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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 | -3.99% | -10.43% | 9.82% | 14.70% | 15.31% |
| Appropriate Market Index (AMI)2 | -3.68% | -8.20% | 11.52% | 13.61% | 13.95% |
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 | 30.88% |
| Microsoft Corp | 3.49% |
| Amazon Com Inc | 3.09% |
| Nvidia Corp | 2.39% |
| Visa Inc - A | 1.98% |
| Progressive Corp | 1.68% |
| Applovin Corp | 1.44% |
| Unitedhealth Group Inc Com Stk Us0.01 | 1.37% |
| Constellation Software Com | 1.24% |
| USD BNP Paribas A/C | 1.23% |
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Commentary
As of 30 April 2025
Market Overview
Fund Commentary
The core strategy managers, JP Morgan and Royal London, that make up approximately 60% of the fund, both underperformed, while the growth managers, WCM and NAME, outperformed, with WCM standing out as the highlight of the month, outperforming the index by a substantial 243 bps.
Key contributors: overweight positions in 3i, Saab, Constellation Software. 3i Group plc is a UK-based private equity firm that owns most of Action, a thriving European discount retailer. Action, which started in the Netherlands, offers 6,000 products across 14 categories, with 20% being branded items. The store's allure is its everyday low pricing and the thrill of a treasure hunt experience, with most items priced around €2. Swedish defence company Saab AB was added to the WCM portfolio a year ago (2024-Q2) with a view that the company will benefit from accelerated defence spending among Europe’s NATO members. While Saab is a global leader in antitank weapons, radar and electronic warfare, it should win even more business following Sweden’s formal acceptance of NATO membership in March 2024. This decision followed a long history of Swedish military non-alignment, which ended after Russia's invasion of Ukraine in 2022 and a subsequent groundswell of public support for NATO membership.
Key detractors: overweight positions in UnitedHealth Group, LVMH, Baker Hughes & co.
Shares in both health insurer UnitedHealth and oilfield services company Baker Hughes fell more than 20% over the month. UnitedHealth came under pressure after the company reported a spike in care utilization among Medicare Advantage members, leading to higher-than-expected medical expenses. Baker Hughes was affected by a combination of industry-wide headwinds and company-specific challenges. Falling oil prices have led to US shale producers scaling back their drilling activities, impacting oilfield service companies like Baker Hughes. Analysts are also concerned about the company’s near-term growth prospects and lowered their Q2 2025 EPS expectations. LVMH and Amazon were simply caught up in April's extreme volatility and uncertainty around tariffs.