| Report Date | 31 May 2018 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | April 2018 |
| Latest Return | 0.62% |
| Latest 6 Months | 6.44% |
| Latest 12 Months | 13.44% |
| Latest 24 Months | 12.59% |
| Annualised Since Inception | 7.23% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$85 |
| Fund Overview | The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The NWQ Fiduciary Fund returned +0.62% in April, taking performance since inception in May 2013 to +7.23% p.a. with an annualised volatility of 4.72%. By comparison, the ASX200 Accumulation Index has returned +7.53% p.a. with an annualised volatility of 11.13% over the same period. The Fund's Sharpe and Sortino ratios of 1.09 and 2.04 respectively are superior to the Index's Sharpe ratio of 0.53 and Sortino ratio of 0.72, highlighting the Fund's capacity to achieve better risk-adjusted returns than the market whilst limiting downside losses.
During the month, NWQ's Investment Committee modestly increased the Fund's exposure to the equity market neutral strategy by adding a newly approved manager. NWQ noted the current market environment is delivering relatively high stock price dispersion which is favourable for skilled equity market neutral managers. The Fund's beta exposure remains historically low given NWQ's current market risk assessment. |
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