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Strategy Overview
Key Facts
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* This is an annualised interest rate from the past seven days. For actual performance for our Cash Funds, please view the performance page.
Strategy Overview
Key Facts
This is no ordinary team.
Cash markets have evolved over the past 3 decades. Interest rates have moved considerably lower and new securities have emerged.
Through time our approach has also evolved – our success lies in continuous innovation.
Tony Togher
Head of Fixed Income, Short Term Investments and Global Credit
The evolution of cash markets
Some might remember the RBA cash interest rates being 18% thirty years ago and the unpredictability of central bank policy around that time. More recently, official cash rates in Australia have been cut to an all-time low of 1%.
This unprecedented level of monetary policy easing has important implications for cash funds. New types of ‘cash’ securities also tend to be issued as regulations change. Managing portfolios effectively through long-term market cycles requires an investment style that’s flexible enough to evolve with the market itself.
Cash never goes out of style
The right exposure to cash within a diversified investment portfolio depends on an investors’ time horizon and their reasons for holding cash within a broader investment mix.
Investors able to forecast their cash flow requirements typically allocate strategically to higher yielding, income-style investment options.
Get more from a cash exposure
Cyclically, the case for cash is dependent on the relative value of other asset classes.
Because the investment profile of cash is unlikely to change significantly over any given 12 month period, the use of cash reflects investors’ short-term risk appetite and expected returns elsewhere.
The value of active management
All of these security types carry some level of investment risk. It isn’t possible to eliminate these risks completely, but they can be mitigated through active duration management, in-depth credit research, portfolio diversification and ongoing monitoring.
Target consistent outperformance
The most important thing to bear in mind is that expected returns adequately compensate investors for the risks. We believe managing this trade-off using a proven investment process flexible enough to respond to structural shifts in the market can help generate consistent outperformance over the short, medium and long term.
Tony Togher
Head of Fixed Income, Short Term Investments and Global Credit
Nicholas Deppeler
Senior Portfolio Manager
Meet Tony Togher
This early bird has been to the gym and digested the overnight market news hours before Australian markets have opened. Tony Togher explains his morning routine and why discipline is important for investors.
Meet the Short Term Investments team
Tony Togher
Nicholas Deppeler
Liam O'Connor
Martin Ross
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