| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 Fund returned -0.49% in December. NWQ say the final quarter of 2018 was reminiscent of the same period 10 years earlier during the Global Financial Crisis with sharp falls across the major indices. They noted few of the Fund's underlying managers were able to hedge out the full extent of the market's fall, thus contributing to the Fund's quarterly return of -6.05%. NWQ pointed out that the reason for this was that the types of stocks typically favoured by managers (i.e. momentum and low volatility) underperformed the types of stocks that are avoided or viewed as short candidates (i.e. value and higher-yield). This resulted in the Fund deviating from its historical profile where prior to the December quarter its average return in negative markets was +0.12%. However, given that years in which the Fund underperformed its historical average in the past (i.e. 2014 and 2016) were almost always followed by years of outperformance (i.e. 2015 and 2017), NWQ remain positive the Fund will once again revert to the mean and make up for the December quarter's losses. |
| More Information |
