Page 1 - Private Wealth Best of Breed SMA (Moderate) PDF Factsheet
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SMA Portfolio Change







               Best of Breed SMA (Moderate)

               As at 26 November 2024




               Investment Changes

               Following a review of your portfolio, we have made the following changes to the investment options
               in your portfolio:

               Sell Ardea Real Outcome
               Following a period of ongoing review, we haven’t been able to retain the requisite conviction in Ardea
               Real Outcome to retain it in the portfolios. Whilst returns have been below expectations, the lower
               conviction is a result of both people and process. The manager has seen quite a few senior departures
               over the last few years. We raised some process concerns a little while ago which the manager
               acknowledged and was working towards rectifying. But the regular updates we’ve received since
               haven’t shown much in the way of progress and the manager hasn’t done a good enough job
               explaining the process they’ve gone through.

               Buy AB Global Dynamic Global Fixed Income

               A relatively unconstrained bond fund which aims to generate a cash plus 3-4% return each year whilst
               limiting volatility to traditional bond levels. It focuses its attention on corporate credit, with
               government bonds and currency management largely being used as a defensive measure. The team is
               well experienced, and the investment approach makes extensive use of the firm’s wider fixed income
               resources. The team actively manages the portfolio around 3 broad sleeves: core (high-grade
               corporate bonds), return-seeking (emerging markets and high yield), and defensive (government
               bonds and currency hedging). The fund has sufficient flexibility to invest across the fixed income
               spectrum include investment grade credit, asset-backed securities, high yield, bank loans, and
               emerging market debt. This gives the investment team the ability to meet its return targets in both
               rising and falling yield environments. This flexibility also allows the investment to protect and possibly
               benefit from significant market moving events.













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                   PSK Financial Services Group Pty Ltd (ABN 24 134 987 205) trading as PSK Private Wealth and Employee Representatives of PSK Advisory Services Pty Ltd trading as PSK Private Wealth are all representatives of AFS licensee, PSK
                   Advisory Services Pty Ltd (ABN 30 008 587 595) AFSL #234656. This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to
                   consider your financial situation and needs before making any decisions based on this information.
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