July, 2023
• In July, the MVE – Class underperformed its benchmark, the S&P/ ASX 300 Index, which was up 2.89% in Australian-dollar terms.
Detractors
• Pharmaceutical company Merck underperformed generally in line with healthcare on limited stock-specific news.
• A lack of exposure to “big four bank” CBA detracted. After weak bank results in February and May, the banking sector generally outperformed in July on limited news. We see margin pressure continuing to intensify as high rates induce customers to switch from low or no interest deposits to more attractive products.
• After a strong period of performance year to date, diagnostics company Sonic Healthcare detracted as it gave up some gains during the month. We continue to like Sonic for its strong balance sheet, stable cash flows and an attractive pipeline of bolt-on acquisitions.
Contributors
• An underweight to biotech company CSL contributed as a competitor to its flagship immunoglobulin franchise released positive phase 3 clinical trial data showing comparable efficacy in a major indication.
• Evolution Mining contributed as gold prices increased approximately US$40 per ounce in July, helping gold producers. In addition, Evolution reported fourth-quarter production results and provided FY:24 guidance that topped some expectations.
• Not holding asset manager Macquarie contributed as it downgraded its outlook for 2024 earnings, primarily due to lower deal flow and weaker commodity income.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-30.pdfJune, 2023
• In June, the MVE—Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 1.73% in Australian-dollar terms.
Detractors
• The materials and financials sectors detracted the most, while healthcare and consumer staples contributed.
• Health insurer Medibank detracted during the month as Australia’s banking regulator announced that it will apply a temporary additional capital adequacy requirement on Medibank following its review of the company’s cybercrime event. Medibank has a strong balance sheet and has sufficient existing capital to meet the adjustment. While this removes near-term upside of capital return to shareholders, precedent indicates that the additional capital requirement is likely to be lifted within 12 to 36 months. As the largest private health insurer in Australia, we believe Medibank should continue to benefit from positive industry trends, including growing participation and lower claims growth.
Contributors
• An underweight to biotechnology company CSL contributed as the company provided first-time earnings guidance for FY:24 that disappointed the market. Drivers of the downgrade to earnings guidance relative to market expectations included persistent cost headwinds in its core plasma business, as well as emerging revenue headwinds in its recently acquired renal pharmaceutical business as a key product nears loss of exclusivity. We continue to be cautious on CSL as it shifts into new therapeutic areas.
• Oracle contributed as technology stocks more broadly outperformed. The company reported better-than-expected earnings for its 2023 fiscal fourth quarter on the strength of its cloud computing offerings.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-29.pdfMay, 2023
• In May, the MVE—Class outperformed its benchmark, the S&P/ ASX 300 Index, which was down 2.53% in Australian-dollar terms.
Contributors
• An overweight to the technology sector and holdings within consumer staples contributed, while holdings within healthcare and materials detracted.
• Health insurer nib was among the leading contributors to relative outperformance, as trends in health insurance customer claims continued to be benign, while rising immigration supported the student and immigrant worker health insurance segments.
• Commodity trader GrainCorp contributed, as the company reported first-half results that beat market expectations and increased full-year (and through the cycle) guidance • Software-as-a-service company Technology One, which provides back-office software to local governments and education facilities, outperformed on strong revenue trends. We see Technology One as resilient in a weaker economy.
Detractors
• Consumer packaging company Amcor detracted. During its quarterly update, Amcor reported softer-than-expected volumes due to some customer destocking and some weakness in end demand (e.g., products sold in convenience channels). We expect destocking to pass and believe that Amcor remains well positioned to benefit from stable and increasing demand for its packaging solutions in growing areas such as healthcare, hot filled drinks and sustainable packaging.
• An underweight to biotech company CSL detracted, as competitor results indicated continued strong growth in plasma collection volumes and a decline in industry donor fees. We continue to be cautious on CSL as it shifts into new therapeutic areas following its acquisition of renal pharmaceutical company Vifor Pharma.
• A lack of exposure to petroleum company Woodside Energy detracted, as the stock rose during May. The federal government’s proposed changes to the Petroleum Resource Rent Tax were less punitive to Woodside than expected by the market.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-28.pdfApril, 2023
• In April, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was up 1.85% in Australian-dollar terms.
Contributors
• For April, holdings within materials and financials contributed, while holdings within technology and an underweight to the real estate sector detracted. • Gold miner Evolution Mining outperformed as gold prices rallied above US$2,000.
• An underweight to BHP and a lack of exposure to Fortescue Metals contributed to relative performance, while exposure to Rio Tinto detracted from results. The mining companies underperformed the market as the price of iron fell on concerns that Chinese steel demand was softening.
Detractors
• Amcor, a world leader in sustainable packaging, underperformed despite resilient earnings, likely because of concerns that demand for its consumer products could soften. However, although it may experience some short-term headwinds, we believe that its revenue and profits will benefit from passing on cost inflation to customers even if sales volumes only increase marginally. Amcor’s healthcare business continues to grow, and the company has a long track record of growing earnings. We see the stock as attractively priced and therefore continue to hold it, and although we do not see it as immune from headwinds, we expect it to do better than the market through a downturn.
• An underweight to biotech company CSL detracted during the month, as its US-dollar earnings benefited from a weakening Australian dollar.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-1-4.pdfMarch, 2023
• In March, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was down –0.24% in Australian-dollar terms.
Contributors
• For March, holdings within healthcare and an underweight to financials contributed, while our underweight to the materials sector and holdings within utilities detracted.
• Diagnostic company Sonic Healthcare contributed during the month as its February half-year result revealed better-thanexpected operating performance, allaying investor concerns around the impact of cost inflation and the roll-off of highmargin COVID testing on profitability. On an operating level, Sonic materially outperformed listed peers in key markets, demonstrating above industry base business growth and excellent cost control.
