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AXA FRAMLINGTON BIOTECH Z

AXA FRAMLINGTON BIOTECH Z - Overview

Overview of AXA FRAMLINGTON BIOTECH Z Buy in ISA Buy in Investment Account

The fund targets long term capital appreciation by investing principally in the equity securities of companies in the biotechnology, genomic and medical research industries. The fund invests worldwide in companies of all sizes, but the bulk of the portfolio will consist of US stocks, reflecting the location of much of the biotech industry.

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

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched April, 2012
Size £532m
Yield 0.0%
Charging basis Income
Dividends paid 30 Apr, 31 Oct

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 Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

This is one of the few authorised funds investing in this highly specialist sector. Long term drivers for the area remain strong but performance can be volatile, so investors should also consider healthcare funds, which offer more diversified exposure. The current manager Ms Linden Thompson took over from Gemma Game in July 2012 and currently has too little experience for us to rate this fund.

Portfolio

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2
Allocation Proportion(%)
UK 2
Europe 9
North America 89
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 59
Mid Caps 17
Small Caps 24
View all performance data for this fund

Investment process

The fund’s investment universe consists of around 1000 public quoted biotech companies worldwide. These are filtered for such factors as ability to fund future operations and trading liquidity, reducing the universe to around 400-500 names which undergo qualitative analysis. Companies are assessed through contact with company management, attendance at conferences, consultation with industry experts and through consultation with other AXA Framlington fund managers. The manager targets companies with characteristics including: a strong product pipeline; quality management; robust clinical trial processes; market leading technologies. The process can also incorporate investment themes, such as the effects of the bird flu outbreak. Company sizes in the portfolio may be adjusted to reflect market conditions, with large, profitable companies favoured in more volatile environments.

Live feed

Bid price(inc) 106.40p
Accum units 309.90p
Fund commentary
Fund data updated on 24/11/17

Asset allocation

Allocation Proportion(%)
Equity 98
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 2

Equity Geographic

Allocation Proportion(%)
UK 2
Europe 9
North America 89
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 59
Mid Caps 17
Small Caps 24

Top 10 holdings

As at: 31/08/2017
10.33%Gilead Sciences Inc
10.26%Biogen Inc
7.68% Celgene Corp
6.52% Regeneron Pharmaceuticals Inc
5.91% Alexion Pharmaceuticals Inc
4.48% Amgen Inc
4.48% Vertex Pharmaceutical
3.52% Biomarin Pharmaceutical
2.8% Incyte Corp
2.71% Shire Plc
Source: Trustnet

Sector breakdown

Biotechnology/Medical 80%
Pharmaceuticals 15%
Electronic & Electrical Equipment 3%
Technology 2%
Health Care 1%
Money Market 0%

Portfolio details

Approximately 100 stocks.

Constraints

Minimum market cap £10m.
The portfolio usually has very little commonality with the Index and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
-0.32% -0.12% 0.06% -0.15% -0.03%   -0.04% -0.11% -0.04% 52.40% 45.20% 56.80%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Linden Thompson

Manager. Thompson joined the Healthcare team at AXA IM in June 2011. She started her career in 2004 at Goldman Sachs and spent five years as a healthcare analyst within the Global Investment Research division. Her coverage responsibility was the European biotechnology sector. She has since worked for the London-based, healthcare hedge fund, Clear River Capital. She was responsible for fundamental stock research across the global pharmaceutical and biotechnology sectors. Thompson holds a degree in Medical Microbiology from the University of Edinburgh.

Track record

Linden Thompson has 5.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.04%. During the worst period of relative performance (from October 2012 - August 2017) there was a decline of 13% relative to the index. The worst absolute loss has been 29%.

Periods of worst performance
Absolute -29% (July 2015 - March 2016)
Relative -13% (October 2012 - August 2017)

Other funds managed

  Start Date
AXA FRAMLINGTON BIOTECH RJul 2012

Sector record since July 2012 (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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