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Lonsec Multi-Asset Managed Portfolios - Balanced Managed Portfolio Performance Update – December 2020 Lonsec Multi-Asset Managed Portfolios - Balanced Portfolio performance - December 2020 Cumulative performance (5 years) 1 mth 3 mth 6 mth 1 yr 3 yr 5 yr (%) (%) (%) (% pa) (% pa) (% pa) Portfolio Total 0.53 5.12 6.81 2.55 4.71 5.64 Return Peer Group 0.78 6.33 7.81 2.98 4.75 5.60 Benchmark* Excess Return -0.25 -1.21 -1.00 -0.43 -0.04 0.04 Past performance is not a reliable indicator of future performance. Performance is calculated before taxes and other fees such as model management and platform fees and are net of underlying investment management fees. For full details of fees, please refer to the relevant platform provider. Performance is notional in nature and the actual performance of individual portfolios may differ to the performance of the Managed Portfolios. Totals presented in this report may not sum due to rounding. *Performance prior to 1 January 2016 is based on a notional portfolio. **Peer Group Benchmark is based on the Financial Express UT Peer Group Multi-Asset Indices. Performance contribution Market review Much like new year celebrations, Australian shares ended 2020 without fanfare. The ASX 300 added a modest 1.3% in December to end the year up only 1.7% in what was a tumultuous year for all markets. The IT sector was the best performing in December, returning 9.5% over the month and 57.8% over the year. Unsurprisingly it was Afterpay that led the tech pack in 2020, tripling in value as consumers continued to flock online and ditch their credit cards. Global shares saw mixed performance over 2020, with some markets rebounding strongly in the second half and others finishing the year deep in the red. Overall, it was a positive year, Performance contribution measures the absolute contribution of each constituent with the MSCI World Ex-Australia Index returning 5.7%, despite asset class to the total performance of the portfolio. falling 0.5% in December, and the MSCI Emerging Markets Index returning 7.8% in Australian dollar terms in 2020. The US S&P 500 Index finished on a high, returning 3.8% in December and 18.4% over the year after rallying to record highs in the wake of the pandemic. In December, the S&P/ASX 200 A-REIT Index rose 0.4% to end 2020 down 4.6%, while global REITs fared even worse, down 13.6%. However, some diversified trusts saw impressive growth over 2020. Australia’s housing market is improving but the Reserve Bank notes that the recovery is uneven and there has been considerable variation in price changes across capital cities. The end of 2020 saw further recovery in yields, thanks in part to positive vaccine news, which has boosted equities and narrowed spreads between corporate and government yields. In Australia, money market rates are still close to zero and the yield on the 3- year government bond is in line with the RBA’s 0.1% target. Australian Fixed Interest securities, as measured by the Bloomberg Ausbond Composite 0+ Year Index, fell 0.3% in December, whilst Global Fixed Interest securities gained 0.3% on an AUD hedged basis as measured by the Bloomberg Barclays Global Aggregate Index. We strongly recommend that potential investors read the product disclosure statement or investment statement. Lonsec Investment Solutions Pty Ltd • ACN 608 837 583 • A Corporate Authorised Representative (CAR 1236821) of Lonsec Research Pty Ltd • ABN 11 151 658 561 • AFSL 421 445 • This information must be read in conjunction with the Warning, Disclaimer, and disclosure at the end of this document. This report supersedes all prior reports. Managed Portfolio Performance Update – December 2020 Top 3 contributors to performance % Dynamic Asset Allocation Positioning Fidelity Australian Equities Fund 0.22 Pengana Australian Equities Fund 0.14 Australian Equities ETFS Physical Gold 0.11 ● Global Equities ● Bottom 3 contributors to performance % Property and Infrastructure ● AB Global Equities Fund -0.10 Fixed Interest ● GQG Partners Global Equity Fund -0.10 Alternatives ● Magellan Infrastructure Fund -0.05 Cash ● Portfolio changes % Neutral Janus Henderson Global Multi-Strategy Fund 3% Underweight Overweight Fulcrum Diversified Investments Fund 3% Partners Group Global Multi-Asset Fund 3% Portfolio Commentary ETFS Physical Gold 2% AB Managed Volatility Equities Fund – MVE Class 1% The Portfolio returned 0.53% for the month of December, Fidelity Australian Equities Fund 1% outperforming the internal benchmark. Having been broadly neutral, early in the month the Fund moved to overweight growth Pengana Australian Equities Fund 1% assets by overweighting Australian equities and adopting a Allan Gray Australia Equity Fund 0.5% slightly overweight position in global emerging market equities. Janus Henderson Tactical Income Fund -0.5% The portfolio is now neutral in global developed market equities PIMCO Global Bond Fund — Wholesale Class -1% and alternatives. These positions were funded by underweighting fixed income and cash. Returns from Dynamic Asset Allocation Zurich Investments Australian Property Securities Fund -2% (DAA) were positive with Australian