BT Investment Management manages over 80 of its own funds and a number of mandates on behalf of institutional and high net worth clients. The overall relative performance of our product range remains strong relative to benchmarks and our peers.
Topic Menu
- Introduction
- Financial highlights
- Chairman’s letter
- Strategy review
- CEO’s report
- Senior management team
- Financial results
- Funds under management
- Investment performance
- Industry accolades
- Key events
- Corporate Governance
- Corporate sustainability and responsibility report
- Directors’ report
- Financial statements
BT Investment Management’s flagship funds |
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| Performance % and quartile ranking(1) | Ratings (S&P) | ||||||
| 1yr | Q | 3yrs | Q | 5yrs | Q | 2008 | |
| BT Institutional Core Australian Share Sector Trust | (22.6) | Q1 | 6.5 | Q1 | 15.1 | Q1 | 5 stars |
| BT Institutional Ethical Sector Trust | (24.3) | Q2 | 7.9 | Q1 | 16.9 | Q1 | 4 stars |
| BT Institutional Imputation Sector Trust | (23.8) | Q2 | 8.4 | Q1 | 17.1 | Q1 | 5 stars |
| BT Wholesale Focus Australian Share Fund | (27.2) | Q4 | 6.8 | Q1 | n/a | n/a | 5 stars |
| BT Institutional Smaller Companies Sector Trust | (27.7) | Q2 | 6.2 | Q2 | 18.5 | Q1 | 4 stars |
| BT Institutional Property Sector Trust | (36.4) | Q1 | (1.1) | Q1 | 7.4 | Q1 | 3 stars |
| BT Institutional Fixed Interest Sector Trust | 7.6 | Q2 | 5.3 | Q2 | 5.4 | Q3 | 3 stars |
| BT Institutional Managed Cash Fund | 7.7 | Q2 | 6.8 | Q1 | 6.3 | Q1 | n/a |
| BT Institutional Global Fixed Interest Sector Trust | 3.3 | Q1 | 4.3 | Q1 | 5.8 | Q1 | n/a |
| BT Institutional Core Global Share Sector Trust | (20.5) | Q3 | (3.0) | Q4 | 2.5 | Q4 | 4 stars |
| BT Wholesale Asian Share Fund | (27.0) | n/a | 5.6 | n/a | 10.9 | n/a | 4 stars |
| BT Global Return Fund | (9.0) | n/a | 3.4 | n/a | 6.3 | n/a | 4 stars |
| BT Active Balanced Pooled Superannuation Trust | (14.1) | Q2 | 2.9 | Q3 | 8.4 | Q1 | 4 stars |
| (1) Performance and quartile rankings as at September 2008. | |||||||
The ability of BT Investment Management’s fund managers to deliver this performance during a severe market downturn reflects the quality, experience, and stability of both our investment and support staff.
The Company’s Australian equities and property portfolios outperformed their indices primarily due to decisions to eliminate exposure to highly leveraged companies and to have underweight holdings in stocks with earnings and balance sheet concerns.
BT Investment Management’s cash funds also performed positively. However, our international equities funds and credit funds performance were disappointing. A number of changes are being implemented with the aim of improving these results going forward.
The Company has mandates with both Westpac and other institutions. The performance of these mandates is broadly consistent with the performance of the funds set out in the table above.
Innovative new products
Crispin Murray
Head of Equity Strategies
Joe Bracken
Head of Macro Strategies
Robert Swift
Head of Multi Strategies
Scott Osborne
Head of Income Strategies
During the year, the Equity Strategies team launched two new funds, the BT Wholesale Mid-Cap Fund and the BT Wholesale Australian Long/Short Fund.
The BT Wholesale Mid-Cap Fund is an actively managed portfolio of approximately 40 to 60 stocks within the ASX 51 to 150 market capitalisation range. Mid-cap companies are typically under-researched and have the potential to reap the benefits of higher growth rates, business expansion and acquisition based strategies. Compared with small-cap stocks, mid-caps generally have stronger balance sheets, deeper capital reserves and an attractive growth trajectory.
The BT Wholesale Australian Long/Short Fund aims, subject to strict rules, to sell 30% of the fund’s net asset value short and reinvest that amount in the long portfolio to approximately 130% of the net asset value. Given the depth of BT Investment Management’s large-cap research, there is a large pool of ideas available to both buy and sell.
The Macro Strategies team seeded four new funds this year: the BT Absolute Return Currency Fund, BT Absolute Return Fixed Income Fund, BT Absolute Return Equity Fund and a fund containing all three strategies, the BT Global Macro Fund. The latter aims to achieve long-term, consistent and attractive risk-adjusted returns through exposure to a range of asset classes including global equities, fixed income and currency, balancing investment risk across the strategies in a way that allows the portfolio to benefit from changing economic environments.
The Multi Strategies team is proposing to launch a new investment solution aimed at high net worth individuals, called the BT Investment Management Private Wealth Portfolios. This will enable investors to select a mix of managers based on skill and market return and decide on the appropriate mix of capital growth and income assets to suit their risk/return requirements. Investors will enjoy the benefits of an individually tailored account and can choose an Australian equities component which will include direct ownership of assets, potential tax efficiencies, and the opportunity to screen investments for ethical considerations.
BT Investment Management’s business model aims to source the best global skill sets where we do not possess these capabilities in-house.
BT Investment Management is structured into four key investment teams. Equity Strategies is currently the only investment team that has transitioned to the multi-boutique model.
