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The Multi-Manager global equity strategy has four underlying managers WCM Investment Management, Royal London Asset Management, Nikko Asset Management Europe Ltd and JP Morgan Asset Management. These managers select companies from around the world covering a diverse range of regions and sectors. The appointed global managers are responsible for the investment management of the assets. The multi-manager global equity strategy managed by Yarra Capital Management.
This fund combines four underlying managers WCM Investment Management, Royal London Asset Management, Nikko Asset Management Europe Ltd and JP Morgan Asset Management. Each manager selects companies from around the world covering a diverse range of regions and sectors based on their own investment process. The result is a portfolio that holds around 150-170 companies. The multi-manager global equity strategy is managed by Yarra Capital Management.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 1.07% | 6.11% | 37.80% | 6.31% | 12.85% |
| Appropriate Market Index (AMI)2 | -1.14% | 2.35% | 31.82% | 3.92% | 9.95% |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Jpm Global Select Equity X Acc Usd | 32.06% |
| Microsoft Corp | 3.78% |
| Amazon Com Inc | 3.28% |
| Nvidia Corp | 3.20% |
| Unitedhealth Group Inc Com Stk Us0.01 | 1.93% |
| Taiwan Semicon Manufacturing Co Ltd | 1.55% |
| Progressive Corp | 1.53% |
| Applovin Corp | 1.46% |
| Visa Inc - A | 1.23% |
| Safran Sa | 1.07% |
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Commentary
As of 31 October 2024
Market Overview
Fund Commentary
In October, the fund returned -0.31% (gross of fees), outperforming the benchmark return of -1.14% by 83 basis points (bps).
The underlying managers delivered strong performance over the month; with growth manager WCM leading the way. Stock selection was especially strong in the information technology, industrials, consumer discretionary and healthcare sectors. However, it detracted in the communication services and consumer staples sectors. AppLovin Corp, a leading ad network and mediation platform company, was the fund’s top performer in October, returning 38.7% following very strong Q3 results. AppLovin uses its AI-powered AXON and AppDiscovery ad recommendation platforms to help businesses of every size connect to their ideal customers, enabling them to reach, monetize and expand their global audiences. Two of the fund’s semiconductor companies, Nvidia and Taiwan Semiconductor (TSMC), posted double-digit gains over the month, driven by announcements by several companies in the industry planning significant expansions to their AI-infrastructure-related spending. This is expected to result in strong demand growth for Nvidia’s world leading GPUs, and for TSMC’s chips. Delta Airlines was another top performer - its shares rallied 20% to their highest level since February 2020. This was in response to a sharp decline in crude oil prices, which dropped more than 6% after Israeli airstrikes on Iranian military installations avoided Iran's oil infrastructure, thereby averting a broader energy supply crisis. The fund’s top detractors from performance were primarily nil exposure or underweights to companies which performed well, for example, Alphabet Class C, JP Morgan Chase, Apple Inc. and Alphabet Class A. The overweight position in luxury goods company LVHM (held by Royal London and JP Morgan) was the exception, its share price fell almost 8% over the month, partly due to headwinds from China, which accounts for more than 20% of the luxury industry’s revenues.