September, 2023
The Fund underperformed the benchmark in September, with a return of -2.3%, compared to the benchmark return of -1.2%. Over the 12 months to the end of September, the Fund returned 4.9%.
Cash was the only asset class to finish the month higher, with falls seen in equites, property, and also in bonds.
The Fund currently has a small overweight to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and a slowing economy. The weighting towards bonds has increased in recent months, with a preference for shorter-term Australian bonds over international bonds.
In the Zenith AMI Mixed Asset-Cautious Category, the Fiducian Capital Stable Fund returns were ranked 11 out of 42 funds over one year, 10 out of 34 funds over five years, and 3 out of 29 funds over the ten year period to 30 September 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_09-1.pdfAugust, 2023
The Fund outperformed the benchmark in August, with a return of 0.4%, compared to the benchmark return of 0.0%. Over the 12 months to the end of August, the Fund returned 4.4%.
There was mixed performance among asset classes during the month, with equities lower, bonds generally flat, and Australian listed property finishing higher.
The Fund currently has a small overweight to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and a slowing economy. The weighting towards bonds has increased in recent months, with a preference for shorter-term Australian bonds over international bonds.
In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 44 out of 110 funds over one year, 26 out of 93 funds over five years, and 9 out of 82 funds over the ten year period to 31 August 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_08-1.pdfJuly, 2023
The Fund outperformed the benchmark in July, with a return of 1.2%, compared to the benchmark return of 1.0%. Over the 12 months to the end of July, the Fund returned 2.8%.
Most asset classes finished the month higher, with gains seen in listed property, Australian shares and International shares. Bonds and cash generated small positive returns.
The Fund currently has a small overweight to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and a slowing economy. The weighting towards bonds has increased in recent months, with a preference for shorter-term Australian bonds over international bonds.
In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 53rd out of 108 funds over one year, 25th out of 93 funds over five years, and 10th out of 82 funds over the ten year period to 31 July 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_07-1.pdfJune, 2023
The Fund underperformed the benchmark in June, with a return of -0.2%, compared to the benchmark return of 0.2%. Over the year to the end of June, the Fund returned 4.9%.
Over the course of the month, International and Australian shares recorded gains, listed property was flat, and bonds generated a negative return.
The Fund currently has a small overweight to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and a slowing economy. The weighting towards bonds has increased in recent months, with a preference for shorter-term Australian bonds over international bonds.
In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 29th out of 107 funds over one year, 24th out of 94 funds over five years, and 8th out of 84 funds over the ten year period to 30 June 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_06.pdfMay, 2023
The Fund performed broadly in line with the benchmark in May, with a return of -0.8%, compared to the benchmark return of - 0.7%. Over the year to the end of May, the Fund returned 1.8%. Over the course of the month, Australian Shares, Listed Property and Fixed Income asset recorded small declines. International shares finished higher, due in a large part to a strong US stock market.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and a slowing economy. The weighting towards bonds has increased in recent months, with a preference for Australian bonds over international bonds. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 46th out of 108 funds over one year, 26th out of 94 funds over five years, and 9th out of 83 funds over the ten year period to 31 May 2023.
File:April, 2023
The Fund outperformed the benchmark in April, with a return of 0.9%, compared to the benchmark return of 0.8%. Over the year to the end of April, the Fund returned 1.0%. Most asset classes posted positive returns for the month. Listed property was the top performer followed by International Equities and Australian Equities. Fixed Income assets also recorded small gains. The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions.
The weighting towards bonds has increased in recent months, with a preference for Australian bonds over international bonds. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 55th out of 106 funds over one year, 19th out of 93 funds over five years, and 7th out of 83 funds over the ten year period to 30 April 2023.
File:March, 2023
The Fund underperformed the benchmark in March, with a return of 1.0%, compared to the benchmark return of 1.3%. Over the year to the end of March, the Fund returned -1.2%.
There was mixed performance between asset classes over the month. International equities outperformed after a strong performance by the US market, and Australian equities finished the month marginally down. Fixed income recorded gains, and listed property finished the month lower.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some shorter duration domestic fixed income.
