Investment News

 

 

 

view media

 

 The benefits of bonds allocations in diversified portfolio's

 

 

 

 

 

 

view media

 

 

 

JCB Advisory Economist -
Saul Eslake year ahead top 10 themes.

 

 

 

 

 

 

 

 

JCB returns +5.23% (gross) YTD 2017, following on from +2.99% in calendar 2016 and +4.94% in 2015.

 

read full update

 

Market Update
November 2017

 

 

 

 

 

Performance

Historical monthly market and fund updates

2017

Advisory Board & Compliance

Mark Burgess

Chairman

B Comm (Hons)
Based In Melbourne

Mark brings a wealth of experience as Chair of JCB Advisory Board as the recently retired CEO of the Australian Government Future Fund, Australia’s $110+ billion dollar sovereign wealth fund. Prior to the Future Fund, Mark was CEO of Treasury Group, a listed fund of funds manager with over $17 billion in aggregate funds under management, as well as Vice Chairman and CEO of Credit Suisse Asset Management (EMEA) in London, and Global CIO with over $250bn under management.

 

Mark has also held a number of high profile Global CIO roles for Credit Suisse, American Express Asset Management, Colonial First State Investments, Colonial Group and Bankers Trust.

 

Mark holds a Bachelor of Commerce (Honours) from University of Melbourne.

 

 

Saul Eslake

B Ec (Hons)

Based in Hobart

Saul Eslake has had more than 25 years' experience as an economist in the Australian financial markets, including four years as Chief Economist (International) at National Mutual Funds Management, 14 years as Chief Economist of the ANZ Banking Group, and three years as Chief Economist (Australia & New Zealand) for Bank of America Merrill Lynch.  Over the course of his career he as also been a member of numerous advisory  councils, task forces and steering committees for federal and state governments of different political persuasions, and a frequent speaker and media commentator on economic issues.

 

Saul brings a wealth of economic experience to the Jamieson Coote Bonds Advisory Board which is vital in forming our investment strategy.

 

 

Lynda O'Grady

B Comm (Hons)

 

Lynda is an experienced company adviser and consultant and

company director.

 

Lynda is the Chairman of the Aged Care Financing Authority, a statutory committee established to provide independent advice to government on funding and financing issues in aged care.

 

In addition to her consulting roles, Lynda is also a non-executive director of Domino’s Pizza Enterprises Limited and independent director of National Electronic Health Transition Authority (NEHTA) which transitions to the Australian Digital Health Agency in July 2016.

 

Lynda’s career included senior roles at Telstra as Executive Director, including as Chief of Product; Commercial Director of ACP,  Publishing division of (PBL) and General Manager of Alcatel Australia.

 

She has previously served on the Council of Bond University, Boards of Screen Queensland and TAB Queensland and on the IT&T Board of Advisors to the New South Wales Treasurer.

 

She holds a Bachelor of Commerce (Honours) from University of Queensland and is a Fellow of the Australian Institute of Company Directors.

 

 

 

Neil Tritton

BA (Hons)

Based in London

Neil is the founding Director of Arbo Research and Trading in London. Arbor is a global independent financial research firm, headquartered in Chicago, with further offices in New York, Fort Lauderdale, and Geneva, providing innovative macro-economic analysis across a broad range of global fixed-income, equity, currency and commodity markets.

 

Arbor Research provides clients with a set of proprietary quantitative tools to measure market momentum and evaluate the persistence of trends for macro markets.

 

Prior to joining Arbor in 1999, Neil was a fixed income bond trader for a number of global investment banks and has experience in a host of sovereign debt markets across the investment grade, credit and high yield complex.

 

Neil brings a wealth of experience and acute knowledge with global oversight to Jamieson Coote Bonds and we welcome his invaluable commentary surrounding European and US based markets to complement our own marco-economic views.