Detractors
• An underweight to mining company BHP detracted from results as the price of iron ore rallied at the end of the month, and BHP outperformed in line with this.
• Gas pipeline company APA Group underperformed following a government decision to build an electricity interconnector in a remote part of Queensland. While this is a long-dated project, it will render a small portion of APA’s assets less competitive. We do not see this as material to the company’s valuation, and the connection also creates upside options for APA.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-27.pdfFebruary, 2023
In February, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down -2.55% in Australian-dollar terms.
Contributors
• For February, our overweight to the consumer-staples sector and underweight to the materials sector contributed the most, while holdings within communication services and an underweight to energy detracted.
• Within commodities, our underweight to BHP contributed. BHP underperformed the market as commodities prices fell late in the month on concerns about the rate of demand growth in China following Chinese New Year.
• Insurance broker Steadfast benefited from a rising-price environment in insurance cost, where it earns a percent of the price.
• Pallet-pooling company Brambles outperformed, as pricing discipline in a tight market allowed the company to pass rising costs through to customers.
Detractors
• Gold producers Northern Star Resources and Evolution Mining underperformed as the US-dollar gold price fell approximately US$110 per ounce over the month.
• Healthcare company Healius underperformed after first-half FY:23 results did not meet expectations and it was outcompeted by peer Sonic Healthcare.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-26.pdfJanuary, 2023
In January, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 6.29% in Australian-dollar terms.
Detractors
• Holdings within materials and healthcare detracted the most, while our underweight to the energy and financials sectors contributed, offsetting losses.
• The leading detractors during the month included gas pipeline company APA Group, Spark New Zealand and Amcor, as defensive stocks generally underperformed.
• Global consumer-packaging company Amcor fell as the Australian dollar rallied, reducing the value of the company’s US-dollar earnings. We continue to see stable earnings and good cash flow at an attractive price from Amcor despite a challenging economic backdrop.
Contributors
• An underweight to biotherapeutics company CSL contributed, as its US-dollar earnings were negatively impacted by gains in the Australian dollar.
• Northern Star Resources contributed as the company performed in line with gold prices, which experienced strong returns in January 2023—adding about US$100/oz.
• Rio Tinto contributed, outperforming the market as its key commodities, including iron ore, copper and aluminium, rallied and performed strongly in the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-25.pdfDecember, 2022
In December, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down –3.29% in Australiandollar terms.
Contributors
• For December, holdings within materials and healthcare contributed the most, while an underweight to materials and holdings within consumer staples detracted.
• Telecom company Spark New Zealand contributed after the company announced deals in its TowerCo business holdings and the exit of its loss-making sports business. • Gold companies, including Evolution Mining, outperformed as the gold price rallied.
Detractors
• Improved sentiment toward China demand, a result of the potential easing of COVID restrictions, helped iron ore reverse recent losses. BHP performed strongly, in line with the rebound, and our lack of exposure to the stock was among the largest detractors from the Portfolio’s performance for the month.
• Retail drinks and hospitality company Endeavour detracted on concerns about the regulation on New South Wales gaming. The impact, however, is likely to be significantly less than 1% of its group revenue. We see the company as well placed to handle any change in regulation.
November, 2022
In November, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 6.49% in Australiandollar terms.
Detractors
• For November, an underweight to the materials sector and holdings within healthcare detracted, offset somewhat by contributions from an overweight to utilities and underweight to financials.
• Improved sentiment toward China demand, a result of the potential easing of COVID restrictions, helped iron ore reverse recent losses. With iron ore prices increasing more than 25% by the end of the month, BHP performed strongly, in line with the rebound, and our lack of exposure to the stock was the largest detractor from Fund performance.
Contributors
• Our current underweight to Commonwealth Bank of Australia (CBA) contributed, as the bank sector gave back some gains from October post its full-year results compared to peers. Although profits were up on rising rates, signs of weakness are emerging.
• Evolution Mining and Northern Star Resources contributed to returns. Gold stocks performed strongly, as the price of gold increased more than $100/oz through November.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-23.pdfOctober, 2022
In October, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 5.96% in Australiandollar terms.
Detractors
In October holdings within financials and an overweight to consumer staples detracted from returns. Contributions from the materials and healthcare sectors helped alleviate some of these losses.
Health insurer Medibank detracted, as the company fell victim to a sophisticated cybercrime, in which sensitive customer data was accessed. Medibank continues to deal with the fallout from the attack—which has a wide range of possible outcomes.
Contributors
The leading contributor to performance was our lack of exposure to BHP. The company underperformed the market as the spot price of iron ore declined from US$96 per tonne to less than US$85 per tonne through October.
An underweight to biotechnology company CSL also contributed, as it provided guidance that indicated currency headwinds would be worse than expected in 2023, driving earnings downgrades.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-22.pdfSeptember, 2022
MVE-Class Review
• In September, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down –6.29% in Australian-dollar terms.
Contributors
• For September, the communication-services sector and the Portfolio’s underweight to real estate contributed, while the materials and energy sectors detracted.
• NTT a Japan-based telecom company, has continued to perform well despite the overhang of global macroeconomic concerns.
The company reported strong fiscal-year results at the end of the month, which included year-over-year increases in revenues and operating profits, driven in part by sustained growth in the demand for digitization.
• Pharmaceutical company AbbVie contributed, as healthcare generally outperformed. The stability of the company’s cash flows is attractive in a time of market uncertainty.
• As the largest private health insurer in Australia, Medibank continues to benefit from robust industry dynamics, including strong policyholder growth and a subdued claims environment.
Detractors
• Our lack of exposure to mining and petroleum company BHP detracted from performance. The company outperformed a falling market as iron ore prices stabilized from earlier declines and strengthened moderately into the end of September.
• Leading detractors also included gas pipeline company APA Group. The company offered conservative distribution guidance and was pressured by the 10-year bond yield.
