New source of potential returns for portfolios
Outside fixed income and equity markets
Systematic approach to currencies
Dynamically adapting to changing conditions
Aiming to deliver smoother portfolio returns
Low long-term correlations to fixed income and equities
Investment approach
P/E Global believes global currency markets are driven by factors that can be identified and understood using a systematic statistical process. This model-based approach to investing employs statistical techniques to analyse key macroeconomic and financial drivers believed to influence currency and gold markets. The result is a dynamic and flexible portfolio able to evolve and adapt over time to capitalise on changing market conditions.
P/E Global FX Alpha Fund
Fund facts | |
Investment objective | The Fund aims to generate long-term total returns by investing in exchange-traded futures providing exposure to developed market and emerging market currencies and gold. The Fund holds both long and short positions in futures. The Fund will also hold cash and cash equivalents. |
Benchmark | RBA Cash Rate |
Portfolio managers |
Warren Naphtal |
Inception date | 28 April 2017 |
Fund size | A$261.2m (current as at 31 October 2024) |
Management fee | 1.88% pa of the net asset value of the Fund |
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 |
Minimum investment | $A20,000 |
Distribution frequency | Generally semi-annually |
APIR code | MAQ5143AU |
Target Market Determination | 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. View TMD |
The Fund is designed for consumers who:
- are seeking capital growth
- are intending to use the Fund as a satellite allocation within a portfolio
- have a minimum investment timeframe of five years
- have a very high risk/return profile for that portion of their investment portfolio, and
- require the ability to have access to capital within one week of request.
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.
The performance information shown above may differ to the information in the performance report due to rounding.
* Inception date is 28 April 2017.
** 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 RBA Cash Rate.
Risks
All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying investments. Generally, the higher the potential return of an investment, the greater the risk (including the potential for loss and unit price variability over the short or long term). The risks of investing in this Fund include:
Strategy, model and research risk: The Investment Manager’s strategy is implemented through a proprietary model that has an emphasis on statistical research. However, research is based on what has occurred in the past. To the extent that 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 approach may not successfully identify statistical advantages leading to profits over time or may result in the Fund investing in positions that lead to losses. This may have an adverse effect on the performance of the Fund.
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. Changes in the prices of futures 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 or application for units 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: 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. The Fund will take leveraged positions with the aim of increasing returns but these leveraged positions can also lead to increased losses. While this process forms a key part of the investment strategy, it may mean that gains and losses in the Fund may be significantly greater than those in funds that are not leveraged.
More information on the risks of investing in the Fund is contained in the Product Disclosure Statement, which should be considered before deciding to invest in the Fund.
Before you can proceed, please answer some questions to help determine if you are likely to be within the target market for any of the Funds based on your responses. The Funds available will be based on the attributes you select.
Macquarie Asset Management
Client Service
mam.clientservice@macquarie.com
PO Box R1723
Royal Exchange,
NSW 1225, Australia
For enquiries call
Toll free: 1800 814 523
International: +61 2 8245 4900
Monday – Friday 8:30am to 5:30pm (Sydney time)
This information has been prepared 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. 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. The product disclosure statement is available on our website at macquarie.com/mam/pds or by contacting us on 1800 814 523. This information is intended for recipients in Australia only.