 14/15 0.00%
  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.00%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Track record

Periods of worst performance

Absolute 0.00% ()
Relative 0.00% ()

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Portfolio

The fund holds 80-100 stocks from across the market cap spectrum, including AiM. Typical maximum position size is 3.5% for FTSE 100 stocks, 2% for other holdings.

Key Investor Information - Income

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Key Investor Information - Accumulation

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