• Computer technology company Oracle reported solid year-overyear sales growth for the first fiscal quarter, though currency effects hampered results, and technology stocks fell broadly on inflationary fears.
August, 2022
In August, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 1.18% in Australian-dollar terms.
Detractors
• For August, materials and consumer staples detracted, with contributions from the financials and communication-services sectors offsetting some of the loss.
• Retail drinks and hospitality company Endeavour underperformed following full-year results, as hotels beat expectations but retail liquor sales slowed. We continue to expect strong earnings growth from Endeavour, as the post-COVID-19 reopening continues.
• Lack of exposure to BHP detracted, as the mining and petroleum company outperformed. BHP delivered full-year results that were above consensus and provided forward production guidance that was above expectations.
• Supermarket chain Coles Group underperformed, as the company highlighted the impact of inflation on operating costs when it delivered full-fiscal-year 2022 results. Despite these cost pressures, Coles maintained its margin in the first half of the year by using price/mix. We expect the company will have the opportunity to continue this, and/or earnings will experience strong growth.
Contributors
• Private health insurers Medibank and nib outperformed, as the companies reported strong financial-year earnings and provided positive outlook statements. As two of the largest private health insurers in Australia, Medibank and nib continue to benefit from robust industry dynamics, including strong policyholder growth and a subdued claims environment.
• Telecom company Spark New Zealand contributed after reporting strong full-year results at the end of June and guiding for increased dividends for FY:23. In addition, the company has come to an agreement to sell 70% of its stake in TowerCo, which will result in a significant net profit for the company.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-1-3.pdfJuly, 2022
In July, the MVE – Class underperformed its benchmark, the S&P/ ASX 300 Index, which was up 5.95% in Australian-dollar terms.
Detractors
• Underweights in financials and real estate detracted. These losses were mitigated by contributions from underweights to the materials and technology sectors. Many of the individual stocks (both held and not held) that had the most impact on performance during the month fell within either the financials or materials sectors.
• Within the financials sector, our lack of exposure to Commonwealth Bank of Australia and National Australia Bank detracted, while our overweight to regional bank, Bendigo and Adelaide Bank, contributed. Banks generally outperformed, and the market focused on the benefits of rising interest rates on Bendigo’s strong deposit franchise.
• Elsewhere, fears that the current outbreak of foot-and-mouth disease in Indonesia may make it into Australia weighed on the share price of agricultural business Elders.Our overweight to private health insurer Medibank contributed as the insurance sector outperformed in part because of the benefits of rising interest rates for insurance companies.
Contributors
• Our lack of exposure to mining and petroleum companies BHP and Woodside Petroleum contributed. These stocks declined as prices of core commodities such as iron ore and copper fell during the month on demand fears.
June, 2022
• In June, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was down (8.97)% in Australian-dollar terms.
Contributors
• For June, overweights to the consumer-staples and communication-services sectors contributed to performance, while underweights to energy and consumer discretionary detracted.
• Our overweight to private health insurer Medibank contributed as the insurance sector outperformed in part because of the benefits of rising interest rates for insurance companies.
• Retail drinks and hospitality business Endeavour contributed as consumer staples outperformed. Investors were attracted by the pricing power of the sector, which allows them to mitigate and even benefit from inflation to grow revenue and earnings.
• Natural gas and energy infrastructure company APA Group outperformed, with a distribution that was ahead of expectations in June. The company’s inflation-linked revenues continue to be attractive in a high-inflation environment.
Detractors
• Gold producers Evolution Mining and Northern Star Resources (NST) underperformed as gold prices softened. NST also reported higher costs for the first three months of the year. • Our underweight to biotherapeutics company CSL detracted from relative returns as the healthcare sector outperformed
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-19.pdfMay, 2022
For May, overweights to the consumer-staples and communicationservices sectors dragged on returns, while underweights to real estate and consumerdiscretionary contributed. • US-based retail giant Walmart underperformed as sales and margins disappointed, predominantly in its discretionary-goods categories.
An overweight to global consumer packaging company Amcor outperformed because of strong third-quarter results. We believe that Amcor’s technology and experience in high- inflation markets such as in South America put the company in a solid position to continue to grow profits in a high-inflation environment.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-18.pdfApril, 2022
+ In April, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down -0.84% in Australian-dollar terms.
+ For April, companies with strong sustainable cash flows and exposure to post-pandemic reopening performed best (for example, consumer staples and insurance), while some commodities-linked stocks (such as those related to iron ore, which was affected by weakness in China) underperformed.
+ Not holding BHP contributed the most to outperformance during the period. With iron-ore prices well above cost-curve support, weakness in China caused large and rapid drops in iron ore, which flowed through to BHP’s share price.
Medical equipment manufacturer ResMed detracted from performance. Although its revenue grew substantially during 3Q:22, ResMed’s shares underperformed after the company was unable to source the electric components it needed to meet the surge in demand following 2021 product recall by its Netherlands-based rival Philips. Although ResMed may still need 12 to 18 months to meet this growing demand, we expect the company to capture some of Philips’s market share over the long term.
+ An underweight to CSL detracted from performance, as the biotech company’s US-dollar earnings benefitted from the falling Australian dollar. + Gold producer Evolution Mining underperformed along with its peers, as gold prices softened.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-16.pdfMarch, 2022
In March, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 6.90% in Australian-dollar terms.
DETRACTORS
+ During March, despite global inflation fears and the Ukraine invasion, cyclical stocks rallied in Australia even though the largest cyclical sector, banks, had slower EPS growth than the broader market. The The portfolio lagged because of its defensive positioning and underweight to banks and resources. For both the one- and six-month periods, bank EPS revisions have lagged the index, despite expectations for five or more rate rises this year. Therefore, multiple expansion is the source of outperformance, at a time when multiples are high and inflated by negative bad debts.
