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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 significant repricing of RBA expectations by the market caused the term structure to bear flatten over the month. The Fund was cautious on outright valuations coming into year end and therefore reduced its duration exposures. The re pricing of the RBA and the huge employment report, suggesting boom like employment conditions in Australia did not help the Fund performance. However, the Fund investment team there is nothing boom like about Australia's economic growth outlook and hence adding front end duration exposure was fundamentally justified into 2016. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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