fund
AXA Framlington Global Technology Z
Invests in the equities of both hardware and software companies with a bias to the US.
-
470.20p
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.
-
470.00p
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?
-
0.00%
Initial chargeSome 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!
-
0.75%
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).
-
0.84%
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…
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 | £779m |
| 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% |
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
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 0.09%
- 16/17 0.11%
- 17/18 -0.04%
- 18/19 0.20%
- 19/20 -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.
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Top 10 holdings
Data accurate as at 29 November 2019
| 8.24% | Alphabet Inc |
| 8.13% | Apple Inc |
| 4.53% | Visa Inc |
| 3.35% | Cisco Systems Inc |
| 3.26% | Qualcomm Inc |
| 2.78% | Facebook Inc |
| 2.42% | Salesforce.com Inc |
| 2.36% | Servicenow Inc |
| 2.02% | Amazon.com Inc |
| 2.02% | Proofpoint Inc |
| Source: Trustnet |
Sector breakdown
| Software | 29.00% |
| Semi Conductors | 21.00% |
| Media | 12.00% |
| Hardware | 10.00% |
| Information Technology | 8.00% |
| Communications Equipment | 6.00% |
| Retail | 5.00% |
| Leisure | 2.00% |
| Property Shares | 2.00% |
| Money Market | 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%