| Report Date | 18 September 2018 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | August 2018 |
| Latest Return | 0.80% |
| Latest 6 Months | 2.27% |
| Latest 12 Months | 13.31% |
| Latest 24 Months | 10.97% |
| Annualised Since Inception | 7.02% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$82 |
| 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 +0.80% in August, taking annualised performance since inception in May 2013 to +7.02% with an annualised volatility of 4.62%. By contrast, the ASX200 Accumulation Index has returned +8.48% p.a. with an annualised volatility of 10.84% over the same period. The Fund's Sharpe and Sortino ratios, 1.07 and 2.01 respectively, in conjunction with the Fund's down-capture ratio of -6.90%, highlight the Fund's capacity to achieve superior risk-adjusted return whilst ensuring investors' capital is protected from the market's downside.
NWQ noted there was a high degree of dispersion in the returns of the underlying managers in August. This illustrates the diversified nature of the Fund with the constituent managers employing a broad array of hedged equity strategies. This dispersion is also reflective of the heightened level of stock market volatility that is typical of reporting season. NWQ mentioned the earnings announcements were particularly favourable for the Fund's Alpha allocation, which made a strong contribution to overall performance (+1.17%). |
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