IOOF MultiMix Balanced Growth is an Managed Funds investment product that is benchmarked against Multi-Asset Growth Investor Index and sits inside the Multi-Asset - 61-80% 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 IOOF MultiMix Balanced Growth has Assets Under Management of 1.84 BN with a management fee of 0.92%, a performance fee of 0.00% and a buy/sell spread fee of 0.22%.
The recent investment performance of the investment product shows that the IOOF MultiMix Balanced Growth has returned 1.24% in the last month. The previous three years have returned 5.36% annualised and 7.05% each year since inception, which is when the IOOF MultiMix Balanced Growth first started.
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 IOOF MultiMix Balanced Growth first started, the Sharpe ratio is NA with an annualised volatility of 7.05%. The maximum drawdown of the investment product in the last 12 months is -3.66% and -22.45% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
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 IOOF MultiMix Balanced Growth has a 12-month excess return when compared to the Multi-Asset - 61-80% Multi-Manager Index of -0.6% and 0.42% since inception.
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. IOOF MultiMix Balanced Growth has produced Alpha over the Multi-Asset - 61-80% Multi-Manager Index of NA% in the last 12 months and NA% since inception.
For a full list of investment products in the Multi-Asset - 61-80% Multi-Manager Index category, you can click here for the Peer Investment Report.
IOOF MultiMix Balanced Growth has a correlation coefficient of 0.98 and a beta of 0.84 when compared to the Multi-Asset - 61-80% 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.
For a full quantitative report on IOOF MultiMix Balanced Growth and its peer investments, you can click here for the Peer Investment Report.
For a full quantitative report on IOOF MultiMix Balanced Growth compared to the Multi-Asset Growth Investor Index, you can click here.
To sort and compare the IOOF MultiMix Balanced Growth financial metrics, please refer to the table above.
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The trust gained exposure to the OptiMix Global Emerging Markets Trust and the OnePath Global Smaller Companies Trust over the quarter. These portfolios will allow the trust to adjust exposures to these sectors more precisely.
The international shares portfolio outperformed its benchmark. Antipodes and Wellington outperformed.
Underweights to the international and Australian listed property portfolios added value as the asset classes were poor relative performers.
The alternative growth portfolio underperformed, with private equity underperforming against benchmark.
The Australian equities portfolio struggled to keep up with the broader market. Micro cap managers underperformed.
An overweight to the income trust detracted as the asset class produced weak relative returns.
An overweight to the alternative growth portfolio detracted as the asset class produced weak relative returns.
HarbourVest is a new US Secured Private Debt manager that was appointed to the Alternative Defensive portfolio. Within diversified fixed interest, Wellington and Antares were appointed and Ardea Global Alpha Plus strategy was removed. The international shares portfolio outperformed its benchmark. The fixed interest portfolio outperformed its benchmark due to active duration managers and overweight to credit.
The Australian equities portfolio struggled to keep up with the broader market. An underweight to Australian and international equities detracted as both asset classes produced strong returns. An underweight to Australian listed property detracted as Australian listed property was one of the best performing asset classes over the quarter.
Quarter highlights as at 30/09/2022 Morrison & Co is a new global unlisted infrastructure manager that was appointed to the Alternative Defensive portfolio. The Australian equities portfolio outperformed its benchmark due to strong manager performance from a few managers. An underweight to international listed property added value as it was one of the worst performing asset classes. An underweight to diversified fixed interest and overweight to Income trust added value as yields continued to rise. The Alternative Growth portfolio underperformed its benchmark.
There were no manager changes over the quarter. The alternatives defensive and growth portfolios outperformed their respective benchmarks, with infrastructure, private debt and private equity the biggest contributors. The international equities portfolio outperformed its benchmark, due to value managers performing strongly, and emerging markets outperforming developed markets. An overweight to direct property added value as the portfolio produced a solid return for the quarter, due to some positive revaluations. An underweight to fixed interest detracted value.
Heitman Global Real Estate Partners II Fund was appointed in the quarter to provide access to a diversified global private real estate portfolio targeting core plus returns.
The alternatives defensive and growth portfolios outperformed their respective benchmarks, with infrastructure, private debt and private equity the biggest contributors.
An underweight to fixed interest and an overweight to Income Trust added value, as fixed interest performed poorly for the quarter.
The international equities portfolio underperformed its benchmark due to its overweight to emerging markets.
The Australian equities portfolio underperformed its benchmark due to an overweight to small caps.
The Trust generally gains its exposure to a diversified portfolio of investments through a mix of investment managers. The growth orientation of the Trust means it has a greater exposure to growth assets (such as Australian and international property and shares and alternative – growth), with a moderate exposure to defensive assets (such as cash, fixed interest and alternative – defensive).
The Trust is authorised to utilise approved derivative instruments for risk management purposes subject to the specific restriction that the derivative instruments cannot be used to gear portfolio exposure.
Two new strategies were appointed to the Alternatives Growth portfolio being a private equity co investment fund and a private debt dislocation fund. Diversified fixed interest portfolio outperformed, with all underlying managers except Ardea outperforming their benchmarks. An overweight to credit and short duration versus benchmark added value. Alternatives growth portfolio underperformed its equities benchmark. A lower hedge ratio versus benchmark detracted value as the Australian dollar appreciated.
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