IOOF MultiMix Diversified Fixed Interest Trust aims to provide a low to medium risk, income-producing investment over the medium term by investing in a diversified portfolio of fixed interest investments, and to achieve a total return after fees in excess of the Trust’s benchmark over a rolling three-year period.
Rising Sovereign bond yields weighed on bond returns over the quarter as stickier core inflation, resilient labour markets and wages pressure kept central banks on high alert. Overall the trust outperformed over the quarter.
There were no manager changes over the quarter. Janus Henderson and PGIM were big contributors, performing well above the return of the benchmark.
Manager Brandywine underperformed the benchmark over the quarter.
What is IOOF MultiMix Diversified Fixed Interest IOOF MultiMix Diversified Fixed Interest is an Managed Funds investment product that is benchmarked against Global Aggregate Hdg Index and sits inside the Fixed Income - Bonds - Global / Australia Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The IOOF MultiMix Diversified Fixed Interest has Assets Under Management of 371.07 M with a management fee of 0.5%, a performance fee of 0.00% and a buy/sell spread fee of 0.29%.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the IOOF MultiMix Diversified Fixed Interest has returned 0.72% in the last month. The previous three years have returned -0.4% annualised and 3.33% each year since inception, which is when the IOOF MultiMix Diversified Fixed Interest first started.
How is risk measured in this investment product?
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since IOOF MultiMix Diversified Fixed Interest first started, the Sharpe ratio is NA with an annualised volatility of 3.33%. The maximum drawdown of the investment product in the last 12 months is -1.68% and -12.14% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product?
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The IOOF MultiMix Diversified Fixed Interest has a 12-month excess return when compared to the Fixed Income - Bonds - Global / Australia Index of 0.43% and 0.76% since inception.
Does the investment product produce Alpha over its Peers?
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. IOOF MultiMix Diversified Fixed Interest has produced Alpha over the Fixed Income - Bonds - Global / Australia Index of NA% in the last 12 months and NA% since inception.
What are similar investment products?
For a full list of investment products in the Fixed Income - Bonds - Global / Australia Index category, you can click here for the Peer Investment Report.
What level of diversification will IOOF MultiMix Diversified Fixed Interest provide?
IOOF MultiMix Diversified Fixed Interest has a correlation coefficient of 0.95 and a beta of 1.05 when compared to the Fixed Income - Bonds - Global / Australia Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers?
For a full quantitative report on IOOF MultiMix Diversified Fixed Interest and its peer investments, you can click here for the Peer Investment Report.
How do I compare the IOOF MultiMix Diversified Fixed Interest with the Global Aggregate Hdg Index?
For a full quantitative report on IOOF MultiMix Diversified Fixed Interest compared to the Global Aggregate Hdg Index, you can click here.
Can I sort and compare the IOOF MultiMix Diversified Fixed Interest to do my own analysis?
To sort and compare the IOOF MultiMix Diversified Fixed Interest financial metrics, please refer to the table above.
Has the IOOF MultiMix Diversified Fixed Interest been independently verified by SMSF Mate?
This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
How can I invest in IOOF MultiMix Diversified Fixed Interest?
How do I get in contact with the IOOF MultiMix Diversified Fixed Interest?
Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the IOOF MultiMix Diversified Fixed Interest. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - March 31, 2023 The collapse of Silicon Valley Bank in mid-March dwarfed concerns over re-accelerating inflation and prompted a sharp rally in government bonds. Overall the trust underperformed over the quarter. There were no manager changes over the quarter.
Janus Henderson and Western Asset Management were big contributors, performing well above the return of the benchmark. Brandywine also contributed favourably to performance.
Manager PGIM and Bentham underperformed the benchmark over the quarter.
Performance Commentary - March 31, 2022 The short duration positions in the portfolio were the main factor that generated the outperformance as yields increased globally.
Contributors to performance:
Managers with short duration tilts like Ardea Pure Alpha, Income Trust, Brandywine and Western Asset MAC were strong contributors.
Detractors from performance:
The duration managers like Janus Henderson, Western Asset Aus Bond and Stone Harbor were the main negative detractors.
Performance Commentary - March 31, 2021 The short duration positions in the portfolio were the main factor that generated the outperformance as yields increased globally.
Contributors to performance:
• Managers with short duration tilts like Ardea Pure Alpha, Income Trust, Brandywine and Western Asset MAC were strong contributors.
Detractors from performance:
• The duration managers like Janus Henderson, Western Asset Aus Bond and Stone Harbor were the main negative detractors
Performance Commentary - December 31, 2020 The trust generated strong value from its diversified allocation to high quality interest bearing securities.
Both managers, Janus Henderson and Pendal, added value from credit sector selection as well as security selection.
• Janus added value from long break-even inflation positions.
No negative detractors.
Performance Commentary - September 30, 2020 ‘- The continued volatility in interest rates and as credit spreads tightened led to a strong performance within credit sectors and active duration managers.
– Managers with credit like Western Asset (MAC), Stone Harbor and Bentham, and active duration managers like Brandywine and Janus Henderson were strong contributors.
– No negative detractors.
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