| Report Date | 01 November 2019 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | September 2019 |
| Latest Return | 0.07% |
| Latest 6 Months | 3.54% |
| Latest 12 Months | -1.22% |
| Latest 24 Months (pa) | 4.22% |
| Annualised Since Inception | 5.52% |
| 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 (Fund) delivered a return of +0.07% in September. Since inception, the Fund has returned 5.52% p.a. with an annualised volatility of 4.85%. By contrast, the ASX200 Accumulation Index has returned +8.76% p.a. with an annualised volatility of 10.82% over the same period. The Fund's down-capture ratio for performance since inception of 5.08% and maximum drawdown since inception of -7.04% versus the Index's -13.73% highlight the Fund's focus on avoiding the market's downside over the long-term.
NWQ's view is that global markets continue to be caught between the conflicting currents of a global economic slowdown and heightened geopolitical risk on the one hand and central bank policies designed to stimulate growth on the other. They noted the relative calm in equity markets during the month presented the Fund's managers with fewer opportunities than in recent months which was reflected in the Fund's flat performance in September. NWQ are satisfied with the Fund's return of +4.17% over the quarter. |
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