 

 

 

John Kean

OAM, FCA, FAICD

Based In Sydney

John was the founding partner of WHK (now Crowe Howarth), Australia’s 5th largest accounting practice. After retiring in 2000, John now acts as an Independent Business Advisor and holds a number of company directorships with businesses involved in trade, primary production, property, healthcare and finance.

 

John’s recent appointments include Chairman of Pinpoint Pty Ltd, Asia/Pacific’s leading Marketing Services provider for 14 years until sold to MasterCard in June 2014 as well as Directorships of RHG Limited, Haddon Rig Pty Ltd and the Australian Taiwan Business Council as well as Chairman of the Baldwin Care Group of companies.

 

John is one of three Honorary Life Members of the Victor Chang Cardiac Research Institute and has held a board membership since 2003. He served as Chair of the Institute’s Finance Committee until retiring from this position in 2012.

 

John’s vast array of experience and continued contact throughout the Australian business landscape brings valuable insight on true state of the economy to Jamieson Coote Bonds.

The JCB Compliance Process

JCB management outsources a vast array of services to ensure independent and secure provision of critical investment functions. Services outsourced and crossed checked include all handling of client monies, accounting and fund audit, securities and unit pricing, asset custody, trade settlement and reconciliation. This allows JCB to focus on adding portfolio value, whilst giving investors peace of mind their assets are safe and secure with a globally recognised asset custodian, and also offers an additional level of confidence in the credibility of calculations performed by an independent third party with added checks and balances.

Investors – Prospective investors applying for the JCB Active Fund will be thoroughly screened against Anti Money Laundering and Know Your Customer legislation. This due diligence will be ongoing throughout any relationship between both parties.

Counterparties – Market Counterparties will also be selected after detailed screening with JCB having a zero tolerance for inappropriate market behaviour. Any such breach will trigger immediate contract termination and mandatory escalation to appropriate authorities.

 JCB is committed to compliance in all facets of business and as such undertakes periodical independent reviews by a reputable compliance consultant.

 

Investment Strategy

JCB brings together a unique global network of bond market specialists, built over decades working in the world’s major financial centres. Central bankers, hedge fund, real money managers and leading economists contribute to JCB’s global perspective on portfolio construction and allocation relevant to the Australian Bond market.

 

The JCB Fund benchmarks using the Bloomberg Australia Sovereign Bond Index. We allocate bond investment using a strict and disciplined approached to seek value and opportunity. Our strategy provides an investment which delivers all the benefits of bond ownership, with the upside of an active management team ensuring maximum performance. JCB invests in bonds explicitly backed by AAA and AA rated Governments in Australian dollars.

 

 

Stability and strength:

 

Large central banks, sovereign wealth funds and hedge funds choose to invest in Australian Government bonds for stability and strength. JCB targets true-to-label defensive returns across all market conditions, with a  strict focus on capital preservation. Our investment portfolio approach uses both domestic and global macro-economic factors, plus a number of micro factors to adjust duration and risk exposures to create added value.

 

 

Balanced portfolios have bonds:

 

Bonds bring balance to investments portfolios with periodic fixed cash flows (interest) and the return of principle at maturity. The surety makes bonds particularly valuable in times of economic stress or uncertainty. As we continue to face volatile market periods, bonds will generate significant capital gains along with their fixed interest payments, as investors seek the highest quality investments with guaranteed returns backed by the full faith and credit of Governments. In fact, bonds not only balance portfolios, but are a stable and high quality investment in all markets cycles.

 

About Us

EXECUTIVE DIRECTOR

Charles has spent 15 years in the financial services industry working for Merrill Lynch and Bank of America Merrill Lynch (BAML) as a Bond trader; trading in Tokyo, New York, London and Sydney.

 

Over his career, Charles has traded Bonds in US dollars, Euro’s, Pounds Sterling, Kiwi and Australian Dollars as well as run asset portfolios as large as USD$15 billion in a host of foreign currencies and derivatives.

