OnePath OA IP-OP Global Share EF (MMF0108AU) Report & Performance

What is the OnePath OA IP-OP Global Share EF fund?

OnePath OA IP-OP Global Share EF aims to achieve returns (after costs but before fees and taxes) that exceed the MSCI World (excluding Australia) Net Total Return Index (unhedged and in AUD with net dividends reinvested), over periods of three years. The fund invests predominantly in a diversified portfolio of international shares selected in accordance with a disciplined investment process.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For OnePath OA IP-OP Global Share EF

OnePath OA IP-OP Global Share EF Fund Commentary July 31, 2023

Cooling inflation and positive signals from China set the tone for global equity markets in July. US inflation fell to its lowest level since March 2021, with the US dollar also softening, indicating growing success for the Federal Reserve’s interest rate policy. US equities advanced amid improving sentiment. However, core inflation declined more modestly, keeping expectations of further interest rate hikes on the table. In Europe, inflation also decelerated – albeit from higher levels – helping feed similar stock market gains. While inflation edged back under control in Europe, concerns remained around an approaching recession.

Emerging markets outperformed, driven by China. Stocks jumped, led by property and technology, after the authorities pledged measures to boost employment and give more support to the struggling real estate sector. The National Development and Reform Commission of the People’s Republic of China signposted its desire to attract more private investment into fields like clean energy and infrastructure. Further reassurance came from news that any US limits on investment in China would be narrowly focused on cutting edge technology, including AI and quantum computing.

Elsewhere in emerging markets, Indian stocks continued to push higher, driven by strong net investment inflows.

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.
OnePath OA IP-OP Global Share EFMMF0108AUManaged FundsForeign EquityLarge Blend - SpecialisedForeign Equity - Large Specialised IndexDeveloped -World Index3.69 M1.34%0.00%0.1%

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.
OnePath OA IP-OP Global Share EF0.41%3.48%19.09%6.47%7.07%8.15%11.35%11.51%-4.11%-18.46%-43.81%

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.
OnePath OA IP-OP Global Share EFForeign Equity - Large Specialised Index-5.95%-1.34%-0.23%-0.08%-0.08%0.844.4%4.47%0.870.92

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
OnePath OA IP-OP Global Share EFYes-http://www.onepath.com.au/home.aspx-

Product Due Diligence

What is OnePath OA IP-OP Global Share EF

OnePath OA IP-OP Global Share EF is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Specialised 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 OnePath OA IP-OP Global Share EF has Assets Under Management of 3.69 M with a management fee of 1.34%, a performance fee of 0.00% and a buy/sell spread fee of 0.1%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the OnePath OA IP-OP Global Share EF has returned 0.41% in the last month. The previous three years have returned 6.47% annualised and 11.51% each year since inception, which is when the OnePath OA IP-OP Global Share EF 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 OnePath OA IP-OP Global Share EF first started, the Sharpe ratio is 0.37 with an annualised volatility of 11.51%. The maximum drawdown of the investment product in the last 12 months is -4.11% and -43.81% 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 OnePath OA IP-OP Global Share EF has a 12-month excess return when compared to the Foreign Equity - Large Specialised Index of -5.95% and -1.34% 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. OnePath OA IP-OP Global Share EF has produced Alpha over the Foreign Equity - Large Specialised Index of -0.23% in the last 12 months and -0.08% since inception.

What are similar investment products?

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

What level of diversification will OnePath OA IP-OP Global Share EF provide?

OnePath OA IP-OP Global Share EF has a correlation coefficient of 0.92 and a beta of 0.84 when compared to the Foreign Equity - Large Specialised 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 OnePath OA IP-OP Global Share EF and its peer investments, you can click here for the Peer Investment Report.

How do I compare the OnePath OA IP-OP Global Share EF with the Developed -World Index?

For a full quantitative report on OnePath OA IP-OP Global Share EF compared to the Developed -World Index, you can click here.

Can I sort and compare the OnePath OA IP-OP Global Share EF to do my own analysis?

To sort and compare the OnePath OA IP-OP Global Share EF financial metrics, please refer to the table above.

Has the OnePath OA IP-OP Global Share EF 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 OnePath OA IP-OP Global Share EF?