In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 64th out of 109 funds over one year, 21st out of 96 funds over five years, and 9th out of 85 funds over the ten year period to 31 March 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_03-1.pdfFebruary, 2023
The Fund outperformed the benchmark in February, with a return of -0.7%, compared to the benchmark return of -0.9%. Over the year to the end of February, the Fund returned -2.7%. Most major asset classes finished the month lower, amid some uncertainty regarding the future path for interest rates. International shares were higher due to a fall in the Australian dollar, and property and cash also outperformed. Australian shares and bonds were weaker. The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some shorter duration domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 56th out of 109 funds over one year, 19th out of 96 funds over five years, and 8th out of 85 funds over the ten year period to 28 February 2023.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_02-1.pdfDecember, 2022
The Fund underperformed the benchmark in December, with a return of -2.0%, compared to the benchmark return of -1.6%.
Over the year to the end of December, the Fund returned -8.3%. All major asset classes finished the month lower, as the global economy continued to show signs of slowing on the back of tightened monetary policy . For the 2022 calendar year, International Equities and Property recorded the largest declines, and bonds also generated negative returns due to rising interest rates. Australian Equities and Cash were the best performers.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower risk domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 73rd out of 105 funds over one year, 19th out of 95 funds over five years, and 9th out of 85 funds over the ten year period to 31 December 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_12-1.pdfNovember, 2022
The Fund underperformed the benchmark in November, with a return of 2.1%, compared to the benchmark return of 2.2%. Over the year to the end of November, the Fund returned -5.7%. All major asset classes finished the month higher, amid expectations that the current pace of monetary policy tightening could begin to slow later this year. Property and Australian equities were the best performers, with gains in international assets offset by a strong performance from the Australian dollar.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower risk domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 87th out of 116 funds over one year, 22nd out of 106 funds over five years, and 9th out of 95 funds over the ten year period to 30 November 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_11.pdfOctober, 2022
The Fund outperformed the benchmark in October, with a return of 2.2%, compared to the benchmark return of 1.9%. Over the year to the end of October, the Fund returned -7.0%. All major asset classes finished the month higher, amid expectations that the current pace of monetary policy tightening could begin to slow later this year. Property and international equities were the best performers, with Fixed Income markets only up marginally.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower risk domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 72nd out of 106 funds over one year, 18th out of 95 funds over five years, and 8th out of 85 funds over the ten year period to 30 October 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_10.pdfSeptember, 2022
The Fund outperformed the benchmark in September, with a return of -2.8%, compared to the benchmark return of -2.9%. Over the year to the end of September, the Fund returned - 9.6%.
Rising long term interest rates continued to be a headwind for most asset classes over the month, with Australian and International Equities, Listed Property, and Fixed Income assets recording declines. A weak Australian dollar helped the returns of assets denominated in other currencies.
The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower risk domestic fixed income.
In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 87th out of 116 funds over one year, 19th out of 105 funds over five years, and 9th out of 94 funds over the ten year period to 30 September2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_09.pdfSeptember, 2022
The Fund performed in line with the benchmark in August, declining 1.1%, compared to the median manager return of 1.1%. Over the year to the end of August, the Fund has returned -8.1%. Rising long term interest rates were a headwind to most asset classes over the month, with International Equities, Listed Property, and Fixed Income assets recording declines. Australian Equities were the exception, generating a small positive return. The Fund currently has a neutral exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions.
Additionally, an overweight position is held in some lower risk domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 94th out of 120 funds over one year, 16th out of 109 funds over five years, and 10th out of 98 funds over the ten year period to 31 August 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_08.pdfJuly, 2022
The Fund outperformed the benchmark in July, gaining 3.3%, compared to the median manager return of 2.6%. Over the year to the end of July, the Fund has returned -5.6%. Most asset classes rebounded over the month, as declines in longer term interest rates provided some valuation support. Australian and international equities recorded gains of around 6%, and listed property trusts were over 10%. Fixed income assets recorded their first positive monthly return for the year.
The Fund currently has a slightly underweight exposure to Australian and International equities, as relatively attractive valuations are offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower risk domestic fixed income. In the Morningstar Multisector Moderate Category, the Fiducian Capital Stable Fund returns were ranked 74th out of 114 funds over one year, 14th out of 104 funds over five years, and 8th out of 92 funds over the ten year period to 31 July 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_07.pdfMarch, 2022
The Fund performed broadly in line with benchmark in March declining by 0.5%, compared to the median manager return of - 0.4%. Over the year to the end of March, the Fund underperformed the median manager by 0.2% with a return of 1.4% March saw some divergent performance between different asset classes.
