A different approach to global macro investing

 

What the IPM Global Macro Fund offers

Systematic global macro strategy

Seeks to generate alpha from insights into fundamental economic drivers

Diversified approach

Exposure to a portfolio of currencies, government bonds and equity markets

Potential long-term absolute returns

Low correlation to equities, bonds and other alternative strategies

All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying assets. Generally, the higher the potential return of an investment, the greater the risk.

The risks of investing in the fund include:

  • Strategy, model and research risk: The Investment Manager’s strategy is implemented through a proprietary quantitative model that has a heavy emphasis on research. However, research is based on what has occurred in the past. To the extent a market deviates from its accustomed response to an event or the event itself is unusual, extreme or never before experienced by the market, the value of a research based methodology will lessen. Mathematical models are representations of reality but they may be incomplete and/or flawed and there is an inherent risk that any forecasts derived from them may be inaccurate, particularly if the research or models are based on, or incorporate, inaccurate assumptions or data. Assumptions or data may be inaccurate from the outset or may become inaccurate as a result of many factors such as, changes in market structure or increased government intervention in markets. As a result, the Investment Manager’s investment process may not generate profitable trading signals and the Fund may incur a loss.
  • Investment risk: The risk of an investment in the Fund is significantly higher than an investment in a typical bank account or fixed income investment. While the Fund’s benchmark is the RBA Cash Rate, the Fund is not a cash fund and is not expected to behave like a cash investment. Amounts distributed to unitholders may fluctuate, as may the Fund’s unit price. The unit price may vary by material amounts, even over short periods of time, including during the period between a redemption request or application for units being made and the time the redemption unit price or application unit price is calculated. Changes in the prices of futures and OTC FX forwards positions held by the Fund may result in loss of principal or large movements in the unit price of the Fund within short or long periods of time, including during the period between a redemption request being made and the time the redemption unit price or application unit price is calculated. Different factors may affect the price of individual futures positions, particular asset classes (such as currencies) or futures positions generally at different times. Due to market risk and the potential short-term volatility of the Fund, investors should have a medium to long-term investment horizon.
  • Leverage risk: Arises when the Fund takes on positions that are greater in size than its assets. The Fund will take leveraged positions with the aim of increasing returns which can also lead to increased losses. Leverage arises in the Fund through taking both long and short futures positions which are larger in size than the net asset value of the Fund. While this process forms a key part of the investment strategy, it may mean that gains and losses may be significantly greater than those in a Fund that is not leveraged.

For a full description of the risks of investing in the fund, you should read the Product Disclosure Statement before deciding to invest.

Video insights from IPM

IPM Global Macro Fund

22 Aug 2017

Watch this short video to hear from IPM's Head of Client Portfolio Management, Serge Houles, as he provides insight into IPM's unique approach to global macro investing.

Detailed fund information

IPM is a leading systematic global macro investment manager developing robust investment strategies based on fundamental economic theory. Established in 1998 in Sweden, IPM currently manages over $US6.9 billion (as at 30 June 2017) on behalf of institutional investors globally.

The Fund aims to generate long-term absolute returns by investing in exchange-traded government bond and equity index futures contracts, and over-the-counter foreign exchange forward contracts (OTC FX forwards) which provides exposure to developed market and emerging market currencies.

The Fund may also gain exposure to developed market and emerging market currencies by investing in currency futures.

The Fund holds both long and short positions in futures and OTC FX forwards. The Fund will also hold cash and cash equivalents. 

IPM employs a proprietary model-based approach to investing, combining economic theory with their belief that asset prices fluctuate around their true fundamental value.

Through robust modelling, IPM gains deep insights into how fundamental drivers interact with the dynamics of asset price returns, and capitalise opportunistically when the models identify discrepancies between the two.

Management fee: 1.68% pa of the net asset value of the Fund (inclusive of the net impact of GST).

Performance fee: 20.5% (inclusive of the net impact of GST) of the cumulative outperformance of the Fund (after management fees and expenses but before the deduction of performance fees (paid or accrued) above the return of the RBA Cash Rate, subject to a high watermark. 

Semi-annually (June and December)

  • Lonsec — Recommended1
  • Zenith — Approved2

Available on:

  • Asgard
  • BT Panorama
  • BT Wrap
  • Macquarie Accumulator
  • Macquarie Wrap

Find out how we can help


If you'd like to speak to a Macquarie Business Development Manager about how we can help get in touch.