CONTRIBUTIONS
+ An underweight biotherapeutics company CSL contributed as the the stock underperformed during the quarter, along with stocks across the healthcare sector. In addition, investors continued to worry that CSLs acquisition of Vifor Pharma, a renal pharmaceutical company based in Switzerland represents a shift into new therapeutic areas that could distract from its core plasma business.
+ Fertiliser and explosives company Incitec Pivot (IPL) contributed as fertilizer prices, already on the rise because of higher input costs, surged after Russia’s invasion of Ukraine disrupted the supply chain.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-15.pdfFebruary, 2022
The AB Managed Volatility Equities Fund (Managed Fund)—MVE Class (the “MVE-Class”) aims to achieve returns that exceed the S&P/ASX 300 Accumulation Index after fees over the medium to long term.
MVE-CLASS REVIEW + IIn February, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down 2.09% in Australian-dollar terms.
CONTRIBUTIONS + For February, stock selection drove relative outperformance, led by contributions from selection within the materials, communication-services and technology sectors. In contrast, sector selection lagged as a result of our underweight to materials and overweights to communication services and healthcare. An overweight to the consumer-staples sector contributed, but selection within the sector mitigated a majority of these gains. + Gold producers Evolution Mining and Northern Star Resources contributed the most to relative outperformance as gold prices rose amid fears of higher inflation. + Coles Group contributed after reporting better-than-expected results for the first half of its fiscal year. The retailer has shown good margin control despite the pandemic’s impact on staffing.
DETRACTORS + Our lack of exposure to BHP continued to be among the leading detractors from performance during the month. Despite the ironore price pulling back in the month, there was momentum from index buying in January and from prior iron-ore price rises that carried the stock higher. + Medical laboratory company Sonic Healthcare detracted as declining rates of PCR coronavirus testing around the world signalled an end to its normal profits from PCR testing. However, we continue to be attracted to Sonic’s high-quality base.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-14.pdfJanuary, 2022
MVE-CLASS REVIEW
+ In January, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was down -6.45% in Australian dollar terms.
DETRACTORS
+ For January, stock selection within and an underweight to materials detracted, as did an overweight to the consumer staples sector. Some of these losses were mitigated, however, as selection within technology and communication services, as well as an underweight to real estate, contributed. This was a highly unusual down month in that both commodities and financials outperformed. As such, we are disappointed that this was a key factor in preventing the Portfolio from performing its usual, protective role in down markets.
+ Our lack of exposure to BHP detracted the most in the month. BHP’s performance appears to have been predominantly driven by its delisting from the UK to exclusively list in Australia. We expect the completion of this event to pressure the stock. + Healthcare service providers Sonic Healthcare and Healius underperformed as investors worried that governments in Australia and abroad would phase out PCR coronavirus tests in favour of rapid antigen tests. Although we expect Sonic and Healius to face a swift decline in PCR testing volumes, we believe the companies’ core pathology and diagnostic imaging businesses are recovering well from pandemic-induced disruptions.
CONTRIBUTIONS
+ Telecom company NTT outperformed due to its defensive nature and attractive valuation. In addition, analysts expect ongoing earnings growth throughout 2022 and 2023.
December, 2021
MVE-CLASS REVIEW
+ In December, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 2.65% in Australiandollar terms.
DETRACTORS:
+ For December, Sector selection drove relative underperformance, led by an overweight to the consumer-staples sector. Stock selection within financials was also negative; however, stock selection was overall positive, as selection within healthcare and technology contributed.
+ Not holding shares of Commonwealth Bank of Australia detracted. Although the stock recouped some of the losses incurred following a profit downgrade in November, we remain concerned about rising costs and intense competition in the banking industry.
+ The share price of private health insurer Medibank declined as a lack of positive news affected companies across the sector. However, we remain optimistic about Medibank’s earnings outlook and believe that a soft claims environment, expanding policyholder base and robust balance sheet will drive future growth.
+ Shares of retailer Coles Group declined after fellow retailer Woolworths reported higher costs than expected. Although Coles did not release its own update, we believe the company has done a better job than its competitors at managing costs in recent years, and we expect the overall industry to recover from short-term challenges.
CONTRIBUTIONS:
+ Not holding Afterpay contributed to performance. The buynow-pay-later company’s share price declined as the industry faced increased regulatory scrutiny for its allegedly low credit standards and concealed high fees. Afterpay’s stock price also dipped in line with the overall technology sector and a drop in
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-12.pdfNovember, 2021
MVE-CLASS REVIEW
+ In November, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was down -0.53% in Australiandollar terms. CONTRIBUTORS
+ For November, relative outperformance was led by the banking sector, as stock selection within and an underweight to financials contributed. In contrast, the materials sector dragged on relative returns, as selection within and an underweight to the sector detracted.
+ Lack of exposure to Commonwealth Bank of Australia and Westpac Banking were leading contributors during the month. The stocks underperformed as aggressive competition in the home loan market caused a rapid margin decline.
+ Sonic Healthcare, a leading provider of COVID-19 tests in Australia, Europe and the US, contributed as its stock price surged on expectations that rising case numbers and the spreading omicron variant will increase demand for Sonic’s services.
DETRACTORS
+ Our lack of exposure to miners BHP Billiton and Fortescue Metals detracted as the price of iron ore rallied on hopes that China might introduce economic stimulus measures. However, we believe the medium-term fundamental support for higher iron-ore prices is weak due to China’s ongoing property slowdown.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-11.pdfOctober, 2021
In October, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 0.10% in Australian-dollar terms.
DETRACTORS:
+ For October, stock selection within financials detracted the most, followed by an overweight to the consumer-staples sector— though stock selection within this sector contributed, mitigating losses. Stock selection within materials also added to returns.
+ Private health insurer Medibank detracted as New South Wales eased its pandemic-driven lockdowns.
