T. Rowe Price Global Equity Hedged was exited after providing a 22.43% return for the 2026 financial year, with results driven more by country and sector positioning than individual stock selection. Janus Henderson Global Research Equity was introduced as a growth-style alternative, providing a core growth-focused allocation, and JPMorgan Global Research Enhanced Index Equity (Hedged) was introduced to manage the portfolio's currency hedging in a tightly benchmark-aware, cost-efficient way, allowing hedging decisions to be driven by the portfolio's overall asset allocation rather than by an individual manager's style. GQG Global Equity, Artisan Global Discovery and Pzena Emerging Markets were reweighted lower, and Vinva Global Alpha Extension was introduced, to better distribute risk across the allocation.
Australian Eagle was exited following a period of underperformance, with the proceeds used to fund a new allocation to Acadian Australian Equity Long Short. Acadian applies a quantitative, risk-controlled, benchmark-aware process, which we consider is generally better suited to executing this type of strategy in the Australian market than a more traditional, qualitative approach. Allan Gray Australian Equity, Greencape Broadcap and Macquarie Australian Small Companies were each reweighted lower to help fund this change and better distribute risk across the portfolio.
AB Dynamic Global Fixed Income was trimmed slightly to fund a modest increase to global shares to move portfolios neutral on growth assets. This reflects our continued positive view on global share markets, which remain supported by strong company earnings growth, even as some volatility persists in companies linked to the AI theme and valuations remain stretched.
The Acadian Australian Equity Long Short Fund is an actively managed strategy designed to deliver attractive risk-adjusted returns by selectively taking long and short positions in Australian equities. The fund is managed by Acadian Asset Management, an established quantitative investment firm founded in 1986 and recognised for pioneering systematic approaches to equity investing. The team overseeing the fund comprises experienced portfolio managers, quantitative analysts and risk specialists who employ sophisticated data-driven models, rigorous testing and robust risk controls. They dynamically allocate capital by identifying stocks with favourable valuation, quality, momentum or risk characteristics, and may reduce exposure or hedge through short positions when conditions warrant. This consistent, model-based approach, grounded in empirical research and disciplined execution, enables the Fund to capture opportunities across market cycles, manage volatility and preserve capital, aligning with investors’ long-term growth expectations.
The Janus Henderson Global Research Equity Fund is an actively managed global equities strategy designed to deliver long term capital growth through investment in high-quality international companies with strong growth potential. The Fund invests primarily in listed equities across developed and emerging markets, excluding Australia, and draws on the highest conviction ideas generated by Janus Henderson’s global sector research teams. The strategy is diversified across sectors and geographies, with portfolio construction focused on balancing risk and return opportunities through rigorous bottom-up stock selection.
Janus Henderson Investors is a leading global active asset manager formed through the 2017 merger of Janus Capital Group and Henderson Global Investors, combining decades of investment expertise across global markets. The firm manages a broad range of equity, fixed income, multi asset and alternative investment strategies for investors worldwide.
The JPMorgan Global Research Enhanced Index Equity Trust (Hedged) is an actively managed global equity strategy. The Fund's objective is to outperform its benchmark, the MSCI World ex Australia Index (hedged to Australian dollars), after fees, over the long term, while keeping its risk profile closely aligned to that benchmark rather than deviating from it significantly.
The strategy is built on the premise that fundamental, bottom-up company research, applied consistently across a large number of individual stock positions, can add value over time without requiring large directional bets. The portfolio managers take modest overweight and underweight positions relative to the benchmark based on analyst conviction, while deliberately keeping region, sector and style exposures close to the index.
The Vinva Global Alpha Extension Fund is a global equity strategy that invests predominantly in a long portfolio of shares in listed global companies. The Fund seeks to deliver consistent performance through different market conditions by applying its differentiated systematic approach to investing. The Fund leverages Vinva’s experienced investment team to identify opportunities and uses technology to implement those opportunities into the Fund’s portfolio in a highly disciplined and efficient manner (often referred to as systematic investing).
Vinva applies a systematic approach to investing that combines the skill and expertise of its investment team to identify opportunities, with the use of proprietary state-of-the-art technology (essentially very powerful computer programs) to take advantage of these opportunities in a highly disciplined and efficient way, processing vast amounts of real-time information quickly and systematically.