mercer multi-manager funds investment managers appointed by mercer

64 Pages·2016·0.27 MB·English

HEALTH WEALTH CAREER
MERCER
MULTI-MANAGER FUNDS
INVESTMENT MANAGERS
APPOINTED BY MERCER
1 OCTOBER 2016
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
RECENT MANAGER CHANGES
In the three months to 30 September 2016 (Q3 2016), we appointed:
· Colchester Global Investors to the Emerging Markets Debt configuration
· Nomura Asset Management to the Global High Yield line up
· Apollo Global Management for Multi Asset Credit.
During Q3 2016, we terminated:
· Investec from Emerging Markets Debt
· Franklin Templeton from the Global High Yield line up
· Blue Bay from Multi-Asset Credit.
During Q3 2016, we adjusted manager weights in respect of:
· Socially Responsible Australian Shares
· Diversified Growth.
IMP O RTA NT NO T ICE S
This document is issued by Mercer Investments (Australia) Limited (MIAL) ABN 66 008 612 397, Australian Financial
Services Licence #244385.
MIAL is the Responsible Entity of the Mercer Multi-Manager Funds. ‘MERCER’ is a registered trademark of Mercer
(Australia) Pty Ltd ABN 32 005 315 917.
Investors should be aware that the value of an investment in any Mercer Multi Manager Fund (MMF) may rise and fall
from time to time and that neither MIAL nor Mercer guarantees the investment performance, earnings or return of capital
invested in any MMF. If you are investing directly into any MMF, you will need to complete an application form included
in, or accompanying, a current Mercer Multi-Manager Funds Product Disclosure Statement which is issued by and
available from MIAL. If you are investing indirectly into an MMF through an Investor Directed Portfolio Service (IDPS) or
an IDPS-like service (such as a master trust, wrap account, custody or nominees service) (Service) you will need to
complete the forms or documents your Service provider requires. The information contained in this investment manager
list includes general financial product advice which does not take into account the personal objectives, financial situation
or needs of individual investors. It is important that you consider these matters, read the: (a) current MMF Product
Disclosure Statement if you are investing directly; or (b) current Product Disclosure Statement for any MMF issued by
MIAL, together with the Product Disclosure Statement and/or any other offer documents applicable to your Service
(available from your Service provider) if you are investing indirectly into an MMF through a Service, and obtain personal
financial advice from a licensed, or appropriately, authorised financial adviser.
Copyright 2016 Mercer LLC.
All rights reserved.
MERCER i
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
CONTENTS
RECENT MANAGER CHANGES ........................................................................................................... i
AUSTRALIAN SHARES ....................................................................................................................... 3
INTERNATIONAL SHARES ................................................................................................................. 5
PROPERTY ......................................................................................................................................... 7
INFRASTRUCTURE ............................................................................................................................ 8
ALTERNATIVES .................................................................................................................................. 9
FIXED INTEREST – HIGHER YIELDING........................................................................................... 10
FIXED INTEREST – DEFENSIVE ...................................................................................................... 11
CASH. ................................................................................................................................................ 13
MANAGER PROFILES ...................................................................................................................... 14
About the Mercer Multi-Manager Funds’ investment manager list
This document provides a summary of the investment managers appointed to the Mercer Multi-Manager
Funds as at 1 October 2016.
In this document, weight refers to the target manager allocation for the relevant fund. The actual allocation
is available in the quarterly fund profiles on our website (mercer.com.au/mmf). The fund profiles are
updated approximately five to six weeks after the end of each quarter.
