| Report Date | 27 June 2019 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | May 2019 |
| Latest Return | -0.72% |
| Latest 6 Months | 0.47% |
| Latest 12 Months | -5.52% |
| Latest 24 Months (pa) | 3.73% |
| Annualised Since Inception | 5.13% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$70 |
| 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 has risen +5.13% since inception in May 2013 with an annualised volatility of 4.85%. By contrast, the ASX200 Accumulation Index has risen +8.19% p.a. with almost double the volatility (+10.93% p.a.) over the same period. The Fund's average negative return of -0.94% versus the Index's -2.52%, maximum drawdown since inception of -7.04% versus the Index's -13.73% and down-capture ratio of 6.79% highlight the Fund's low risk profile and focus on avoiding the market's downside.
The Fund returned -0.72% in May. NWQ noted the continuation of the 'melt up' in Australian equities was a tailwind for the Fund's Beta managers and presented challenges for its Alpha managers. NWQ maintain their conviction in their Alpha managers for their ability to deliver attractive risk-adjusted returns and provide their investors diversification when equity markets are challenged. |
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