Nikko AM Global Share Fund
31 March 2024
Key Facts
| Index Used: | All Countries World Index (AUD) | Discretionary/Quantitative: | Combination |
| Peer Group: | Equity Alternative - Global | FUM (millions): | AU$ 338m |
| Investment Style: | Growth | Fund Inception Date: | November 1995 |
| Geographic Mandate: | Global | Latest Return Date: | March 2024 |
| Investor Type: | Wholesale & Retail | Status: | Open |
| Minimum Investment: | AU$ 250 | Investment Frequency: | Daily |
Manager Details
Nikko AM Australia is owned by Tokyo-based Nikko Asset Management Co., Ltd., one of Asia's largest asset managers, providing high-conviction, active fund management across a range of Equity, Fixed Income and Multi-Asset strategies. Established in 1959, Nikko Asset Management has offices across 11 countries and enjoys one of the largest distributor networks in the Asian region, serving both retail and institutional clients.
The firm's extensive footprint across the Asia-Pacific region includes local offices in Tokyo, Singapore, Hong Kong, Sydney, Melbourne and Auckland, and provides an extraordinary depth of expertise in the local issues that drive investment performance globally. In addition, they gain valuable insights from affiliates in China, India and Malaysia. Offices in New York and London provide support to investors in the US, Europe and the Middle East, as well as expertise in global markets.
Nikko Asset Management Australia offers investors the benefits of a large organisational infrastructure with extensive global resources, combined with the local expertise and experience of Australian investment managers based in Sydney.
Nikko AM Australia is owned by Tokyo-based Nikko Asset Management Co., Ltd., one of Asia's largest asset managers, providing high-conviction, active fund management across a range of Equity, Fixed Income and Multi-Asset strategies.
Strategy Description
The Fund gains exposure to global equities by investing in the Nikko AM Global Equity Fund*. The Global Equity team of Nikko Asset Management Europe is the investment manager of this Strategy. The Strategy will hold between 40-60 stocks, weighted to reflect the alpha conviction in individual holdings. The Global Equity team's investment objective is to identify, through in-depth research, a focused number of companies that will deliver superior investment returns over the longer term, and to weight accordingly those holdings that the team believes have the highest conviction in delivering the most significant returns.
The Global Equity investment team comprises six dual role portfolio managers/analysts, with an average of 19 years' industry experience. The team was created, and is led by, William Low. The investment process and proprietary ranking tool currently used was developed by William and the team and has evolved over the last decade. The current Nikko AM Global Equity team was formed in March 2011, whilst at SWIP, using the same investment process to manage Global equities. The skills the team used in developing a clear and differentiated investment process have been preserved at Nikko AM, and have thus established a tried and tested capability in managing global active equities.
* a sub-fund of the Nikko AM Global Umbrella Fund which is an open ended investment company registered under Luxembourg law as a 'societe d'investissement a capital variable' (SICAV)
Fund Fees
| Management Fee: | 1.2% | Performance Fee: | 0% |
| Buy Spread: | 0.15% | Sell spread: | 0.15% |
| High Water Mark: | Hurdle: | N/A |
Fund Structure
| Offshore/Onshore: | Offshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | N/A |
| Administrator: | BNP Paribas Securities Services | Prime Broker: | N/A |
| Custodian: | BNP Paribas Securities Services | Legal: | Nikko AM |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Nikko AM Global Share Fund has a track record of 28 years and 2 months and has outperformed the All Countries World (AUD) benchmark since inception in February 1996, providing investors with an annualised return of 8.72% compared with the benchmark's return of 7.87% over the same period.
The Manager has delivered these returns with 0.17% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 two times over the past five years and which currently sits at 0.44 since inception. The fund has provided positive monthly returns 93% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 89% and a down-capture ratio of 99%.
