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AXA World Funds UK Equity Class L - Accumulation (GBP)

Sell:149.48p Buy:149.48p Change: 0.21p (0.14%)
Prices as at 23 December 2024
Sell:149.48p
Buy:149.48p
Change: 0.21p (0.14%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 23 December 2024
Sell:149.48p
Buy:149.48p
Change: 0.21p (0.14%)
Prices as at 23 December 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

During periods where a manager's style is out of favour, we like them to stick to their investment process and focus on the long term. While St John has done this, we also like to see managers reflect on performance, see good examples of lessons learned, and expect to see some evolution in process and assessment of risk. However, we don’t feel this has happened as much as we’d like to see and our confidence in the fund's ability to outperform over the long term has reduced.

Our analysis suggests that, for several years, the manager hasn’t consistently added value through stock selection. This is a key factor we analyse when assessing a fund manager, and represents their ability to pick strongly performing companies regardless of what size or sector they’re in. As a result, we decided to remove the fund from the Wealth Shortlist in May 2024.

Our view on the sector

The UK stock market is home to lots of world-class companies. From international giants to a diverse array of smaller businesses. This provides a rich hunting ground for fund managers in this sector. They all try to grow investors' money over the long term, but each goes about it in a different way. Some focus on larger companies in the FTSE 100 index, others invest in medium-sized or smaller companies, and some have the flexibility to invest in any company, regardless of size. Some aim to match or deliver a return similar to the broader UK stock market. Others have the freedom to try and make as much money as possible for investors and take more risks. That could mean investing in only a small number of companies, for instance. A fund that invests in UK shares is normally the first port of call for UK-based investors. But with such a variety on offer, investors should make sure a fund is right for their circumstances before investing.

Performance Analysis

The fund hasn’t performed as well as the FTSE All Share index and the IA UK All Companies sector since its launch in 2016. The last few years have been difficult for the fund. It tends to invest more than the FTSE All Share index in medium and smaller sized companies which haven’t performed as well as larger companies in recent years. The fund’s growth bias has also posed a headwind as the value style of investing has held up better. Past performance isn't a guide to the future.

Investment Philosophy

The fund aims to grow an investment by investing in UK companies of all sizes. The manager tends to invest more in higher-risk small and medium-sized companies than some peers in the IA UK All Companies sector. The manager's focus on high-quality companies means it could also sit well alongside value funds that invest in companies believed to be overlooked and undervalued.

Process and Portfolio Construction

The manager looks for themes that are likely to drive stock market growth over the long term and thinks about how they could change consumer behaviour. Then he identifies companies likely to benefit as those themes develop over time.

St John and his team aim to invest in companies with specific characteristics, including high barriers to entry for competitors, the ability to raise prices without impacting demand for their products or services, and an experienced senior management team. They think the calibre of management teams is particularly important within small and medium-sized businesses because they can have a greater influence on the company's overall success.

Meeting those managers is a critical part of the investment process. First-hand information and insight allows the manager to test the quality of the company’s leadership, scrutinise their business model and evaluate the management team’s strategy to grow the business.

Please note the AXA WF Framlington UK Fund is an offshore fund so investors are not protected by the Financial Services Compensation Scheme.

question mark Manager Track Record Based on HL Quantitative Research

  • AXA Framlington UK Smaller...
  • AXA Framlington UK Mid Cap Z Acc...
  • AXA WF Framlington UK L C GBP
  • IA UK Smaller Companies
  • IA UK All Companies
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

24/12/19 to 24/12/20 24/12/20 to 24/12/21 24/12/21 to 24/12/22 24/12/22 to 24/12/23 24/12/23 to 24/12/24
Annual return -5.18% 15.14% -17.20% 3.79% 6.01%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Chris St-John
Manager start date: 18 November 2015
Manager located in: London

Chris joined AXA Framlington in 2005 as a portfolio manager on the UK small cap desk, responsible for the management of a number of pension funds focused on UK small and mid cap companies. In February 2008 he was appointed Portfolio Manager of the UK Smaller Companies Fund. Previously, Chris worked at ISIS (which later became Foreign & Colonial) until his appointment at AXA Framlington, where he progressed from equity analyst to lead fund manager on four institutional FTSE Small Cap funds. In 2003 he was promoted to lead fund manager of the UK Small Cap retail funds. Chris began his career at PricewaterhouseCoopers in 1995 as part of the London Middle Market Business Advisory Service. After a short period in the Corporate and International Tax department, he moved to Corporate Finance. Chris graduated from Durham University in 1995 with an honours degree in Philosophy and Psychology. He qualified as a Chartered Accountant in 1998.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now