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Fund Factsheet 31 August 2021 Russell Investments Managed Portfolio – Growth Portfolio objective Asset allocation as at 31 August 20212 To provide capital growth over the long term consistent with a portfolio focusing on growth assets, while accepting fluctuations in capital values in the short term. Portfolio strategy The Portfolio typically invests in a diversified investment mix with exposure to growth investments of around 90% and defensive investments of around 10% over the long term, however the allocations will be actively managed within the allowable ranges depending on market conditions. Performance review Period ending 31/08/2021 1 3 1 2 3 5 Since month months year years years years inception % % % p.a. % p.a. % p.a. % p.a. % p.a. Total return 2.4 6.1 25.7 12.0 _ _ 11.6 Performance is net of fees and charges. Assumes reinvestments of income. Past performance is not a reliable indicator of future performance. Fund Facts Growth of $10,000 Inception date 19 June 2019 Fund Portfolio manager Daniel Choo Recommended investment timeframe 6 years Performance results are net of management fees for both the Managed Portfolio and the underlying managers’ fees and costs. These results do not take into account any third party platform fees charged to individual investors or transaction costs (which include buy/sell spread and brokerage fees). They assume income received is reinvested without any tax deduction. An individual investor’s actual performance will differ from this performance depending on a range of factors including the amount invested in the Managed Portfolio, transaction timing, transaction costs, actual underlying manager fees and costs, any exclusions selected by the investor, whether income is paid in cash and any divergence by the investor from Managed Portfolio weightings. In addition, the actual performance experienced by individual investors may be aggregated and averaged by platform providers, resulting in a further departure from the performance results published here. Past performance is not a reliable indicator of future performance. Russell Investments Managed Portfolios have been rated Superior by SQM Research1 for world class manager research capabilities and management of multi-asset portfolios. 01 31 August 2021 Russell Investments Managed Portfolio – Growth (continued) Portfolio commentary The Russell Investments Managed Portfolio – Growth returned 2.4% on a net of fees basis in August. Our overweight to emerging markets contributed positively to performance over the period. Emerging markets delivered strong absolute returns in August, driven in part by hopes of additional Chinese stimulus and some encouraging comments from US Federal Reserve (Fed) chairman Jerome Powell, who said that whilst the Fed may start tapering its bond purchases later this year, the Bank is in no hurry to raise interest rates. An underweight exposure to government bonds also added value in August, with longer-term yields mostly higher (prices lower) amid rising US inflation and a series of positive US and European earnings results. With longer-term government bond yields still hovering a little over 1.0% in Australia and the US, the Portfolio maintains higher allocations to short-term credit, which we believe offers better value. Our exposure to domestic listed property, which significantly outperformed the broader Australian share market in August, added further value over the period. In contrast, an underweight exposure to the US market detracted from performance. We continue to favour non-US equities over US equities on the basis that the US market remains overvalued relative to other regions. During the month, we reduced our exposures to the Vanguard All-World ex-US Shares Index ETF and the Vanguard US Total Market Shares Index ETF in favour of the Vanguard MSCI Index International Shares (Hedged) ETF. These trades were implemented in the second half of the month to increase the Australian dollar (AUD) hedging ratio within the global equity portfolio. The AUD had been oversold and we had been waiting patiently to increase our AUD hedging. The currency has since rebounded from our entry point of around US$71.5 cents. More broadly, we retain the same themes as last month, i.e. a preference for emerging markets over developed markets and overweights to both global small caps and credit. Our strategy to ‘buy the dip’ in growth assets hasn’t been necessary but we believe we’ll eventually see a market correction worth buying into. To this end, we reserve some capital to capture opportunities as they