The Nikko AM Global Share Fund rose by +3.48% in March, an outperformance of +0.47% compared with the All Countries World (AUD) benchmark which rose by +3.01%. Over the past 12 months, the fund's best monthly return was +8.29% compared with the benchmark's best return of +5.32%, and its worst monthly return was -4.31% vs the benchmark's worst return over the same period of -3.27%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 5.67 | 8.29 | 3.48 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 18.41 |
| 2023 | 0.97 | 1.54 | 1.90 | 4.57 | -0.75 | 2.17 | -0.25 | 2.36 | -4.31 | -2.39 | 3.35 | 2.00 | 11.37 |
| 2022 | -5.07 | -5.87 | -0.61 | -3.10 | -0.15 | -3.23 | 6.12 | -3.24 | -2.97 | 6.28 | 1.48 | -3.88 | -14.11 |
| 2021 | -0.39 | 0.90 | 3.56 | 4.39 | 0.53 | 2.77 | 5.14 | 3.57 | -4.48 | 1.28 | 2.35 | 1.78 | 23.19 |
| 2020 | 4.47 | -3.02 | -6.24 | 3.49 | 3.58 | 1.55 | 2.12 | 3.42 | 0.33 | 1.61 | 4.32 | 2.14 | 18.63 |
| 2019 | 3.98 | 6.07 | 2.36 | 4.20 | -2.27 | 5.60 | 2.92 | -0.30 | -0.61 | -0.75 | 5.88 | -0.78 | 29.10 |
| 2018 | 2.96 | 1.41 | 1.50 | 3.83 | 0.93 | 1.99 | 0.99 | 6.47 | -1.27 | -5.69 | -0.01 | -4.58 | 8.20 |
| 2017 | -1.99 | 0.98 | 1.35 | 4.11 | 3.22 | -1.65 | -0.99 | 1.21 | 3.53 | 3.68 | 2.91 | -2.25 | 14.71 |
| 2016 | -4.11 | -0.80 | -1.05 | 0.67 | 7.21 | -4.99 | 2.67 | 2.01 | -1.01 | -2.00 | 3.56 | 3.36 | 4.97 |
| 2015 | 4.68 | 4.32 | 1.48 | -2.15 | 5.46 | -2.80 | 6.94 | -3.08 | -1.48 | 4.01 | -1.79 | -1.62 | 14.04 |
| 2014 | -1.40 | 2.15 | -2.65 | 0.52 | 2.47 | 0.86 | 0.85 | 1.47 | 3.71 | -1.26 | 6.48 | 2.52 | 16.52 |
| 2013 | 4.98 | 1.84 | -0.20 | 3.56 | 7.52 | 0.85 | 7.33 | 0.01 | 1.13 | 1.96 | 5.15 | 3.83 | 44.77 |
| 2012 | 0.28 | 3.89 | 4.17 | -0.93 | -0.66 | -1.54 | 0.20 | 2.69 | 2.33 | -0.22 | 0.69 | 1.89 | 13.35 |
| 2011 | 3.24 | 0.20 | -0.53 | -0.90 | 1.41 | -2.22 | -3.19 | -3.42 | 0.38 | 0.91 | 1.08 | 1.91 | -1.36 |
| 2010 | -2.70 | 0.61 | 2.96 | -1.59 | 0.68 | -2.01 | -0.05 | -1.22 | 0.29 | 2.76 | 0.05 | -0.28 | -0.66 |
| 2009 | 3.18 | -7.89 | -2.35 | 2.52 | 0.82 | -0.65 | 4.56 | 0.54 | 0.13 | -2.66 | 2.80 | 4.64 | 5.04 |
| 2008 | -9.35 | -4.28 | 0.61 | 2.91 | 1.18 | -7.94 | -0.68 | 7.74 | -5.45 | -3.78 | -5.80 | -3.28 | -25.78 |
| 2007 | 2.57 | -2.11 | -0.82 | 0.91 | 3.82 | -2.80 | -2.83 | 5.29 | -3.52 | -1.15 | 0.56 | -0.47 | -0.97 |
| 2006 | 1.80 | 1.49 | 6.79 | -3.13 | -2.98 | 1.12 | -2.84 | 2.64 | 3.12 | -0.13 | 0.87 | 2.07 | 10.89 |
| 2005 | -1.22 | 0.61 | 0.54 | -3.61 | 5.20 | 0.78 | 3.92 | 2.48 | 1.28 | -0.08 | 4.20 | 3.87 | 19.11 |
| 2004 | 0.62 | 0.58 | 1.94 | 2.89 | 1.46 | 5.11 | -4.29 | -1.38 | -0.91 | -1.12 | 1.45 | 3.19 | 9.59 |
| 2003 | -7.00 | -5.03 | -0.13 | 5.50 | 1.60 | -1.11 | 4.90 | 2.67 | -4.44 | 1.45 | -0.35 | 2.20 | -0.58 |
| 2002 | -2.22 | -3.44 | 0.88 | -4.25 | -5.14 | -5.50 | -5.19 | -1.03 | -9.34 | 5.78 | 4.46 | -5.30 | -27.23 |
| 2001 | 3.13 | -4.78 | 0.15 | 3.93 | -0.80 | -3.70 | -1.49 | -8.69 | -3.51 | 0.79 | 2.74 | 3.26 | -9.36 |
| 2000 | -3.02 | 6.35 | 8.00 | -1.85 | -1.31 | -1.82 | 1.42 | 4.70 | 1.39 | 1.75 | -8.32 | -3.23 | 2.96 |
| 1999 | -0.73 | -3.27 | 2.66 | -1.24 | -0.73 | 4.22 | 1.65 | 2.45 | -3.75 | 7.86 | 6.13 | 4.92 | 21.26 |
| 1998 | -2.83 | 6.98 | 7.73 | 4.05 | 3.07 | 2.43 | 2.81 | -9.29 | -0.87 | 3.85 | 4.59 | 9.78 | 35.59 |