For more information, please contact us via:
Phone - 1300 728 928
Email - [email protected]
Or visit -mercer.com.au/mmf
MERCER
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
AUSTRALIAN SHARES
AUS T RAL I AN L AR G E C AP . AC TIVE S HAR E S
Managers Style Weight
Select
Core Plus
Growth
Ausbil Investment Management Core/growth 13.00% 20.00% 19.00%
Fidelity Fundamental 2.00% 3.00% 2.90%
Goldman Sachs Asset Fundamental/Style 9.80% 15.00% 14.30%
Management Neutral
Greencape GARP 7.80% 12.00% 11.40%
Nikko AM Australia Value, concentrated 11.40% 17.50% 16.60%
Vinva Investment Management Systematic 13.00% 20.00% 19.00%
WaveStone Capital Quality growth 8.00% 12.50% 11.90%
Australian Small Cap. Shares (Refer next page) - - 5.00%
JCP Investment Partners Core, low-risk, tax 17.50% - -
effective
Plato Investment Management Style neutral, 17.50% - -
quantitative, low risk
100.00% 100.00% 100.00%
NOTES:
Core refers to the:
· underlying portfolio of the single-sector Mercer Australian Shares Fund.
· large cap active Australian shares allocations in the following diversified funds managed by Mercer: Mercer
Diversified Shares Fund, Mercer High Growth Fund, Mercer Growth Fund, Mercer Moderate Growth Fund,
Mercer Conservative Growth Fund, Mercer Defensive Fund and the Mercer Income Plus Fund.
Select Growth refers to the large cap active Australian shares allocation for the Mercer Select Growth Fund.
Plusrefers to the underlying portfolio of the single-sector Mercer Australian Shares Plus Fund.
MERCER 3
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
AUS T R AL I AN S MAL L C AP . S H AR ES
Managers Style Weight
Avoca Investment Management Core, fundamental 20.00%
IFM Investors Fundamental 30.00%
Colonial First State Style Neutral 25.00%
Perennial Value Management Value 25.00%
100.00%
AUS TR ALI AN S HARE S FOR T AX -EXEMPT INVESTO RS
Managers Style Weight
JCP Investment Partners Growth, tax effective 20.00%
Macquarie Investment Management Style Neutral, quantitative, 50.00%
tax effective
Plato Investment Management Style Neutral, quantitative, 30.00%
tax effective
100.00%
AUS TR ALI AN SO CIALL Y RESPO NSIBLE S HARES
Managers Style Weight
Acadian Asset Management Socially Responsible Investment 45.00%
(SRI)
BT Investment Management Ethical, core 35.00%
Perpetual Investment Management Ethical SRI, value 20.00%
100.00%
AUS T RAL I AN P AS S IVE S H AR ES
Managers Style Weight
State Street Global Advisors (SSgA) Passive 100.00%
Note: Sole manager for the Mercer Passive Australian Shares Fund.
MERCER 4
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
INTERNATIONAL SHARES
I NT E R N AT I O NAL L AR G E C AP . AC T I VE S H AR E S
Managers Style Weight
Core Plus
Arrowstreet Style neutral, 19.50% 30.00%
quantitative
Baillie Gifford Growth, concentrated 16.30% 25.00%
LSV Asset Management Quantitative Value 13.00% 20.00%
Hexavest Core/value, top down 14.60% 22.50%
AB Targeted Factor 1.60% 2.50%
Exposures
Schroder Investment Core, low-risk, 35.00% -
Management quantitative
100.00% 100.00%
NOTES:
Core refers to the underlying portfolios of the:
· Mercer International Shares Fund and the Mercer Hedged International Shares Fund.
· Large cap active international shares allocations in the diversified portfolios managed by Mercer, being the
Mercer Diversified Shares Fund, Mercer High Growth Fund, Mercer Growth Fund, Mercer Moderate Growth
Fund, and the Mercer Conservative Growth Fund.
Plus refers to the:
· underlying portfolio of the single-sector Mercer International Shares Plus Fund.
· Large cap active International shares allocation of the Mercer Select Growth Fund.
INT E RNAT I O NAL P AS S IVE S H AR ES
Managers Style Weight
State Street Global Advisors (SSgA) Passive 100.00%
Note: SSgA is the sole manager for the Mercer Passive International Shares Fund and Mercer Passive
Hedged International Shares Fund.
