The Maple-Brown Abbott Diversified Investment Trust is an actively managed fund that invests in a diversified portfolio of growth and defensive assets. The Fund offers investors diversification across a range of asset classes with the potential to provide long-term capital growth and income. The Fund invests in growth assets including Australian equities, International equities and REITs. Defensive assets compromise Australian fixed interest, alternative assets and cash. The strategic asset allocation and ongoing tactical asset allocation is reviewed and monitored by the Asset Allocation Committee. The Asset Allocation Committee is made up of senior investment team members with input from external macro-economic specialists. The Fund draws on the expertise of our investment team in asset classes in which we have a long track record.
The Trust returned -2.2% in September, outperforming its benchmark by 0.5%.
The Trust’s Australian equities holdings returned -0.5%, outperforming the market index. Our overweight position in Seven Group Holdings (+12%) was a key positive contributor to performance. Following an excellent full year result in August showing strong momentum in key business and a much improved balance sheet, the stock continued to outperform in September as the market reappraised the discounted multiple on which it traded. Our overweight position in Incitec Pivot (+7%) also performed well. The key driver was a sharp increase in ammonia prices, with the Tampa price rising 47% over the month, supported by elevated supply outages. The company also provided a trading update during the month, at which it detailed better than expected performance from its key explosives division. Our overweight holding in Healius (-18%) detracted from performance. Following a soft full year result in August, the market has focused on near-term headwinds and balance sheet risks. While we acknowledge these risks, we expect a recovery in pathology volumes to support earnings over the medium term, underpinning the current valuation.
The Trust’s international equities holdings returned -4.0%, modestly below the international market index in AUD terms.
The Trust’s A-REIT holdings returned -9.5%, below the A-REIT index. Office-exposed REITs were among the hardest hit, including our holdings in Mirvac Group (-12%) and GDI Property Group (-16%).
The Trust’s fixed interest holdings returned -1.4%, modestly above the bond market index.
The Trust’s exposure to alternative assets, through its holding in the Maple-Brown Abbott Global Listed Infrastructure Fund (GLIF), returned -4.6%. Soft performance reflected sector wide headwinds associated with rising bond yields.
What is Maple-Brown Abbott Diversified Investment Trust Maple-Brown Abbott Diversified Investment Trust is an Managed Funds investment product that is benchmarked against Multi-Asset Growth Investor Index and sits inside the Multi-Asset - 61-80% Diversified 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 Maple-Brown Abbott Diversified Investment Trust has Assets Under Management of 271.79 M with a management fee of 0.89%, a performance fee of 0.00% and a buy/sell spread fee of 0.32%.
How has the investment product performed recently? The recent investment performance of the investment product shows that the Maple-Brown Abbott Diversified Investment Trust has returned 1.77% in the last month. The previous three years have returned 6.32% annualised and 7.92% each year since inception, which is when the Maple-Brown Abbott Diversified Investment Trust 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 Maple-Brown Abbott Diversified Investment Trust first started, the Sharpe ratio is NA with an annualised volatility of 7.92%. The maximum drawdown of the investment product in the last 12 months is -2.75% and -28.21% 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 Maple-Brown Abbott Diversified Investment Trust has a 12-month excess return when compared to the Multi-Asset - 61-80% Diversified Index of -1.23% and 0.29% 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. Maple-Brown Abbott Diversified Investment Trust has produced Alpha over the Multi-Asset - 61-80% Diversified 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 Multi-Asset - 61-80% Diversified Index category, you can click here for the Peer Investment Report.
What level of diversification will Maple-Brown Abbott Diversified Investment Trust provide? Maple-Brown Abbott Diversified Investment Trust has a correlation coefficient of 0.95 and a beta of 0.99 when compared to the Multi-Asset - 61-80% Diversified 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 Maple-Brown Abbott Diversified Investment Trust and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Maple-Brown Abbott Diversified Investment Trust with the Multi-Asset Growth Investor Index? For a full quantitative report on Maple-Brown Abbott Diversified Investment Trust compared to the Multi-Asset Growth Investor Index, you can click here.
Can I sort and compare the Maple-Brown Abbott Diversified Investment Trust to do my own analysis? To sort and compare the Maple-Brown Abbott Diversified Investment Trust financial metrics, please refer to the table above.
Has the Maple-Brown Abbott Diversified Investment Trust 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.
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Performance Commentary - August 31, 2023 The Trust returned -0.8% in August, underperforming its benchmark by 0.6%.
