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AXA Framlington Global Technology

Elite Rated by FundCalibre

An unconstrained multi-cap fund that seeks growth from technology stocks through worldwide investment in equities and the lack of benchmark constraints enables investment in “new technology” rather than “old commodity” companies. Jeremy has successfully run this fund since 2007 and has been specialising in technology stocks since 1998.

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.

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Fund Manager

Jeremy is the lead fund manager and has been managing global technology equities since 1998. He joined AXA Framlington in 2007 when he started managing this fund. He has a degree in mathematics and a masters in systems engineering from Cardiff University. Apart from Jeremy, the global technology team consists of the equity sector specialists from AXA’s well resourced global equity team.

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Where products are manufactured is neither here nor there; that is primarily a function of cost base not know-how.

Jeremy Gleeson - Fund Manager

The Investment Process

The investment philosophy is based on two theses – that it takes a new development, in the concept stage, far longer to be ready for mass distribution and that when it is ready to be commercially deployed it tends to address a far larger market than initially anticipated and so avoiding the “false dawns” is a key part of their process.

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 they are more likely to avoid the pitfalls that affected tech funds in the early 2000’s.

Our Opinion

It is important in any fund to avoid the losers but no more so than in the technology sector. Jeremy’s and the team’s experience, plus their philosophy of avoiding blue sky companies, has been key in driving the success of this fund.

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