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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months | |
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| FUM (millions) | |
| Fund Overview | This is achieved through active allocations to a select number of liquid alternative managers that employ a variety of strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. |
| Manager Comments | NWQ noted the adoption of a more dovish tone by central banks in March stoked fears of a global slowdown. While this shift had been presaged in recent months, NWQ believe there now appears to be unanimous agreement among central bankers that global growth is under pressure. This, they say, sparked a broad rally in developed market government bonds with the US 10-year bond moving from 2.73% to 2.41% in March (as bond yields fall, bond prices rise). The rally in longer-term bonds saw the yield curve 'invert' meaning that short-term yields became higher than longer-term yields thereby signalling that investors see weaker growth on the horizon. Historically speaking an inverted yield curve has been a good predictor of a recession. Against this market backdrop there were strong contributions to the Fund's overall return from both the systematic (+2.21%) and discretionary (+0.77%) managers. The Fund's currency exposures produced solid gains in March with the main contributors being the long US Dollar, long Japanese Yen, and short Euro positions. The strength of the US economy relative to those in Europe and Asia has been a key theme in recent months. The Fund's fixed income exposures produced modest gains while there were small losses in equities and commodities. |
| More Information |