Australian shares were strong, property and international shares were relatively stable and bonds recorded declines as interest rates moved higher. The Fund currently has a neutral exposure to Australian and International equities, as positive news surrounding the global economic recovery is offset by rising interest rates and geopolitical tensions.
Additionally, an overweight position is held in some lower risk domestic fixed income. The Fiducian Capital Stable Fund was ranked 55th out of 112 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 10th out of 105 funds over five years, and 9th out of 91 funds over the ten year period to 31 March 2022.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_03.pdfFebruary, 2022
The Fund performed in line with the benchmark in February declining by 1.0%, compared to the median manager return of - 1%. Over the year to the end of February, the Fund underperformed the median manager by 0.2% with a return of 2.9%
February was a mixed month for global markets. Australian shares and property recorded gains, but bonds and international shares finished lower.
The Fund has recently moved to a neutral exposure to Australian and International equities, as positive news surrounding the global economic recovery is offset by rising interest rates and geopolitical tensions. Additionally, an overweight position is held in some lower-risk domestic fixed income.
The Fiducian Capital Stable Fund was ranked 86th out of 123 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 17th out of 117 funds over five years, and 10th out of 100 funds over the ten year period to 28 February 2022
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_02.pdfJanuary, 2022
The Fund underperformed in January, falling by 2.7%, compared to the median manager return of -2.3%. Over the year to the end of January, the Fund underperformed the median manager by 0.3% with a return of 3.1%.
Most asset classes experienced negative returns for the month, with property and equities the worst performers, and fixed income assets also finishing lower. The prospect of interest rates increasing earlier than expect caused a broad-based sell off across most markets, particularly growth assets. The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from COVID-19 disruptions, and share markets appear attractive relative to other asset classes. Additionally, an overweight position is held in some lower risk domestic fixed income.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_01.pdfDecember, 2021
The Fund underperformed in December, gaining 0.7%, compared to the median manager return of 0.8%. Over the year to the end of December, the Fund outperformed the median manager by 0.2% with a return of 5.4%.
It was a positive month for all asset classes within the fund, with domestic and international equities as well as listed property recording strong gains. For calendar year 2021, property securities provided the best returns followed by international equities. Bonds finished the year with a small negative return. The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, and share markets appear attractive relative to other asset classes. Additionally, an overweight position is held in some lower risk domestic bonds. The Fiducian Capital Stable Fund was ranked 47th out of 112 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 6th out of 104 funds over five years, and 5th out of 92 funds over the ten year period to 31 December 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/sf1_m_12.pdfSeptember, 2021
The Fund underperformed in September, falling by 1.2%, compared to the median manager return of -1.0%. Over the year to the end of September, the Fund outperformed the median manager by 1.1% with a return of 8.8% Australian Equities made a good relative contribution for the month, only falling by 0.4% due to a strong performance by the underlying managers. Performance was also assisted by a better relative performance by the fixed income assets in the fund compared to the benchmark.
The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, and share markets appear attractive relative to other asset classes. Additionally, an overweight position is held in some lower risk domestic bonds.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_09.pdfAugust, 2021
The Fund outperformed during the month, rising 1.6% against a 0.7% return by the median manager. Over the year to the end of August, the Fund outperformed the median manager by 1.3% with a return of 9.8% Australian Equities made a strong contribution to Fund performance during the month, gaining 4.1% as the underlying managers outperformed the 2.6% rise is the benchmark. Listed Property also had a good month, rising by 5.8% and the Fiducian India Fund finished 8.3% higher.
The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, earnings forecasts are revised upwards and these sectors appear attractive relative to other asset classes.
The Fiducian Capital Stable Fund was ranked 27th out of 115 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 7th out of 105 funds over five years and 4th out of 92 funds over the ten year period to 31 August 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_08.pdfJuly, 2021
The Fund underperformed the median manager during the month, rising 1.0% against a 1.1% return by the median manager. Over the year to the end of July, the Fund outperformed by 1.3% with a return of 9.7% International equities were the top performing asset class in the Fund, assisted by a weaker Australian dollar. As with last month, the Fiducian Technology Fund (+5.7%), and the Fiducian India Fund (+5.6%) were highlights.
The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, earnings forecasts are revised upwards and these sectors appear attractive relative to other asset classes.