The Trust’s Australian equities holdings returned -2.2%, underperforming the market index. Company earnings results were the key drivers of stock performance over the month. Our overweight holding in Ampol Ltd (+8%) performed well, following the release of a solid half-year result. While earnings were in line with expectations, having pre-announced in July, the market was impressed with the result
Performance Commentary - July 31, 2023 The Trust returned 1.8% in July, underperforming its benchmark by 0.1%. The Trust’s Australian equities holdings returned 3.6%, exceeding the market index. Energy holdings were among our top positive contributors to performance, including an overweight position in Woodside Energy Group (+10%). The key driver was the oil price, with Brent crude rising 13% to close at US$85/barrel. Strength in oil reflected improved sentiment towards the US economy and oil demand outlook, coupled with expectations that OPEC restraint will see continued tightness in market supply. Our overweight exposure to the banks was another positive, including positions in ANZ Group Holdings (+9%) and National Australia Bank (+8%). The sector performed well globally, supported by hopes that central bank tightening was nearing an end and inflation will moderate without a severe bad debt cycle. Our overweight holding in Ansell (-10%) detracted from performance. The company delivered disappointing FY24 earnings guidance during the month. Sales remain soft as customers continue to run down excess inventories of medical gloves and other protective equipment built during the pandemic. Underlying margins are also softer, with FY23 having been supported temporarily by the write back of an accounting accrual. While this is disappointing, ANN has implemented an efficiency program aimed at offsetting these headwinds.
The Trust’s international equities holdings returned 1.3%, below the international market index in AUD terms, reflecting manager underperformance within regions.
The Trust’s A-REIT holdings returned 3.8%, modestly below the A-REIT index. Retail REITs tended to outperform, including our overweight holding in Scentre Group (+6%).
The Trust’s fixed interest holdings returned 0.6%, modestly above the bond market index.
The Trust’s exposure to alternative assets, through its holding in the MapleBrown Abbott Global Listed Infrastructure Fund (GLIF), returned 0.8%. Brazilian toll road holding Ecorodovias was our strongest performer over July (up 26%), following a solid half-year result. Like-for-like traffic in the first half was 8%above pre-COVID levels and tolls saw strong inflation driven increases.
Performance Commentary - June 30, 2023 The Trust returned 1.0% in June, underperforming its benchmark by 0.3%.
The Trust’s Australian equities holdings returned 1.8%, in line with the market index. Our holdingsin the general insurers, including overweight positions in Insurance Australia Group (+10%) and QBE Insurance Group (+7%), were among the top positive contributors to performance. Strong performance was driven by the rise in bond yields, which supports investment income, as well as high rates of price growth across the industry. Our overweight position in Rio Tinto (+7%) also performed well. The stock benefited from stronger pricing for key commodities including iron ore, which rallied on expectations of increased Chinese stimulus. Our overweight position in Link Administration Holdings (-13%) detracted from performance.
The company disclosed the loss of a major client for its fund administration services business, which also raised concerns around intensified competition in the sector. Our decision not to hold Fortescue Metals Group (+15%) also contributed negatively, with Fortescue particularly leveraged to the stronger iron ore price.
The Trust’s international equities holdings returned 3.8%, exceeding the international market index in AUD terms, reflecting manager outperformance and benefits from currency hedging.
The Trust’s A-REIT holdings returned -0.3%, underperforming the A-REIT index. Our decision not to hold premium-rated industrial REIT Goodman Group (+3%) was the largest detractor from performance.
The Trust’s fixed interest holdings returned -2.0%, in line with the bond market index.
The Trust’s exposure to alternative assets, through its holding in the Maple-Brown Abbott Global Listed Infrastructure Fund (GLIF), returned -0.9%. There was weakness in the UK utility sector during the month, following financial difficulties at Thames Water (not held). Despite our view that the issues are company specific, this impacted our fund holdings in Severn Trent and United Utilities.
Performance Commentary - May 31, 2023 The Trust returned -2.0% in May, underperforming its benchmark by 1.1%. The Trust’s Australian equities holdings returned -3.0%, underperforming the market index. Our overweight holdings in Suncorp Group (+7%) and Insurance Australia Group (+4%) were key positive contributors to performance.
The general insurers are positively leveraged to interest rates and hence benefited from rising rate expectations. The release of APRA industry data late in the month showed strong growth in premiums over the March quarter, which was also supportive. Our overweight position in Ampol (+5%) contributed positively.
The key driver was Singapore refining margins which strengthened over the month and are highly correlated to domestic refiner profitability. Value-style headwinds were a drag on performance during the month. This included the outperformance of a number of highly rated growth stocks not held by our portfolio. Tech stocks such as Xero Limited (+18%) and Wisetech Global (+9%) performed strongly, supported by an above-consensus full year result from Xero and sector tailwinds emanating from the US.
Similarly, our decision not to hold CSL (+2%) also detracted, with the stock benefiting from a rotation towards defensives and in particular those considered to offer some growth in a weakening economic environment. The Trust’s international equities holdings returned -1.5%, underperforming the international market index in AUD terms. Performance was impacted by an underweight exposure to the USA and currency hedging. The Trust’s A-REIT holdings returned -3.1%, underperforming the A-REIT index. Our decision not to hold premium-rated industrial REIT Goodman Group (+2%) was the largest detractor from performance. The Trust’s fixed interest holdings returned -1.0%, exceeding the bond market index.
