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The Multi-Manager global equity strategy has four underlying managers WCM Investment Management, Royal London Asset Management, Amova 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, Amova 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 | 1.37% | 4.65% | 12.35% | 22.50% | 13.12% |
| Appropriate Market Index (AMI)2 | 3.63% | 7.95% | 16.71% | 22.31% | 12.54% |
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 | 32.42% |
| Life Cycle Concentrated Global Share Fund Class Z | 27.82% |
| Applovin Corp | 2.48% |
| Microsoft Corp | 1.83% |
| Nvidia Corp | 1.78% |
| Amazon Com Inc | 1.70% |
| Saab Ord Shs Class B | 0.96% |
| Taiwan Semicon Manufacturing Co Ltd | 0.94% |
| 3I Group Plc | 0.87% |
| Rolls Royce Ord | 0.86% |
Commentary
As of 30 September 2025
Market Overview
Fund Commentary
The fund returned 4.99% (NZD, unhedged) in Q3, underperforming the global equity index (MSCI ACWI) which returned 7.95%. The quarter, and indeed the 2025 year-to-date, has been a challenging period for many active managers, as AI driven market gains have made it difficult to keep pace with benchmark returns. Most of the fund’s underlying managers underperformed over the third quarter; the one growth manager WCM being the exception. The core manager, JP Morgan and the other growth manager, Amova (NAME) , found the quarter extremely challenging, underperforming the benchmark. The fund made a manager change during the month of September, replacing Royal London with the Australian-domiciled Life Cycle Concentrated Global Share Fund. This follows the departure of the core investment team from Royal London at the end of April 2024 to set up their own boutique, Life Cycle Investment Partners, using the same corporate life cycle investment process they previously used with great success at Royal London. The fund’s unusually poor relative performance over the third quarter warrants some introspection. Geopolitical uncertainties and tightening consumer finances affected some sectors negatively, while AI continued to boost the performance of other sectors (such as information technology and communication services). Of all the fund’s managers, Amova found the quarter the most challenging since they started diversifying their portfolio away from AI related exposure and into higher-quality, more predictable growth franchises. This positioning worked well up to the end of July. However, over the past two months, this strategy has been challenged by a significant de-rating of low-volatility, high-quality companies (which make up the bulk of their portfolio), as the market has rotated into an unusual combination of high growth in the US and value elsewhere.