Vision eyes global equities
Large industry fund Vision Super has increased its asset allocation to international equities at the expense of Australian stocks, fixed interest and cash.
The move comes as local fund managers and asset consultants release further endorsements of international equities. Many have also expressed concerns that the Australian market will go ‘off the boil’ in the coming year.
Vision, which has close to 100,000 members from Victorian local government and related industries, has also increased its allocation to specialist boutique global equities managers.
While the core of the portfolio will still be managed by State Street Global Advisers, small investments have been placed with Pensylvania value manager Brandy Wine, high conviction manager Baillie Gifford and US small cap specialist Turner.
Boston-based boutique Wellington will continue in its role as a satellite manager.
“While the core of the portfolio remains invested in an enhanced passive manner, the re-weighting has enabled Vision Super to invest with specialist active managers, using more concentrated portfolios and targeting specific sectors of the world share market,” said Vision chair Michael Tilley.
AUTHOR
Recommended for you
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.
A potential acquisition of Platinum Asset Management by Regal Partners will be beneficial for the “challenged” fund manager, believes Morningstar, but it has warned fund management mergers don’t always run smoothly.
Fund managers made a “big shift” into bond-sensitive sectors like utilities in September and away from cyclicals, while risk appetite is at an 11-month low.
Ahead of the RBA’s upcoming monetary policy meeting next week, BlackRock Australasia has reaffirmed the market’s view that rate cuts are likely out of the picture for 2024.
