| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | Over the quarter, the Strategy rose +17.71% against the Index's +5.90%. Notable performers included KLA, a US metrology equipment manufacturer, Valero, the USA based oil refining company, and Intel. Most Japanese companies in the portfolio marched higher. They took profits from Discovery A, Hong Kong Exchanges, Orix Holdings and Nomura Holdings. Delft noted that while world markets rose over that period, there has been a significant shift in the shape of the US yield curve which has driven significant sectoral rotation globally. Delft anticipated this and remain focussed on companies exposed to industrial activity, productivity enhancing investment and the switch to fiscal policy. Delft added that National Industrial Policy is returning and expect companies and investors will have to adapt to the new supply chains, different regulations and taxation. Delft remain very diversified with underweight positions in European banks and oils generally. They have overweight positions in 'true technology' companies, Industrials and Healthcare. They like Japan and Asia on valuation, fiscal resilience and improving governance. Their view is that the outlook remains poor for European profits notwithstanding the 'cheap' market. |
| More Information |
