BT Wholesale Multi Manager International Share aims to provide investors with a total investment return (before fees and taxes) that outperforms the benchmark over periods of five years or longer. The Fund allows you to select a single investment option that diversifies across investment managers and investment management styles. This diversification helps reduce overall risk and aims to improve consistency of returns by minimising the impact on overall performance resulting from any one style or manager
The BT Multi-Manager International Shares Fund returned 2.87% in January, underperforming the MSCI World ex-Australia Index by 0.10%. Global equities rallied in January as disinflationary economic signals led to optimism that a peak in the Federal Reserve Target Rate was approaching. Benchmark performance was driven by large cap US technology names, which continued to rebound from lows reached in 2022. Against this background, T. Rowe Price was the top contributor to relative performance.
The strategy seeks out companies with prospects for accelerating returns on capital. Strong stock selection particularly in US Information Technology names was a key driver of outperformance. Conversely, Wellington Durable Enterprises was the largest detractor from relative performance. The fund aims to invest in stable businesses with the potential to deliver market returns at less risk than the market. Weaker than consensus earnings from high conviction Diversified Financials names detracted from relative performance over the month.
From a country perspective, the overweight to China was the top contributor to relative performance, while the fund’s overweight to Denmark was the top detractor. On a sector level, strong stock selection in Industrials was the top contributor to relative performance, whereas weaker stock selection in Consumer Discretionary was the largest detractor. The fund’s overweight to MarketAxess was the top driver of relative performance whereas the underweight to Tesla was the heaviest detractor.
What is BT Wholesale Multi Manager Intl Share BT Wholesale Multi Manager Intl Share is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Multi-Manager 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 BT Wholesale Multi Manager Intl Share has Assets Under Management of 1.03 M with a management fee of 1.1%, a performance fee of 0.00% and a buy/sell spread fee of 0.4%.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the BT Wholesale Multi Manager Intl Share has returned 1.55% in the last month. The previous three years have returned 9.12% annualised and 11.68% each year since inception, which is when the BT Wholesale Multi Manager Intl Share 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 BT Wholesale Multi Manager Intl Share first started, the Sharpe ratio is 0.33 with an annualised volatility of 11.68%. The maximum drawdown of the investment product in the last 12 months is -3.94% and -44.03% 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 BT Wholesale Multi Manager Intl Share has a 12-month excess return when compared to the Foreign Equity - Large Multi-Manager Index of -0.94% and -0.18% 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. BT Wholesale Multi Manager Intl Share has produced Alpha over the Foreign Equity - Large Multi-Manager Index of -0.01% in the last 12 months and -0.02% since inception.
What are similar investment products?
For a full list of investment products in the Foreign Equity - Large Multi-Manager Index category, you can click here for the Peer Investment Report.
What level of diversification will BT Wholesale Multi Manager Intl Share provide?
BT Wholesale Multi Manager Intl Share has a correlation coefficient of 0.99 and a beta of 0.95 when compared to the Foreign Equity - Large Multi-Manager 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 BT Wholesale Multi Manager Intl Share and its peer investments, you can click here for the Peer Investment Report.
How do I compare the BT Wholesale Multi Manager Intl Share with the Developed -World Index?
For a full quantitative report on BT Wholesale Multi Manager Intl Share compared to the Developed -World Index, you can click here.
Can I sort and compare the BT Wholesale Multi Manager Intl Share to do my own analysis?
To sort and compare the BT Wholesale Multi Manager Intl Share financial metrics, please refer to the table above.
Has the BT Wholesale Multi Manager Intl Share 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 BT Wholesale Multi Manager Intl Share?
If you or your self managed super fund would like to invest in the BT Wholesale Multi Manager Intl Share please contact 275 Kent Street Sydney, NSW 2000 Australia via phone 61-2-9259-3555 or via email -.
How do I get in contact with the BT Wholesale Multi Manager Intl Share?
If you would like to get in contact with the BT Wholesale Multi Manager Intl Share manager, please call 61-2-9259-3555.
Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the BT Wholesale Multi Manager Intl Share. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - December 31, 2022 2022 was a year unlike any other. It was initially predicted to be one of repair and recovery following the global pandemic, though it was found to be rather rife with political uncertainty, market volatility, interest rates, supply chain disruptions, and of course, resultant high inflation. As we move into 2023, indicators are that inflation may have peaked, with language from central banks now debating whether they will pivot or pause their rate hike strategies.
