AXA Investment Managers has restructured the AXA World Funds (WF) Framlington Health fund as a longevity-focused fund.
A sub fund of the AXA World Funds SICAV, the newly-named AXA WF Framlington Longevity Economy fund remains an equity mandate but now aims to achieve long-term capital growth by investing in companies linked to the ageing of the population and increasing life expectancy worldwide.
The multi-cap fund holds companies focused on aged care, wellness and medical treatments as well as those benefiting from the increase in ‘silver spending', such as leisure activities, financial planning and aesthetics.
Dani Saurymper, who has managed the $117.65m (£90.49m) fund since August 2015 and heads up the ageing and longevity research capabilities at the firm, described the ageing population as "one of the greatest transitions of this century" and a "multi-decade growth opportunity".
He said: "We have been transitioning away from investing exclusively in healthcare to other sectors, such as: real estate investment trusts (REITs) investing in hospitals, senior care and assisted living facilities; financials, such as wealth managers - if people are living longer they will need to save more - and secondary education - working careers are going to be longer and some jobs will become obsolete."
The £534m AXA Framlington Health unit trust - also run by Dani Saurymper - is not affected.
Working in London and Geneva
Staunch value investor
Effective 24 September
Latest edition of the print magazine online
Four-part Big Question special