| Report Date | 24 February 2020 |
| Manager | NWQ Capital Management Pty Ltd |
| Fund Name | NWQ Fiduciary Fund |
| Strategy | Multi Strategy |
| Latest Return Date | January 2020 |
| Latest Return | 1.90% |
| Latest 6 Months | 5.56% |
| Latest 12 Months | 9.49% |
| Latest 24 Months (pa) | 2.79% |
| Annualised Since Inception | 5.94% |
| 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 +1.90% in January. Since inception in May 2013, the Fund has returned +5.94% p.a. with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.20% p.a. with an annualised volatility of 10.79% over the same period. The Fund's Sortino ratio of 1.45 versus the Index's 1.01 and down-capture ratio of 0.89% for performance since inception highlight NWQ's focus on avoiding capital loss in falling markets.
The Fund's Alpha and Beta managers both contributed positively to overall performance in January. NWQ noted low interest rates and QE continue to be supportive of equity market valuations generally. This environment presents opportunities for the Fund's underlying managers on both the long and short sides of their portfolios. Overall, the Fund has a market neutral exposure to the equity market (net market exposure of 22%) and is positioned to profit from both long and short opportunities. |
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