MLC overhauls Australian Share Fund
MLC Investment Management has rationalised the number of managers in its Australian Share Fund from eight to three, with the new line-up better able to achieve the fund's objectives, according to Peter Sumner, portfolio manager of Australian equities at MLC Investment Management.
The approximately $1.4 billion portfolio is now split 35 per cent to incumbent manager JCP Investment Partners, as well as 45 per cent and 20 per cent respectively to new managers Antares Capital Partners and Bennelong Australian Equity Partners.
The managers removed from the portfolio are DFA Australia, Balanced Equity Management, Maple-Brown Abbott, Northcape, Northward Capital, Vanguard Investments Australia and Wallara Asset Management.
Sumner said the outperformance delivered by the portfolio had been inconsistent and MLC continually reviews strategies to ensure they are meeting objectives.
Reducing the portfolio to three managers helps remove some redundancy and doubling of risks that has developed over time, he said.
The new mix of managers, who are more core-like in their focus, is more likely to deliver on the fund's objectives, he added.
"We've sought managers who have a strong risk management focus embedded in their process, managers that don't have a particular style bias, they're more core-like in the approach and are also managers who we feel are better able to adapt and navigate changing conditions in markets through time rather than being heavily style biased one way or the other," he said.
Recommended for you
Former Platinum co-founder James Simpson will take up a non-executive role at Income Asset Management as two directors retire.
Bell Financial Group has announced a 44 per cent decline in half-year net profit after tax but record funds under advice as it transitions into a diverse wealth management business.
Having predicted three ETF trends for Australia at the start of this year, State Street has shared how these are tracking and whether Australia will successfully reach US$30 billion ETF inflows for 2025.
Magellan fund manager Nikki Thomas is to depart next month as the firm reviews its range of global equity funds and transitions her High Conviction fund.
