September, 2023
TCW Global Securitised Debt was added to the Income Trust and Shenkman, Muzinich and Oaktree were added over the quarter through an allocation to the Extended Credit trust.
The international shares portfolio outperformed its benchmark with good performance from the Royal London intrinsic value portfolio.
The alternative growth and defensive portfolios outperformed their benchmarks with good performance from mezzanine debt, real estate debt and private debt.
Direct property portfolio underperformed as valuation headwinds increased as a result of high interest rates.
Emerging markets managers underperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS70FundProfile-2.pdfJune, 2023
Tanarra Asia-Pacific secured corporate debt and MLC insurance-related investments portfolios were added during the quarter.
The international shares portfolio outperformed its benchmark with good performance from the Royal London intrinsic value portfolio.
The alternative growth and defensive portfolios outperformed their benchmarks with good performance from mezzanine debt and real estate debt.
The fixed interest portfolio outperformed its benchmark with good performance from the emerging market debt and income trust exposures.
There were no detractors of significance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS70FundProfile-1.pdfMarch, 2023
There were no changes to the manager line-up over the quarter.
The international shares portfolio outperformed its benchmark with good performance from the underlying managers.
The alternative growth and defensive portfolios outperformed their benchmarks with good performance from private equity, private credit and infrastructure managers.
The Australian shares portfolio outperformed its benchmark with managers holding fundamental quality exposures outperforming the broader market.
The fixed interest portfolio underperformed its benchmark due to active duration managers and overweight to credit.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS70FundProfile.pdfDecember, 2022
Intermediate Capital Group was appointed to the Alternative Growth portfolio to manage CLO Equity. AllianceBernstein Risk Premia Fund was terminated from the Alternative Defensive portfolio. Ardea Global Alpha Plus was terminated from the diversified fixed interest portfolio.
The international shares portfolio outperformed its benchmark with good performance from the underlying managers. The fixed interest portfolio outperformed its benchmark due to active duration managers and overweight to credit. The Australian shares portfolio underperformed its benchmark with small caps underperforming the broader market.
File:September, 2022
Invesco Global Targeted Return Fund was terminated from the Alternatives portfolio due to Invesco deciding to change the underlying strategy of the Fund. Both Alternative Defensive and Growth portfolios produced positive returns in a challenging environment. The diversified fixed interest portfolio outperformed in a rising yield environment, due to its short duration positioning. An under.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/193032831.pdfJune, 2022
There were no manager changes over the quarter.
Both the Australian and international equities portfolios outperformed their respective benchmarks.
An overweight to Alternatives contributed to performance, together with the underlying managers performing well - particularly private debt manager Metrics.
The direct property portfolio produced a solid return for the quarter, due to some positive revaluations.
Although emerging markets outperformed developed markets, the emerging markets managers underperformed the benchmark.
An underweight allocation to fixed interest detracted value.
March, 2022
There were no manager changes over the quarter. An overweight to Alternatives contributed to performance, together with the underlying managers performing well - particularly private debt manager Metrics. An underweight to fixed interest added value, as did the underlying managers within the fixed interest portfolio. International equities detracted from relative performance as both developed and emerging market managers underperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/186557100.pdfMarch, 2021
The international shares portfolio underwent a restructure as a result of greater scale from ANZ funds.
Three new global active managers were appointed (Vontobel, Royal London and Vaughan Nelson), two emerging market managers (William Blair and Berkeley Street), and one global manager was terminated (TT International).
Diversified fixed interest portfolio outperformed as a result of a short duration position in a rising yield environment. The international shares portfolio outperformed as a result of strong performance from the underlying managers
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/172296559.pdfDecember, 2020
The Australian shares portfolio underwent a restructure as a result of greater scale from ANZ funds. Two new active managers were appointed being Quest and Northcape. As a result, three managers were terminated being State Street, Yarra Capital and Invesco. Diversified fixed interest portfolio outperformed, with all underlying managers except Ardea outperforming their benchmarks. Western, Stone Harbor, Brandywine and Janus Henderson performed particularly well. Alternatives portfolio also outperformed, with solid performance from private debt manager, Metrics. The Australian equities portfolio underperformed with Acadian small caps and Northern Trust underperforming.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/166194361.pdfasset_class:
asset_category:
peer_benchmark:
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manager_contact_details: Array
ticker: IOF0090AU
release_schedule: Quarterly
structure: Managed Fund
commentary_block: Array
factsheet_url:
https://www.ioof.com.au/investments/products-and-services/multiseries
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fund_features:
IOOF MultiSeries 70 (Trust) gains its exposure to a diversified portfolio of investments through a mix of investment managers. The growth nature of the Trust provides a greater exposure to growth assets, such as property, Australian and international shares and alternative assets, with a moderate exposure to defensive assets, such as fixed interest and cash. A mix of passive, factor based and active investment managers may be selected to manage the assets of the Trust providing differing yet complementary investment styles to achieve more consistent excess returns.
- Aims to provide capital growth over the medium to long term by investing in a diversified portfolio of mostly growth and defensive assets and to achieve total returns after fees in excess of the benchmark over a rolling five-year period.
- The Trust is authorised to utilise approved derivative instruments for risk management purposes and investment efficiency.
- The underlying managers may utilise strategies for the management of currency exposure.
- The Trust has the capacity to change the level and nature of any currency overlay or allocation to underlying managers to manage currency risk.