AXA Framlington UK Select Opportunities R

Multi-cap fund with a bias to growth stocks.

  • 1426.00p
    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.

  • 2683.00p
    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?

  • 5.25% 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!

  • 1.50%
    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).

  • 1.58%
    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.

  • 1.40%
    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…

Prices as at 30 March 2020, fund data last updated 15 December 2015

The fund's objective is capital growth by investing primarily in UK companies where manager Nigel Thomas believes above average returns can be realised. Thomas targets companies with quality management teams offering above average growth rates. He has a largely bottom-up approach, but he also incorporates themes and an awareness of the economic backdrop in his stock selection. Thomas looks at companies of all sizes and is unconstrained by the benchmark, though the bulk of exposure is to FTSE 100 and FTSE 250 stocks.

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched June, 1992
Size £1,544m
Yield 1.40%
Charging basis Capital
Dividends paid 15 May, 15 Nov

Charges

Standard initial charge 5.25%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.58%

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Investment process

Nigel Thomas invests across the UK market capitalisation spectrum, though as he favours faster-growing companies he typically has a bias to those outside the FTSE 100. In generating ideas he looks for: - Business models that can outperform across market cycles; - Proven management teams; - Alignment of interests with shareholders; - Robust balance sheets and high cash generation; - Change, in the form of new management, new products or technology. In researching individual stocks Thomas is pragmatic and looks at value as well as growth factors. In addition to speaking to the management teams of portfolio companies he also looks at their competitors, customers and suppliers. He has a largely bottom-up approach, but he also incorporates themes – industry trends - and an awareness of the economic backdrop in his stock selection.

Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 -0.50%
  • 17/18 0.24%
  • 18/19 1.37%
  • 19/20 0.51%

Bestinvest MRI

  • 3 years 0.71%
  • 5 years 0.00%
  • Career 0.39%
  • 3 years 50.00%
  • 5 years 0.00%
  • Career 94.30%

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

Chris St John

St John graduated from Durham University in 1995 with an honours degree in Philosophy and Psychology. He qualified as a Chartered Accountant in 1998. He joined PriceWaterhouseCoopers as part of the the London Middle Market Business Advisory Service. After a short period in Corporate and International Tax he moved to the Corporate Finance department. In 1999, he moved to ISIS Plc (which later became Foreign & Colonial) where he progressed from equity analyst to lead fund manager on four institutional FTSE Small Cap funds. In 2003 he was promoted to lead manager of the UK Small Cap retail funds. St John joined AXA Framlington in January 2005 in a support role for both Roger Whiteoak and Brian Watson on the UK smaller companies investment team before becoming a fund manager in 2008.

Track record

Chris St John has 5.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.39%. During the worst period of relative performance (from June 2008 - August 2009) there was a decline of 18% relative to the index. The worst absolute loss has been 47%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 94%.

Periods of worst performance

Absolute -47.00% (May 2008 - February 2009)
Relative -18.00% (June 2008 - August 2009)

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

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Top 10 holdings

Data accurate as at 31 January 2020

3.98% Glaxosmithkline
3.6% Royal Dutch Shell
3.53% Astrazeneca Plc
3.53% London Stock Exchange Group
3.42% Diageo
3.25% Breedon Group Plc
3.13% Rentokil Initial Plc
3.08% Smith & Nephew
2.95% Bp
2.84% Experian Plc
Source: Trustnet

Sector breakdown

Industrials 31.00%
Health Care 17.00%
Consumer Services 16.00%
Financials 14.00%
Oil & Gas 10.00%
Consumer Goods 4.00%
Money Market 3.00%
Technology 3.00%
Basic Materials 2.00%

Portfolio

60-90 stocks. Typically 2-4% positions in FTSE 350 companies, 0.1-1% in small caps.

Constraints

No formal constraints exist on stock and sector positions.

Key Investor Information - Income

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Key Investor Information - Accumulation

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