For financial advisers and professional investors only – not for distribution to retail investors.
October 2026
This article has been written by Winton. The Winton Global Alpha Fund is brought to you by Macquarie Professional Series.
The Winton Global Alpha Fund continues to generate diversifying returns in 2026.
Against the backdrop of AI optimism, conflict in the Middle East and surging government bond borrowing costs, the Winton Global Alpha Fund (the ‘Fund’) has generated diversifying returns this year, with positive contributions from across each of the major liquid asset classes traded by the Fund.
| 30/09/2026 | 1 m (%) | 3 m (%) | 6 m (%) | 1 y (%) | 3 y (% pa) | 5 y (% pa) | 7 y (% pa) | 10 y (% pa) | Inception (% pa)* |
|---|---|---|---|---|---|---|---|---|---|
| Winton Global Alpha** | 3.0 | 7.8 | 5.7 | 20.9 | 7.3 | 10.2 | 5.8 | 4.7 | 7.1 |
| Benchmark*** | 1.1 | 3.0 | 3.6 | 11.1 | 4.1 | 4.2 | 4.5 | 3.3 | 3.1 |
| Excess Return | 2.0 | 4.8 | 2.1 | 9.8 | 3.2 | 6.0 | 1.3 | 1.4 | 4.0 |
Past performance is not a reliable indicator of future performance. Total returns are calculated based on changes in net asset values and assumes the reinvestment of distributions. * Inception date is 28 May 2007. ** Total net returns are quoted after the deduction of all fees and expenses. Due to individual investor circumstances, your net returns may differ from the net returns quoted above. *** The benchmark is the Barclay CTA Index, an industry benchmark of representative performance of commodity trading advisors. Figures are estimated returns for the Barclay CTA Index. These estimates, for all time periods, are the most accurate possible at time of publication.
Dynamic exposure to commodities: an important driver of the Fund’s post-pandemic returns
Maintaining commodity exposure as a core long-term allocation can be extremely difficult. While supply-demand imbalances can lead prices to soar at times, they can also lead prices to collapse and sustained multi-year drawdowns. Interest in commodity investments tends to increase after prices have already increased considerably.
S&P GS Commodity Index since 1972 with three largest drawdowns highlighted
Cumulative USD total return
Source: FactSet, as at 30 September 2026. Past performance is not indicative of future results. The S&P GSCI Total Return Index reflects the production-weighted returns of a broad universe of commodities. Further information on the index’s methodology is available on S&P’s website.
The Winton Global Alpha Fund offers investors a systematic approach to dialling up and down commodities exposure within a wider portfolio. The Fund’s core trend-following strategy turns long when a commodity is trending upwards and short when it is trending downwards. Winton has also enhanced its strategy over time to include other fundamental and alternative data inputs to inform the Fund’s positioning.
Collectively, this approach has achieved attractive diversifying returns from commodities in recent years by capturing upswings in prices. Examples include long exposure to European power and gas markets in 2021, oil and oil products in 2022, cocoa through 2023 and 2024, precious metals in 2025, and oil and oil products once again in 2026.
Winton Global Alpha: sector performance and positioning
Gross sector yearly contribution since 2021
Yearly mean net sector exposure (% of NAV) since 2021
Source: Winton, as at 30 September 2026. The fixed income gross leverage in the net sector exposure chart has been divided by three so that it plots on the same scale as the other sectors.
‘Long inflation’ heading into the final quarter of 2026
Long exposure to crops, energies and base metals – combined with short exposure to global government bonds – makes the Winton Global Alpha Fund’s current positioning likely to be complementary for many investors’ portfolios. In the current inflationary environment investors could benefit from diversification beyond only equities and bonds.
You might also like
Related products
Important Information
For financial advisers and professional investors only – not for distribution to retail investors.
This information is provided by Macquarie Investment Management Australia Limited (ABN 55 092 552 611 AFSL 238321), the issuer and responsible entity of the Fund(s) referred to above. This is general information only and does not take account of the investment objectives, financial situation or needs of any person and before acting on this information, you should consider whether this information is appropriate for you. It should not be relied upon in determining whether to invest in a Fund. In deciding whether to acquire or continue to hold an investment in a Fund, an investor should consider the Fund’s product disclosure statement and the Website Disclosure Information available at macquarie.com/mam or by contacting us on 1800 814 523. This information is intended for recipients in Australia only. Nothing in this document constitutes a recommendation to buy, sell or hold any financial product, security or instrument.
The Target Market Determination (TMD), available at macquarie.com/mam/TMD, includes a description of the class of consumers for whom the Fund is likely to be consistent with their objectives, financial situation and needs.
Future results are impossible to predict. This document contains opinions, conclusions, estimates and other forward-looking statements which are, by their very nature, subject to various risks and uncertainties. Actual events or results may differ materially, positively or negatively, from those reflected or contemplated in such forward-looking statements. Past performance information shown herein, is not a reliable indicator of future performance. No representation or warranty, express or implied, is made as to the suitability, accuracy, currency or completeness of the information, opinions and conclusions contained in this document. In preparing this document, reliance has been placed, without independent verification, on the accuracy and completeness of information available from external sources. To the maximum extent permitted by law, no member of the Macquarie Group nor its directors, employees or agents accept any liability for any loss arising from the use of this document, its contents or otherwise arising in connection with it.