Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Investment Profile | As at: 30-09-2015 Astute Growth Model Portfolio Risk Profile Moderate to High Inception 30 November 2012 Portfolio Overview Performance - as of 30 September 2015 The Growth Model Portfolio is designed for investors with an investment time horizon of seven years who seek the potential for capital growth and diversification across multiple asset classes, investment strategies, investment managers and styles. They are prepared to accept a medium to high risk of capital loss to achieve this objective. Cumulative Return Since Inception Astute Growth Model Portfolio Investment Horizon 7 years CPI plus 3.5% pa 50 45 40 Performance Objective To earn a rate of return that exceeds CPI by at least 3.5% per annum over rolling 7 year periods. 35 30 Portfolio Construction 25 This portfolio is constructed by the Astute Financial Management Investment Committee (‘Investment Committee’), on advice from Ibbotson Associates Australia Limited (‘Ibbotson’) as asset consultant. The underlying asset allocation will be set with reference to prevailing market conditions, within the stated ranges. Ibbotson assists the Investment Committee in the overall supervision of its investment program and offers guidance and recommendations in the selection and retention of investments available within an investment portfolio. However, the portfolio’s construction remains the responsibility of the Investment Committee (and may contain individual investments not currently recommended by Ibbotson). 20 15 10 5 % 0 Mar-13 Total Returns % Mar-14 Sep-13 1 Sep-14 Mar-15 3 Months CYTD 1 Year Astute Growth Model Portfolio -0.18 4.27 9.16 CPI plus 3.5% pa 1.32 3.92 5.00 Sep-15 3 Years (pa) 5 Years (pa) Asset Allocation Ranges & Current Positions % Current Position Range 65 60 55 50 45 40 35 30 25 20 15 10 5 0 Australian Shares International Shares Australian Property About Ibbotson Ibbotson Associates Australia Limited is a leading provider of investment consulting services with over 35 years of asset allocation, manager selection, and portfolio construction experience in Australia and overseas. Ibbotson is part of the global Morningstar Investment Management Division, and has access to the full breadth of resources within Morningstar, Inc., one of the most recognised and trusted names in the investment industry serving more than 9.9 million individual investors, 250,000 financial advisors, and 1,700 asset management firms around the world (as of December 31, 2014). Astute Financial Management has appointed Ibbotson Associates Australia to provide consulting services related to its models. Notes 1 Model portfolio returns are before tax and after management fees and assume reinvestment of income. Underlying fund returns with the exception of Ibbotson Trusts have been sourced from Morningstar Direct. Returns for Ibbotson Trusts are based on hard close exit unit prices. Total return for the model portfolio is the sum of the weighted return of the underlying managers with the weights rebalanced at the end of each month. International Property Global Infrastructure Alternatives Australian Bonds International Bonds Cash Portfolio Allocations and Performance * Vanguard Cash Reserve** Ibbotson Diversified Alternatives Trust Nikko AM Australian Bond MFS Global Equity Trust Magellan Global (Hedged) Templeton Global Equity Aberdeen Emerging Opportunities Vanguard Australian Property Secs Idx APN A-REIT Fund Investors Mutual WS Australian Share PIMCO EQT Wholesale Global Bond Perpetual W Share Plus L/S Magellan Infrastructure (Hedged) Bennelong Avoca Emerging Leaders Fidelity Australian Equities Weighting % 3 Months 1 Year 3 Years 5 Years 23.00 13.50 9.00 8.00 7.00 7.00 6.00 5.00 4.00 4.00 4.00 3.00 2.50 2.00 2.00 0.50 0.77 1.91 1.00 -3.34 -3.50 -7.20 1.16 0.50 -5.40 0.91 -2.20 2.85 -3.69 -5.05 2.34 4.68 6.41 22.15 7.74 9.94 1.37 19.96 18.17 1.75 5.02 3.73 14.78 -1.03 1.87 2.58 5.11 4.98 25.84 3.34 5.53 6.50 17.83 22.57 7.22 16.08 16.05 11.15 5.43 15.88 16.35 2.88 11.76 14.30 5.00 13.46 14.14 10.21 7.26 13.30 *complete historical performance of current managers. Not all managers have consistently been in the model for all time periods. ** or other approved cash option. This document is issued by Ibbotson Associates Australia Limited (ABN 54 071 808 501, AFS Licence No. 228986) (‘Ibbotson’). Ibbotson is a member of the Morningstar group of companies (‘Morningstar’). © Copyright of this document is owned by Ibbotson and any related bodies corporate that are involved in the document’s creation. As such the document, or any part of it, should not be copied, reproduced, scanned or embodied in any other document or distributed to another party without the prior written consent of Ibbotson. The information provided is for general use only. In compiling this document, Ibbotson has relied on information and data