AXA Framlington Global Technology Z

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

  • 406.20p Price (Inc)
  • 406.00p Price (Acc)
  • 0.00% Initial charge
  • 0.75% Annual management charge
  • 0.84% Ongoing charges
  • 0.00% Yield

Prices as at 05 December 2019

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 June, 2011
Size £716m
Yield 0.00%
Charging basis Income
Dividends paid 15 Mar

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.84%

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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

  • 14/15 0.09%
  • 15/16 0.11%
  • 16/17 -0.04%
  • 17/18 0.20%
  • 18/19 -0.19%

Bestinvest MRI

  • 3 years -0.01%
  • 5 years 0.03%
  • Career 0.05%
  • 3 years 57.50%
  • 5 years 65.20%
  • Career 80.80%

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 12.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. 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 81%.

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.

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Top 10 holdings

Data accurate as at 30 August 2019

8.31% Alphabet Inc
6.82% Apple Inc
4.79% Visa Inc
3.77% Cisco Systems Inc
3.16% Qualcomm Inc
2.75% Facebook Inc
2.51% Salesforce.com Inc
2.39% Servicenow Inc
2.16% American Tower Corp
2.14% Amazon.com Inc
Source: Trustnet

Sector breakdown

Software 28.00%
Semi Conductors 20.00%
Media 12.00%
Hardware 9.00%
Information Technology 8.00%
Communications Equipment 7.00%
Retail 5.00%
Money Market 3.00%
Property Shares 2.00%
Leisure 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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