AMP Capital Specialist Intl Shr (Hdg) A (AMP0825AU) Report & Performance

What is the AMP Capital Specialist Intl Shr (Hdg) A fund?

AMP Capital Specialist International Shares (Hedged) A aims to provide high relative investment growth over the long term by investing in international shares, which exceed the Fund’s performance benchmark after costs and before tax. The Specialist International Share (Hedged) Fund (referred to in this Fund profile as the ‘Fund’) primarily invests in a diversified portfolio of listed international shares and blends specialist investment managers from around the world.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For AMP Capital Specialist Intl Shr (Hdg) A

AMP Capital Specialist Intl Shr (Hdg) A Fund Commentary June 30, 2023

The Fund posted another strong positive return during the June quarter however marginally underperformed its benchmark. The Fund’s five underlying managers gained ground, with three also outperforming their benchmarks led by GQG and Orbis.

At a country level, active allocation held back performance on a relative basis. Holdings in China detracted most, while within developed markets, the underweight positions in the UK and US were the main detractors. On the positive side, the holdings in Brazil and Taiwan were the strongest contributors.

Sector allocation also detracted from relative Fund returns. An overweight to energy and underweight to IT detracted most, outweighing the contribution from the underweights to consumer staples and utlilites. Stock selection however contributed to Fund performance, particularly positions in energy and industrials stocks, while positions in consumer discretionary and IT were the main detractors.

The largest individual stock contributors were overweight holdings in Petroleo Brasileiro, XPO and Meta Platforms. Brazilian oil and gas company Petroleo Brasileiro (+54%) rebounded as concerns eased about governance and pricing policies. US trucking transport company XPO (+85%) soared on rumours that a major competitor was at risk of bankruptcy and on news that the company had hired a highly regarded executive from a competitor as its new chief operating officer. Technology conglomerate Meta Platforms (+36%) rose strongly alongside peers Alphabet and Microsoft when they reported stronger revenue growth and on hopes lower inflation would underpin digital advertising recovery.

The largest individual stock detractors were underweight exposures to Apple and NVIDIA Corporation and having a nil position in Tesla.

Shares in US-based technology company Apple (+18%) rose after reporting its latest quarterly results which included record revenues for its iPhone sales. Specialist technology company NVIDIA (+53%) continued to soar alongside other AI stocks and after confirming better than expected earnings and forecasts from its chips which power artificial intelligence services. US-based electric vehicle and energy storage company Tesla (+26%) rose further after announcing it would commence online advertising to help support its dominant market share.

The hedged exposure to the Australian dollar had a negative impact on returns, primarily due to the currency’s depreciation compared to the US dollar over the period.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
AMP Capital Specialist Intl Shr (Hdg) AAMP0825AUManaged FundsForeign EquityCurrency HedgedForeign Equity - Currency Hedged IndexDeveloped -World Index205.01 M1.08%0.00%0.35%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
AMP Capital Specialist Intl Shr (Hdg) A4.04%4.54%27.91%6.21%8.12%11.96%14.76%14.77%-6.22%-22.1%-57.34%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
AMP Capital Specialist Intl Shr (Hdg) AForeign Equity - Currency Hedged Index6.75%-0.59%NA%NA%NA%1.012.28%3.09%0.980.98

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
AMP Capital Specialist Intl Shr (Hdg) AYes33 Alfred Street, Sydney+61 2 8048 8162https://www.amp.com.auaskamp@amp.com.au

Product Due Diligence

What is AMP Capital Specialist Intl Shr (Hdg) A

AMP Capital Specialist Intl Shr (Hdg) A is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Currency Hedged Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The AMP Capital Specialist Intl Shr (Hdg) A has Assets Under Management of 205.01 M with a management fee of 1.08%, a performance fee of 0.00% and a buy/sell spread fee of 0.35%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the AMP Capital Specialist Intl Shr (Hdg) A has returned 4.04% in the last month. The previous three years have returned 6.21% annualised and 14.77% each year since inception, which is when the AMP Capital Specialist Intl Shr (Hdg) A first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since AMP Capital Specialist Intl Shr (Hdg) A first started, the Sharpe ratio is NA with an annualised volatility of 14.77%. The maximum drawdown of the investment product in the last 12 months is -6.22% and -57.34% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The AMP Capital Specialist Intl Shr (Hdg) A has a 12-month excess return when compared to the Foreign Equity - Currency Hedged Index of 6.75% and -0.59% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. AMP Capital Specialist Intl Shr (Hdg) A has produced Alpha over the Foreign Equity - Currency Hedged Index of NA% in the last 12 months and NA% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Currency Hedged Index category, you can click here for the Peer Investment Report.

What level of diversification will AMP Capital Specialist Intl Shr (Hdg) A provide?

