| Report Date | 23 July 2018 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | June 2018 |
| Latest Return | -0.16% |
| Latest 6 Months | 2.92% |
| Latest 12 Months | 12.73% |
| Latest 24 Months | 11.08% |
| Annualised Since Inception | 7.21% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$86 |
| 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 -0.16% in June. Since inception in May 2013, the Fund has returned +7.21% p.a. with an annualised volatility of 4.67%. By contrast, the ASX200 Accumulation Index has returned +8.18% p.a. over the same period with an annualised volatility of 11.01%. The Fund's Sharpe and Sortino ratios, 1.10 and 2.06 respectively, highlight the Fund's ability to achieve better risk-adjusted returns than the market whilst ensuring investors' capital is protected. The Index's Sharpe and Sortino ratios for performance over the same period are 0.59 and 0.82 respectively. Over the financial year, the Fund returned +12.72% with an annualised volatility of 3.69% versus the Index's return of +13.01% with a volatility of 7.15%.
NWQ noted there was a small reversal in a number of themes in June that the Fund's Alpha managers had profited from in recent months due to investor portfolio repositioning ahead of the financial year end. NWQ expect the effect of this to be transitory and their outlook for their Alpha managers remains positive given the heightened level of volatility and stock-level dispersion seen in recent months. |
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