October, 2021
The Fund fell –2.89% in September, ahead of the benchmark which fell –3.05%. The Fund was up 3.09% over the quarter. Stock selection detracted value for the quarter; the selection effects in the U.S. was the main detractor. Selection within the U.S. was particularly weak in the Consumer Discretionary and Information Technology sectors. Selection was also negative in Japan, New Zealand and Asia Developed ex Japan regions. Selection effects were strong in the Continental Europe and the U.K. regions. Across sectors, selection was weak in Industrials and Information Technology, but notably positive in the Materials sector.
At quarter end, the Fund was attractively valued with a lower 12-month forward PE than the benchmark. The Fund was well diversified across regions and sectors. The largest region overweight was to the U.S., and the largest underweight was in the New Zealand & Canada region. The Fund was most overweight in Industrials and most underweight in Information Technology
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-franklin-global-systematic-equity-au-1.pdfSeptember, 2021
The Fund fell –2.89% in September, ahead of the benchmark which fell –3.05%. The Fund was up 3.09% over the quarter. Stock selection detracted value for the quarter; the selection effects in the U.S. was the main detractor. Selection within the U.S. was particularly weak in the Consumer Discretionary and Information Technology sectors. Selection was also negative in Japan, New Zealand and Asia Developed ex Japan regions. Selection effects were strong in the Continental Europe and the U.K. regions.
Across sectors, selection was weak in Industrials and Information Technology, but notably positive in the Materials sector. At quarter end, the Fund was attractively valued with a lower 12-month forward PE than the benchmark. The Fund was well diversified across regions and sectors. The largest region overweight was to the U.S., and the largest underweight was in the New Zealand & Canada region. The Fund was most overweight in Industrials and most underweight in Information Technology.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-franklin-global-systematic-equity-au.pdfJune, 2021
The Fund returned 3.68% in June, net of fees. Stock selection detracted value for the month; the selection effects in the U.S. were the main detractor. Selection within the U.S. region was the main reason for underperformance, particularly in the Information Technology, Communication Services, and Financials ex
Banks sectors. Selection was also negative in the New Zealand and Canada, Continental Europe, and the U.K. regions. Across sectors, selection was weak in Information Technology, Financials ex Banks, and Health Care. The impact of region/sector allocations was effectively neutral. At month end, the Fund was attractively valued with a lower 12-month forward PE than the benchmark. The Fund was well diversified across regions and sectors. The largest region overweight was to the U.K., and the largest underweight was in New Zealand and Canada region. The Fund was most overweight in Industrials and most underweight in Utilities..
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-qs-global-equity-2.pdfMay, 2021
The MSCI World ex-Australia Index returned 1.2% in May in Australian dollar terms. Markets generally rose on signs of continued economic recovery in the U.S., China and elsewhere. However, paired with this economic growth were concerns over inflation, which sparked volatility throughout the month. Whether recent inflation would be persistent or transitory was top of mind for investors as they attempted to gauge fiscal and monetary policy responses. U.S. Treasury yields decreased, but these moves were small relative to the volatility observed year-to-date; the 10-Year Treasury yield fell from 1.63 to 1.60 over the course of the month. The U.S. dollar depreciated against most major currencies, decreasing 1.6% (Dollar Index Spot). Gold rose 7.6% (AUD). The price of Crude oil (WTI) increased 4.3% (AUD), exceeding recent March highs, helped by a weaker dollar and strong demand. The top performing sectors were Banks, Energy and Materials, with returns of 5.8%, 5.1% and 4.3%, respectively. The worst performers were Consumer Discretionary, Information Technology and Utilities, returning -1.4%, -1.2% and -0.9%, respectively.
The Fund outperformed the benchmark in May, returning 2.21% net of fees. Stock selection added value for the month; the selection effects in the U.S. and Continental Europe led the way. Selection within the U.S. region was the main reason for outperformance, particularly in the Consumer Discretionary and Information Technology sectors. Selection was also positive in developed Asia ex Japan, but detracted modestly in Japan and had minimal impact in the U.K. Across sectors, selection was strong in Information Technology, Consumer Discretionary and Industrials. The impact of region/sector allocations was effectively neutral.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-qs-global-equity-1.pdfDecember, 2020
The Fund was down –0.6% for the month and rose 4.9% for the quarter. Stock selection detracted moderate value for the month leading to the underperformance, the selection effects were mixed across regions. Selection within the U.S. region was the main reason for underperformance, particularly in the Consumer Discretionary and Health Care sectors which detracted notably. Selection was also negative in Japan, but positive across Continental Europe, the U.K., New Zealand & Canada, and Asia Developed ex Japan regions.
Across sectors, selection was negative in Consumer Discretionary and Health Care, selection in Information Technology, Banks, and Energy was strong. The impact of region/sector allocations was muted. Stock selection was the leading detractor for the quarter, it was especially poor in Japan and the U.S. In Japan selection was particularly weak in Industrials, Materials, and Utilities. in the U.S. poor selection effects were driven by the Consumer Discretionary sector. Selection was positive in the U.K., Continental Europe, and New Zealand & Canada regions. Allocation effects across regions were negative.
Within sectors, selection in Consumer Discretionary and Industrials detracted value. At month end and quarter end, the Fund was attractively valued with a lower 12-month forward PE than the benchmark. The Fund was well diversified across regions and sectors. The largest region overweight was to the U.K., and the largest underweight was in the Continental Europe region. The Fund was most overweight in Banks and most underweight in Real Estate.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/fund-commentary-lm-qs-global-equity.pdfasset_class: Foreign Equity
asset_category: Large Blend - Quantitative
peer_benchmark: Foreign Equity - Large Quantitative Index
broad_market_index: Developed -World Index
manager_contact_details: Array
ticker: SSB0126AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
Documents
Product Literature
Commentary
fund_features:
Legg Mason QS Investors Global Equity A aims to earn an after-fee return in excess of the Benchmark (MSCI World Index (ex Australia) in AUD) over rolling three-year periods.
- Provides core, active global equity exposure with a long track record of alpha generation.
- Competitive pricing structure.
- An attractive alternative to passive investment that blends well with more concentrated, factor biased investment strategies
structure: Managed Fund