New sources of return for your portfolio
With a low long-term correlation to equities and bonds
A scientific approach to investing
With exposure to over 240 markets
Culture of continuous innovation
Seeking ongoing strategy improvements, grounded in research
Investment approach
The Winton Global Alpha Fund is a diversifying alternative investment, managed by a high-quality quantitative firm. The Fund has a history of delivering investors valuable diversification benefits.
Winton Global Alpha Fund
| Fund facts | |
| Investment objective | The Fund aims to generate long-term total returns by investing in exchange-traded futures contracts, exchange-traded forward contracts and collective investment vehicles (Underlying Funds) managed or advised by Winton or its related bodies corporate that provide diversified exposure to underlying investments such as equities, fixed income, credit, interest rates, currencies, commodities and cryptocurrencies. The Fund directly holds both long and short positions in futures. The Fund may also hold cash and cash equivalents. |
| Benchmark | Barclay CTA Index |
| Portfolio managers | Simon Judes, Carsten Schmitz |
| Inception date | 28 May 2007 |
| Fund size | $A270.5m (current as at 30 September 2024) |
| Management fee | 1.48% pa of the net asset value of the Fund |
| Performance fee | 10.25% (inclusive of the net impact of GST) of the dollar value of net profit (if any) from all of the Fund’s trading (excluding net interest earned on cash held directly by the Fund), provided that any carried forward losses from such trading have been made up |
| Minimum investment | $A20,000 |
| Distribution frequency | Generally semi-annually |
| APIR code | MAQ0482AU |
| 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 minor allocation or satellite allocation within a portfolio
- have a minimum investment timeframe of five years
- have a high or 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.
Researcher ratings
Lonsec1
'Investment Grade'
Morningstar2
Morningstar Medalist RatingTM – 'Bronze' assigned 14.02.2024.
Analyst-Driven 100%
Data Coverage 100%
Zenith3
'Recommended'
SQM4
'Superior (4.25), High Investment Grade
These reports are available to licensed financial advisers on request. Please contact your local Business Development Manager.
Awards
2024 Zenith Fund Awards
Winner: Liquid Alternative Strategies
2023 Financial Newswire & SQM Research Fund Manager of the Year Awards
Winner: Other Alternatives
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 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. The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2023. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year. Figures are estimate returns for the Barclay CTA Index. These estimates, for all time periods, are the most accurate possible at the time of publication.
Meet the manager
In this short video, Winton's Co-CIO Simon Judes talks to Head of Client Solutions James Gilbert about what trend following CTA strategies might offer to investors constructing diversified portfolios.
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: 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, Winton’s investment approach may not successfully generate profitable trading signals 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. Amounts distributed to unitholders may fluctuate, as may the Fund’s unit price. Changes in the prices of positions to which the Fund has exposure 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 positions, particular asset classes (such as shares, bonds, interest rates, currencies, commodities and cryptocurrencies) or 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 positions which are larger in size than the net asset value of the Fund. The Underlying Funds may also physically borrow to leverage. The Fund and the Underlying Funds 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. The Fund employs significant leverage and this may result in a loss of some or all of the Fund’s capital.
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
International: +61 2 8245 4900
Monday – Friday 8:30am to 5:30pm (Sydney time)
Available investment platforms
- Asgard
- Asgard Infinity (Full)
- Asgard Infinity (Select)
- Australian Executor Trustees
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- Expand Extra
- FirstWrap
- GrowWrap
- Hub 24
- Macquarie Wrap (Accumulator)
- Macquarie Wrap (Inv Manager & Consolidator)
- Mason Stevens
- Mentor
- MLC Wrap
- MyNorth
- Netwealth
- North
- Oasis
- Platformplus Wrap
- PortfolioOne
- PowerWrap
- Praemium (MIS)
- Rhythm
- uXchange
- Voyage
- WealthTrac
- Xplore
1 The rating issued for the Winton Global Alpha Fund [assigned 09/2023] 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 Morningstar Medalist Rating™ for the Winton Global Alpha Fund is 'Bronze’ as of [14/02/2024]. © 2024 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report or data has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Morningstar’s publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser.
3 The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MAQ0482AU 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.
4 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.
Award: The award referred to above was provided by Financial Newswire and SQM Research in September 2023. Zenith Investment Partners Pty Ltd ABN 27 103 132 672 AFSL 226872 Fund Awards issued 18 October 2024 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Fund Awards are current for 12 months and subject to change at any time. Fund Awards for previous years are for historical purposes only. Full details on Zenith Fund Awards at https://www.zenithpartners.com.au/zenith-fund-awards-2024/.
Winton Capital Management Limited (Winton) does not take any responsibility for the accuracy or completeness of the contents of these materials, any representations made herein, or the performance of the Fund. Winton disclaims any liability for any direct, indirect, consequential or other losses or damages, including loss of profits, incurred by you or by any third party that may arise from any reliance on these materials. Winton is not responsible for, nor involved in, the marketing, distribution or sales of shares or interests in the Fund and is not responsible for compliance with any marketing or promotion laws, rules or regulations; and no third party, other than Macquarie, is authorised to make any statement about any of Winton’s products or services in connection with any such marketing, distribution or sales. Past performance by any other funds or accounts advised by Winton is not indicative of any future performance by the Fund.
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.