Macquarie launches Winton Fund with leading United Kingdom futures adviser

12 October 2005

Macquarie Adviser Services today launched the initial public offering of units in Macquarie Winton Global Opportunities Trust, a registered managed investment scheme offering investors access to the growth potential of an investment managed by a leading United Kingdom-based managed futures adviser, Winton Capital Management Limited (Winton).

Winton is the third world-class manager to be selected by Macquarie Adviser Services’ new managed fund retail distribution business, the Macquarie Professional Series.

Previously selected were Morgan Stanley and Walter Scott both of which have attracted a great deal of interest since their launch.

Macquarie Adviser Services’ Division Director, Craig Swanger, said it was Winton’s distinctive investment philosophy, its ongoing investment in research and Winton’s strong track record that qualified it for inclusion in the Macquarie Professional Series.

Winton Capital Management was founded in 1997 by David Harding, one of the co-founders of AHL (now part of the Man Group Plc) and has around $US3.5 billion under management.

“Few fund managers have experienced the historical success of Winton. They have outperformed their peer group, managed futures and equities indices during the past seven and three quarter years,” Mr Swanger said.

Winton is a research driven organisation. Statistical research is used to analyse market trends and establish trading strategies that aim to make inferences about the relative performance of more than 100 global futures markets, including commodities, equities, currencies and fixed interest.

This investment strategy is unique in two ways:

  1. Investors can potentially profit from price movements in a very diverse range of financial assets including around 100 futures markets covering gold, cotton, Japanese equities, uranium, Australian Government Bonds and the Euro.
  2. Winton’s investment decisions are based their proprietary trading model rather than the decisions of individual fund managers.

Winton’s employees are not fund managers, they are data analysts. They typically have a PhD in financial mathematics, theoretical physics, statistics, actuarial science or operations research from leading academic institutions, and are further required to top-up with a Masters of Science in applied statistics once they join the firm.

David Harding was one of the people involved in setting up AHL initially, and then Winton, to prove this scientific research based approach could outperform markets that are arguably inefficient due to environmental factors that the market cannot control.

“Financial markets consistently over-react and swing from fear to greed, as we have seen repeatedly during the past 10 years,” Mr Swanger said.

“Winton’s purely quantitative approach takes advantage of this inefficiency. David Harding has successfully proven that this approach can work, with a proven track record since October 1997.

“The wide variety of investments in the Winton portfolio has a number of beneficial effects for the fund.

“Winton have achieved positive returns in the 10 worst months of the US equities markets snce they started managing funds,” Mr Swanger said.

The Macquarie Winton Global Opportunities Trust has been designed to offer investors an efficient way to access the investment management expertise of Winton with the security of capital protection of the Trust’s investment.

Mr Swanger said that managed futures can be high risk and volatile investments which are capable of large short term price fluctuations which is why Macquarie has structured the investment with end of term capital protection.

“The capital protection arrangements are designed to greatly reduce the impact on unit holders should there be any severe negative performance by Winton.”

The minimum investment is $5000 and the trust may make annual distributions to unit holders.

Units in the trust are expected to be listed on the ASX in early December this year. An allocation in this IPO can be sourced from selected stockbrokers and financial planners.

For further information, please telephone:

Craig Swanger
Division Director
Macquarie Adviser Services
Tel: (02) 8232 9138
Mobile: 0404 042 037

Irene O'Brien
Head of PR & Communication
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309

Winton Global Opportunities Trust (the “Trust”) is offered by Macquarie Investment Management Limited ABN 66 002 867 003, AFSL 237492 (MIML). MIML is not an authorised-deposit taking institution for the purposes of the Banking Act (Cth) 1959 and MIML’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIML. This information is general advice only and has been prepared without taking into account the objectives, financial situation or needs of any particular investor. Before making a decision to invest in the Trust, investors should read the Trust’s product disclosure statement dated 5 October 2005 (“PDS”) in full, which is available from us, and consider, with or without their financial adviser, whether the investment fits their objectives, financial situation and needs. Applications for units in the Trust can only be made on an application form contained in the current PDS.

Contact us

Please email us for all media enquiries