AMP Capital Specialist Intl Shr (Hdg) A has a correlation coefficient of 0.98 and a beta of 1.01 when compared to the Foreign Equity - Currency Hedged Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on AMP Capital Specialist Intl Shr (Hdg) A and its peer investments, you can click here for the Peer Investment Report.

How do I compare the AMP Capital Specialist Intl Shr (Hdg) A with the Developed -World Index?

For a full quantitative report on AMP Capital Specialist Intl Shr (Hdg) A compared to the Developed -World Index, you can click here.

Can I sort and compare the AMP Capital Specialist Intl Shr (Hdg) A to do my own analysis?

To sort and compare the AMP Capital Specialist Intl Shr (Hdg) A financial metrics, please refer to the table above.

Has the AMP Capital Specialist Intl Shr (Hdg) A been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in AMP Capital Specialist Intl Shr (Hdg) A?

If you or your self managed super fund would like to invest in the AMP Capital Specialist Intl Shr (Hdg) A please contact 33 Alfred Street, Sydney via phone +61 2 8048 8162 or via email askamp@amp.com.au.

How do I get in contact with the AMP Capital Specialist Intl Shr (Hdg) A?

If you would like to get in contact with the AMP Capital Specialist Intl Shr (Hdg) A manager, please call +61 2 8048 8162.

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the AMP Capital Specialist Intl Shr (Hdg) A. All data and commentary for this fund is provided free of charge for our readers general information.

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Historical Performance Commentary

Performance Commentary - June 30, 2022

The Fund posted a negative return, whilst comfortably outperforming its benchmark during the June quarter. Whilst all of the Fund’s five underlying managers lost ground, four managers outperformed their respective benchmarks, led by Schroders and Arrowstreet. The Fund continues to outperform its benchmark over the longer term, including over 1 year and since inception (annualised). (All returns are before fees.) At a country level, allocation was postive overall on a relative basis over the period. Within developed markets, the main contributors were from an overweight exposure to the United Kingdom and an underweight exposure to the US.

In emerging markets, holdings in South Africa and China were the main contributors to performance. The Fund’s cash position, which is held mainly in US dollars, added value as markets retreated. Sector allocation added significant value overall to relative returns. An overweight exposure to energy and underweight in IT were the key drivers to easily outweigh the detraction from an underweight exposure to utilities, which detracted most. Stock selection was also a strong contributor to relative returns, particularly positions in consumer discretionary, IT and health care stocks, while positions in industrials and materials stocks were the main detractors.

The largest individual stock contributors were the underweight exposures to Amazon.com and NVIDIA Corporation as well as having a nil position in Tesla. Online retailer and cloud services provider Amazon.com (-29%) shares fell after the company provided its latest quarterly update which included slowing revenue growth and lower forecasts for the upcoming quarter, as higher inflation, rising fuel and labour costs and global supply chain issues impacting company performance. Shares in USbased specialist technology company NVIDIA Corporation (-39%) and US-based automaker and energy storage company Tesla (-32%) suffered alongside many high-profile US technology companies, with heavy selling being fuelled by some investors fearing these companies would be unable to sustain their prior outperformance if the economy softens.

The largest individual stock detractors were the overweight exposures in GXO Logistics, XPO Logistics and Newcrest Mining. US trucking transport company XPO Logistics (- 28%) and logistics solutions provider GXO Logistics (-34%) fell along with many other US road transport and related logistics companies as concerns escalated around higher interest rates and potential recession. Shares in Australian gold miner Newcrest Mining (-22%) suffered alongside other gold miners as the gold price softened, with soaring inflation and concerns about rising interest rates weighing. The hedged exposure to the Australian dollar had a negative impact on returns, primarily due to the currency’s depreciation compared to the US dollar over the period.

Performance Commentary - March 31, 2022

The Fund posted a negative return and underperformed its benchmark during the March quarter. In a declining market, the Fund’s underlying managers lost ground, however Schroders and Arrowstreet outperforming their respective benchmarks. The Fund continues to outperform its benchmark over the long term, including since inception (annualised). (All returns are before fees.)

Country allocation detracted overall from relative returns over the period, due to the Fund’s exposures to emerging markets. Within developed markets, the main positive contributors were an overweight exposure to Australia and an underweight position in Germany, whereas the main detractors were an underweight exposure to Canada and overweight position in the Netherlands. Emerging markets positions, primarily the small holdings in Russia saw heavy falls, more than offsetting the strong returns from holdings in Brazil. The Fund’s cash position, which is held mainly in US dollars, added value as markets retreated.

Sector allocation added value overall to relative returns with most positions contributing, with an overweight exposure to energy the key driver. Conversely, the underweight exposures to health care and utilities were the main detractors. Stock selection detracted overall from relative returns, particularly positions in energy, communication services and financials stocks, while positions in materials and information technology stocks outperformed the most.

