Winton Global Alpha FundDelivering new sources of return to traditional portfolios

What the Winton Global Alpha Fund aims to offer

Low correlation to traditional asset classes, over the long term

Potential for positive returns in rising and falling markets

Diversified approach

Invest in ~100 futures markets across a range of asset classes

Specialist investment strategy

Access to Winton’s scientific approach to investing

Fund facts
Investment objective The Fund aims to generate long-term total returns by investing in exchange-traded futures contracts and exchange-traded forward contracts providing exposure to underlying investments such as share indices, bonds, interest rates, currencies and commodities. The Fund holds both long and short positions in futures. The Fund may also hold cash and cash equivalents
Benchmark Barclay CTA Index
Portfolio managers David Harding
Inception date 28 May 2007
Fund size $A2,150.0m (current as at 30 September 2018)
Management fee 1.78% pa of the net asset value of the Fund
Performance fee 16.4% incl. GST of the dollar value of net profit (if any) from futures trading, provided that any carried forward losses from futures trading have been made up
Minimum investment $A20,000
Distribution frequency Generally semi-annually
APIR code MAQ0482AU
Macquarie Professional Series The Winton Global Alpha Fund is proudly brought to you by Macquarie Professional Series. Learn more

Read the Product Disclosure Statement for more details on fees and expenses that may be charged.

How to invest

Now available via the mFund Settlement Service

We’re please to advise that you can now invest in the Winton Global Alpha Fund via mFund.

mFund allows you to buy, hold and sell units in unlisted managed funds through a process similar to buying and selling shares.

Visit the mFund website to learn more

mFund
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Investment strategy

Winton’s investment strategy is largely systematic and uses statistical techniques to find patterns and relationships in data to identify investment opportunities. Some examples of the patterns and relationships found may include signals such as trend following and other empirical effects, such as seasonality in weather patterns. The Fund uses these patterns and relationships found in data sets to take long and short positions in futures markets.

Performance

Net returns as at 30 September 2018

 
Period 1m 3m 1y 3y 5y Inception*
Winton Global Alpha Fund** (%) -0.16 1.21 9.48 2.37 7.09 8.52
Benchmark*** (%) -0.19 0.63 1.05 -0.85 1.17 2.18

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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.

* 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 541 programs included in the calculation of the Barclay CTA Index for the year 2018, which is unweighted 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 time of publication.

Managers

David Harding
  • Portfolio Manager
  • Since graduating from Cambridge University with a degree in natural sciences, he has started two of the world's leading quantitative investment companies: AHL and Winton. Founded in 1997, Winton is a global investment manager specialising

  • Read full bio

Winton’s scientific approach to investing

Winton Founder, CEO, and Co-CIO, David Harding explains how their evolving scientific investment philosophy and data collection techniques are giving them an investment edge.

Risks

All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying assets. Generally, the higher the potential return of an investment, the greater the risk. 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. The unit price may vary by material amounts, even over short 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. Changes in the prices of futures positions held by the Fund 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 being made and the time the redemption unit price or application unit price is calculated. Different factors may affect the price of individual futures positions, particular asset classes (such as currencies) or futures 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 futures positions which are larger in size than the net asset value of the Fund. The Fund 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.

How to invest

Download the Product Disclosure Statement, and check for PDS updates

Send us the Application Form and any required identification documents

Resources

Insights

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