If you or your self managed super fund would like to invest in the OnePath OA IP-OP Global Share EF please contact via phone or via email .

How do I get in contact with the OnePath OA IP-OP Global Share EF?

If you would like to get in contact with the OnePath OA IP-OP Global Share EF manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the OnePath OA IP-OP Global Share EF. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - June 30, 2023

Global equities advanced in June, with US equities driving returns. The NASDAQ closed out the first half with its strongest result in 40 years and AI fueled investor excitement. Another boost came from improving inflation indicators that added to hopes the Federal Reserve could be near the end of its rate-hiking cycle.

However, despite a pause in interest rate rises in June, the Fed struck a more hawkish tone than investor expectations, guiding to two further rate rises this year. The European Central Bank took an equally hard line as it cautioned against persistent core inflation as rising wages become an increasingly important contributor to price increases. Geopolitical tensions eased somewhat as the US Secretary of State’s visit to Beijing resulted in agreement to stabilize strained relations between the US and China. Economic data provided another source of uncertainty about China for international investors – manufactured weakened for the third successive month in June, while some consumer spending indicators remained below pre pandemic levels. Faced with the threat of a slowing economy, Chinese policymakers deployed stimulus that included a cut to benchmark lending rates and tax breaks for business.

Performance Commentary - April 30, 2023

Global equities finished marginally higher in April as gains in Europe and the US were offset by weakness in emerging markets. In the US, expectation-beating results from big tech groups drove gains; however, conflicting macro data also persisted, weighing on investors and consumers. Despite falling inflation, US growth slowed to an annualized rate of 1.1% in the first quarter, below forecasts, and the US Conference Board’s measure of consumer confidence dipped to a nine-month low, adding to indictors of a potential downturn. European equities outperformed with Hermes and LVMH reporting strong sales. At the same time, the continent’s macro outlook remained weak, as Eurozone first quarter GDP undershot expectations. China weighed down emerging markets performance as stocks weakened on geopolitical concerns, despite improving company and economic performance following the reopening. China’s economy grew by 4.5% in the first quarter, beating expectations, although companies gave a cautious view with JD.com warning that a full consumer recovery could take time. In the meantime, China’s Politburo signaled that it was too soon to tighten monetary policy, which gave Chinese stocks an end-of-month boost.

Performance Commentary - February 28, 2023

Most major equity markets weakened in February as mixed data renewed concerns about the trajectory for inflation and interest rates. However, European equities made modest gains in euro terms, bucking the downward trend. The European Commission projected that the EU would narrowly avoid recession as falling natural gas prices began to take the pressure off consumers and businesses. Nevertheless, inflation data from France and Spain towards the end of the month reignited concerns that the European Central Bank would need to continue aggressive interest rate rises. US equities gave up some of January’s gains, as economic data fed expectations that interest rates would move higher and remain elevated for longer than previously forecast. Renewed dollar strength raised pressure on emerging markets, and investors took a pause on China after a prior strong run for stocks. However, there was positive economic data as Chinese factory PMIs hit their highest level in more than a decade in February, signaling that the country was shaking off the effects of recent COVID outbreaks and the end of its strict zero-COVID stance.

Performance Commentary - December 31, 2022

Central banks around the world continued to battle inflation with the persistent hiking of interest rates in the fourth quarter. However, November data, particularly in the US, EU and UK, indicated a lower year-over-year inflation rate as energy prices fell from highs seen at the end of the second quarter. Hopes of an end to the Federal Reserve’s tightening cycle boosted US equities early in the quarter, with consumer price inflation softening to 7.1% in November.

However, Fed Chair Jerome Powell warned that policymakers still had “more ground to cover” in the fight against inflation, dampening the mood in markets in December. Recession fears also intensified, and the US dollar, which had been a pillar of strength the past few years, retreated 8.5%. European Central Bank President Christine Lagarde cautioned that interest rates may need to be increased to levels that would restrict economic growth. In the UK, budget cuts and tax rises under new Prime Minister Rishi Sunak helped stabilize the sterling but did not alleviate pressure on the economy.

The Bank of England hiked interest rates again in December, while UK growth was revised down to -0.3% in the third quarter with recession forecast to last until the end of 2023. There were some positive signals as mild fall weather reduced the drain on European natural gas reserves through October and November, and forecasts for above-average temperatures in Northern Europe into 2023 further relieved pressure on natural gas prices.

