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Nothing on this Website constitutes investment advice. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by AXA IM/AXA IM US or their affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This Website also does not constitute, and should not be considered to be, tax advice. Depending on each country and local jurisdiction, tax rules are complicated and their impact on a particular individual may differ depending on the individual's specific circumstances. Investors should consult with their legal or tax advisor regarding their specific situations. Decisions based on information on this Website are the sole responsibility of the user, and in exchange for using this Website, the user agrees to hold AXA IM/AXA IM US harmless against any claims for damages arising from any decisions that the user makes based on such information.
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Rosenberg Equities data
Although its investment approach is driven by bottom-up stock selection akin to that of a traditional fundamental investor, Rosenberg Equities seeks to achieve its clients’ investment objectives primarily in reliance on analytical models. The goal of Rosenberg Equities’ systematic approach is not to replicate a perfect “model” portfolio; instead, like other long-term, fundamentally oriented investors, it seeks to create portfolios possessing ex-ante those fundamental and statistically important characteristics reflecting its investment beliefs. Rosenberg Equities’ ability to implement its investment objectives depends on various considerations such as the models’ economic, analytical and mathematical underpinnings, the accurate encapsulation of those principles in a complex computational (including software code) environment, the quality of the models’ data inputs, changes in market conditions, and the successful expression of the models' views into the investment portfolio construction process.
Many of these have subjective elements that present the possibility of human error. While the investment process principally relies on models, Rosenberg Equities’ process also incorporates the investment judgment of its portfolio managers who may exercise discretion in attempting to capture the intent of the models, particularly in changing market conditions. Rosenberg Equities’ success in implementing its investment objectives may depend on the ability of portfolio managers and others to interpret and implement the signals generated by the models. Rosenberg Equities has established certain systematic rules and processes for monitoring client portfolios to ensure that they are managed in accordance with their investment objectives, but there is no guarantee that these rules or processes will effectively manage the risks associated with its investment process under all market conditions. While Rosenberg Equities employs controls designed to assure that its models are sound in their development and appropriately adapted, calibrated and configured, analytical error, software development errors, and implementation errors are an inherent risk of complex analytical models and quantitative investment management processes.
These errors may be extremely hard to detect, and some may go undetected for long periods of time or indefinitely. Rosenberg Equities’ controls, including its escalation policies, are designed to ensure that certain types of errors are subject to review once discovered. However, the effect of errors on its investment process and, where relevant, performance (which can be either positive or negative) may not be fully apparent even when discovered. When Rosenberg Equities discovers an investment process error in one of its models, it may in good faith and in accordance with its obligations, decide not to correct the error, to delay correction of an error, or develop other methodology to address the error, if not inconsistent with the client’s interests. Also, Rosenberg Equities generally will not disclose to affected clients investment process errors that are not the result of a contractual or regulatory breach, or that are non-compensable, unless it otherwise determines that information regarding the error is material to its clients.
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