Australia
There is growing evidence the economy is starting to slow as the weight of this year’s rate hikes take a toll. Data released in December indicated retail spending fell in October for the first time this year as consumers remain deeply pessimistic about the economic outlook. Moreover, November’s inflation numbers unexpectedly showed an easing in price pressures. This data may be an early sign that inflation has started to roll over and that it will peak in the current quarter, as expected by policymakers. However, one month’s number is not enough to constitute a trend. Also, the monthly inflation measure is not as important as the quarterly inflation measure that the RBA focusses on, although it has been providing reliable guidance. Encouragingly, China has also further relaxed COVID-19 restrictions, supporting a further improvement in globalsupply chain disruptions. Furthermore, the unemployment rate fell to its lowest in nearly 50 years and the wage price index reveals an acceleration is underway in wages growth.
Performance Commentary - November 30, 2022 The BT Multi-Manager International Shares Fund returned 2.67% in November, outperforming the MSCI World ex-Australia Index by 0.66%. Equities continued to rise in November with sentiment improving following the release of the US CPI below expectations.
Further, third quarter earnings continued to prove resilient. Against this background, Wellington Global Opportunistic Value was the top contributor to relative performance. The strategy invests in companies that have sold off due to increased uncertainty. The manager’s overweight to China contributed positively as equities rebounded on expectations of an exit from the country’s Covid-zero policy. Conversely, Wellington Global Quality Growth was the largest detractor from the aggregate’s performance. The manager invests in companies with quality growth characteristics defined as high organic revenue growth rates and high and improving cash flow margins.
Negative stock selection in IT and Financials names detracted over the month, with additional headwinds from the strategy’s growth style exposure. From a country perspective, the overweight to China was the top contributor to relative performance, while exposure to Brazil was the top detractor from relative performance. On a sector level, effective stock selection in Consumer Discretionary names was the top contributor to relative performance, whereas weaker stock selection in Financials was the largest detractor. The fund’s underweight to Apple was the top driver of alpha over the month whereas the underweight to NVIDIA was the heaviest detractor.
Performance Commentary - October 31, 2022 The BT Multi-Manager International Shares Fund returned 7.2% in October, underperforming the MSCI World exAustralia Index by 0.61%. Global Equities rallied in October as investors started to question the Fed’s “higher for longer” mantra. These questions emerged as both supply chain constraints and demand showed early signs of easing. Further, third quarter earnings continued to prove resilient, with Energy companies surprising strongly to the upside. Against this background, Realindex was the top contributor to relative performance. The manager builds a portfolio based on accounting measures representative of fundamental value, independent of the benchmark. Strong stock selection in US Consumer Discretionary names proved a key driver over the month.
The fund’s Value tilt provided an additional tailwind as the factor meaningfully outperformed in October. Conversely, T. Rowe Price was the largest detractor from performance. The manager seeks out companies where the team has an insight on improving business fundamentals and prospects for accelerating returns on capital. The fund continued to face headwinds from the Growth factor which trailed the broader index in October. The fund’s contrarian exposure to China also detracted over the month.
From a country perspective, effective stock selection in the United States was the top contributor to relative performance, while the fund’s exposure to China was the top detractor from relative performance. On a sector level, strong stock selection in Health Care names was the top contributor to relative performance, while negative stock selection in Consumer Staples was the largest detractor. From a stock perspective, the fund’s underweight to Tesla was the top driver of relative performance whereas the overweight to Yum China Holdings was the heaviest detractor.
Performance Commentary - September 30, 2022 The BT Multi-Manager International Shares Fund returned -2.88% in September, outperforming the MSCI World ex-Australia Index by 0.35%. Global Equities sold off in September as the economic outlook continued to deteriorate. Ongoing tightening from global central banks and concerns around Europe’s energy security contributed to weakening sentiment. This was further compounded late in the month by a diminished outlook for the United Kingdom, as the government announced expansionary fiscal policy that conflicted with the Bank of England’s monetary tightening.
Against this volatile backdrop, Wellington Durable Enterprises was the top contributor to relative performance. The fund invests in stable companies with earnings that are resilient to the business cycle. Strong stock selection drove outperformance over the month, with the fund’s high conviction names in Financials being particularly well rewarded. Conversely, T. Rowe Price was the largest detractor from performance. T. Rowe seeks out companies where the team has an insight on stable to improving business fundamentals and prospects for accelerating returns on capital. The fund’s allocation to China drove underperformance in September, with an added headwind from the fund’s exposure to long duration growth companies which also underperformed over the month.
