| Report Date | 12 May 2016 |
| Manager | Jamieson Coote Bonds Pty Ltd |
| Fund Name | Jamieson Coote Bonds Active Fund |
| Strategy | Fixed Income |
| Latest Return Date | April 2016 |
| Latest Return | 0.33% |
| Latest 6 Months | 1.96% |
| Latest 12 Months | 4.70% |
| Latest 24 Months | |
| Annualised Since Inception | 5.34% |
| Inception Date | 01 December 2014 |
| FUM (millions) | AU$41 |
| Fund Overview | The Jamieson Coote Bonds Active Fund (JCBAF) is a long only macroeconomic investment fund. JCB appointed Jamieson Coote Asset Management as the Manager of the Fund. JCBAF's investable universe is limited to AAA and AA+ Government and Semi (State) Government Bonds and agencies in Australian Dollars, explicitly backed by public institutions, creating a highly liquid product with capital preservation and risk adjusted alpha creation as its core tenant. The Fund usually holds around 20 bond securities of differing maturities and generally individual security selection does not exceed 20% of the Fund's NAV.
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 | Jamieson Coote Bonds Active Fund rose 0.33%, outperforming the Bloomberg Australian Government Bond Index by 0.21%. The Australian equities market returned +3.37%. Since inception, the Fund has an annualised return of 5.34% p.a., achieved with relatively low volatility of 2.46% to give noteworthy Sharpe and Sortino ratios of 1.30 and 2.62 respectively. For April, the portfolio mix decreased its weighting from the prior month in the Australian Government Bonds to 60.39% and increased its weighting in Supra-National Bonds to 38.71%. Cash was less than 1% of the total portfolio. The fund held an average duration position of 4.80 years.
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