 

As a US Treasury Trader in London on 11 September, 2001 and a European Government Debt Trader in London at height of Eurozone crisis, Charles has managed difficult portfolios through a host of market scenarios.

 

Upon returning to Australia, Charles’s most recent appointment was Co-Head of Rates Trading for Bank of America Merrill Lynch in Sydney where he was part of the bank’s Executive Management team. In this post was also a member of the Australian Financial Markets Association (AFMA) Bond Committee.

 

Charles holds a Bachelor of Commerce from Monash University, majoring in accounting and finance.

EXECUTIVE DIRECTOR

Angus started his career with JPMorgan and on successful completion of the JPMorgan graduate program began as a Government Bond salesman specialising in US Treasuries and European Government Bonds in London.

 

Angus’s clients included Global Central Banks, Large Asset Managers, Sovereign Wealth Funds and Hedge Funds. Angus relocated to Asia with ANZ where he spent five years specialising in selling Australian Government Bonds and other debt products to the region’s largest central banks and sovereign wealth funds. During this time he was located between Hong Kong and Singapore.

 

Angus transacted the first ever Australian Bond trades for several of the large Asian Central Banks who now dominate the market as the largest holders of Australian Government debt.  Angus returned to Australia with ANZ for a short time before being hired by Westpac in Sydney to Head Global Central Bank distribution.

 

Angus has a Bachelor of Business from RMIT majoring in economics and finance.

DIRECTOR,

PORTFOLIO MANAGER

 

Chris has over 20 years of global financial markets experience gleaned from Merrill Lynch (ML), Société Générale (SG) and The Royal Bank of Canada (RBC) across Sydney, London and Toronto. Over his career, he has forged a deep bond investment specialisation.

 

Chris established his Bond management base in Sydney with ML. He was subsequently promoted to a European posting, relocating with the firm to London to specialise in European and UK Bonds. Prior to returning to Australia with Jamieson Coote Bonds in 2016, Chris served in Toronto for RBC and SG, focusing in US and Canadian fixed income products. Chris’s career has exposed him to the full spectrum of financial instruments and strategies across different markets. In addition, his work with a variety of institutional clients (e.g. financial institutions, pension plans, asset managers, hedge funds and sovereign wealth funds) translates to a valuable global network and a strong sense of market flow dynamics which are features of the JCB investment process.

 

To augment his portfolio management experience and base, Chris earned the right to use the Chartered Market Technician (CMT) nominal – one of the few in Australia to hold this designation. With over 10 years of experience as a CMT, Chris has developed a proprietary process of technical analysis to help mitigate investment risk and add value to duration management.

 

Chris has a Bachelor of Economics from La Trobe University and a Graduate Diploma in Applied Finance and Investment from SIA. He is a Chartered Market Technician from the Market Technicians Association.

 

 

DIRECTOR

INVESTMENT, RESEARCH & STRATEGY

 

Paul has over 20 years in funds management across the US and Australasia. He has served with Colonial First State (graduate program), Advance FM (associate Executive in strategy), 7 years with Barclays Global Investors including as a portfolio manager in San Francisco and >6 years at Vanguard as senior investment strategist.

 

During his career, Paul has managed money across a range of strategies including asset allocation, global macro and FX hedging. He has developed investment research insights for institutional, adviser and individual investors, and led multi-asset class and factor based research initiatives. Paul is a regular speaker at domestic/international industry forums on portfolio construction and investment markets.

 

Paul holds a Bachelor of Commerce from Monash University, a Masters in Applied Finance & Investments from Finsia. He is a Senior Fellow of Finsia, a Councillor on the Finsia Industry Council for Funds & Asset Management, and the Finsia Regional Council - Vic/Tas.

Contact

(03) 8580 0088

 

info@jcbf.com.au

Level 30/101 Collins Street,

Melbourne, VIC 3000

 

Documentation

Bond Issuers