Macquarie Dynamic Bond FundA dynamic global bond solution

What the Macquarie Dynamic Bond Fund aims to offer

Clear philosophy

Focus on preserving capital and managing liquidity

Dynamic approach

Potential for attractive returns across market cycles


Potential for diversification against equity market risk

Fund facts
Investment objective The Fund aims to generate attractive returns by dynamically investing in global fixed income instruments. It aims to provide diversification against equity risk as well as capital growth and some income.
Benchmark Bloomberg Barclays Global Aggregate 1 to 10 years Index hedged to AUD
Portfolio managers Matthew Mulcahy, Andrew Vonthethoff, Shaughn Wilkie, Graham McDevitt
Inception date 30 September 2002
Fund size $A653.7m (current as at 31 March 2019)
Management fee 0.614%pa of the net asset value of Fund
Performance fee 0.00%pa
Minimum investment $A20,000
Distribution frequency Generally quarterly
APIR code MAQ0274AU

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

Investment strategy

The Fund provides exposure to an actively managed diversified portfolio of Australian and international fixed interest securities such as sovereign bonds and investment grade credit. The Fund may also provide exposure to high yield credit securities and emerging market debt when these sectors are expected to outperform.

Generally, exposure will be to fixed rate notes. The duration profile of the Fund is actively managed through the use of derivatives such as swaps and futures. The investment process aims to reduce the risk of the Fund being adversely affected by unexpected events or downgrades in the credit rating of the Fund’s investments. A disciplined framework is used to analyse each sector and proposed investment to assess its risk.


Period 1m (%) 3m (%) 6m (%) 1y (%) 2y (%pa) 3y (%pa) 5y (%pa) Inception* (%pa)
Macquarie Dynamic Bond Fund 1.71 3.18 5.34 4.31 4.26 4.38  
Global Index 1* 1.15 2.00   3.99 3.00 2.74 3.92  
Global Index 2+ 1.74 2.79 4.57 3.73 3.21 4.84  
Domestic Index^ 1.82 3.43 7.20 5.22 4.17 5.07  

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Past performance is not a reliable indicator of future performance.

The Fund provides exposure to an actively managed, benchmark unaware and diversified portfolio of fixed income investments. The indices in the table provide a comparison of the Fund’s performance against commonly used domestic and global bond indices. The Fund’s investment universe includes the securities forming part of these indices.

* Bloomberg Barclays Global Aggregate 1 to 10 years Index (hedged to AUD) has been the performance benchmark of the Fund since 07/01/2019. Further information in relation to the performance against the combination of this benchmark and the previous benchmark is available on request.

+ Bloomberg Barclays Global Aggregate Index hedged to AUD is a commonly used global bond index.

^ Bloomberg Ausbond Composite 0+ Yr Index was the Fund’s performance benchmark until 07/01/2019.


Matthew Mulcahy

Matthew Mulcahy

Andrew Vonthethoff

Andrew Vonthethoff

Shaughn Wilkie

Shaughn Wilkie

Graham McDevitt

Graham McDevitt

  • Global Strategist — Macquarie Investment Management
  • Read bio


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:

Investment risk: The Fund seeks to generate higher income returns than traditional cash investments. The risk of an investment in the Fund is higher than an investment in a typical bank account or term deposit. 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 being made and the time the redemption unit price is calculated.

Manager risk: There is no guarantee that the Fund will achieve its performance objectives, produce returns that are positive, or compare favourably against its peers. The Investment Manager may change its investment strategies and internal trading guidelines over time, and there is no guarantee that such changes would produce favourable outcomes.

Income securities risk: The fund may have exposure to a range of income securities, including high yield, emerging markets and structured securities. The value of these securities may fall, for example due to market volatility, interest rate movements, perceptions of credit quality, supply and demand pressures, market sentiment, or issuer default. These risks may be greater for securities offering higher returns, for example high yield or emerging market securities. Income security risk may cause unit price volatility and/or financial loss to the fund.

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

Send us the Application Form and any required identification documents