From a country perspective, effective stock selection in the United States was the top contributor to outperformance, while the overweight to China was the top detractor. On a sector level, strong stock selection in Financials was the top contributor to relative performance, while weaker stock selection in Health Care was the largest detractor. The overweight to Charles Schwab was the top driver of relative performance while the underweight to Johnson & Johnson was the largest detractor.
Performance Commentary - August 31, 2022 The BT Multi-Manager International Shares Fund declined -2.01% in August, outperforming the MSCI World ex-Australia Index by 0.53%. Global equities sold off in August, driven by hawkish remarks from the US Federal Reserve Chairman, Jerome Powell, at the Board’s Jackson Hole symposium. Chair Powell indicated that monetary conditions would need to remain tighter for longer to bring inflation under control. This led to a reversal in global equities, which until this point had rallied over the month. Against this background, Realindex was the top contributor to relative performance. Realindex build a portfolio based on accounting measures representative of fundamental value, independent of the market benchmark. The strategy outperformed in August, driven by the fund’s overweight to Financials and effective stock selection in the Consumer Discretionary sector. Meaningful outperformance of the Value factor provided a further tailwind over the month. Conversely, GuardCap was the largest detractor. GuardCap is a high conviction strategy aimed at building a portfolio of companies with double digit long-term growth in earnings and cash flows with strong balance sheets. Negative stock selection in Bioscience and Pharmaceutical names detracted from relative performance in August. From a country perspective, the fund’s overweight to China was the top contributor to relative performance, while negative stock selection in the United Kingdom was the largest detractor from relative performance. On a sector level, strong stock selection in Financials was the top contributor to relative performance, whereas negative stock selection in Consumer Staples was the largest detractor. The overweight to Daiichi Sankyo was the top driver of relative performance while the overweight to Mastercard was the heaviest detractor.
Performance Commentary - July 31, 2022 The BT Multi-Manager International Shares Fund returned 4.87% in July, underperforming the MSCI World ex-Australia Index by 1.53%. Global equities rose strongly in July, as many markets rebounded from deep losses made over the last few months amid signs that inflationary pressures were easing, and corporate earnings might not be as bad as feared. Growth led market performance over the month, following comments from the Fed alluding to a reduction in the pace of rate hikes. Against this background, T. Rowe Price was the top contributor to relative performance. The strategy invests in companies with potential for accelerating returns on capital. This leads to growth bias in the fund, which was rewarded as growth meaningfully outperformed value over the month. Conversely, Wellington Global Opportunistic Value was the largest detractor. The fund invests in companies that have been sharply discounted by the market due to investor bias in dealing with uncertainty. In addition to the style headwind from value’s underperformance, stock selection detracted over the month. From a country perspective, strong stock selection in the United Kingdom was the top contributor to relative performance, while the fund’s underweight exposure to the US and negative stock selection within the country, was the top detractor. On a sector level, effective stock selection in Health Care was the top contributor to relative performance, whereas negative stock selection in Consumer Discretionary was the largest detractor. The Aggregate fund’s underweight to Johnson & Johnson was the top driver of relative performance from a stock perspective whereas the underweight to Apple was the largest detractor.
Performance Commentary - June 30, 2022 The Advance International Shares Multi-Blend Fund declined 4.06% in June outperforming the MSCI World ex-Australia Index by 58 basis points. Global equities continued to sell off in June, as concerns around a central bank-induced recession continued to drive market sentiment lower. The peak inflation narrative dissipated over the month, as May US CPI at 8.6% once again set a multi-decade high, leaving investors unconvinced that policy makers can engineer a ‘soft landing.’
Against this background, GuardCap was the top contributor to relative performance. GuardCap uses a high conviction strategy aimed at building a portfolio that has double-digit long-term growth in earnings and cash flows with a strong balance sheet. This leads to a bias towards quality and growth factors, both of which outperformed over the month.
Conversely, Ardevora was the largest detractor from relative performance. Ardevora applies a framework based on cognitive psychology to identify risk management behavior and errors made by investors and analysts. Negative stock selection, particularly in Health Care and Materials weighed on performance over the month.
From a country perspective, the overweight in China was the top contributor to relative performance, while negative stock selection in the United States was the top detractor. On a sector level, strong stock selection in Financials was the top contributor to relative performance, whereas negative stock selection in Industrials was the largest detractor. The overweight to CME Group was the top driver of relative performance while the overweight to Booking Holdings was the largest detractor.
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