2019 Grand National: Four funds for the long-term and four horses for Saturday
The saying “it’s a marathon not a sprint” could never be truer than for the 40 horses and jockeys...
AXA Framlington Global Technology
An unconstrained multi-cap fund that seeks growth from technology stocks from around the world. Its lack of benchmark constraints means it is free to invest in 'new technology' rather than 'old commodity' companies. Jeremy Gleeson has successfully run this fund since 2007 and has been specialising in technology stocks since 1998.
Our opinion
It is important in any fund to avoid the losers but no more so than in the technology sector. Jeremy's level-headed commitment to finding new opportunities with strong commercial potential and ignoring yesterday's winners, coupled with his and his team's vast experience, may make the AXA Framlington Global Technology fund an appealing option for investors seeking technology exposure.
Company description
AXA Investment Management is the asset management arm of the eponymous French insurance giant. It is one of the largest investment companies in Europe and acquired Framlington Investment Managers in 2005. Framlington Equities provides a dynamic, autonomous investment culture within the larger AXA group, and was awarded the Elite Equities Provider Rating in both 2016 and 2018.
Fund manager
Jeremy joined AXA Framlington in 2007 when he started managing the AXA Framlington Global Technology fund. Previously, he was senior portfolio manager on the technology desk at Close Investments. He has a degree in mathematics and a Masters in Systems Engineering from Cardiff University. Jeremy is also a CFA charterholder.
Technology breakthroughs aren't always anticipated, which makes the sector all the more exacting to invest in.
Jeremy GleesonFund manager
Investment process
Individual stock picking ultimately drives portfolio construction, with each holding exposed to one or more key themes that are expected to underpin technology sector growth over the coming years. Jeremy looks for companies with progressive-thinking management, dominant positions, above-market growth and sustainable or improving profitability. He believes the benchmark is populated with the successful technology companies of the past, not necessarily the future. He therefore looks for new technology with proven commercial viability.
Risk
Technology is inherently risky but by avoiding the blue sky companies (good ideas but zero income and burgeoning development costs) and waiting for companies to fully develop their products, the fund is more likely to avoid the pitfalls that affected tech funds in the early 2000s.
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