> February 2013 AMP CAPITAL CORE PLUS STRATEGIES FUND - WHOLESALE
Seeks to generate income and capital growth on a rolling 12 month basis from a diversified portfolio of fixed income securities.
Performance summary Performance – as at 28 February 2013
> The Fund outperformed its benchmark in February primarily Inception Date: 13 Jan 1995
due to its credit exposure as spreads tightened modestly
Performance benchmark: UBS Composite Bond (All Maturities) Index
over the month and risk appetite remained firm.
Management costs: 0.255%
> We continue to hold a short duration position in the Fund as %
we have been positioned for an improving global economy.
> While the Fund remains overweight credit, we have
marginally reduced this exposure given the strong fall in
credit spreads over the last six months.
For our active bond portfolios, we identify value and manage
risk through an investment approach that combines interest rate
Past performance is not a reliable indicator of future performance.
and credit-specific research. This approach includes three key
elements: interest rate process - combines a robust quantitative
Performance is annualised for periods greater than one year.
framework with market analysis to develop strategies in
Total returns are calculated using the unit price which uses the net asset values for
duration, curve and international interest rate spreads; credit
the relevant month end. This price may differ from the actual unit price for an investor applying for or redeeming an investment. Actual unit prices will be confirmed
investment style - combines a top-down approach with bottom-
following any transaction by an investor. Returns quoted are before tax, after Class
up credit analysis; and risk management - we manage risk at a
'O' fees and costs, and assume all distributions are reinvested.
fund level by monitoring and controlling three key sources of
bond risk/return - credit exposure, duration and yield curve risk.
For more information visitampcapital.com.au/funds Asset allocation $10,000,000 invested since inception
> AMP CAPITAL CORE PLUS STRATEGIES FUND - WHOLESALE
Performance and activity
February, although the Reserve Bank mildly downgraded its 2013
growth forecast to 2.5% citing the “peak” in mining investment,
The AMP Capital Core Plus Strategies Fund (the Fund)
fiscal consolidation and the “high” Australian dollar. Australian
outperformed its benchmark in February (on a before tax, after
economic data released over the month was soft, with weakness
fees basis). Most value add came from the Fund’s credit and
in retail sales, employment data and business confidence, while
currency positions, while the rates positioning weighed on returns.
All of the underlying portfolios within the Fund outperformed their benchmarks over the month.
Towards month-end, markets were unsettled by the inconclusive Italian election result which led to concerns about Italy’s political
The AMP Capital Corporate Bond Fund’s exposure to BBB-rated
stability. The election was seen as an emphatic rejection of the
credit was again the better performer, with allocations across
austerity measures imposed by the Monti government and a risk
utilities the standout contributors to returns. Exposures to real
to the European Central Bank’s Outright Monetary Transactions
estate and industrials also performed well. At the security level,
support which had alleviated a significant amount of systemic risk
the main contributors to performance were active overweight
positions in corporate names such as BAA Funding (Heathrow), DBNGP Finance and SPI Electricity & Gas. Solid performance
In the US, economic data maintained positive momentum,
was also seen across residential mortgage-backed securities
although the focus over the month was on the looming budget sequester involving spending cuts. These commenced at month-
exposures, with the better performers including Medallion Trust
end and will likely result in another 0.5% of gross domestic
product in terms of US fiscal tightening this year, but are not
The AMP Capital Credit Strategies Fund’s credit derivative
expected to pose a major threat to US growth.
exposures added value over the month, particularly within the financials exposures where a few good pair trades with a
decompression bias (BNP versus ING and Standard Chartered
Markets have enjoyed a strong run in recent months, though we
versus Deutsche Bank, both in senior 5-year) added to
feel there is some risk of a small pullback from here as investor
performance. Corporate strategies saw mixed performance, with
positioning feels extended and risk factors are starting to re-
gains in technology (Xerox) offset by losses in energy (Dominion,
emerge. We are watching political developments in Europe and
the US with interest as we see the potential for changes in
In terms of the AMP Capital Macro Strategies Fund, bond yields
investor sentiment here feeding through to the Australian market.
tracked in a range through February before the unexpected Italian
Macroeconomic data in the US has slowed, affected in some
election late in the month resulted in a hung parliament. This took
cases by the level of uncertainty regarding the fiscal cliff and
financial markets by surprise and resulted in a short pull-back in
sequester. Meanwhile, data across Asia has been improving
risk sentiment with bond yields falling into month-end. As a result,
particularly in manufacturing, with investors focusing on the recent
our rates strategy made a modest loss for the month. However,
improvement in Chinese data. Europe, however, is likely to
we had shifted our foreign exchange positions to be more
remain in recession in 2013 as the impacts of fiscal austerity
defensive in nature. We favoured being short euro and British
measures and bank deleveraging negatively impact upon the real
pound versus the US dollar. We also took profit and reduced our
economy and as the inherent imbalances between Germany and
prior long positions in risk-correlated currency pairs. This acted as
the rest of the Eurozone continue to play out.
a partial hedge to our interest rate positions given the rising risks in Europe. Our foreign exchange positions contributed positively to performance and more than offset the loss from our interest rate strategy.
Market commentary In Australia, the official cash rate remained steady at 3% in Investment objective To provide a total return (income and capital growth) after costs and before tax, above the Fund's performance benchmark on a rolling 12 month basis.
Investors should consider the current product disclosure statement (PDS) available from AMP Capital Investors Limited (ABN 59001 777 591) (AFSL 232497) (AMP Capital) for the AMP CAPITAL CORE PLUS STRATEGIES FUND - WHOLESALE (Fund) unit class before making any decision regarding the Fund. The PDS contains important information about investing in the Fund and it’s important investors read the PDS before making a decision about whether to acquire, continue to hold or dispose of units in the Fund. Neither AMP Capital, nor any other company in the AMP Group, guarantees the repayment of capital or the performance of the product or any particular rate of return. Past performance is not a reliable indicator of future performance. AMP Capital makes no representation or warranty as to the accuracy or completeness of any statement in this fact sheet including any forecasts. This fact sheet has been prepared for the purpose of providing general information, without taking account of any particular investor's objectives, financial situation, or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this fact sheet, and seek professional advice, having regard to the investor's objectives, financial situation, and needs.
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