supplied by Morningstar and other third party information providers. Whilst all reasonable care has been taken to ensure the accuracy of information provided, neither Ibbotson, Morningstar nor their third parties accept responsibility for any inaccuracy or for investment decisions or any other actions taken by any person on the basis or context of the information included. Past performance is not a reliable indicator of future performance. Neither Ibbotson nor Morningstar guarantees the performance of any investment or the return of capital. Ibbotson warns that (a) Ibbotson has not considered any individual person’s objectives, financial situation or particular needs, and (b) individuals should seek advice and consider whether the advice is appropriate in light of their goals, objectives and current situation. Before making any decision about whether to invest in a financial product, individuals should obtain and consider the disclosure document. For a copy of the relevant disclosure document, please contact our Distribution Team on 02 9276 4550. 1.18 8.75 Investment Profile | As at 30-09-2015 Ibbotson’s Investment Outlook Contact Details The panic that gripped markets during May and June continued into this quarter as confirmation of a slowing Chinese economy, an unexpected devaluation in the Yuan and differing views regarding the timing of U.S. interest rate rises weighed on investor sentiment. As such, global equity markets endured an extremely volatile period. Ibbotson Associates Australia Limited Level 36, Australia Square 264 George Street Sydney NSW 2000 Tel: +61 2 9276 4550 Fax: +61 2 9276 4560 Web: www.ibbotson.com.au Email: [email protected] The MSCI All Countries World ex Australia ($A Hedged) Index fell -7.92% for the quarter, with weakness being most acutely felt in Japanese and Emerging Market equities. European equities (ex UK), also had a weak quarter and are now barely recording gains for the 12 months to 30 September 2015, following on from a tumultuous June quarter that resulted in the near default (and possible expulsion from the Eurozone) of Greece. U.S. and Australian equities similarly declined (with the S&P/ASX 300 Accumulation Index down -6.47%) and both are now delivering negative returns over the same period. Importantly however, whilst the performance of International equities was poor, losses were limited in Australian dollar terms, as our currency weakened significantly against peers. Australian and international bonds were among the better performers, as the market continued to adjust to the ‘lower for longer’ interest rate environment, both here and abroad. Australian property and cash also delivered positive returns over the quarter. Ibbotson continues to expect heightened volatility in markets as geopolitical and macroeconomic issues play out, particularly as we await clarity around the timing of any interest rate rises in the U.S. and look for stabilisation in global growth forecasts. In our view, having a valuation-driven dynamic asset allocation approach in this environment will be crucial to achieving the investment objectives, over the longer term. This document is issued by Ibbotson Associates Australia Limited (ABN 54 071 808 501, AFS Licence No. 228986) (‘Ibbotson’). Ibbotson is a member of the Morningstar group of companies (‘Morningstar’). Ibbotson has created this document using Morningstar DirectTM. © Copyright of this document is owned by Ibbotson and any related bodies corporate that are involved in the document’s creation. As such the document, or any part of it, should not be copied, reproduced, scanned or embodied in any other document or distributed to another party without the prior written consent of Ibbotson. The information provided is for general use only. In compiling this document, Ibbotson has relied on information and data supplied by Morningstar and other third party information providers. Whilst all reasonable care has been taken to ensure the accuracy of information provided, neither Ibbotson, Morningstar nor their third parties accept responsibility for any inaccuracy or for investment decisions or any other actions taken by any person on the basis or context of the information included. Past performance is not a reliable indicator of future performance. Neither Ibbotson nor Morningstar guarantees the performance of any investment or the return of capital. Ibbotson warns that (a) Ibbotson has not considered any individual person’s objectives, financial situation or particular needs, and (b) individuals should seek advice and consider whether the advice is appropriate in light of their goals, objectives and current situation. Before making any decision about whether to invest in a financial product, individuals should obtain and consider the disclosure document. For a copy of the relevant disclosure document, please contact our Distribution Team on 02 9276 4550.