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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 | 2.20% | 4.54% | 15.31% | 20.20% | 16.93% |
| Appropriate Market Index (AMI)2 | 2.77% | 4.05% | 16.61% | 18.29% | 14.99% |
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 | 31.10% |
| Microsoft Corp | 4.18% |
| Amazon Com Inc | 3.48% |
| Nvidia Corp | 3.15% |
| Visa Inc - A | 1.71% |
| Applovin Corp | 1.39% |
| Progressive Corp | 1.36% |
| Taiwan Semiconduct Manufacturing Usd | 1.33% |
| Broadcom Corp Com | 1.22% |
| Booking Hldgs Inc Com Usd0.008 | 1.10% |
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Commentary
As of 30 June 2025
Market Overview
Fund Commentary
WCM delivered an outstanding return of 11.2% over the quarter, outperforming the index by over 7%. The other growth manager, NAME, also shined with a return of 6.4%, to outperform by just over 2%. The two core managers, JP Morgan and Royal London, had a more challenging quarter, posting returns of 2.9% and 1.9% respectively.
Stock selection was particularly strong in the information technology, industrials and communication services sectors, while underweights to the poor performing energy and consumer staples sectors also added value. The key detractors from performance were financials and consumer staples sectors as well as an overweight to the poor performing healthcare sector.
At the individual security level, the fund benefitted most from overweights to Microsoft, Robinhood Markets, Siemens Energy and AppLovin Corp, which all had very strong returns, as well as an underweight exposure to Apple, which fell more than 10% over the quarter. Despite reporting strong financial results, Apple was negatively influenced by tariff impacts, geopolitical tensions, lower-than-expected demand for the iPhone 17, Apple’s perceived lack in AI development and ongoing legal disputes (e.g. the antitrust case with Epic Games over App Store fees). The financial services and online broking platform Robinhood Markets was the highlight over the quarter with an extraordinary return of 110%. A key driver of this remarkable performance was Robinhood’s decision to launch the tokenization of US stocks and ETFs in the European Union (EU).
The fund’s key detractors from performance over the quarter were overweights to poor performing names such as UnitedHealth Group, LVMH, Progressive Corp, Brown & Brown and Tyson Foods. UnitedHealth’s sharp decline was driven by a combination of leadership changes, operational challenges, regulatory pressures, and strategic refocusing. The world’s largest luxury goods company, LVMH, struggled on account of lower revenue in its Fashion & Leather Goods segment during Q1-2025, attributed to reduced consumer spending in China. Insurance stocks such as Progressive Corp and Brown & Brown were particularly weak over the quarter – as many of those names have been big winners in 2024, with investors opting to realise profits and shift their allocations towards the technology sector.