September, 2023
The third quarter of 2023 saw Sovereign bond market yield curves steepen as the market became comfortable that central banks were at the end of their rate hiking cycles, but repriced the long ends higher on the mantra that rates would need to be kept higher for longer. Overall the trust outperformed over the quarter. Managers Shenkman, Muzinich and Oaktree were added over the quarter through an allocation to the Extended Credit trust.
Janus Henderson and PGIM were big contributors, performing well above the return of the benchmark.
Manager Brandywine underperformed the benchmark over the quarter
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_DFIT-3.pdfJune, 2023
Rising Sovereign bond yields weighed on bond returns over the quarter as stickier core inflation, resilient labour markets and wages pressure kept central banks on high alert. Overall the trust outperformed over the quarter.
There were no manager changes over the quarter. Janus Henderson and PGIM were big contributors, performing well above the return of the benchmark.
Manager Brandywine underperformed the benchmark over the quarter.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_DFIT-2.pdfMarch, 2023
The collapse of Silicon Valley Bank in mid-March dwarfed concerns over re-accelerating inflation and prompted a sharp rally in government bonds. Overall the trust underperformed over the quarter. There were no manager changes over the quarter.
Janus Henderson and Western Asset Management were big contributors, performing well above the return of the benchmark. Brandywine also contributed favourably to performance.
Manager PGIM and Bentham underperformed the benchmark over the quarter.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_DFIT-1.pdfMarch, 2022
The short duration positions in the portfolio were the main factor that generated the outperformance as yields increased globally.
Contributors to performance:
Managers with short duration tilts like Ardea Pure Alpha, Income Trust, Brandywine and Western Asset MAC were strong contributors.
Detractors from performance:
The duration managers like Janus Henderson, Western Asset Aus Bond and Stone Harbor were the main negative detractors.
March, 2021
The short duration positions in the portfolio were the main factor that generated the outperformance as yields increased globally.
Contributors to performance:
• Managers with short duration tilts like Ardea Pure Alpha, Income Trust, Brandywine and Western Asset MAC were strong contributors.
Detractors from performance:
• The duration managers like Janus Henderson, Western Asset Aus Bond and Stone Harbor were the main negative detractors
December, 2020
The trust generated strong value from its diversified allocation to high quality interest bearing securities.
Both managers, Janus Henderson and Pendal, added value from credit sector selection as well as security selection.
• Janus added value from long break-even inflation positions.
No negative detractors.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/IOOF-Investments-quarterly-report-2.pdfSeptember, 2020
- The continued volatility in interest rates and as credit spreads tightened led to a strong performance within credit sectors and active duration managers.
- Managers with credit like Western Asset (MAC), Stone Harbor and Bentham, and active duration managers like Brandywine and Janus Henderson were strong contributors.
- No negative detractors.
ticker: IOF0096AU
commentary_block: Array
factsheet_url:
Use This Link:
https://www.ioof.com.au/product_list/multimix
Quarterly Report
release_schedule: Quarterly
fund_features:
IOOF MultiMix Diversified Fixed Interest Trust aims to provide a low to medium risk, income-producing investment over the medium term by investing in a diversified portfolio of fixed interest investments, and to achieve a total return after fees in excess of the Trust’s benchmark over a rolling three-year period.
- Investing in a well-diversified portfolio of Australian and international fixed interest managers.
- The Trust can also invest in cash with maximum 25% exposure.
- Low to medium risk/return profile.
- The international fixed interest exposure is generally hedged.
manager_contact_details: Array
asset_class: Fixed Income
asset_category: Bonds - Global / Australia
peer_benchmark: Fixed Income - Bonds - Global / Australia Index
broad_market_index: Global Aggregate Hdg Index
structure: Managed Fund