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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 portfolio was positioned cautiously over the Christmas and New Year period, lowering fund duration and setting up for maximum roll and carry over the holiday break. Over the month the fund held an average duration position of 4.21 years which resulted in material under performance, given the benchmark's larger weighting at 5.80 years duration, but volatility provided some excellent opportunities to adjust duration over the month. Click below to read the Fund Manager's market outlook. |
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