+ Not holding financial-services provider Macquarie detracted after reporting first-quarter FY:22 results above expectations. The company took advantage of this performance to raise its equity.
CONTRIBUTORS:
+ US-based cloud product and service provider Oracle contributed. Its stock price rose after e-commerce company Shopify added customer access to Oracle NetSuite, a cloud based business platform, potentially increasing Oracle’s share of a market dominated by Amazon Web Services. In addition, Microsoft’s October acquisition of Clear Software, which automates business processes, will enhance connectivity between Microsoft and Oracle applications. Oracle’s share price has risen substantially in 2021.
+ Medical equipment manufacturer ResMed outperformed late in the month after the company released a quarterly earnings update that far exceeded analyst expectations
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-10.pdfSeptember, 2021
In September, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was down -1.89% in Australiandollar terms.
DETRACTORS
+ For September, despite the increasing macro risks, most cyclical sectors (except iron ore) outperformed and most defensive sectors underperformed. Detractors included underweights to financials and energy and overweights to healthcare, consumer staples and gold. Contributors included holdings in health insurance, the technology and communication-services sectors, and an underweight to iron ore–related stocks.
+ An underweight to Commonwealth Bank of Australia detracted as bank stocks rallied globally on rising 10-year Treasury rates at the end of September. We continue to be concerned about the intense price war in mortgages, as well as the risk of macroprudential restraints on lending.
CONTRIBUTORS
+ Not holding iron-ore miners BHP Billiton and Fortescue Metals contributed to performance, as the miners’ stocks were hurt by a steep drop in the price of iron ore.
+ Health insurer Medibank contributed following a positive fullyear earnings report that showed the company increasing its share of a growing market
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-1-2.pdfAugust, 2021
MVE-CLASS REVIEW
+ In August, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was up 2.61% in Australian-dollar terms.
CONTRIBUTORS:
+ For August, the materials sector drove relative outperformance, as stock selection within and an underweight to the sector contributed. In contrast, stock selection within technology and an underweight to financials detracted from performance.
+ Not holding shares of mining company BHP Billiton was the largest contributor to relative outperformance. The stock was negatively impacted by a substantial drop in iron ore prices and the company’s announcement that it will end its dual-listing structure.
+ Medical equipment manufacturer ResMed outperformed, continuing to benefit as its largest competitor deals with a recall of its sleep apnoea machines. ResMed recently launched its own new sleep apnoea device that offers enhanced digital connectivity.
+ Medical laboratory company Sonic Healthcare outperformed after it announced a solid dividend increase for the second half, a result of high-quality cash flows from its pathology businesses. We remain optimistic about Sonic’s continued growth, as we expect higher volumes of COVID-19 testing in the country.
DETRACTORS
+ Lack of exposure to Afterpay detracted from performance, as the buy-now-pay-later company received a takeover bid from mobile payment company Square, a fellow growth stock also trading at a high multiple
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-9.pdfJuly, 2021
MVE-CLASS REVIEW
+ In July, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was up 1.11% in Australian-dollar terms.
CONTRIBUTORS
+ For July, the financials sector drove relative outperformance, as stock selection within and an underweight to the sector contributed. In contrast, stock selection within and an underweight to materials detracted. + Shares of medical equipment manufacturer ResMed sustained traction as Philips, its main competitor, continued to struggle following the recall of its respirators and sleep apnoea machines. Philips is almost completely focused on replacing and repairing its breathing devices, creating an opportunity for ResMed to grow market share.
DETRACTORS
+ Not holding BHP Billiton was the leading detractor from performance during the month. The miner reported a strong production quarter, but outperformance was driven by the continued strength of its commodities, including iron ore and copper.
+ Evolution Mining underperformed on news that the gold producer’s capital expenditures and unit costs will be higher than expected in fiscal year 2022, while its production volumes will be slightly lower for the period.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-8.pdfJune, 2021
The AB Managed Volatility Equities Fund (Managed Fund)—MVE Class (the “MVE-Class”) aims to achieve returns that exceed the S&P/ASX 300 Accumulation Index after fees over the medium to long term.
MVE-CLASS REVIEW
+ In June, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was up 2.25% in Australian-dollar terms. CONTRIBUTORS
+ For June, relative outperformance was driven by positive stock selection in more defensive sectors such as healthcare and consumer staples. In contrast, stock selection within materials and technology detracted from gains.
+ Medical equipment manufacturer ResMed contributed, as market concerns continued to negatively affect its key competitor following a global product recall. This recall should also help ResMed gain market share going forward as it prepares to launch a new product.
+ Medical laboratory company Sonic Healthcare and healthcareservice provider Healius outperformed as a result of highquality cash flows from their pathology businesses. We remain optimistic about the companies’ continued growth, as we expect higher volumes of COVID-19 testing in the country.
DETRACTORS:
+ Gold producers Evolution Mining, Northern Star Resources and Regis Resources underperformed as the gold price fell throughout the month. In addition, Regis’s share price further declined on news that it had raised equity to acquire shares in an existing mine. The acquired mine is a long-life, low-cost, high-quality asset. MVE-CLASS CHANGE HIGHLIGHTS
+ During the month, we took profits and exited Reece, a leading supplier of fittings and fixtures, as it has benefited from a rebound in housing renovation activity. Share prices of the company are up significantly for the year and are currently trading at high valuations.
+ We added a position in Spark New Zealand, attracted by the telecom company’s strong cash flow, cost control and capital discipline.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-7.pdfMay, 2021
+ In May, the MVE – Class outperformed its benchmark, the S&P/ ASX 300 Index, which was up 2.31% in Australian-dollar terms.
CONTRIBUTORS
+ Relative outperformance was driven by positive stock selection, particularly within the materials and technology sectors. Some of these gains were offset by the drag from being underweight to financials and overweight to utilities. + Gold producers Evolution Mining and Northern Star Resources remained among the leading outperformers again this month as gold continued its strong rally.
