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AXA FRAMLINGTON UK SELECT OPPORTUNITIES ZI

AXA FRAMLINGTON UK SELECT OPPORTUNITIES ZI - Overview

Overview of AXA FRAMLINGTON UK SELECT OPPORTUNITIES ZI Buy in ISA Buy in Investment Account

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.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector UK All Companies
Structure UNIT TRUST
Launched January, 1969
Size £1,779m
Yield 2.0%
Charging basis Capital
Dividends paid 15 May, 15 Nov

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 0.83%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Nigel Thomas has now been managing money for over three decades, during which time has built one of the strongest track records in the UK All Companies sector. A pragmatic approach to selecting growth opportunities combined with an instinct for value set him apart. Though the fund’s size is now substantial and the weight to FTSE 100 companies has increased, we believe Thomas can continue to add value - he can still access mid-cap and some small-cap stocks and his passion for stockpicking is undiminished. Thomas works alongside Chris St John, manager of AXA Framlington UK Mid Cap, and the two funds are likely to have some overlap.

Portfolio

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 97
Europe 3
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 33
Mid Caps 41
Small Caps 26
View all performance data for this fund

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.

Live feed

Bid price(inc) 148.90p
Accum units 169.40p
Fund commentary 15/12/15
Fund data updated on 23/05/19

Asset allocation

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1

Equity Geographic

Allocation Proportion(%)
UK 97
Europe 3
North America 0
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 33
Mid Caps 41
Small Caps 26

Top 10 holdings

As at: 31/01/2019
5.09% Royal Dutch Shell
3.55% Experian Plc
3.43% Rentokil Initial
3.43% Bp
3.19% London Stock Exchange Group
2.92% Hsbc Hldgs
2.85% Breedon Group Plc
2.74% Diageo
2.73% Applegreen Plc
2.72% Worldpay Inc
Source: Trustnet

Sector breakdown

Industrials 38%
Consumer Services 15%
Health Care 14%
Oil & Gas 11%
Financials 11%
Basic Materials 3%
Money Market 3%
Consumer Goods 3%
Technology 3%
Telecommunications 0%

Portfolio details

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.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
-0.50% 0.24% 1.37% 0.51%   0.71% 0.39% 50.00% 94.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Chris St John

Manager. 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% (May 2008 - February 2009)
Relative -18% (June 2008 - August 2009)

Sector record since August 2003 (5 yrs)




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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