National Australia Bank Limited · ASX:NAB
National Australia Bank — MLC — Corporate Update (December 2017)
13 slides from National Australia Bank's corporate update, December 2017
Slide 1: Manager Changes in MLC's Global Shares Strategies
MANAGER CHANGES IN MLC’S GLOBAL SHARES STRATEGIES December 2017 This material is not for circulation to retail investors.
Slide 2: Important Information
IMPORTANT INFORMATION This information is provided by MLC Investments Limited (ABN 30 002 641 661 AFSL 230705) as Responsible Entity and NULIS Nominees (Australia) Limited (ABN 80 008 515 633, AFSL 236465) as trustee of the MLC MasterKey and Fundamentals Super and Pension and MLC MasterKey Business
Slide 3: What's Changed?
WHAT’S CHANGED? • We’ve made some changes to our global shares investment managers and their weights. • We’ve increased exposure to the managers we believe are our highest quality managers, so we’ve reduced the managers from eight to seven. • We’re also rebalancing the strategy towards value-oriente
Slide 4: Why We're Making the Changes
WHY WE’RE MAKING THE CHANGES • Increasing exposure to our value managers helps us position the strategy more defensively in the current environment, where many of our investment managers consider shares expensive. • While we’ve increased exposure to value managers, we have weighted the managers so t
Slide 5: What Are the Manager Changes?
WHAT ARE THE MANAGER CHANGES? Funds affected • MLC Global Share Fund, MLC Hedged Global Share Fund, MLC Horizon portfolios 2 to 7, Pre Select diversified funds, Pre Select International Equity Fund, National Australia Balanced Fund. Appointment of Arrowstreet • US-based Arrowstreet has a systemic, q
Slide 6: What Are the Manager Changes in MySuper?
WHAT ARE THE MANAGER CHANGES IN MYSUPER? Appointment of Arrowstreet and Pzena • US-based Arrowstreet has a systemic, quantitative approach to investing that’s different to our other managers. • Pzena, a deep value manager, has been a manager in some of our other funds and we regard them highly. Remo
Slide 7: Manager Changes in the MLC Global Share Value Style Fund
WHAT ARE THE MANAGER CHANGES IN THE MLC GLOBAL SHARE VALUE STYLE FUND? Removal of Dimensional • Dimensional has been a successful contributor to our strategy since 2005, but in this fund our preference is for a qualitative, deep value manager with strong stock selection capabilities. • We’ve retaine
Slide 8: Are There Fee Implications?
ARE THERE FEE IMPLICATIONS? • There’s no impact on fees for the following funds because they have fixed investment or management fees: ‐ MLC Investment Trust - MLC Wholesale Horizon 2 to 7 portfolios and Global Share funds ‐ MLC MasterKey Unit Trust - MLC Horizon 2 to 7 portfolios and Global Share f
Slide 9: Updated Global Shares Manager Allocations
UPDATED GLOBAL SHARES MANAGER ALLOCATIONS Manager MLC Horizon portfolios 2 to 7 portfolios MLC Global Share Value Style MLC Global Share Fund Fund MLC Hedged Global Share Fund National Australia Balanced Fund Pre Select diversified funds Pre Select International Equity Fund % (change) % (change) Arr
Slide 10: MySuper: Updated Global Shares Manager Allocations
MYSUPER: UPDATED GLOBAL SHARES MANAGER ALLOCATIONS Manager % (change) Arrowstreet 5.4 (+5.4) C Worldwide 5.4 (+1.3) Dimensional 0 (-4.7) Harding Loevner 3.6 (-0.5) Intermede 4.5 (0) Jackson Square Partners 0 (-3.8) Sands Capital 4.5 (+0.4) Tweedy, Browne 4.5 (-0.9) Causeway 0 (-5.2) Pzena 8.1 (+8.1)
Slide 11: Who Are the New Managers? Arrowstreet
WHO ARE THE NEW MANAGERS? Arrowstreet • Arrowstreet was appointed to manage global shares for MLC in December 2017. • Manages AUD$117.8 billion (at 30 September 2017). • Established in Boston in 1999. • Employs 66 investment professionals. • We have appointed Arrowstreet because they are an experien
Slide 12: Who Are the New Managers? Pzena
WHO ARE THE NEW MANAGERS? Pzena • Pzena was appointed to manage global shares for MLC in December 2017. • Manages AUD$49 billion (at 30 November 2017). • Established in New York in 1995. • Employs 26 investment professionals. • We have appointed Pzena because they are an active, deep value manager w
Slide 13: More Information
MORE INFORMATION Please refer to the Fund Profile Tool on mlc.com.au/fundprofiletool and mlcinvestmenttrust.com.au for current asset allocations, manager allocations, portfolio performance and investment fees. 13