Macquarie Investment Management today introduced three new
funds, including Macquarie Absolute Return MBS Fund — a sub-fund of
a Luxembourg SICAV (UCITS compliant) — which enables certain global
investors access to Macquarie’s existing Absolute Return
Mortgage-Backed Securities (ARMBS) strategy.
“With interest rates rising slowly, global investors continue to
seek ways to diversify, manage duration risk, and increase yield in
their fixed income portfolios,” said Brian McDonnell, portfolio
manager of the new Macquarie Absolute Return MBS Fund. “We have
managed the strategy for a decade and are pleased to offer our
ARMBS capabilities to a wider group of investors who are seeking
liquidity with a higher potential risk-adjusted return.”
Macquarie is launching the Fund following increasing global
investor demand for the ARMBS strategy, which targets investors
interested in an absolute return outcome by investing primarily in
US government-backed fixed income securities, with a focus on
agency mortgage-backed securities (MBS).
The strategy focuses on US agency MBS and Treasurys, with a goal
of outperforming the London interbank offered rate (LIBOR) by 3%
per year. The strategy has consistently outperformed LIBOR, with
strong risk-adjusted excess returns over the 1-, 3-, 5-, and
10-year time frames and a Sharpe ratio of 2.2 since its inception
as of Sept. 30, 2017. For more information on the strategy click
here.
Lead portfolio managers Brian McDonnell and Ion Dan manage the
strategy, supported by the resources of a global fixed income team
that includes dedicated specialists with deep expertise and
experience in managing MBS, rates, and duration.
Macquarie also introduced two other funds today: Macquarie
Global Multi Asset Income Fund, which seeks to provide investors
with current income and an investment that has the potential for
long-term capital appreciation, and Macquarie US Smaller Companies
Fund, which aims to generate long-term capital appreciation by
investing in US small- to mid-cap companies.
All three funds are domiciled in Luxembourg and are now
available to certain global investors as UCITS-compliant SICAV
investment vehicles.
About Macquarie Investment Management
Macquarie Investment Management is a global asset manager with
offices throughout the United States, Europe, Asia, and Australia.
As active managers, we prioritize autonomy and accountability at
the team level in pursuit of opportunities that matter for clients.
Our conviction-based, long-term approach has led institutional and
individual clients to entrust us to manage $US246 billion in assets
of Sept. 30, 2017. In the US, retail investors recognize our
Delaware FundsSM by Macquarie as one of the longest-standing mutual
fund families, with more than 75 years in existence. Macquarie
Investment Management is a division of Macquarie Asset Management,
a global asset manager with $US370 billion in assets under
management as of Sept. 30, 2017.
The performance quoted represents past performance and does
not guarantee future results.
Diversification may not protect against market risk.
Fixed income securities can lose value, and investors can lose
principal, as interest rates rise. They also may be affected by
economic conditions that hinder an issuer’s ability to make
interest and principal payments on its debt. Fixed income
investments may also be subject to prepayment risk, the risk that
the principal of a fixed income security that is held may be
prepaid prior to maturity, potentially forcing the reinvestment of
that money at a lower interest rate.
Leverage risk — This is the risk associated with securities or
practices (for example, borrowing and the use of certain
derivatives) and investment in certain types of derivatives that
multiply small index or market movements into larger changes in
value. Use of derivative instruments may involve leverage. Leverage
magnifies the potential for gain and the risk of loss. As a result,
a relatively small decline in the value of the underlying
investments could result in a relatively large loss. Although a
Fund will seek to manage its risk from the leverage associated with
derivative investments by closely monitoring the volatility of such
investments, the Fund may not be successful in this respect.
Liquidity advantage — The MBS market has the second largest
market size and daily trading volume in the US bond market
according to the Securities Industry and Financial Markets
Association (SIFMA).
Market risk — The risk that all or a majority of the securities
in a certain market — such as the stock market or bond market —
will decline in value because of factors such as adverse political
or economic conditions, future expectations, investor confidence,
or heavy institutional selling.
An issuer of a debt security, including a governmental issuer or
an entity that insures a bond, may be unable to make interest
payments and repay principal in a timely manner.
A default by one of several large institutions that are
dependent on one another to meet their liquidity or operational
needs may cause a series of defaults by the other institutions.
Certain derivatives could increase a Fund’s volatility or expose
the Fund to losses greater than the cost of the derivatives.
Investments in small and/or medium-sized companies typically
exhibit greater risk and higher volatility than larger, more
established companies.
Sector risk — Narrowly focused investments may exhibit higher
volatility than investments in multiple industry sectors.
REIT risk —REIT investments are subject to many of the risks
associated with direct real estate ownership, including changes in
economic conditions, credit risk, and interest rate fluctuations. A
REIT fund’s tax status as a regulated investment company could be
jeopardized if it holds real estate directly, as a result of
defaults, or receives rental income from real estate holdings.
Infrastructure investing risk — Investment strategies that hold
securities issued by companies principally engaged in the
infrastructure industry have greater exposure to the potential
adverse economic, regulatory, political, and other changes
affecting such entities.
Macquarie Investment Management (MIM) is the marketing name for
the registered investment advisers including Macquarie Investment
Management Business Trust (MIMBT), Macquarie Funds Management Hong
Kong Limited, Macquarie Investment Management Austria Kapitalanlage
AG, Macquarie Investment Management Global Limited, Macquarie
Investment Management Europe Limited (MIMEL), and Macquarie Capital
Investment Management, Inc. Institutional investment management is
provided by Macquarie Investment Advisers, a series of MIMBT. MIMBT
is a registered investment advisor.
Other than Macquarie Bank Limited (MBL), none of the entities
noted are authorized deposit-taking institutions for the purposes
of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these entities do not represent deposits or other
liabilities of MBL. MBL does not guarantee or otherwise provide
assurance in respect of the obligations of these entities, unless
noted otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171212006002/en/
Macquarie Investment ManagementDaniela Palmieri, 215
255-8878daniela.palmieri@macquarie.comorJessica
Fitzgerald, 215 255-1336jessica.fitzgerald@macquarie.com
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