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.
Emerging markets managers underperformed.
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/IOOFMS90FundProfile-3.pdfJune, 2023
Tanarra Asia-Pacific secured corporate debt and MLC insurance-related investments portfolios were added during the quarter.
The alternative growth and defensive portfolios outperformed their benchmarks with good performance from mezzanine debt and real estate debt.
The international shares portfolio outperformed its benchmark with good performance from the Royal London intrinsic value portfolio.
There were no detractors of significance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS90FundProfile-2.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.
An underweight to international equities detracted as the asset class produced strong returns.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS90FundProfile-1.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 Alternatives Growth portfolio outperformed its benchmark with solid returns from Metrics Credit Partners. The Australian shares portfolio underperformed its benchmark with small caps underperforming the broader market.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/IOOFMS90FundProfile.pdfSeptember, 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 Australian equities portfolio outperformed its benchmark due to strong returns from Acadian and Quest. An overweight allocation to emerging markets detracted value, which was offset by the emerging market managers outperforming the benchmark.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/193033366.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 direct property detracted value.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/189403238.pdfMarch, 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 international shares contributed to performance, given the large negative return. The Australian shares portfolio outperformed its benchmark. International equities detracted from relative performance as both developed and emerging market managers underperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/186557083.pdfJune, 2021
There were no manager changes over the quarter. International shares portfolio outperformed following a restructure the previous quarter. Alternatives portfolio also outperformed, with solid performance from private debt manager, Metrics. Australian equities portfolio slightly underperformed its benchmark with value manager AB performing poorly.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/1940s-Lifestage-Fund-A-BTA0452AU-factsheet.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. Alternatives portfolio outperformed, with solid performance from private debt manager, Metrics. The international equities portfolio outperformed with most managers doing well, particularly TT Emerging markets. The Australian equities portfolio underperformed with Acadian small caps and Northern Trust underperforming.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/166194345.pdfasset_class:
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ticker: IOF0255AU
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 90 aims to provide capital growth over the long term. IOOF MultiSeries 90 (Trust) gains its exposure to a diversified portfolio of investments through a mix of investment managers. The high growth nature of the Trust provides a majority exposure to growth assets such as property, Australian and international shares and alternative assets, with a lesser 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.
- The Trust is authorized to utilize approved derivative instruments for risk management purposes and investment efficiency.
- The underlying managers may utilize 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.