| Report Date | 22 June 2018 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | May 2018 |
| Latest Return | 1.20% |
| Latest 6 Months | 5.97% |
| Latest 12 Months | 13.88% |
| Latest 24 Months | 10.77% |
| Annualised Since Inception | 7.36% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$87 |
| 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 +1.20% in May, outperforming the ASX200 Accumulation Index by +0.11% and taking annualised performance since inception in May 2013 to +7.36%. The Fund's Sharpe and Sortino Ratios, 1.12 and 2.11 respectively, by comparison with the Index's Sharpe ratio of 0.54 and Sortino ratio of 0.74, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst protecting investors' capital.
NWQ noted that, despite the modest rise in the equity market in May, there continues to be an elevated level of return dispersion at the stock level which was beneficial to the Fund's Alpha managers.
NWQ's Investment Committee remains circumspect about the Fund's beta exposure (i.e. exposure to the directionality of the equity market) and continues to prefer market neutral or low net exposure strategies at this time. |
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