| Report Date | 19 September 2019 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | August 2019 |
| Latest Return | 0.85% |
| Latest 6 Months | 2.87% |
| Latest 12 Months | -1.75% |
| Latest 24 Months (pa) | 5.52% |
| Annualised Since Inception | 5.58% |
| Inception Date | 01 May 2013 |
| FUM (millions) | AU$67 |
| 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 +0.85% in August, outperforming the ASX200 Accumulation Index by +3.21% and taking annualised performance since inception in May 2013 to +5.58% with an annualised volatility of 4.88% By contrast, the Index has returned +8.57% p.a. with an annualised volatility of 10.89% over the same period. The Fund's down-capture ratio for performance since inception of 5.08%, Sortino ratio of 1.26 versus the Index's 0.90 and average negative return of -0.90% versus the Index's -2.52% highlight the Fund's focus on protecting investor capital.
NWQ believe the ongoing deterioration of economic fundamentals across the globe is likely to continue to spur episodic volatility in global markets similar to that which was seen in August. They noted this deterioration in economic fundamentals came through in the August results season, with companies as a whole delivering weak aggregate earnings-per-share growth and flagging future headwinds in outlook statements. This presented the Fund's investee managers with opportunities on both the long and short sides of their portfolios, which is reflected in the fact that both Beta (+0.42%) and Alpha (+0.49%) managers made positive contributions to the Fund's overall return in August. |
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