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AXA Framlington UK Mid Cap Z

Bestinvest LogoAt least 70% invested in FTSE 250 companies. Up to 15% can be invested in FTSE 100 stocks, the balance in UK smaller companies.

PRICE (INC)

232.9p

PRICE (ACC)

269.9p

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

0.75%

ONGOING CHARGE

0.84%

YIELD

1.4%

1 YEAR
-10.63%

Prices as at 01 Jul 2022.

Fund commentary last updated 11 Oct 2021.

Past performance is not an indication of future performance.

Capital at risk.

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

SectorUK All Companies
StructureUNIT TRUST
LaunchedMarch 2011
Size£509m
Yield1.4%
Charging BasisIncome
Dividends paid31 May, 30 Nov

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge0.75%
Ongoing Charges Figure0.84%

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.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning