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 | $A232.3m (current as at 31 July 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 |
| Macquarie Professional Series | This Fund is proudly brought to you by Macquarie Professional Series. Learn more |
Read the Product Disclosure Statement for more details on fees and costs that may be charged.
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.
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Submit the application form and any required identification documents
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
Local: +61 2 8245 4900
Monday – Friday 8:30am to 5:30pm (Sydney time)
Available investment platforms
- Asgard
- BT Panorama
- Expand Extra
- Hub 24
- Macquarie Wrap (Accumulator)
- Macquarie Wrap (Inv Manager & Consolidator)
- Mason Stevens
- MLC Wrap
- MyNorth
- Netwealth
- North
- PowerWrap
- Praemium (MIS)
- uXchange
- Xplore
1 The rating issued for the P/E Global FX Alpha Fund [assigned 08/2023] is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2024 Lonsec. All rights reserved.
2 The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MAQ5143AU February 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
3 The rating contained in this document 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. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.
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.