equities, emerging market Pendal Fixed Interest Fund -3% equities and global REITs the top performing asset classes for the BlackRock iShares Core Cash ETF -3% month. Bentham Syndicated Loan Fund -5% Manager selection was flat for the month. While Australian equity and Alternatives strategies added good value, this was offset by Global equity and real asset strategies which underperformed Asset allocation breakdown their respective benchmarks. Fidelity Australian Equities Fund was the top performing equity strategy returning 3.1% for the month, while GQG Partners Global Equity Fund again lagged down 3.3% as the rotation away from growth stocks and into value continued. A number of changes were made within the Alternatives sub- sector in December. With spreads continuing to compress in the high yield space, Bentham Syndicated Loans Fund was removed from the portfolio in favour of new opportunities with more attractive risk/reward prospects. Janus Henderson Global Multi- Strategy Fund and Fulcrum Diversified Investments Fund were added to the portfolio during the month. We expect both strategies to perform well as widening dispersion at the asset class, sector and security level provide opportunity for skilled managers to add value. Overall, these changes were positive, with Alternatives adding value over the month. Gold also added value over the month, up 2.6%, while Partners Group Global Multi-Asset Fund lagged, down -0.7% for the month. We strongly recommend that potential investors read the product disclosure statement or investment statement. Lonsec Investment Solutions Pty Ltd • ACN 608 837 583 • A Corporate Authorised Representative (CAR 1236821) of Lonsec Research Pty Ltd • ABN 11 151 658 561 • AFSL 421 445 • This information must be read in conjunction with the Warning, Disclaimer, and disclosure at the end of this document. This report supersedes all prior reports. Managed Portfolio Performance Update – December 2020 Outlook We have taken a more constructive view on risk assets following our last Asset Allocation Committee meeting held in late November. While still in early stages, our models suggest that the economic recovery is underway, with Australia and emerging markets leading the way. We don’t expect the recovery to be a straight line, with volatility likely to persist as markets respond to ongoing COVID 19 outbreaks and other geopolitical concerns. While valuations aren’t necessarily cheap, for Australian equities they are fair by our estimates given where interest rates are and should be supported by a broad-based recovery in earnings. Interest rates are expected to remain low and rangebound for some time as the central banks maintains an easy policy setting in order to cement the economic recovery. These conditions are typically good for risk assets and we expect growth assets such as equities to produce reasonable returns over the course of 2021. We strongly recommend that potential investors read the product disclosure statement or investment statement. Lonsec Investment Solutions Pty Ltd • ACN 608 837 583 • A Corporate Authorised Representative (CAR 1236821) of Lonsec Research Pty Ltd • ABN 11 151 658 561 • AFSL 421 445 • This information must be read in conjunction with the Warning, Disclaimer, and disclosure at the end of this document. This report supersedes all prior reports. Portfolio at a glance Designed for The portfolio is designed to provide investors with a balance of income and capital growth over the medium to long term through exposure across a range of asset classes and by using several investment managers. Investment objective 2.4% p.a. above cash Suggested minimum investment timeframe 5 years Investment strategy The portfolio seeks to generate competitive income and capital returns with lower downside risk than the market. This is achieved by diversifying the portfolio by asset class, investment strategy, fund manager and sources of return. Investment universe The portfolio invests across a diversified range of Australian equities, global equities, property and infrastructure, fixed interest assets and alternative assets. The portfolio can invest in managed funds, Exchange Traded Funds (ETFs) and cash. Target exposure Growth assets Defensive assets 60% 40% Platform availability BT Panorama HUB24 Macquarie Wrap Netwealth IMPORTANT NOTICE: This document is published by Lonsec Investment Solutions Pty Ltd ACN 608 837 583, a Corporate Authorised Representative (CAR 1236821) (LIS) of Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). LIS creates the model portfolios it distributes using the investment research provided by Lonsec Research but LIS has not had any involvement in the investment research process for Lonsec Research. LIS and Lonsec Research are owned by Lonsec Holdings Pty Ltd ACN: 151 235 406. Please read the following before making any investment decision about any financial product mentioned in this document. Disclosure at the date of publication: Lonsec Research receives a fee from the relevant fund manager or product issuer(s) for researching financial products (using objective criteria) which may be referred to in this document.
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