Axa Framlington Emerging Markets

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AXA FRAMLINGTON EMERGING MARKETS
INITIAL CHARGE	DISCOUNT	REDUCED INITIAL CHARGE
5.25%	4.75%	0.50%

OUR VIEW:

The fund has outperformed the index in each of the last three years, so it has the dual attraction of experienced management and outstanding performance. It is managed by William Calvert, who has been fulfilling this role with Framlington since 1997. The fund can choose from all emerging markets, and the manager takes care to avoid areas where the downside potential is too great, whether at a stock or country level, a defensive approach which has attractions in these higher risk markets.

RISK AND YOUR PORTFOLIO:

This is undoubtedly a higher risk fund, but one that is well diversified. Providing that you are comfortable with such higher risk investments, you should probably regard 10% of your portfolio as the minimum that should be invested into emerging markets. If this will be your first foray into emerging markets, you could begin with just 5%, and top-up on weakness, or simply invest monthly.

ABOUT THE FUND:

To achieve capital growth through investment in companies which are incorporated, have their headquarters, or have their principal operations in countries which are, in the Manager's opinion, developing countries.

FUND FACTS:
LAUNCHED	FUND SIZE	ANNUAL CHARGE	FUND MANAGER
31/12/1992	£157.5 million	1.50%	William Calvert

FUND PERFORMANCE: To 31st December
0-12m	12-24m	24-36m	36-48m	48-60m
+46.87%	+18.48%	+53.98%	+15.50%	+39.41%

The fund is managed by William Calvert, who has been fulfilling this role with Framlington since 1997. The fund has outperformed the index in each of the last 5 years, so it has the dual attraction of experienced management and outstanding performance. The Framlington team believe that emerging markets are on the cusp of a sustained period of strong secular growth.

The fund can choose from all emerging markets, and the manager takes care to avoid areas where the downside potential is too great, whether at a stock or country level, a defensive approach which has attractions in these higher risk markets.

Discrete 12 monthly performance for Axa Framlington Emerging Mkts.
to 30/11/06	to 30/11/05	to 30/11/04	to 30/11/03	to 30/11/02
+28.62%	+38.62%	+12.58%	+39.40%	+3.13%

The official initial charge is 5.25%, but through Dennehy Weller & Co it is only 0%. The standard annual management charge is 1.5%.

I do commend Dennehy Weller for the Top Funds publication as I feel it gives investors like us the r...
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