| 1997 | 5.55 | -0.53 | -2.09 | 1.18 | 9.73 | 5.39 | 3.75 | -4.58 | 6.70 | -3.31 | 2.75 | 4.70 | 32.17 |
| 1996 | NA | 0.80 | -2.27 | 3.61 | -0.48 | 2.34 | -5.38 | 2.32 | 3.71 | -0.67 | 1.93 | 2.34 | 8.14 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +26.23% compared with the benchmark which has returned +26.01%, for a difference of +0.22%. Since inception in February 1996, the fund has returned +8.72% per annum, a difference of +0.85% relative to the benchmark which has returned +7.87% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $1054. The same amount invested in the benchmark over the same period would have become $844.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.64% vs the index's 9.57%. The annualised volatility of the fund's returns since inception in February 1996 is 12.12% vs the index's 11.95%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.73 for performance over the most recent 12 months to a low of 0.7 over the latest 36 months, and is 0.44 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since February 1996 is 0.38.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 1996 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 89.44%. Over all other periods, the fund's up-capture ratio has ranged from a high of 93.2% over the most recent 12 months to a low of 85.3% over the latest 24 months.
Performance in Negative Markets
Since inception in February 1996 in the months where the market was negative, the fund has provided positive returns 14% of the time, contributing to a down-capture ratio for returns since inception of 99.01%. Over all other periods, the fund's down-capture ratio has ranged from a high of 103.36% over the most recent 36 months to a low of 70.65% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 3.52 for performance over the most recent 12 months to a low of 1.03 over the latest 36 months, and is 0.57 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since February 1996 is 0.47.
Drawdown
Over the past 12 months, the fund's largest drawdown was -6.6% vs the index's -6.22%, and since inception in February 1996 the fund's largest drawdown was -48.38% vs the index's maximum drawdown over the same period of -47.44%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Alternative - Global as of March 2024
The performance of the Nikko AM Global Share Fund ranked it in the first or second quintile for Total Return over all time periods, and in the first quintile for Sharpe and Sortino over 7 years, while over 5 years the fund ranked in the first or second quintile for all other KPIs except Largest Drawdown and over 1 year it ranked in the first quintile for Sortino and second quintile for Sharpe.
Over the past 12 months, the fund has risen by +26.23% compared with the peer group which has returned an average of +12.45%, for a difference of +13.78%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.64% vs the peer group's average volatility of 4.8%. The annualised volatility of the fund's returns since inception in February 1996 is 12.12% vs the peer group's 9.18%. Over all other periods, the fund's returns have been more volatile than the peer group.