Making a list and checking it twice
You’re probably thinking it’s too early to be talking about Christmas. But whether you want to...
AXA Framlington Global Technology
An unconstrained fund that invests in technology companies 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 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 (AXA IM) is the asset management arm of the eponymous French insurance giant. Framlington Investment Managers was acquired by AXA and Framlington Equities provides a dynamic, autonomous investment culture combined with the stability and operational scale that comes with being part of one of the world’s largest investment managers. AXA IM was awarded the Elite Provider for Equities rating in 2015, 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. The fund is typically comprised of 55-75 stocks, with a bias towards small and medium-sized companies. This is a high conviction strategy with a relatively low turnover of companies.
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 technology funds in the early 2000s.
Read more about this fund
The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.