Performance Commentary - June 30, 2021

The Fund posted a positive return, however underperformed its benchmark (before fees) in the June quarter. All of the Fund’s five underlying managers gained ground, with American Century outperforming the benchmark. The Fund continues to outperform its benchmark over the long term, including over 5 years and since inception (annualised). (All returns are before fees.) Country allocation was the main detractor from relative performance during the period. Within developed markets, the underweight exposure to the US and overweight position in Japan detracted, while positions in emerging markets, in particular South Africa and China, hampered the return. The Fund’s cash position (primarily in US dollars held by Magellan) also detracted, as share markets rose strongly. From a sector perspective, allocation detracted from the Fund’s relative return, primarily due to the underweight exposure to information technology. Stock selection also detracted overall, with positions in information technology and consumer discretionary a considerable drag on performance, outweighing the positive contribution from stock selection within industrials.

Performance Commentary - March 31, 2021

The Fund posted a positive return to outperform its benchmark (before fees) in the March quarter. All of the Fund’s five underlying managers posted positive returns, while three managers comfortably outperformed their respective benchmarks, led by Schroders and Arrowstreet.

The Fund continues to outperform its benchmark over the long term, including over 5 years and since inception (annualised). (All returns are before fees.) Country allocation contributed to relative performance during the period. Whilst the positioning in developed markets was broadly neutral overall, the emerging markets’ exposure, specifically in South Africa and China, added most value.

From a sector perspective, allocation was broadly neutral overall for returns, with the underweight exposures to health care and information technology as well as the overweight to communication services offsetting the detraction from the underweight exposure to financials. Stock selection within information technology added considerable value during the period.

Stock selection was the primary driver of relative returns overall. The largest individual contributors were an underweight position in Apple and being overweight in Alphabet and Tencent Holdings. US-based technology company Apple (-7%) retreated during the period along with many technology and growth stocks, as inflationary fears and rising bond yields triggered some market rotation.

Performance Commentary - December 31, 2020

The Fund posted a strong positive absolute return, however underperformed its benchmark (before fees) during the December quarter. Led by Orbis and Arrowstreet, four of the Fund’s five underlying managers gained ground, whilst Magellan was a significant laggard. Orbis, Arrowstreet and American Century also outperformed their respective benchmarks, whilst Magellan and Schroders underperformed. The Fund continues to outperform its benchmark over the long term, including over 5 years and since inception (annualised). (All returns are before fees.) Country allocation detracted overall from relative performance during the period.

The exposure to emerging markets specifically in China detracted most, as did the underweight allocation to France, more than offsetting the contributions from an underweight position in the US (a major contributor within developed markets) and holdings in South Korea. The Fund’s cash position (primarily in US dollars held by Magellan) was also a significant detractor from the relative return, as share markets rose strongly. Sector allocation (excluding the cash position) was broadly neutral for relative returns. The underweight exposure to health care and an overweight in communication services were the main contributors, whilst being underweight financials and energy were the main detractors. Stock selection added to relative returns overall. The largest individual contributors were overweight positions in XPO Logistics and Howmet Aerospace and having nil holding in salesforce.com.

US transport company XPO Logistics (+31%) rallied during the latter half of the period after the company released results for Q3 2020 which exceeded investor expectations, with sentiment being boosted further on optimism surrounding a COVID-19 vaccine. Shares in US-based aerospace engineering manufacturer Howmet Aerospace (+59%) rallied on the news of promising developments in COVID-19 vaccine trials which bodes well for air travel. US cloud-based customer relationship management company salesforce.com (-17%) fell after some market participants expressed concern about the company’s proposed acquisition of Slack Technologies.

The largest individual detractors were overweight positions in Alibaba Group and Reckitt Benckiser Group and having nil holding in Tesla. Shares in Chinese e-commerce company Alibaba Group (-26%) suffered after affiliate Ant Group’s suspension of its initial public offering, the release of mixed results for Q3 2020, Chinese authorities said they would investigate the company for “suspected monopolistic conduct” and key founder Jack Ma disappeared after criticising financial authorities. Anglo-Dutch consumer health and hygiene products company Reckitt Benckiser Group (-15%) saw its share price fall following the company’s announcement of results for Q3 2020 where sales were lower than investor expectations and company management lowered its previous forecasts for full year revenue and profit margins.

Shares in electric vehicle and clean energy company Tesla (+53%) soared as the stock was included in the S&P 500 index and on the back of several broker analyst upgrades for the company’s prospects on the basis of a surge in overall electric vehicle demand. The hedged exposure to the Australian dollar had a positive impact on returns, primarily due to the currency’s appreciation compared to the US dollar over the period.

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