MERCER 5
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
G LOB AL S MAL L CAP . S HAR E S
Managers Style Weight
Allianz Global Investors Fundamental 30.00%
Arrowstreet Core, quantitative 30.00%
Fidelity Core/growth 40.00%
100.00%
G LOB AL LO W -VO L AT IL IT Y S H AR ES
Managers Style Weight
Acadian Minimum Variance 100.00%
E M ER G I NG MAR K E T S S H AR E S
Weight Weight
Managers Style
(1) (2)
AQR Small Cap Fundamental, quantitative, core 12.50% 8.75%
BlackRock Investment Management Active, quantitative 37.50% 26.25%
Investec Style neutral 25.00% 17.50%
Macquarie Investment Management Passive, alternative indexation 25.00% 17.50%
Macquarie Investment Management Passive - 30.00%
100.00% 100.00%
Note: (1) Applicable to the Mercer Emerging Markets Shares Fund and the Mercer Select Growth Fund’s allocation to
emerging markets. (2) Applicable to most other diversified funds with emerging markets exposure.
P AS S IVE E ME RG ING MAR KET S S HAR E S
Managers Style Weight
Macquarie Investment Management Passive 100.00%
Note: (1) Applicable to the Mercer Passive Emerging Markets Shares Fund.
MERCER 6
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
PROPERTY
G LOBAL LISTE D PROPERT Y
Managers Style Weight
Brookfield Investment Management Fundamental value 25.00%
Principal Global Investors QARP 37.50%
CenterSquare Investment Management Relative value 37.50%
100.00%
Note: These managers apply only to the Mercer Global Listed Property Fund and the Mercer Select Growth
Fund.
AUS T R AL I AN D IR ECT P ROP ERT Y
Managers Style Weight
Charter Hall
Industrial 10% -25%
Goodman Funds Management
Investa Property Group Office 30% -50%
Lend Lease Investment Management
(APPF Retail)
Retail 40% -60%
Charter Hall
100.00%
P AS S IVE GLO B AL L IST ED P ROPE RT Y
Managers Style Weight
Macquarie Investment Management Passive 100.00%
Note: This manager only applicable to the Mercer Passive Global Listed Property Fund and the
diversified funds. Not applicable to Mercer Global Listed Property Fund or to the Mercer Select Growth
Fund.
MERCER 7
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
INFRASTRUCTURE
G L OB AL L IS T E D I NF R AS T R UCT UR E
Managers Style Weight
Colonial First State Global Asset Active, benchmark aware 65.00%
Management
RARE Absolute return, value 35.00%
100.00%
Note: These managers apply only to the Mercer Global Listed Infrastructure Fund and the Mercer Select Growth
Fund.
G LOB AL UNL IS T E D INF R AST RUC T URE
Managers Style Weight
Colonial First State Global Asset Active infrastructure, income 20.00%
Management
IFM Investors Active infrastructure, core 20.00%
KKR Active Infrastructure, core 30.00%
Macquarie Asia Infrastructure Fund Active Infrastructure, Asia 10.00%
Macquarie Specialised Asset Management Active infrastructure, core 20.00%
100.00%
P AS S IVE G LO B AL INF R AST R UCT URE
Managers Style Weight
Macquarie Investment Management Passive 100.00%
Note: This manager only applicable to the Mercer Passive Global Listed Infrastructure Fund and the
diversified funds. Not applicable to Mercer Global Listed Infrastructure Fund or to the Mercer Select Growth
Fund.
MERCER 8
INVESTMENT MANAGERS
MERCER MULTI-MANAGER FUNDS
ALTERNATIVES
DIVE RSIFIED ALT E RNAT IVES
Managers Style Weight
Mercer Liquid Alternatives Strategies Diversified Alternatives - 100.00%
Fund of funds
G L OB AL N AT UR AL R E SO U RC E S
Managers Style Weight
Global Commodities Agricultural commodities strategy 15.00%
Henderson Global Investors Enhanced Index Agricultural 45.00%
Commodities
New Forests Asset Management Timber 40.00%
100.00%
D IV E RS IFI ED G RO WT H
Managers Style Weight
Aviva Investors Idiosyncratic 60.00%
Invesco Asset Management Idiosyncratic 40.00%
100.00%
MERCER 9