| Report Date | 16 December 2019 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | November 2019 |
| Latest Return | 0.39% |
| Latest 6 Months | 5.12% |
| Latest 12 Months | 5.62% |
| Latest 24 Months (pa) | 2.59% |
| Annualised Since Inception | 5.53% |
| 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 rose +0.39% in November, taking 12-month performance to +5.62% and annualised performance since inception in May 2013 to +5.53% with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.00% p.a. with an annualised volatility of 10.74% over the same period. The Fund's down-capture ratio of 4.03% and Sortino ratio of 1.28 versus the Index's 0.98 highlight the Fund's capacity to protect investors' capital from the market's downside over the long-term.
NWQ noted there continued to be a high degree of dispersion in the returns of the underlying managers during the month. This trend continued from the previous month. NWQ believe the Fund's overall positive return demonstrates the benefits of adopting a multi-manager approach when allocating to long/short managers. The Fund's Alpha managers (+0.26%) and Beta managers (+0.21%) both contributed positively to overall performance. |
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