+ Not owning buy-now-pay-later company Afterpay added to returns, a result of the company’s underperformance as more competition entered its markets and margins continued to narrow. Of particular note is the entry of PayPal, who achieved approximately 30% of Afterpay’s size in just three months.
DETRACTORS
+ Lack of exposure to Commonwealth Bank of Australia (CBA) detracted the most as the financials sector continued to gain traction. Banks are expected to resume dividends at lower levels than prior to COVID-19, and should commence buybacks in the next 12 months, distributing much of the capital accumulated through the non-payment of dividends in 2020 and from asset sales. While the capital returns are attractive short term, we are concerned that the earnings power of the banks continues to reduce.
+ Leading detractors from performance also included natural gas transmission company APA Group, primarily as all defensive, yield
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-6.pdfApril, 2021
+ In April, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 3.70% in Australian-dollar terms.
DETRACTORS
+ For the month, relative underperformance was driven by negative sector selection, as an overweight to consumer staples detracted. Stock selection within the technology and materials sectors also detracted; however, contributions from selection within financials and consumer staples, as well as an underweight to energy, helped offset some of these losses.
+ Shares of retailers JB Hi-Fi and Harvey Norman declined in April as the market started to consider that the companies, which have benefited from government stimulus, are at or near their peak earnings. In addition, JB Hi-Fi announced the upcoming departure of its CEO.
+ Packaging company Amcor detracted, despite evidence of continued earnings growth. In general, stocks that outperformed during the COVID-19 pandemic have recently trailed the market in favour of stocks poised to benefit from reopening activities. Amcor was a net beneficiary of stockpiling behaviour in 2020.
CONTRIBUTORS
+ Private health insurers Medibank and nib contributed on the back of rising insurance claims.
+ Gold miner Evolution Mining outperformed the market as the price of gold recovered somewhat following a depressed sevenmonth period. Shares also rose after the company released strong quarterly production volumes
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-5.pdfMarch, 2021
In March, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was up 2.30% in Australian-dollar terms.
+ During the month, both security and sector selection contributed to relative outperformance, led by an underweight to the materials sector and selection within consumer staples. + Not holding miner BHP Billiton contributed the most during the month as the company underperformed the market. The weakness was driven by declines in the prices of iron ore and copper, which peaked in late February.
+ Shares of medical-laboratory company Sonic Healthcare rose as its pathology business continues to recover from disruptions caused by the pandemic. In addition, the company is generating strong profits from providing polymerase chain reaction (PCR) tests for COVID-19 in Australia, Europe and the US. + Consumer-goods retailer JB Hi-Fi traded well throughout March as consumer sentiment and spending intentions on electronics held up.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-4.pdfFebruary, 2021
MVE-CLASS REVIEW
+ In February, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 1.48% in Australian-dollar terms.
DETRACTORS
+ During the month, relative performance was dragged down by stock selection, particularly within the materials and financials sectors. Some of these losses were alleviated by contributions from selection within technology and an underweight to the real estate sector. + Not owning BHP Billiton detracted as the mining company performed strongly on the back of high prices for iron ore, copper and oil due to improving expectations for fixed asset investment globally, including flat-to-higher investment expectations in China. The demand for commodities has supported elevated price levels + Retailer Coles Group declined following the release of first-half earnings and a trading update for the first seven weeks of the second half of the year. Despite reporting strong profit growth in the first half, Coles’ softer-than-expected sales growth to start the second half of the year disappointed investors. + Northern Star Resources underperformed on goldprice weakness. In a world where money printing is now commonplace, we see an allocation to gold-exposed investments as being prudent. The company makes strong cash flows at gold prices significantly below current prices.
CONTRIBUTORS +
Lack of exposure to financial technology company Afterpay contributed to performance. While the company’s results were slightly disappointing, the underperformance seems to have more to do with the underperformance of Tesla, Bitcoin and other assets with which Afterpay is highly correlated to. + An underweight to biotherapeutics company CSL contributed as the company’s strong fiscal year 2021 half-year results were more than offset by a weak outlook due to uncertainties around plasmacollection recovery. We continue to be concerned about downside risk to future earnings due to shortfalls in plasma inventories. + Not holding Goodman Group, an integrated commercial and industrial property real estate investment trust (REIT), contributed for the month. REITs in general came under pressure in the rising global rate environment.
MVE-CLASS CHANGE HIGHLIGHTS
+ During the month, we trimmed our holding in Coca-Cola Amatil following the receipt of the “final” offer from Coca-Cola European Partners to acquire the drinks company. Coca-Cola Amatil’s share price has moved to reflect the offer price. + We added to health insurer nib as we grew more comfortable that its balance sheet could support its growth. + We initiated a position in EBOS, a strongly performing distributor of pharmaceutical products in Australia and New Zealand. The management team’s (The Team) strategy is innovative at targeting new growth opportunities, such as in premiumbranded pet food. + We trimmed our weight in bank and financial-services provider Westpac Banking following a solid run of outperformance.
January, 2021
MVE-CLASS REVIEW
+ In January, the MVE – Class outperformed its benchmark, the S&P/ASX 300 Index, which was up 0.33% in Australian-dollar terms.
CONTRIBUTORS
+ Sector selection had a positive impact on relative returns, while stock selection lagged. Stock selection within the healthcare and consumer-discretionary sectors contributed. Some of these gains were offset, as selection within consumer staples and materials detracted.
+ Sonic Healthcare outperformed in January as the market focused on the profit growth from its leading positions in COVID-19 testing in many developed countries.
+ An underweight to biotherapeutics company CSL contributed, as surging COVID-19 cases in the US increased the risk of a slower-than-expected recovery in plasma collection volumes. We continue to be concerned about downside risk to future earnings due to anticipated shortfalls in plasma inventories.
