Delivering diversification potential to traditional portfolios

What the Winton Global Alpha Fund offers

Specialist strategy

Access Winton's scientific approach to investment management

Diversified approach

Actively traded portfolio of around 100 futures markets across various sectors

Low correlation

Potential for positive returns in rising and falling markets

Low correlation to traditional asset classes, such as equities and bonds.

Portfolio designed to produce attractive returns at a targeted risk level.

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 this fund include:

  • Market risk: 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. Global and local economic, financial, political, technological and environmental factors can drive changes in the prices of futures positions. It is not possible to predict the occurrence or magnitude of these and other potentially relevant factors. Different factors may affect the price of individual futures positions, particular asset classes (such as shares, bonds, interest rates, currencies and commodities) or futures positions generally at different times.
  • 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. The fund employs significant leverage and this may result in a loss of some or all of the fund's capital.
  • Strategy, model and research risk: Winton's investment approach is based on research into past data and the application of that research to the development of mathematical models that attempt to forecast returns, risk, correlation and transaction costs. Many of these models are trend following models that attempt to identify and exploit market trends. 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, increased government intervention in markets or growth in assets managed in accordance with similar investment strategies. In particular, such factors may make Winton’s trend following models less effective because they may lessen the prospect of identified trends occurring or continuing in the future. As a result of the foregoing, the investment system may not generate profitable trading signals and the fund may suffer a loss.

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

About the Winton Global Alpha Fund

Investment manager

Winton Capital Management Limited (Winton) is a global investment management company, based in London, that focuses on achieving absolute returns through advanced statistical research into financial markets. Winton was founded in 1997 by David Harding. David has been at the forefront of systematic investment management for nearly 30 years, having previously co-founded the quantitative investment company AHL in 1987.

Investment objective

The Winton Global Alpha Fund aims to generate long-term total returns from a specialist managed futures strategy.

Futures are contracts that allow investors to buy or sell an asset (for example commodities, equities, bonds) on a specified future date at an agreed price.

The fund can potentially benefit from rising and falling markets, taking advantage of either a rise in the underlying price (if it takes a 'long' position) or a fall in the underlying price (if it takes a 'short' position).

Investment strategy

Winton’s investment programs, including the Winton Futures Program which is applied to the Fund, is largely systematic and uses statistical techniques to find patterns and relationships in data to identify investment opportunities. Some examples of the patterns and relationships found may include signals such as trend following and other empirical effects, such as, seasonality in weather patterns. The Fund uses these patterns and relationships found in data sets to take long and short positions in futures markets.

The Fund may invest in approximately 100 futures markets globally across categories such as share indices, bonds, interest rates, currencies and commodities.

How the Winton Global Alpha Fund works

Applying science to investment

The Winton Investment System is a result of over 25 years of scientific research into financial markets. The investment team:

  • accesses a world of data from thousands of markets including economic statistics, weather records, demographic data and much more
  • extracts meaning from noisy market data
  • gains an edge by detecting subtle patterns in the way markets move to make market predictions.

Fund information

 Winton Global Alpha Fund
APIR code MAQ0482AU
Inception date 28 May 2007
Minimum investment timeframe At least 5 years
Distribution frequency Generally twice a year
Management fee 1.78% pa (of net asset value of fund and inclusive of GST).
Performance fee

16.4% (inclusive of the net impact of GST) of the dollar value of net profit (if any) from futures trading, provided that any carried forward losses from futures trading have been made up and payable to Winton.

Read the Product Disclosure Statement and any PDS Update for more details on fees and expenses that may be charged. 

Minimum investment $20,000
Performance reports View monthly performance report.
View client quarterly fund snapshot.
Flyer Learn more about the benefits of the fund.

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