AXA Framlington Global Technology R

Invests in the equities of both hardware and software companies with a bias to the US.

  • 182.10p
    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.

  • 182.20p
    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).

  • 1.59%
    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…

Prices as at 03 July 2020, fund data last updated 01 August 2011

The fund’s objective is long-term growth, principally through investment in companies engaged in the research, design and development of technologies in all sectors. The fund has a wider remit than traditional technology funds and also includes sub-sectors such as internet advertising and online recruitment. The manager favours companies entering a period of accelerating growth and therefore has a bias towards small and mid cap stocks. The fund invests worldwide but typically has a strong bias to the US.

Fund summary

Sector Technology and Telecoms
Structure UNIT TRUST
Launched April, 1999
Size £997m
Yield 0.00%
Charging basis Income
Dividends paid 15 Mar

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.59%

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Investment process

The fund aims to achieve long term growth principally through investments in companies engaged in the research, design and development of technologies giving investors a broad exposure to the sector. Stock selection is focused on identifying strong management teams within companies producing market leading products along with sustainable or improving profits. Although stock selection is at the heart of the investment process, the Fund manager recognises the importance of a thematic overlay. The fund invests in a number of themes, particularly around the next generation of computing and technological wizardry.

Manager research

Average monthly relative returns

  • 15/16 -0.43%
  • 16/17 0.24%
  • 17/18 0.29%
  • 18/19 -0.06%
  • 19/20 -0.47%

Bestinvest MRI

  • 3 years -0.08%
  • 5 years -0.08%
  • Career 0.04%
  • 3 years 48.80%
  • 5 years 48.00%
  • Career 77.90%

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

Jeremy Gleeson

Gleeson joined AXA Framington in June 2007 to replace Nick Evans on their Global Technology Fund. He was previously senior portfolio manager of technology at Close Investments (formerly Reabourne Technology). Gleeson studied at Cardiff University (1992-96) where he achieved a first-class Honours degree in Mathematics and a Masters in Systems Engineering. He is a CFA charterholder.

Track record

Jeremy Gleeson has 13.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.04%. During the worst period of relative performance (from April 2011 - January 2016) there was a decline of 24% relative to the index. The worst absolute loss has been 34%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 78%.

Periods of worst performance

Absolute -34.00% (October 2007 - November 2008)
Relative -24.00% (April 2011 - January 2016)

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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Top 10 holdings

Data accurate as at 31 January 2020

8.4% Apple Inc
7.81% Alphabet Inc
4.72% Visa Inc
3% Cisco Systems Inc
2.96% Qualcomm Inc
2.83% Facebook Inc
2.57% Servicenow Inc
2.38% Salesforce.com Inc
1.95% Proofpoint Inc
1.9% Paypal Hldgs Inc
Source: Trustnet

Sector breakdown

Software 30.00%
Semi Conductors 20.00%
Media 12.00%
Hardware 11.00%
Information Technology 9.00%
Communications Equipment 6.00%
Retail 4.00%
Money Market 3.00%
Leisure 2.00%
Property Shares 2.00%

Portfolio

55-75 stocks

Constraints

A bias to mid & small caps; initial stock weights 1-1.5% and could increase to up to 3%

Key Investor Information - Income

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Key Investor Information - Accumulation

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