+ Consumer-goods retailer JB Hi-Fi rose sharply after the company posted record online sales and robust increases in earnings and profits.
DETRACTORS
+ Lack of exposure to financial technology company Afterpay detracted, as high-growth technology stocks with low cash flows performed strongly during the month. We continue to be concerned about Afterpay’s ability to generate the cash flow required to justify current valuations.
+ Being underweight to Westpac Banking detracted, as banks generally performed well during the month. The company outperformed its peers after having lagged somewhat in the fourth quarter.
+ Multinational packaging company Amcor detracted in the period after posting solid performance in 2020. Packaging stocks in general underperformed in January. In addition, the company’s earnings were negatively exposed to the strength of the Australian dollar relative to the US dollar.
MVE-CLASS CHANGE HIGHLIGHTS
+ During the month, we trimmed our position in Transurban, a company that manages and develops urban toll road networks. We expect strong traffic growth from Transurban’s assets, but are conscious that the company is traditionally treated as an interest rate–sensitive stock, and rates have been rising globally.
+ We took profits in technology company NICE Systems, which has performed extremely well over recent years. This capital was reinvested in Oracle, which appears attractively valued and is well positioned to grow its cloud business.
+ We trimmed Westpac Banking following recent outperformance but continue to see it as the most attractively valued large bank.
+ We purchased shares in Reece, the premier player in the market of supplying fittings and fixtures. Reece has benefited from a strengthening renovation and housing construction market and features high-quality earnings and decent cash flows.
+ Finally, we added to our holding in retailer Harvey Norman due to continued strength in consumer spending for furniture and consumer-electrical products, as well as evidence of improving retailer margins.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-1-1.pdfDecember, 2020
-MVE-CLASS REVIEW
+ In December, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 1.32% in Australiandollar terms.
-DETRACTORS
+ For December, the MVE – Class underperformed its benchmark, driven by selection within, and an underweight to, the materials sector. These losses were mitigated by contributions from selection within utilities and the high beta, weak cash flow financials sector.
+ Not owning BHP Billiton and Fortescue Metals detracted during the period. These mining companies outperformed, as strong demand from China and indications of improving demand from the rest of the world led to a rally in commodity prices. Iron ore prices, in particular, benefitted from supply disruptions from major miners in Australia and Brazil.
+ Multinational discount retailer Walmart detracted as the stock pulled back after posting strong performance for the year.
-CONTRIBUTORS
+ An underweight to plasma protein biotherapeutics company CSL contributed, as concerns grew around collections in the northern hemisphere, and as a vaccine the company was involved in trialling did not come to fruition.
+ Health insurer Medibank outperformed following a better-thanexpected pricing outcome from its regulator.
+ Grocery and hardware wholesale distribution and marketing company Metcash reported first half earnings, positively surprising the market with stronger earnings and ongoing sales strength of the business’s three core pillars.
-MVE-CLASS CHANGE HIGHLIGHTS
+ We made a number of changes to the portfolio during the month, primarily by adding to our pre-existing holdings.
+ We added shares in health insurer nib Group, as the company showed evidence that the COVID-19 crisis, on balance, was not a material negative for its business.
+ We added to our position in Harvey Norman, a large Australiabased, multinational retailer of furniture, bedding, computers, communications and consumer-electrical products, due to continued strong consumer demand for furniture. Harvey Norman has generated significant profit growth as discounting and marketing costs have been reduced.
+ We also initiated a position in automotive company ARB, as the company’s end markets—particularly Australian new SUV and four-wheel drive markets—have shown strength. We believe this will be supportive of ARB’s sales in the short term.
+ We did not make any notable reductions to our holdings within the portfolio during December.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-2.pdfNovember, 2020
+ In November, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 10.23% in Australiandollar terms. DETRACTORS + The portfolio was generally overweight low-beta and high-quality cash-flow companies, such as those in healthcare, consumer staples and materials—particularly gold—which in general, performed poorly. Conversely, the portfolio was underweight high-beta, high-debt companies with weak cash flows, such as those in energy and financials, as well as those that are COVID-19- recovery stocks, which in general, performed well.
+ Northern Star Resources and Evolution Mining underperformed, as the price of gold was down $100/ounce on positive news around a COVID-19 vaccine and the finalization of the US election. + Shares of Sonic Healthcare declined during the November risk rally, as defensive stocks were out of favour. In recent weeks, the company experienced strong trading updates and brokers have upgraded their earnings forecasts.
+ An underweight to CSL had a positive impact on relative returns, as the plasma protein biotherapeutics company underperformed on concerns about blood collection volumes reemerging in US cities hit by the resurgence of the virus. CONTRIBUTORS + Shares of Suncorp Group rose as the bancassurance company’s estimate of the downside from COVID-19-related businessinterruption losses exceeded market expectations, and as banks in general outperformed during November. + Telstra added following its annual investor day, as the telecom and information-services company announced positive news about its fixed business, capital spend and plans to sell its tower assets. MVE-CLASS CHANGE HIGHLIGHTS
+ During the month, we exited our position in rail-freight company Aurizon on concerns about ongoing trade tensions with China potentially limiting coal exports. Longer term, a decline in thermal coal volumes may impact investor expectations of valuation multiple.
+ We trimmed stock market operator ASX, as an IT issue caused the Australian stock market to stop working, and revealed other issues. The issues are currently under regulator investigation. + We increased our exposure to Australia-based retailers Wesfarmers and JB Hi-Fi, as virus-driven changes to consumer buying habits have persisted, driving a strong start to the year and a positive view on trading into the holiday season. Wesfarmers is also experiencing robust trading across its retail businesses, particularly Bunnings and Officeworks.
+ We added a position in Harvey Norman, a large Australiabased, multinational retailer of furniture, bedding, computers, communications and consumer electrical products. Strong trading updates indicated significant profits during the company’s first four months, as pas pandemic-driven changes to consumer buying habits persist.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Fact-Sheet-1.pdfOctober, 2020
MVE-CLASS REVIEW
+ In October, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which was up 1.89% in Australian-dollar terms.