China ended the year on a strong note with optimism for the economy. In December, China abandoned many elements of its zero-COVID policy following public protests, releasing a rally in share prices and pent-up demand for tourism. At the same time, COVID cases spiked sharply, leading some countries to introduce renewed checks on visitors from China.

The rise in infections also prompted concerns about the impact on global supply chains. Indian equities benefited from the continued shift in supply chains away from China and the country’s expanding middle class consumer base. The World Bank upgraded its fiscal year 2023 GDP growth forecast for the country to 6.9%, expecting it to remain one of the fastest growing major economies in the world.

Indonesia’s economy also continued to perform strongly, registering 5.7 year-onyear growth in the third quarter, buoyed by investment and consumer spending. In Latin America, Brazilian markets were volatile following the victory of the leftwing’s Luiz Inacio Lula da Silva in presidential elections, with budget cap changes prompting concerns about looser fiscal discipline.

Performance Commentary - October 31, 2022

Global stocks continued to sell-off in September as signals of further aggressive tightening and concerns about recession weighed on the markets. The Federal Reserve led the way with another 75bps hike in interest rates following a sharp increase in consumer prices in August. Inflation also spiked across Europe, reaching a near seven-decade high in Germany, with the European Central Bank shifting its focus from protecting economic growth to combatting price rises. The new UK cabinet led by Prime Minister Liz Truss provoked further market volatility with a badly received fiscal package that prompted emergency measures from the Bank of England. Despite rising recession concerns, European equities outperformed relative to other major markets in part due to energy, commodities, and financial services. Emerging markets equities were the worst relative performers, as declines in Chinese shares dragged on performance. Despite promises of further stimulus, Beijing’s zero-COVID policy and softening global demand hit exports, while other tech-focused exporting nations including Taiwan and South Korea witnessed weak semiconductor sales. In contrast, India was a relative bright spot and Brazil upgraded its growth outlook for the year. The Fund seeks to benefit from structural growth opportunities, with acceptable risk levels. The binding element across our portfolio holdings is that we believe they can grow at attractive rates even in a slower economic growth environment. We think defensive growth, which can provide us with good downside protection, combined with secular growth, which allows us to participate in up markets, is the formula that’s required to navigate these challenging markets and to aim to beat the benchmark with lower volatility.

Performance Commentary - September 30, 2022

Global stocks continued to sell-off in September as signals of further aggressive tightening and concerns about recession weighed on the markets. The Federal Reserve led the way with another 75bps hike in interest rates following a sharp increase in consumer prices in August. Inflation also spiked across Europe, reaching a near seven-decade high in Germany, with the European Central Bank shifting its focus from protecting economic growth to combatting price rises. The new UK cabinet led by Prime Minister Liz Truss provoked further market volatility with a badly received fiscal package that prompted emergency measures from the Bank of England. Despite rising recession concerns, European equities outperformed relative to other major markets in part due to energy, commodities, and financial services. Emerging markets equities were the worst relative performers, as declines in Chinese shares dragged on performance. Despite promises of further stimulus, Beijing’s zero-COVID policy and softening global demand hit exports, while other tech-focused exporting nations including Taiwan and South Korea witnessed weak semiconductor sales. In contrast, India was a relative bright spot and Brazil upgraded its growth outlook for the year.

Performance Commentary - August 31, 2022

Global equities declined as renewed concerns about rising interest rates and energy shortages weighed on developed market stocks. Data showed that US inflation moderated in July, prompting hopes that price rises had peaked. However, at the central bankers’ meeting in Jackson Hole, Federal Reserve Chair Jerome Powell pledged to continue tightening, despite the risk of pain for households and businesses. US equities reversed earlier gains and underperformed for the month. European equities fell more steeply as European Central Bank policymakers signaled sharper interest rate rises.

Eurozone GDP growth remained resilient in the second quarter, but rising prices continued to fuel recession fears. Emerging market equities finished slightly positive for August, fed by gains for Latin American markets benefiting from commodity price strength. In China, a drought impacted factory operations and the country’s deepening property crisis weighed on economists’ growth expectations. Renewed lockdowns in cities including Shenzhen and Dalian added to market concerns.

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