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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 | 1.95% | 3.81% | 32.23% | 8.02% | 13.31% |
| Appropriate Market Index (AMI)2 | 1.92% | 4.84% | 29.69% | 6.42% | 10.76% |
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 | 23.46% |
| Microsoft Corp | 3.96% |
| Amazon Com Inc | 3.22% |
| Nvidia Corp | 2.87% |
| Suspense A/C Uut | 2.27% |
| Unitedhealth Group Inc Com Stk Us0.01 | 2.20% |
| Progressive Corp | 1.63% |
| Visa Inc - A | 1.28% |
| Constellation Software Com | 1.23% |
| Taiwan Semicon Manufacturing Co Ltd | 1.19% |
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Commentary
As of 30 September 2024
The fund delivered a return of 3.92% (gross of fees) in the third quarter, underperforming the benchmark return of 4.84% by 92 basis points (bps). Out of the four underlying managers, only NAME outperformed with a return of 2.40%, marginally better than the benchmark return. While WCM, JP Morgan and RLAM had a challenging quarter. The Fund’s top individual contributors to relative performance in the third quarter, were overweight positions in AppLovin Corp (information technology), Progressive Corp (financials) and UnitedHealth Group (healthcare), all of which outperformed. Conversely, overweight positions in Amazon.com (consumer discretionary) and Microsoft (information technology), both of which underperformed, detracted from performance. Additionally, the underweight position in Tesla (consumer discretionary) which gained more than 26% over the quarter, was among the key detractors from performance. Analysing the Fund’s performance attribution, stock selection had a more negative impact than the positive contribution from sector allocation over the quarter. Key detractors included negative allocation effects from underweights to the outperforming real estate and utilities sectors, as well as negative stock selection in the materials, energy, information technology, consumer discretionary and consumer staples sectors. However, underweight positions in the poorly performing energy and information technology sectors added value, while the stock selection effect was positive in the financials, healthcare and industrials sectors. Finally, we noted that JP Morgan has adjusted their portfolio to better balance their growth and defensive exposures, adding to lower growth defensives such as consumer staples, utilities, financial services; but also adding to high growth cyclicals such as semi-conductors.