The Trust’s exposure to alternative assets, through its holding in the Maple-Brown Abbott Global Listed Infrastructure Fund (GLIF), returned -4.5%. There was broad weakness across the global listed infrastructure sector over the month. Regulated US utilities were relative underperformers and fund holdings in Ameren and American Electric Power were among our key detractors.
Performance Commentary - April 30, 2023 The Trust returned 2.0% in April, outperforming its benchmark by 0.4%. The Trust’s Australian equities holdings returned +1.5%, underperforming the market index. Exposure to the major banks was a key positive contributor to performance.
We were modestly overweight the banking sector and our holdings were focused in the better performing banks, including Australia and New Zealand Banking Group (+6%) and Westpac Banking Corporation (+4%). Our overweight holding in Brambles (+6%) also performed well. The company released a trading update during the month, at which it upgraded full year earnings guidance.
The upgrade was underpinned by strong, price-driven sales growth. Pricing for CHEP Americas increased 19% in the first nine months of FY23, supported by higher lumber prices which improve CHEP’s competitive position relative to single use pallets.
Performance Commentary - March 31, 2023 The Trust returned 1.3% in March, outperforming its benchmark by 0.2%.
The Trust’s Australian equities holdings returned -0.5%, underperforming the market index. Our overweight position in Healius (+15%) was a key positive contributor to performance. The company received a takeover offer during the month, from its smaller competitor Australian Clinical Labs. The offer was a nil-premium all-scrip offer which, in our view, is unlikely to proceed. However, it highlighted the value in Healius and potential synergies that might be available for any future transactions and is likely to further pressure management to improve performance. Our overweight holding in Brambles (+6%) performed well. Market expectations for earnings continue to increase following its strong half year result in February, supported by a constructive pallet pricing environment. Our holdings in the major banks were among the key detractors from performance, including overweight positions in Australia & New Zealand Banking Group (-7%) and Westpac Banking Corporation (-4%). The banking sector underperformed globally, reflecting heightened risks following the collapse of several banks during the month. While risks to the sector clearly exist, we observe that the Australian banks are very well capitalized and have been more tightly regulated than their US peers. In most cases, bank valuations are also attractive relative to historical metrics.
The Trust’s international equities holdings returned 3.2%, underperforming the international market index in AUD terms, with hedging proving a drag on performance. The Trust’s A-REIT holdings returned -6.7%, modestly above the A-REIT index. Our holding in residential focused Stockland (+4%) held up well, with housing undersupply and a potential central bank pivot supporting its outlook. The Trust’s fixed interest holdings returned 3.1%, modestly below the bond market index.
The Trust’s exposure to alternative assets, through its holding in the Maple-Brown Abbott Global Listed Infrastructure Fund (GLIF), returned 4.8%. The fund’s holding in telecommunication tower company Infrastrutture Wireless Italiane (+16%) was a key positive. Stock performance reflected reports that major shareholder Ardian was considering making a takeover offer.
Performance Commentary - February 28, 2023 The Trust returned -0.6% in February, outperforming its benchmark by 0.3%. The Trust’s Australian equities holdings returned -0.6%, outperforming the market index. Our overweight holding in Origin Energy (+9%) was a key positive contributor to performance. The stock rallied after Brookfield and EIG reconfirmed their interest in a takeover, albeit at a modestly reduced offer price. The market had heavily discounted the prospect of a deal progressing, possibly due to recent changes to gas market regulation. Origin also released its half-year results during the month, upgrading full year guidance for its Energy Markets business. Our overweight holding in QBE Insurance (+10%) performed strongly.
The company delivered a great full-year result, with earnings and dividends ahead of expectations and guidance for continued strong premium growth. QBE’s earnings outlook was further supported by the increase in bond yields and decline in the AUD exchange rate. Our overweight holding in Healius (-14%) detracted from performance. The company preannounced a disappointing half-year result early in the month, leading to medium-term earnings downgrades. The pathology business is suffering from weak volumes, with a steep decline in COVID PCR testing and traditional pathology volumes yet to fully recover from pandemic-related weakness.
With significant fixed costs in the business, margins fell sharply. We remain attracted to the long-term fundamentals of the company and believe that earnings will recover, supported by a return to trend for pathology volumes and management’s cost reduction program. The Trust’s international equities holdings returned -0.9%, underperforming the international market index in AUD terms. Hedging was the key headwind on performance. The Trust’s A-REIT holdings returned 0.6%, exceeding the A-REIT index.
Our holding in diversified REIT GPT Group (+4%) performed well, delivering a sound full year result and 2023 guidance above expectations. The Trust’s fixed interest holdings returned -1.2%, modestly above the bond market index. The Trust’s exposure to alternative assets, through its holding in the MapleBrown Abbott Global Listed Infrastructure Fund (GLIF), returned 1.2%. Our European holdings performed well, including tank storage firm Vopak (+9%) which delivered a solid 2022 result and 2023 guidance above expectations.
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