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' and innovation. James & Matthew took over the management of this fund in January 2025.

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Our Opinion
Fund Managers
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

We are excited by the appointment of James and Matthew, the two new fund managers on this fund. Both are experienced and have an excellent knowledge and understanding of the sector. We like their process which emphasises only investing in tech innovators and leaders. This high conviction approach and willingness to be different to the benchmark is a rarity in this sector. It is early for the new managers but we are confident they can deliver and this fund remains an appealing option for investors seeking technology exposure.

Fund Managers

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Fund Managers

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James Dowey, Co-manager James joined AXA in January 2025 having previously worked at Liontrust as Co-Head of the Global Innovation Team and Co-Manager of the Global Technology, Global Innovation and Global Dividend Funds. With 15 years of experience in the industry, he has also researched and taught the history of innovation at the London School of Economics. He has an MA in economics from Edinburgh University, an MPhil in economics from King’s College, Cambridge University and a PhD from the London School of Economics.

Manager photo

Matthew Ward, Co-Manager Matthew has 23 years of industry experience and joins AXA IM from Barings, where he was Head of Global Technology Equities and Co-Head of Global and International Equities.Before Liontrust, he worked for Bear Stearns International as a Vice President in Equity Research responsible for coverage of telecoms stocks in the Pan-European region. Before that, Matthew worked in the TMT practice of Arthur Andersen. He holds a B.A. in Business Economics from the University of Exeter, passed the IMC in 2008 and is a Fellow Chartered Accountant (FCA).

James Dowey, Co-manager James joined AXA in January 2025 having previously worked at Liontrust as Co-Head of the Global Innovation Team and Co-Manager of the Global Technology, Global Innovation and Global Dividend Funds. With 15 years of experience in the industry, he has also researched and taught the history of innovation at the London School of Economics. He has an MA in economics from Edinburgh University, an MPhil in economics from King’s College, Cambridge University and a PhD from the London School of Economics.

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Matthew Ward, Co-Manager Matthew has 23 years of industry experience and joins AXA IM from Barings, where he was Head of Global Technology Equities and Co-Head of Global and International Equities.Before Liontrust, he worked for Bear Stearns International as a Vice President in Equity Research responsible for coverage of telecoms stocks in the Pan-European region. Before that, Matthew worked in the TMT practice of Arthur Andersen. He holds a B.A. in Business Economics from the University of Exeter, passed the IMC in 2008 and is a Fellow Chartered Accountant (FCA).

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Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Technology & Technology Innovation

Gearing-

Fund Size-

Fund Manager Start Date 24 March 2006

Ongoing Charges Figure (OCF) -

Payment Date(s) Jan

Annual Management Charge (AMC) -

Fund Performance

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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.

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Risk: 10

Company Description

AXA Investment Managers (AXA IM) is the asset management arm of the eponymous French insurance giant. AXA IM’s equity investment team manages a range of qualitative and quantitative solutions. AXA IM’s qualitative equity strategies – which are actively managed - aim to generate high and consistent returns over the long term, investing in companies with high revenue growth and sustainable profit margins. The quantitative investment approach, driven by the ‘Equity QI’ team, combines vast sets of data and technology to seek investment opportunities on a global scale. AXA IM Equity was awarded the Elite Provider for Equities rating in 2015, 2016, 2018 and 2021.

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Fund Performance

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Risk

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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.

Company Description

Close

AXA Investment Managers (AXA IM) is the asset management arm of the eponymous French insurance giant. AXA IM’s equity investment team manages a range of qualitative and quantitative solutions. AXA IM’s qualitative equity strategies – which are actively managed - aim to generate high and consistent returns over the long term, investing in companies with high revenue growth and sustainable profit margins. The quantitative investment approach, driven by the ‘Equity QI’ team, combines vast sets of data and technology to seek investment opportunities on a global scale. AXA IM Equity was awarded the Elite Provider for Equities rating in 2015, 2016, 2018 and 2021.

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. The managers looks for companies with progressive-thinking management, dominant positions, above-market growth and sustainable or improving profitability. They believe the benchmark is populated with the successful technology companies of the past, not necessarily the future. They therefore looks for new technology with proven commercial viability. The fund typically comprises 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.

ESG

ESG - Limited  

As a firm, AXA has company-wide investment restrictions based on specific ESG risks – an approach that has been very forward thinking. It monitors and excludes multiple industries for all assets under management (e.g: controversial weapons, palm oil and soft commodities). It has also recently enforced and strengthened its stance on coal-based power production with limits and exclusions on revenue, power generation, expansion and mining development. Beyond this, the fund has no further restrictions. Governance is, however, an important consideration, and Steve always engages with management teams of his portfolio holdings.

Related Insights

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