Our Investment Approach - Milford Asset

Our goal

Deliver to conditions. Maximise upside capture and manage downside risk for above market growth with less volatility over the long-term.

Our portfolios

Constructed through in-depth research. A unique combination of top-down macro economic research combined with bottom-up fundamental insights.

Our execution

Flexible active management leveraging time-tested, in-depth research that delivers responsive portfolio management. Maintaining the critical balance between managing investment risk and capturing investment upside is our focus, with appropriate levers to mitigate risks used across the Milford funds.

Our Absolute Funds

  • Benchmarked to absolute return objective.
  • Portfolio growth by realising investment opportunities in a benchmark unaware framework.
  • Leveraging flexibility to pivot between investment style, sectors and asset classes to maximise upside capture and manage downside risk.

Our Relative Funds

  • Benchmarked to an index return objective.
  • Portfolio growth by realising investment opportunities primarily through a benchmark unaware fundamental bottom up research process.
  • Leveraging flexibility to pivot between investment styles and sectors to maximise upside capture and manage downside risk.

Our results

COVID-19: Minimising the downside

What we saw coming and how: Intensive top down research led by two Milford senior analysts – Marissa Rossi and David Rigby. Numerous phone calls with epidemiologists, companies, and sources on the ground in China allowed us to assess the potential magnitude of the virus.

What we did: Using the Milford Australian Absolute Growth Fund as example, when we realised COVID-19 was highly likely to spread globally, we reduced our net equity position, moved out of cyclical companies, and into more defensive companies like Coles and Woolworths.

The result: The Milford Australian Absolute Growth Fund successfully navigated the COVID-19 induced market sell off, as the S&P/ASX 200 Index fell over 36% from its highs in late February to lows in March 2020. As a result, the Fund has captured approximately 82% of up markets and 50% of down markets after fees since 1 March 2017 to 30 April 2020.

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Investment process

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Funds & Performance

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