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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | The Fund reduced risk, closing curve exposures and running less duration at 4 years for the first half of the month. The Fund added duration within seconds of the FED rate decision and added further duration during the dovish FOMC press conference taking the funds duration above index up to 6.1 years. As the market rallied strongly in the following few days, the Fund started lightening risk into the rally, locking in gains and returning the Fund to a more balanced position into quarter end at 4.2 years duration. At month-end, majority (54.23%) of the portfolio was in the Australian Government Bonds, followed by State Government Bonds at 30.65%. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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