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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 | New bond issuance provided the best trading opportunities of the month with large supply concessions available in the new 24yr ACGB 39's and new 13yr TCV 28's bond which generated the majority of our performance. The Fund set steepening exposure throughout the month and will retain through the November RBA meeting. At month-end, the portfolio mix was adjusted resulting in higher holding (53.67%) of Semi (State) Government Bonds, followed by 27.80% in the Australian Government Bonds, with average duration of 4.47 years. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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