IOOF MultiSeries 70 is an Managed Funds investment product that is benchmarked against Multi-Asset Growth Investor Index and sits inside the Multi-Asset - 61-80% Low-Cost 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 MultiSeries 70 has Assets Under Management of 1.14 BN with a management fee of 0.5%, a performance fee of 0.00% and a buy/sell spread fee of 0.12%.
The recent investment performance of the investment product shows that the IOOF MultiSeries 70 has returned 1.27% in the last month. The previous three years have returned 5.82% annualised and 7.86% each year since inception, which is when the IOOF MultiSeries 70 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 MultiSeries 70 first started, the Sharpe ratio is NA with an annualised volatility of 7.86%. The maximum drawdown of the investment product in the last 12 months is -3.84% and -32.45% 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 MultiSeries 70 has a 12-month excess return when compared to the Multi-Asset - 61-80% Low-Cost Index of -0.46% and -0.52% 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 MultiSeries 70 has produced Alpha over the Multi-Asset - 61-80% Low-Cost 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% Low-Cost Index category, you can click here for the Peer Investment Report.
IOOF MultiSeries 70 has a correlation coefficient of 0.99 and a beta of 0.83 when compared to the Multi-Asset - 61-80% Low-Cost 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 MultiSeries 70 and its peer investments, you can click here for the Peer Investment Report.
For a full quantitative report on IOOF MultiSeries 70 compared to the Multi-Asset Growth Investor Index, you can click here.
To sort and compare the IOOF MultiSeries 70 financial metrics, please refer to the table above.
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There were no changes to the manager line-up over the quarter.
The international shares portfolio outperformed its benchmark with good performance from the underlying managers.
The alternative growth and defensive portfolios outperformed their benchmarks with good performance from private equity, private credit and infrastructure managers.
The Australian shares portfolio outperformed its benchmark with managers holding fundamental quality exposures outperforming the broader market.
The fixed interest portfolio underperformed its benchmark due to active duration managers and overweight to credit.
Intermediate Capital Group was appointed to the Alternative Growth portfolio to manage CLO Equity. AllianceBernstein Risk Premia Fund was terminated from the Alternative Defensive portfolio. Ardea Global Alpha Plus was terminated from the diversified fixed interest portfolio.
The international shares portfolio outperformed its benchmark with good performance from the underlying managers. The fixed interest portfolio outperformed its benchmark due to active duration managers and overweight to credit. The Australian shares portfolio underperformed its benchmark with small caps underperforming the broader market.
Invesco Global Targeted Return Fund was terminated from the Alternatives portfolio due to Invesco deciding to change the underlying strategy of the Fund. Both Alternative Defensive and Growth portfolios produced positive returns in a challenging environment. The diversified fixed interest portfolio outperformed in a rising yield environment, due to its short duration positioning. An under.
There were no manager changes over the quarter.
Both the Australian and international equities portfolios outperformed their respective benchmarks.
An overweight to Alternatives contributed to performance, together with the underlying managers performing well – particularly private debt manager Metrics.
The direct property portfolio produced a solid return for the quarter, due to some positive revaluations.
Although emerging markets outperformed developed markets, the emerging markets managers underperformed the benchmark.
An underweight allocation to fixed interest detracted value.
There were no manager changes over the quarter. An overweight to Alternatives contributed to performance, together with the underlying managers performing well – particularly private debt manager Metrics. An underweight to fixed interest added value, as did the underlying managers within the fixed interest portfolio. International equities detracted from relative performance as both developed and emerging market managers underperformed.
The international shares portfolio underwent a restructure as a result of greater scale from ANZ funds.
Three new global active managers were appointed (Vontobel, Royal London and Vaughan Nelson), two emerging market managers (William Blair and Berkeley Street), and one global manager was terminated (TT International).
Diversified fixed interest portfolio outperformed as a result of a short duration position in a rising yield environment. The international shares portfolio outperformed as a result of strong performance from the underlying managers
The Australian shares portfolio underwent a restructure as a result of greater scale from ANZ funds. Two new active managers were appointed being Quest and Northcape. As a result, three managers were terminated being State Street, Yarra Capital and Invesco. Diversified fixed interest portfolio outperformed, with all underlying managers except Ardea outperforming their benchmarks. Western, Stone Harbor, Brandywine and Janus Henderson performed particularly well. Alternatives portfolio also outperformed, with solid performance from private debt manager, Metrics. The Australian equities portfolio underperformed with Acadian small caps and Northern Trust underperforming.
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