| Report Date | 16 January 2020 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | December 2019 |
| Latest Return | 1.68% |
| Latest 6 Months | 6.92% |
| Latest 12 Months | 7.92% |
| Latest 24 Months (pa) | 2.03% |
| Annualised Since Inception | 5.72% |
| 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 RBA Cash Rate + 4.0-5.0% 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 +1.68% in December, outperforming the ASX200 Accumulation Index by +3.85% and taking annualised performance since inception in May 2013 to +5.72% with an annualised volatility of 4.78%. By contrast, the Index has returned +8.53% p.a. with an annualised volatility of 10.73% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception of 0.81 and 1.36 respectively highlight the Fund's emphasis on capital preservation and downside avoidance.
NWQ noted market volatility was muted in December across the equity, currency and fixed income complexes. Positive reactions from investors on the US/China trade negotiations, the re-election of the Tory Government in the UK, and the additional liquidity provided by the Fed through its repo market interventions were generally supportive of global equities.
The Fund's Alpha managers (+2.29% contribution) disproportionately contributed to overall performance, as is to be expected given their market neutral profile. |
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