arise. In saying that, we expect to trim some growth asset exposure if the market continues to run higher (as a way of rebalancing). The Portfolio’s direct Australian equity component underperformed its benchmark over the period. Not holding Afterpay in August detracted from returns. Afterpay posted very strong gains for the month after US payments giant, Square, made a $39 billion offer for the company. Partly offsetting this were our holdings in James Hardie Industries, Amcor and Aristocrat Leisure; all of which performed well on the back of stronger earnings results. Moving forward, near-term risks include new COVID-19 variants that may be resistant to vaccines, as well as the slow pace of vaccine rollouts in some countries. There is also the risk that positive news on vaccinations and stimulus could cause long-term interest rates to rise by more than we expect. This could provide a test for the US equity market, which is expensive in absolute terms and appears attractive only when compared to low Treasury yields. Market commentary Global share markets made good gains in August, driven by further encouraging earnings results globally and confirmation the US Senate had approved a US$1 trillion infrastructure package. Stocks also benefited from the prospect of additional Chinese stimulus and some encouraging economic data, including news the euro-zone economy returned to growth in the second quarter and better-than-expected US non-farm payrolls in July. Partly offsetting this was a further rise in US inflation. Limiting the gains were fears the ongoing spread of the highly-contagious delta variant of coronavirus could yet impact the global recovery, increasing concerns over China’s regulatory crackdown and heightened geopolitical risks following the US’s withdrawal from Afghanistan. Australian shares also performed well in August, benefiting from the Reserve Bank of Australia’s decision to maintain its ultra-easy monetary policy settings, a further decline in the unemployment rate and good gains across the ‘Big Four’ banks. Global bonds fell slightly in August, while global credit markets were mixed. Australian bonds narrowly outperformed their global peers over the period, while domestic credit spreads were relatively flat. 02 31 August 2021 Russell Investments Managed Portfolio – Growth (continued) Detailed Asset Allocation Portfolio holdings2 Weight ASX100 SMA Portfolio 29.8% AGL Energy Ltd 0.3% Altium Ltd 0.4% Amcor PLC 0.7% Aristocrat Leisure Ltd 0.9% Aurizon Holdings Ltd 0.5% Australia and New Zealand Banking Group Ltd 1.5% BHP Group Ltd 2.2% Coles Group Ltd 0.5% Commonwealth Bank of Australia 2.7% CSL Ltd 2.2% Dexus 0.9% Fortescue Metals Group Ltd 0.7% Goodman Group 1.0% James Hardie Industries PLC DR 0.9% Macquarie Group Ltd 1.3% National Australia Bank Ltd 1.9% Newcrest Mining Ltd 0.6% Orica Ltd 0.4% Rio Tinto Ltd 0.8% Sonic Healthcare Ltd 0.8% South32 Ltd 0.5% Suncorp Group Ltd 1.0% Telstra Corp Ltd 1.2% Transurban Group 1.3% Wesfarmers Ltd 1.1% Westpac Banking Corp 1.8% Woodside Petroleum Ltd 0.4% Woolworths Group Ltd 0.6% Xero Ltd 0.5% Ampol Ltd 0.4% Russell Multi Asset Growth Strategy Plus Fund 23.0% Russell Multi Asset Income Strategy Fund 0.0% Russell Multi-Asset Growth Strategy Fund 0.0% Russell Investments Australian Select Corp Bond ETF 0.0% Russell Investments Australian Govt Bond ETF 1.0% Russell Investments Australian-Semi Govt Bond ETF 0.0% Vanguard Australian Shares Index ETF 2.1% Vanguard FTSE All-World ex-US Shares Index ETF 7.9% Vanguard Australia Property Securities ETF 4.6% Vanguard FTSE Emerging Markets ETF 1.4% Vanguard Global Aggregate Bond ETF 0.0% Vanguard US Total Market Shares Index ETF 10.2% Vanguard Global Value Equity Active ETF 3.4% Vanguard MSCI International Shares Hedged ETF 3.6% iShares Core Cash ETF 1.3% iShares Government Inflation ETF 0.0% iShares S&P Small-Cap ETF CDI 1.8% Russell Investments Global Opportunities Fund 9.2% Vanguard International Credit Securities Index (Hedged) ETF 0.0% Cash 0.8% Portfolio holdings may not equal 100% due to rounding. 03 31 August 2021 Russell Investments Managed Portfolio – Growth (continued) Contact Russell Investments To find out more about Russell Investments or how you can diversify your portfolio in just one transaction, you can: > visit our website at russellinvestments.com.au To Invest in Russell Investments Retail Funds, contact your adviser today For more information: NSW, QLD, ACT & NT: 02 9229 5111 VIC, SA WA & TAS: 03 9270 8111 Footnotes 1 The rating is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product.
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