International Equities Portfolio NZD - IOOF QuantPlus - Quarterly update
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IOOF QuantPlus International Equities Portfolio NZD Quarterly update For the period ended 30 June 2015
Contents
Overview 2
Portfolio at glance 3
Performance 4
Asset allocation 6
Overview
At IOOF, we have been helping Australians secure their The QuantPlus team at IOOF aims to achieve an optimal risk
financial future since 1846. During that time we have grown and return outcome through efficient exposure to a highly
into one of Australia's leading provider of quality financial diversified portfolio of assets. They seek to obtain a premium
services. Through our investment management expertise, from holding securities with different risk characteristics than
we offer a range of highly rated investment products utilising those provided by the most commonly used indices by
a range of investment philosophies including multi-manager, employing a quantitative process with a qualitative overlay,
quantitative and qualitative investing as well as sector specific together with a variety of trading strategies.
investments expertise through Perennial Investment Partners.
This report outlines the performance and asset allocation
of the International Equities Portfolio in New Zealand
dollars – previously referred to as the Plan B, International
Core Equities Portfolio.
2IOOF QuantPlus | International Equities Portfolio NZD: Quarterly update – June 2015
Portfolio at a Glance
The portfolio seeks to achieve long term capital growth Weighted average portfolio characteristics
through structured exposure to listed global equities
in both developed and developing markets. The portfolio Portfolio Benchmark
seeks returns by maintaining some exposure to firms with
Market Cap (m NZD) 102,973 138,566
either smaller capitalisation or greater value, placing a lesser
emphasis on smaller capitalisation firms in developing markets. Price to Book 1.69 2.04
To manage the risks associated with these exposures the Price to Earnings 16.28 17.51
portfolio maintains a high level of diversification. At least
Price to Earnings FY1 14.99 16.22
80 per cent of net assets will be invested in securities or
depository receipts of companies and property trusts listed Dividend Yield (%) 2.31 2.33
on the stock exchanges of international developed and
developing markets.
Fast facts
Fund Size (NZD) 705,820,503
Management Fees 0.33%
& Expense
Inception Date Jun-05
Number 3,304
of Holdings
Benchmark MSCI All Country World ex Australia Index
Tracking error Upper tracking error limit for the portfolio
against its benchmarks is five per cent.
Composition of International Equities Portfolio versus benchmark by size
Large
Mid
Small
% 0 10 20 30 40 50 60 70 80
International Equities Portfolio MSCI AC World ex AU Index
3Performance
Gross performance
3 month 6 month 1 year 3 years 5 years 10 years
% % % % pa % pa % pa
International Equities Portfolio (gross return) 12.08 19.94 31.40 21.40 13.80 7.20
MSCI All Country World ex Australia 11.46 18.82 30.93 19.96 12.42 6.69
Outperformance 0.62 1.12 0.47 1.44 1.38 0.51
Net performance
3 month 6 month 1 year 3 years 5 years 10 years
% % % % pa % pa % pa
International Equities Portfolio (net return) 12.00 19.75 30.97 21.00 13.41 6.80
MSCI All Country World ex Australia 11.46 18.82 30.93 19.96 12.42 6.69
Outperformance 0.54 0.93 0.04 1.04 0.99 0.11
Performance figures are calculated using month end unit prices. Past performance is not predictive of future performance.
Top ten holdings
% of portfolio allocation % of benchmark allocation
Apple Inc. 1.57 1.99
Exxon Mobil Corporation 0.95 0.95
Wells Fargo & Company 0.68 0.75
JPMorgan Chase & Co. 0.63 0.69
Microsoft Corporation 0.63 0.94
General Electric Company 0.56 0.73
Nestle S.A. 0.55 0.63
Johnson & Johnson 0.53 0.74
Novartis AG 0.49 0.62
Pfizer Inc. 0.47 0.56
4IOOF QuantPlus | International Equities Portfolio NZD: Quarterly update – June 2015
Contributors to the portfolio
Top 10 contributors to return Total return Average portfolio Contribution to
for the quarter % of share allocation portfolio return
for quarter % %
Apple Inc. 12.23 1.55 0.19
JPMorgan Chase & Co. 24.85 0.59 0.14
Microsoft Corporation 21.20 0.63 0.13
Gilead Sciences, Inc. 32.78 0.36 0.11
General Electric Company 19.75 0.56 0.11
Wells Fargo & Company 15.42 0.65 0.10
AT&T Inc. 22.37 0.44 0.09
Exxon Mobil Corporation 9.45 0.95 0.09
Bank of America Corporation 22.99 0.40 0.09
HSBC Holdings plc 17.88 0.45 0.08
Detractors from the portfolio
Top 5 detractors from return Total return Average portfolio Contribution to
for the quarter % of share allocation portfolio return
for quarter % %
Tata Motors Limited Sponsored ADR -14.54 0.08 -0.01
Great Wall Motor Co., Ltd. Class H -21.57 0.06 -0.01
Southwest Airlines Co. -17.01 0.06 -0.01
Hyundai Motor Company -10.99 0.09 -0.01
Wal-Mart Stores, Inc. -3.77 0.21 -0.01
5Asset allocation
Holdings by region
The Portfolio invests in the following countries:
Developed Countries: Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands,
New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States
Emerging Countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico,
Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey
The following charts illustrate the percentage split of the portfolio’s investment in developed versus emerging countries as compared
to the MSCI All Country World Index (ex Australia).
MSCI All Country World ex AU Index International Equities Portfolio
9% Developed Market 8% Developed Market
Emerging Market Emerging Market
91% 92%
Allocations by region: Developed Markets
60%
50%
40%
International Equities Portfolio
30% MSCI AC World ex AU Index
20%
10%
0%
North America Western Europe Pacific Rim Middle East
6IOOF QuantPlus | International Equities Portfolio NZD: Quarterly update – June 2015
Allocations by region: Emerging Markets
5%
4%
International Equities Portfolio
3%
2% MSCI AC World ex AU Index
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Sector allocations
To ensure that the International Equities Portfolio remains diversified and is not over exposed to any one sector, the active weight
of each GICS sector to the benchmark is maintained within ±10 per cent. The sector allocations as at the end of the reporting period
are outlined below.
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International Equities Portfolio
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7This document is issued by IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFS Licence No. 230524. IIML is a company within the IOOF Group of companies
which consists of IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate. IIML’s contact details can be found on www.ioof.com.au. Past performance is not a
reliable indicator of future performance. The information contained in this document is believed to be correct at the time of publication, however to the extent permitted by
law, no liability is accepted for any loss or damage as a result of any reliance on the information it contains. The information provided is general in nature and has been prepared
INV-515
without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your
own circumstances or consult a financial planner. QuantPlus is a trade mark of IOOF Investment Management Limited.You can also read
