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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 | 6.54% | -2.57% | 17.08% | 17.97% | 16.32% |
| Appropriate Market Index (AMI)2 | 5.11% | -3.78% | 16.95% | 15.58% | 14.20% |
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 |
|---|---|
| Microsoft Corp | 4.00% |
| Amazon Com Inc | 3.39% |
| Nvidia Corp | 2.81% |
| Applovin Corp | 1.94% |
| Visa Inc - A | 1.78% |
| Progressive Corp | 1.52% |
| Broadcom Corp Com | 1.10% |
| Wolters Kluwer | 1.07% |
| 3I Group Plc | 0.96% |
| Linde Plc | 0.89% |
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Commentary
As of 31 May 2025
Market Overview
Fund Commentary
WCM was once again the standout performer, returning 10.1% and outperforming the index by just over 5%. NAME also shined exceeding the benchmark return by 1.1%, while JP Morgan returned did even better, outperforming the index by over 2%. In contrast, Royal London had a more challenging month - although the portfolio returned 4.62%, it was -0.5% shy of the index return.
At the fund level, AppLovin was the top contributor to performance. Its remarkable performance can be attributed to several factors - impressive Q1 results highlighted the company's robust financial health and growth trajectory, and the sale of its mobile gaming business to Tripledot Studios for USD 400 million in cash, alongside acquiring a 20% equity stake in Tripledot. The move signalled AppLovin's strategic pivot towards high-margin advertising technology. Another WCM holding in the technology space is Robinhood Markets which performed well, as did GE Aerospace and Siemens Energy in the industrial space.
In aggregate, the Multi-Manager Fund is overweight to ‘mega-cap’ stocks Microsoft, Amazon.com and Taiwan Semiconductor and these all made a strong contribution to relative performance. The fund’s top holding, Microsoft, published robust Q3 FY2025 earnings, supported by continued momentum in AI and cloud. Key detractors from performance included a mix of overweight and underweight exposures. The largest detractor was an underweight exposure to the electric vehicle manufacturer Tesla, which surged 22%. Investor enthusiasm for Tesla was fuelled by the company’s upcoming robotaxi service in Austin, Texas, which is expected to commence with 10 to 20 autonomous vehicles, and speculation about a new, more affordable Tesla model commencing production in June 2025. Nil exposure to major index constituents Alphabet Class C and JP Morgan Chase & co., both of which gained approximately 7% also detracted from relative performance. Other significant detractors included overweight positions in Vertex Pharmaceuticals and Genpact Limited. Shares of Vertex, a global biotechnology company, fell 14% after its first-quarter 2025 results came in short of analyst expectations.