DETRACTORS
+ Stock selection within technology and an underweight to financials detracted, mitigating gains from an overweight to consumer staples and selection within healthcare. + Gold company Regis Resources detracted after reporting firstquarter production results that were below market expectations, a result of operational issues. + Rail-freight company Aurizon was a detractor in the period, as the market became concerned about lower metallurgical coal volumes from Australia, even though the company is largely protected from volume downside.
+ An underweight to Commonwealth Bank of Australia detracted as the broader banking sector outperformed.
CONTRIBUTORS
+ During October, Australian Coca-Cola bottler Coca-Cola Amatil was the subject of a takeover proposal. The stock outperformed as it closed some of the gap to the bid premium.
+ ResMed downgraded its outlook for ventilator sales. We believe the core sleep apnea devices business, masks and software business all have strong competitive positions and will continue to grow in the future. Also, if COVID-19 has further waves during the Northern Hemisphere winter, then ventilator sales strength may also continue.
+ Shares of Northern Star Resources rose following the announcement of a proposed merger with gold company Saracen Mineral.
HIGHLIGHTS
+ During the month, we exited our position in Roche and Merck and added to our holdings in Unilever and Nestlé, moving out of US pharmaceuticals and into consumer staples to reduce the political risk in the portfolio. US pharmaceuticals could come under pressure with a Biden victory, and therefore these stocks were sold to invest in similarly valued but less risky consumerstaples companies until the election results are known.
+ We increased our exposure to Australia-based retailer Wesfarmers, as strong momentum in consumer spending— hardware, electrical and office supplies—and a recovering spend in its department store network continued. This decision was in line with our quantitative valuation.
+ We exited our position in toll-road company Transurban to reduce our position after a period of outperformance.
August, 2020
MVE-CLASS REVIEW
+ In August, the MVE – Class underperformed its benchmark, the S&P/ASX 300 Index, which rose 3.05% in Australian-dollar terms.
CONTRIBUTORS
+ Our underweight to Commonwealth Bank of Australia contributed following an earnings result that failed to justify its premium multiples versus its peers.
+ Australian Coca-Cola bottler Coca-Cola Amatil contributed after reporting first-half results that showed strong cash flows and evidence of recovering volumes in the core Australian market.
+ Amcor is a high-quality producer of flexible packaging. While it has faced COVID-19 headwinds in some of its businesses, Amcor is well positioned in some key food and medical markets that have performed very well. In addition, the company continues to grow earnings as it realises synergies following its acquisition of Bemis.
DETRACTORS
+ Stock selection within materials and healthcare detracted most, offsetting contributions from selection within the consumerstaples and utilities sectors.
+ ResMed’s results disappointed the market, indicating that its strong ventilator sales, a result of COVID-19, were likely to fade over the coming quarters. Nonetheless, our outlook on the company remains positive, as we believe ResMed’s core strength lays in its sleep apnea and medical software businesses. + Gold prices rallied over $200 per ounce in June and July, but in August gave back some of those gains. As a result, Northern Star Resources declined as the price of gold pulled back.
+ Health insurer Medibank detracted after its earnings result highlighted a difficult claims-inflation environment. Medibank continues to demonstrate countercyclical earnings and has a strong balance sheet, hence why we continue to see a role for the stock in a diversified portfolio. MVE-CLASS CHANGE
HIGHLIGHTS
+ During the month, we exited our position in Fortescue Metals to take profits and due to downside risk from a potential fall in the price of iron ore, which is currently trading at a six-year high.
+ We added to our shares of toll-road operator Transurban. We continue to believe that there will be strong traffic growth once the Melbourne COVID-19 shutdown is lifted.
+ We added to our position in communication-services company Telstra as we see it as having attractively priced free cash flow.
+ We added to the portfolio’s holdings of Citrix Systems, which is a provider of remote working technologies and an ongoing beneficiary of the work-from-home environment.
+ We exited our position in Bendigo Bank on concerns about its ability to control costs in a low-revenue-growth environment.
+ Finally, we trimmed our position in technology company NICE Systems to collect profits after a period of strong performance.
ticker: ACM0006AU
commentary_block: Array
factsheet_url:
https://web.alliancebernstein.com/APAC/investments/au/funds/rsb/MV/Fact%20Sheet.pdf
release_schedule: Monthly
fund_features:
The AB Managed Volatility Equities Fund is designed for equity investors seeking lower volatility, reduced downside risk in falling equity markets, and the potential for long-term capital growth and some income, including franked Australian dividend income. The Fund implements a managed-volatility equities strategy that aims to reduce volatility by identifying, and investing in, high-quality listed equity securities that have reasonable valuations, high-quality cash flows and relatively stable share prices.
- The Fund invests mainly in Australian Securities Exchange (ASX)–listed shares, with up to 20% of its assets in global developed-market shares, and has the ability to hold up to 20% in cash, for example as a short-term defensive measure at times of heightened equity market volatility.
- The Fund does not always hedge the foreign currency exposures of its global equity assets to Australian dollars, and the investment manager has the discretion to determine the extent to which any foreign currency exposure is reduced or removed. For example, the investment manager may decide not to remove a foreign currency exposure if it believes it offers defensive characteristics that would assist in lowering the volatility of the Fund.
- The AB Managed Volatility Equities Fund—MVE Class (the “MVEClass”) aims to achieve returns that exceed the S&P/ASX 300 Accumulation Index after fees over the medium to long term.
manager_contact_details: Array
asset_class: Domestic Equity
asset_category: Australia Large Blend - Core / Style Neutral
peer_benchmark: Domestic Equity - Large Cap Neutral Index
broad_market_index: ASX Index 200 Index
structure: Managed Fund