AXA IM eyes SMID-caps in equity income fund rebrand

Follows appointment of SMID-cap specialist Simon Young

AXA Investment Managers has rebranded its UK equity income fund, which will now access opportunities in a broader investment universe of smaller stocks.

The AXA Framlington UK Equity Income fund - formerly AXA Framlington Blue Chip Equity Income - can now invest in small- and mid-cap firms, targeting those with high sustainable barriers to entry within their industries. In 2018, manager of the fund Simon Young co-founded Heartwood Partners, which set out to target small and mid-cap companies looking to improve their relations with their shareholder base. However, Young left the firm later in the year to join AXA IM. Elsewhere, AXA IM has formalised the fund's target of delivering a yield of distributable income in excess of 100% of th...