The Fiducian Capital Stable Fund was ranked 27th out of 124 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 9th out of 112 funds over five years and 8th out of 100 funds over the ten year period to 31 July 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_07.pdfJune, 2021
The Fund outperformed the median manager during June, rising 1.3% against a 0.9% return by the median manager. Over the year to the end of June, the Fund outperformed by 1.6% with a return of 9.5%.
All asset classes in the Fund generated positive returns for the month, with listed property (+5.3%), and international equities (+4.7%) the highlights. The Fiducian Technology Fund gained 8.5% for the month, and the Fiducian India Fund rose by 4.2%. The Fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, earnings forecasts are revised upwards and these sectors appear attractive relative to other asset classes.
The Fiducian Capital Stable Fund was ranked 24th out of 111 funds in the Multi-Sector Moderate category surveyed by Morningstar over one year, while in the same survey it ranked 9th out of 102 funds over five years and 8th out of 89 funds over the ten year period to 30 June 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_06.pdfMay, 2021
The Fund performed in line with the median manager during May, rising 0.6% against a 0.7% return by the median manager. Over the year to the end of May, the Fund outperformed by 1.2% with a return of 8.5%.
Australian and International equities finished the month higher, and the underlying managers performed broadly in line with benchmark. The Fiducian India Fund was the highlight, rising by 7.7%. Technology shares had a relatively weak month, while bond returns were slightly positive. The fund retains an overweight exposure to Australian and International equities, as global economies continue to recover from last years recession, earnings forecasts are revised upwards and these sectors appear attractive relative to other asset classes. Additionally, an overweight position is held in cash relative to bonds.
This fund was ranked 21st out of 129 funds in the multi-sector diversified moderate funds category surveyed by Morningstar over one year, and 9th over five and ten year periods to the end of May.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_05.pdfApril, 2021
The Fund outperformed the median manager during April, gaining 1.4% against a 1.2% gain for the median manager. Over the year to the end of April, the Fund outperformed the median manager by 2.0% with a gain of 10.1%. April was another good month for global markets, as the continued themes of fiscal stimulus, low interest rates, and progress on COVID-19 vaccination rollouts in the developed economies continued to support a positive outlook. In the US the broad market index (S&P 500) rose by 5.2% and in Australia, the ASX 200 was up by 3.5%. Commodities had a strong month, with the Bloomberg commodity index up 8.3% on the back of strengthening global growth and demand for industrial metals.
Australian economic data remains positive. Employment here continued to increase, consumer confidence has recovered and business conditions have been hitting new highs. House prices recorded the largest increase in 30 years, and building commencements were close to 20 year highs.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_04.pdfDecember, 2020
The Fund marginally underperformed the median manager during December, rising 0.3% against a 0.4% rise by the median manager. Over the 2020 calendar year, the Fund beat the median manager by 3.0% with a return of 5.4%. During December, domestic and global equities and listed properties out-performed both bonds and cash. Over-weight exposures to domestic and global equities and listed property securities contributed to fund performance on a relative basis. Out-performances by the Fiducian International Shares Fund and the Fiducian Property Securities Fund also contributed to fund performance on a relative basis.
Underweight exposure to defensive assets also contributed to fund performance as the fixed income sectors only rose marginally (by a net +0.1%). The resources sector in the domestic sharemarket out-performed as most commodity prices rose during the month on a more positive global economic outlook as many countries, including the US and the UK, have begun to mass vaccinate their populations against the COVID-19 disease. An overweight exposure to international and Australian equities remains, as valuations for equities appear to be more attractive than for Australian and global bonds. This fund was ranked 9th out of 133 multi-sector diversified conservative funds surveyed by Morningstar for the 2020 calendar year, while it ranked 10th on the same survey over the 5 years to end-December and 6th over the 10-year period.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/SF1_m_12.pdfasset_class: Multi-Asset
asset_category: Real Return
peer_benchmark: Multi-Asset - Real Return Index
broad_market_index: Multi-Asset Growth Investor Index
manager_contact_details: Array
ticker: FPS0002AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.fiducian.com.au/investments/diversified-funds/#capital-stable-fund
fund_features:
Fiducian Capital Stable Fund aims to exceed average fund manager performance (after fees) as determined by relevant surveys conducted by Morningstar over rolling 3-year periods. The Fiducian Capital Stable Fund is suitable for investors seeking a relatively high level of income supplemented by a modest level of capital growth. The bulk of the portfolio is held in the fixed interest and cash sector to reduce the likelihood and frequency of negative returns over a single year period.
structure: Managed Fund