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 equities portfolio outperformed, with Royal London intrinsic value and Pzena deep value portfolios outperforming.
An overweight to alternative growth added value as the asset class had strong relative returns.
Unlisted infrastructure portfolio outperformed.
An overweight to the Income Trust added value as the asset class had strong relative returns.
The alternative growth portfolio underperformed its benchmark.
Direct property portfolio underperformed as valuation headwinds increased as a result of high interest rates.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-8.pdfJune, 2023
The trust gained exposure to international shares managers Brown Advisory, Intermede and Pzena over the quarter, following a comprehensive sector review.
The alternative growth portfolio outperformed, with private equity outperforming against benchmark.
An underweight allocation to diversified fixed interest contributed to performance as the asset class was a poor relative performer.
The Australian equities portfolio outperformed, with the micro cap, mid-small cap and fundamental quality managers outperforming.
The fixed interest portfolio outperformed its benchmark as managers Janus Henderson and PGIM outperformed.
The international shares portfolio underperformed its benchmark as managers Antipodes and EAM (both now terminated), and Alphinity undeperformed.
An underweight allocation to the international shares portfolio detracted value, as the asset class produced strong relative returns.
The alternative defensive portfolio underperformed its benchmark.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-7.pdfMarch, 2023
The trust gained exposure to the OptiMix Global Emerging Markets Trust and the OnePath Global Smaller Companies Trust over the quarter. These portfolios will allow the trust to adjust exposures to these sectors more precisely.
The international shares portfolio outperformed its benchmark. Antipodes and Wellington outperformed.
Underweights to the international and Australian listed property portfolios added value as the asset classes were poor relative performers.
The alternative growth portfolio underperformed, with private equity underperforming against benchmark.
The Australian equities portfolio struggled to keep up with the broader market. Micro cap managers underperformed.
An overweight to the income trust detracted as the asset class produced weak relative returns.
An overweight to the alternative growth portfolio detracted as the asset class produced weak relative returns.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-6.pdfDecember, 2022
HarbourVest is a new US Secured Private Debt manager that was appointed to the Alternative Defensive portfolio. Within diversified fixed interest, Wellington and Antares were appointed and Ardea Global Alpha Plus strategy was removed. The international shares portfolio outperformed its benchmark. The fixed interest portfolio outperformed its benchmark due to active duration managers and overweight to credit.
The Australian equities portfolio struggled to keep up with the broader market. An underweight to Australian and international equities detracted as both asset classes produced strong returns. An underweight to Australian listed property detracted as Australian listed property was one of the best performing asset classes over the quarter.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-5.pdfSeptember, 2022
Quarter highlights as at 30/09/2022 Morrison & Co is a new global unlisted infrastructure manager that was appointed to the Alternative Defensive portfolio. The Australian equities portfolio outperformed its benchmark due to strong manager performance from a few managers. An underweight to international listed property added value as it was one of the worst performing asset classes. An underweight to diversified fixed interest and overweight to Income trust added value as yields continued to rise. The Alternative Growth portfolio underperformed its benchmark.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-4.pdfJune, 2022
There were no manager changes over the quarter. The alternatives defensive and growth portfolios outperformed their respective benchmarks, with infrastructure, private debt and private equity the biggest contributors. The international equities portfolio outperformed its benchmark, due to value managers performing strongly, and emerging markets outperforming developed markets. An overweight to direct property added value as the portfolio produced a solid return for the quarter, due to some positive revaluations. An underweight to fixed interest detracted value.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-3.pdfMarch, 2022
Heitman Global Real Estate Partners II Fund was appointed in the quarter to provide access to a diversified global private real estate portfolio targeting core plus returns.
The alternatives defensive and growth portfolios outperformed their respective benchmarks, with infrastructure, private debt and private equity the biggest contributors.
An underweight to fixed interest and an overweight to Income Trust added value, as fixed interest performed poorly for the quarter.
The international equities portfolio underperformed its benchmark due to its overweight to emerging markets.
The Australian equities portfolio underperformed its benchmark due to an overweight to small caps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-2.pdfMarch, 2021
The Trust generally gains its exposure to a diversified portfolio of investments through a mix of investment managers. The growth orientation of the Trust means it has a greater exposure to growth assets (such as Australian and international property and shares and alternative – growth), with a moderate exposure to defensive assets (such as cash, fixed interest and alternative – defensive).
The Trust is authorised to utilise approved derivative instruments for risk management purposes subject to the specific restriction that the derivative instruments cannot be used to gear portfolio exposure.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT-1.pdfDecember, 2020
Two new strategies were appointed to the Alternatives Growth portfolio being a private equity co investment fund and a private debt dislocation fund. Diversified fixed interest portfolio outperformed, with all underlying managers except Ardea outperforming their benchmarks. An overweight to credit and short duration versus benchmark added value. Alternatives growth portfolio underperformed its equities benchmark. A lower hedge ratio versus benchmark detracted value as the Australian dollar appreciated.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/31095_MM_FS_BGT.pdfasset_class:
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ticker: IOF0093AU
release_schedule: Quarterly
structure: Managed Fund
commentary_block: Array
factsheet_url:
https://www.ioof.com.au/investments/products-and-services/multimix
Multimix Balanced Growth Fund Profile
PDF : Grab the Quarter Highlights
fund_features:
IOOF MultiMix Balanced Growth aims to provide capital growth over the medium to long term by investing in a diversified portfolio of growth assets with some defensive asset exposure, and to achieve a total return after fees in excess of the Trust’s benchmark over a rolling five-year period. The Trust generally gains its exposure to a diversified portfolio of investments through a mix of investment managers. The growth orientation of the Trust means it has a greater exposure to growth assets (such as Australian and international property and shares and alternative – growth), with a moderate exposure to defensive assets (such as cash, fixed interest and alternative – defensive).
- The Trust is authorised to utilise approved derivative instruments for risk management purposes subject to the specific restriction that the derivative instruments cannot be used to gear portfolio exposure.
- The underlying investment managers may utilise strategies for the management of currency exposure.
- The level of currency hedging used for the Trust will vary from time to time.
- The Trust has the capacity to change the level and nature of the currency overlay to manage the Trust’s currency risk