fund
This is one of our rated funds. They’re the ones our experts believe will do well for investors over the longer term. Top of the class!
AXA Framlington UK Mid Cap Z
-
299.20p
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.
-
345.40p
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.
-
0.40%
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 aims to provide long-term capital growth by investing in mainly medium-sized UK companies which are expected to produce above-average returns. Manager Chris St John selects stocks based on factors such as their growth prospects and management quality. The fund always has a minimum exposure of 70% to the FTSE 250 index, whilst also holding some small-cap stocks knocking on the door of the index and large cap stocks which have progressed to the FTSE 100. Its holdings include magazine publisher Future and dog grooming group Pets at Home. St John combines a top-down investment approach looking for growing business sectors and a bottom-up strategy focused on robust company fundamentals.
Fund summary
| Sector | UK All Companies |
| Structure | UNIT TRUST |
| Launched | |
| Size | £604m |
| Yield | 0.40% |
| Charging basis | Income |
| Dividends paid | 31 May, 30 Nov |
Charges
| Standard initial charge | 0.00% |
| Initial charge via Bestinvest | 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’s portfolio construction begins with a top-down analysis of sectors and themes which are already or about to experience long-term growth, followed by bottom-up company fundamental and valuation analysis. St John likes to focus on quality companies, with low debt, and tends to avoid the often over-valued IPO market. The companies should be benefiting from economic, thematic tailwinds, expected profitability, growth prospects, pricing power and quality management. The team’s valuation analysis has a focus on free cash flow and return on capital combined with earnings yield and growth. The process puts a big emphasis on company meetings to get first-hand information and insight, as well as in-house analysis and external research. Whilst there are no formal sector constraints St John will always seek to ensure the portfolio is diversified by sector. It typically holds between 60 and 80 stocks with a maximum position size of 4%. He will sell if he sees examples of management inconsistency or dishonesty, profit deterioration or, on the plus side, extreme outperformance.
Manager Chris St John has headed up the fund for over a decade and summarises his style as ‘growth at a reasonable price’. He has delivered an extensive track record of strong performance on this fund and prior to that on Axa’s small-cap fund. St John and deputy portfolio manager Dan Harlow benefit from working closely with fellow portfolio managers and analysts who conduct in-depth research on key areas of the market including real estate and healthcare. It is one of the most experienced teams in the UK market. This fund has a clear investment philosophy and is a core option for investors in the mid-cap space.
Manager research
Average monthly relative returns
- 16/17 0.00%
- 17/18 0.00%
- 18/19 0.00%
- 19/20 0.00%
- 20/21 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
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Allocation
Proportion (%)
-
{{chartDataItem.text}}{{chartDataItem.value}}
Sector breakdown
| Industrials | 28.00% |
| Consumer Discretionary | 22.00% |
| Financials | 12.00% |
| Technology | 10.00% |
| Health Care | 7.00% |
| Real Estate | 5.00% |
| Basic Materials | 5.00% |
| Money Market | 4.00% |
| Energy | 4.00% |
| Consumer Staples | 2.00% |
Portfolio
Typically 60-80 stocks in the portfolio. Max position size 4%.