September, 2023
Global equity markets recorded negative returns for the quarter. Initially markets rose before posting steep falls in September as concerns about the strength of China's economy, inflation and the prospect of interest rates remaining higher for longer began to weigh on sentiment.
Royal London outperformed due to positive stock selection in Financials and Energy.
Pzena outperformed due to positive stock selection in Financials, Info Tech and Consumer Discretionary.
Alphinity underperformed due to negative stock selection in Info Tech and Health Care.
Brown Advisory underperformed due to negative stock selection in Health Care and Financials.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_IST-3.pdfJune, 2023
Global equity markets recorded solid gains for the quarter, supported by encouraging inflation and growth economic signals. However, the market’s rally remained notably narrow, especially in the US equity market. Brown Advisory, Intermede and Pzena were appointed as new managers.
Royal London outperformed due to positive stock selection in Healthcare and Consumer Discretionary.
Alphinity underperformed due to being under exposed to the mega-cap US based growth stocks that drove much of the market rally.
Dedicated emerging markets manager TT International outperformed the emerging markets benchmark, but underperformed the MSCI AC World Ex Aus benchmark.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_IST-2.pdfMarch, 2023
Global equities posted strong gains for the quarter. There were no manager changes over the quarter.
Antipodes Global outperformed due to positive stock selection in Health Care and Financials with currency positioning also contributing favourably.
Wellington added value through positive stock selection in Industrials, Healthcare and Financials. An overweight to Consumer Discretionary also contributed favourably to performance.
THB Intl, which invests in micro cap stocks, underperformed mostly due to negative stock selection in the Information Technology sector.
Dedicated emerging markets manager TT International underperformed, as did emerging markets in general in the volatile quarter.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/31095_MM_FS_IST-1.pdfMarch, 2022
There were no changes over the quarter.
Contributors to performance
• Value outperformed Growth over the quarter and value manager Northern Trust performed well, in excess of 10%.
• Emerging market small caps was the best performing sector and EAM emerging market small cap strategy outperformed with a return of almost 10%.
• TT International Emerging Markets and Antipodes Global continued to outperform.
Detractors from performance
• GrowthmanagerWellingtonunderperformedits benchmark.
• TTInternational(globalequities)andTHBInternational micro-cap both underperformed their respective benchmarks.
March, 2021
Contributors to performance:
• Value outperformed Growth over the quarter and value manager Northern Trust performed well, in excess of 10%.
• Emerging market small caps was the best performing sector and EAM emerging market small cap strategy outperformed with a return of almost 10%.
• TT International Emerging Markets and Antipodes Global continued to outperform.
Detractors from performance:
• Growth manager Wellington underperformed its benchmark.
• TT International (global equities) and THB International micro-cap both underperformed their respective benchmarks.
December, 2020
• An overweight to emerging markets contributed as emerging markets outperformed developed markets by 5.5% over the quarter.
• TT International Emerging Markets and Antipodes Global were the best performing managers.
Detractors from performance
• EAM Investors underperformed its emerging markets small cap benchmark in what was a very strong quarter for the niche sector.
• TT International (global equities) and THB International micro cap both underperformed their respective benchmarks.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/IOOF-Investments-quarterly-report-2-1.pdfDecember, 2020
There were no changes over the quarter
An overweight to emerging markets contributed as emerging markets outperformed developed markets by 5.5% over the quarter.
• TT International Emerging Markets and Antipodes Global were the best performing managers.
EAM Investors underperformed its emerging markets small cap benchmark in what was a very strong quarter for the niche sector.
• TT International (global equities) and THB International micro cap both underperformed their respective benchmarks.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/IOOF-Investments-quarterly-report.pdfSeptember, 2020
- There were no changes over the quarter.
- Growth manager Wellington continues to perform well as the Growth factor continues to significantly outperform Value.
- Small caps continued their outperformance in both developed and emerging markets, with EAM emerging market small caps and THB International micro-caps the best performing managers, returning in excess of 10%.
- Antipodes was again the largest detractor as the tilt towards Value and away from Growth was a headwind.
- Northern Trust’s value portfolio underperformed over the quarter, as did TT International’s global concentrated portfolio.
ticker: IOF0098AU
commentary_block: Array
factsheet_url:
ioof.com.au/product_list/psds,_forms_and_brochures/ioof_multimix_international_shares_trust
use this link:
https://www.ioof.com.au/product_list/multimix
Quarterly Report
release_schedule: Quarterly
fund_features:
IOOF MultiMix International Shares 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.
- Gains its investment exposure by investing in a well-diversified portfolio of international share investment managers.
- The Trust has the capacity to gain exposure to shares outside the index, such as emerging markets and unlisted shares.
- Aim to be fully invested at all times with cash exposure not exceeding 10% for any length of time.
manager_contact_details: Array
asset_class: Foreign Equity
asset_category: Large Blend - Multi-Manager
peer_benchmark: Foreign Equity - Large Multi-Manager Index
broad_market_index: Developed -World Index
structure: Managed Fund