Portfolio Partners' diversified trusts have delivered impressive returns over the three months, 12 months and, where applicable, three years to the end of March 2002.
Portfolio Partners' diversified trusts have delivered impressive returns over the three months, 12 months and, where applicable, three years to the end of March 2002.
Performance over the 12 months to 31 March 2002 has been particularly strong, as shown in the table below.
| Gross Fund return* (%) | Benchmark return (%) | Excess return (%) | |
| Growth Trust | 6.5 | 3.8 | 2.7 |
| Balanced Trust | 7.2 | 4.7 | 2.5 |
| Conservative Trust | 6.3 | 4.3 | 2.0 |
| Income Plus Growth Trust | 7.7 | 6.4 | 1.3 |
* Gross return based upon exit-to-exit price and assumes the reinvestment of income for the 12 month period to 31/03/02.
According to Portfolio Partners' Managing Director Craig Bingham, the investment team at Portfolio Partners has been able to consistently outperform the benchmark across the diversified trust range over this period through good asset allocation decisions and superior stock selection.
"Our extensive research capabilities have allowed us to position our portfolios to benefit all diversified products. Thanks to the insights of the investment team, we have also been able to identify securities that will add value, particularly within fixed income portfolios as a result of recent enhancements to the investment process for high yield fixed income securities."
Portfolio Partners' Investment Committee had identified a number of appropriate asset allocation positions over the past 12 months. These positions included being overweight in equities and underweight in fixed income in April and May 2001 and, more recently, through December 2001 and the first quarter of 2002, during which time equities outperformed fixed income.
Being overweight cash and underweight fixed income from June to mid-December 2001 also contributed to performance in the June and December quarters.
"These latest results are proof that recent enhancements to the Investment Committee's processes have led to improved asset allocation decisions," Mr Bingham added.
For further information, please contact:
Simon Morgan
Group General Manager Public Affairs
(03) 9829 8892
0407 966 632
Note to editors:
- Norwich Union Australia is a group of three specialist financial services companies; Navigator, Norwich Union Life and Portfolio Partners. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Norwich Union Australia is part of CGNU plc, the world's sixth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. CGNU was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- CGNU's principal business activities are long-term savings, funds management and general insurance. It has a market capitalisation of approximately A$50.2 billion at 07/02/02, worldwide premium and investment sales of more than A$70 billion from ongoing business and more than A$556 billion in assets under management. The group has 62,000 employees and more than 15 million customers.
- Norwich Union Australia has a sister company, CGU Insurance Ltd, a top 5 general insurance business, which operates independently in Australia.
- Except where required by law, investment into the Portfolio Partners investment trusts will only be made upon receipt of a completed application form from a current prospectus, which has been lodged with ASIC, a copy of which can be obtained from Portfolio Partners. Management fees and entry fees, where applicable, will apply. Portfolio Partners does not guarantee future performance.