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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 maintained some steepening exposure in the 3yr and 5yr area vs 10yr part of the curve as the Fund Managers believed that the RBA would cut rates, which proved correct. The Fund managed added duration immediately on the announcement and as such produced index returns running only 79% of the index duration risk (delta) through this major market move. Since then the Fund has lightened their duration exposures. The curve flattened late in the month causing small decay vs index into month end (-0.17% net). Spread positions remained very short dated in AAA names only. Click below to read the Fund Manager's market outlook. |
| More Information |
