AXA Framlington Health Z

A specialist health sector fund with a large exposure to US companies.

  • 171.10p
    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.

  • 345.00p
    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 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!

  • 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).

  • 0.83%
    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.

  • 0.20%

    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 09 April 2021

This is a specialist fund amongst a small group of peer funds. It invests in a diverse portfolio of global healthcare companies with the aim of producing long term capital growth. Relative to the peer group it has a bias to small and medium sized companies which offer long term growth potential. Overall it has a focus on US listed companies.

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched April, 2012
Size £559m
Yield 0.20%
Charging basis Income
Dividends paid Apr, Oct


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 0.83%


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Investment process

Investment is across several sub-sectors: producers of pharmaceuticals, biotechnology firms, medical services, medical device and instrument manufacturers, distributors of healthcare products, care providers and managers and other healthcare service companies. The investment universe comprises more than 1,000 companies, mostly small-cap and based in the USA. Larger pharmaceuticals are also present in the portfolio, sometimes for defensive reasons. This fund differs from the sister biotech fund in having more tools and devices companies, fewer one-compound-only biotech firms. In terms of individual stock selection the process places a high emphasis on qualitative issues as opposed to pure number crunching. This includes an assessment of management experience, i.e: have they brought drugs to the FDA before, do they have a track record of bringing products through the development phase, have they experience of raising money on the capital markets. The Healthcare team also draws on a large consultant network that it has built over the years for feedback on proposed drug profiles etc. The team also attend healthcare/pharmaceutical conferences to help them assess new ideas. Companies targeted are those that are perceived to have a higher probability of achieving their hurdle rates and are trading at attractive relative valuations, compared to other operations at similar stages in their development.

Framlington's Healthcare team has experienced a number of team changes, since the highly experienced Antony Milford, the founding member of the Healthcare team and this fund took a step back from daily fund management in 2005. We removed the fund from our rated funds list in April 2011 when Deane Donnigan, who had appeared to be a good successor to Milford announced her departure from the company. Those investors looking to capitalise on the long term benefits of investing in the healthcare sector should consider Worldwide Healthcare IT, an investment trust managed by the US based healthcare investment firm, OrbiMed.

Manager research

Average monthly relative returns

  • 16/17 -0.13%
  • 17/18 -0.59%
  • 18/19 -0.23%
  • 19/20 -0.36%
  • 20/21 0.71%

Bestinvest MRI

  • 3 years 0.04%
  • 5 years -0.12%
  • Career -0.32%
  • 3 years 61.80%
  • 5 years 42.90%
  • Career 17.40%

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

Dani Saurymper

Saurymper joined AXA IM in April 2015. Prior to joining AXA, he was a senior equity research analyst covering European Healthcare at Barclays Capital. Saurymper started his career at Nomura as a sector specialist covering global healthcare, before moving to Goldman Sachs as a senior pharmaceutical analyst covering European Pharmaceuticals. Saurymper graduated from Leeds University with a BSc in Management Studies and Pharmacology and holds an MSc in International Business from the Manchester School of Management, UMIST.

Track record

Dani Saurymper has 6 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.32%. During the worst period of relative performance (from July 2015 - March 2020) there was a decline of 29% relative to the index. The worst absolute loss has been 14%.

Periods of worst performance

Absolute -14.00% (September 2018 - December 2018)
Relative -29.00% (July 2015 - March 2020)

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 31 July 2020

5.59% Unitedhealth Group Inc
5.16% Merck & Co Inc(New)
4.85% Roche Hldg Ag
4.4% Astrazeneca Plc
3.53% Thermo Fisher Scientific Inc
3.27% Horizon Therapeutics Plc
3.15% Pfizer Inc
2.74% Takeda Pharmaceutical Co
2.56% Cvs Health Corp
2.47% Medtronic Inc
Source: Trustnet

Sector breakdown

Pharmaceuticals 38.00%
Healthcare & Medical Products 20.00%
Biotechnology/Medical 10.00%
Health Care 9.00%
Health Care 8.00%
Biotechnology/Medical 6.00%
Healthcare & Medical Products 4.00%
Hospital 2.00%
Money Market 1.00%
Health Care 1.00%


The portfolio holds c.75 stocks. Generally, half the portfolio is invested in 'old economy' drug, device and healthcare service stocks. Targeted areas include producers of pharmaceuticals, biotechnology firms, medical device and instrument manufacturers and distributors of healthcare products.

Key Investor Information - Income


Key Investor Information - Accumulation