AXA Framlington Monthly Income Fund
Fund facts as at 27 February 2009
Objective
To combine a regular income with potential for long term capital growth. The Fund will invest mainly in equities and fixed interest securities. The Fund provides monthly income payable direct to a UK bank or building society account.
GEORGE LUCKRAFT Fund Manager Joined September 2002
George joined Framlington in 2002 and is the lead fund manager for the AXA Framlington Equity Income, AXA Framlington Managed Income and AXA Framlington Monthly Income Funds. Previously he worked for Carrington Pembroke (subsequently ABN AMRO and now Artemis Unit Trust Managers) where he was Head of UK Equities. George graduated from Cambridge with a degree in Engineering and Land Economy in 1980.
Fund manager's commentary
Main changes to the portfolio during February The weighting in Vodafone was increased. The holding of Ideal Shopping was sold. Factors affecting performance during February In a weak market the Fund outperformed despite a significant fall in SkyePharma convertible. Good rises in some of the smaller company holdings such as Nationwide Accident and Zytronic helped. These rises were on the back of good trading updates. Current market influences and outlook Economic data continues to be bad as the severity of the slowdown becomes more apparent. The UK economy is entering unchartered territory with the Bank of England undertaking Quantitative Easing. Dividend cuts will continue to feature as will rights issues. Current pricing are discounting a lot of bad news. Past performance is not a guide to future returns. The value of investments and the income from them can fall as well as rise and you may not get back the full amount originally invested.
Top ten holdings
BP ROYAL DUTCH SHELL B SHARES PREMIER FARNELL 89.2P CCRP ú1 VODAFONE GROUP HSBC HOLDINGS HEALTHCARE LOCUMS HILTON FOOD GROUP BRITISH AMERICAN TOBACCO PLAYTECH LIMITED SCOTTISH AND SOUTHERN ENERGY Total* Total number of holdings
* Total may not equal sum of top ten holdings weightings (above) due to rounding.
axa_b2bUK_5818_en_213663
% 5.6 5.5 4.1 4.1 3.9 3.6 2.9 2.8 2.7 2.6 37.8 92
AXA Framlington Monthly Income Fund
Discrete performance over 12 month periods to latest quarter end (%)
31/12/03 - 31/12/04 31/12/04 - 31/12/05 31/12/05 - 31/12/06 31/12/06 - 31/12/07 31/12/07 - 31/12/08
Fund facts
-44.9 Fund type Unit Trust Fund size £121.7m Income yield after charges* 8.77% Launch date 26/10/84 Sector Equity United Kingdom Income Currencies available GBP Dealing day 09:00 to 17:30 business hours Valuation point 12:00 London time Ratings OBSR AAA
* As at 27/02/2009. Net of tax after charges.
AXA Framlington Monthly Income Fund
21.9
24.0
18.6
-13.2
Cumulative performance
Fund (%) Sector median (%) Ranking Quartile
6 months Year to date 1 year 3 years 5 years
-38.7 -9.1 -47.3 -52.7 -27.5
-26.7 -11.0 -30.1 -27.9 3.4
87/92 25/92 89/92 82/83 71/72
4 2 4 4 4
Investment information Fund performance over five years (%)
180 160 140 120 100 80 60 Feb 04 Aug 04 Feb 05 Aug 05 Feb 06 Aug 06 Feb 07 Aug 07 Feb 08 Aug 08 Feb 09
Initial charge Annual charge Min initial investment Min subsequent investment Min monthly investment PEP/ISA status
5.25% 1.50% £1000 £100 £50 Yes
Fund codes
accumulation income ISIN accumulation income MEX accumulation income Valoren accumulation income Bloomberg accumulation income Sedol
AXA Framlington Monthly Income Fund S&P UT Fd UK Equity Income Index
Past performance is not a guide to future returns. Figures are on a bid to bid basis, net of fees and expenses, and assume net income is re-invested in sterling terms. Discrete and cumulative performance as well as weightings breakdowns (below) are based on published dealing prices. Allocations may not sum to 100% due to roundings.
Market cap breakdown
FTSE 100 FTSE 250 FTSE SmallCap FTSE Fledgling FTSE AIM Other & AIM Exchange Cash Fixed Income % 32.30 3.46 20.08 2.45 26.58 10.76 2.31 2.05
Industry breakdown
Industrials Financials Oil & Gas Consumer Goods Utilities Consumer Services Telecommunications Technology Basic Materials Not Classified Cash % 22.98 19.41 13.01 7.59 7.51 6.57 6.21 5.45 5.23 3.72 2.31
0349059 0350028 GB0003490595 GB0003500286 FRMIA FRMI 533434 384715 FRAMINA LN FRAMINI LN
Income payments
XD dates Final Interim Distributions Final Interim Calendar year 2004 2005 2006 2007 2008 06 Mar 06 Sep 06 Apr 6th of month Net income (p) 9.29 9.06
10.77 12.29 10.35
Sources: AXA Framlington Unit Management Ltd and Standard & Poor's (S&P). Unless otherwise stated all data shown is at 27/02/2009. Important information The value of investments and the income from them can go down as well as up and is not guaranteed. This may be due to market fluctuations or changes in exchange rates, or both. The amount returned may not be as great as the amount invested. Past performance is not a guide to future returns. Investments in newer markets, smaller companies or single sectors offers the possibility of higher returns but may also involve a higher degree of risk. The fund concentrates on the generation of income as a higher priority than capital growth and allocates the Manager’s charge to capital. Whilst this will increase the distributable income, it may accordingly constrain or erode capital growth. This document does not provide you with all the facts you need to make an informed decision about investing. You need to read the Simplified Prospectus and speak to your financial advisor. Investors in Switzerland should note that the current Prospectus, Simplified Prospectus and annual and semi-annual reports can be obtained free of charge from our Swiss Representative and Paying Agent: Banque Genevoise de Gestion (BGG) at 15 rue Toeppfer, CH-1206 Geneva, Switzerland.
Issued by AXA Framlington Unit Management Ltd which is authorised and regulated by the Financial Services Authority. Member of IMA. The registered office is 155 Bishopsgate, London, EC2M 3FT. Telephone calls may be recorded.
Customer services
0845 777 5511
Broker services desk
axa_b2bUK_5818_en_213663
0845 766 0184 axaframlington.com