CC JCB Dynamic Alpha Fund
An absolute return fixed income fund that aims to deliver stable and consistent returns over time irrespective of share and bond market movements.
Founded in Melbourne in 2013, Jamieson Coote Bonds (JCB) is a privately owned specialist high grade bond manager. JCB manages over A$6 billion (as at January 2023) of domestic and global high grade bond assets on behalf of institutional and wholesale investors. JCB is headquartered in Melbourne.
JCB is solely focused on actively managing domestic and global high grade bonds for the long term to produce superior risk-adjusted returns for investors. They aim to be the manager of choice for investors seeking a true defensive and disaggregated fixed income allocation within portfolios.
The CC JCB Dynamic Alpha Fund (the Fund) is designed as an absolute return product, that aims to deliver stable and consistent returns over time irrespective of share and bond market movements. The investment team applies a range of portfolio management and risk-controlled techniques to a universe of global high grade sovereign bonds (i.e. anchored by G7 nations, as well as other selected highly rated countries, such as Australia). It offers a high level of liquidity in Government issued instruments, without any corporate credit exposure.
Given the unconstrained nature of the Fund, JCB has access to a wider range of markets and financial instruments – using a combination of duration positioning (both long and short), interest rates curvature, cross market positioning, relative value and currency strategies. This provides a greater range of options to help generate superior risk-adjusted returns for investors.
The investment team is highly experienced in managing global bond strategies and is able to combine its best ideas to create additional diversification from that of the market.
With interest rates at historical lows, it is increasingly challenging for investors to earn income. There are however other opportunities that allow skilled fixed income investment managers to exploit opportunities across financial markets. Absolute return fixed income strategies enable investors to benefit from these opportunities, without the risk of a negative market beta (or interest rate risk). This is one reason to look at absolute return fixed income.
Diversification – the Fund can be used to help diversify other exposures such as equities, credit or more volatile absolute return offerings as it is uncorrelated to traditional market benchmarks and risk assets.
Capital preservation – the Fund only invests in global high grade government issued assets, keeping the underlying asset pool of the highest quality with a lower risk of capital loss compared to other investments. The assets are unencumbered by benchmark relative constraints and this can help mitigate against periods of market volatility and potentially profit from them.
Income – by nature of the fixed income instruments in the portfolio such as government, Supranational or Public Finance Agency backed bond issuers, the income generated by bond securities is consistent and regular (usually semi-annual).
Highly Liquid – the underlying markets of global high grade bonds and bond futures are liquid positions that in usual market conditions can be bought or sold by the Fund with ease.
Global Bonds/Global T-Bills: 70% to 100%
Cash/Cash equivalents: 0 to 30%
Net Derivative exposure: -200% to 200%
Gross Derivative exposure: -500% to 500
Note: In order to carry out the investment strategy and achieve the objective set out above, the asset allocation and investment guideline target ranges may vary significantly from time to time.
Refer to the Product Disclosure Statement for more information on risks. The key risks for the Fund include:
- Investment risk – amounts distributed to unitholders may fluctuate.
- Interest rate risk – the risk of rising rates on capital gains if bonds are realised prior to maturity.
Credit ratings risk – a rating downgrade could reduce the value of a security in which the Fund invests into.
Channel Investment Management Limited ACN 163 234 240 AFSL 439007 (‘CIML’) is the Responsible Entity and issuer of units in the CC JCB Active Bond Fund ARSN 610 435 302, CC JCB Global Bond Fund ARSN 631 235 553 and the CC JCB Dynamic Alpha Fund ARSN 637 628 918 (collectively ‘the Funds’). The appointed Investment Manager is JamiesonCooteBonds Pty Ltd ACN 165 890 282 AFSL 459018 (‘JCB’). This information is provided by JCB. This information should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling units in the Fund and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. For further information and before investing, please read the Product Disclosure Statement available on request.
Charles is a co-founder of Jamieson Coote Bonds (JCB) and oversees portfolio management for the Australian, global and absolute return high grade bond investment strategies.
Prior to JCB, Charles forged a career as a seasoned bond investor from 2001 in New York, Tokyo, London and Sydney, with Merrill Lynch/Bank of America Merrill Lynch. Over his career, Charles has managed large Government Bond portfolios in key major currencies and derivative instruments. During this time, he has managed through the spectrum of financial market dynamics, including September 11, 2001, the Global Financial Crisis, Eurozone crises, the US credit rating downgrade and Chinese/Greek concerns.
Upon returning to Australia with the Bank of America Merrill Lynch, Charles’s most recent appointment was as the Co-Head of Fixed Income, Currencies & Commodities, where he was a member of the Bank’s Executive Management team. He also served as a member of the Australian Financial Markets Association (AFMA) Bond Committee. He is a regular speaker at major conferences and financial media.
Charles holds a Bachelor of Commerce from Monash University, majoring in accounting and finance.
Angus is co-founder and head of investments at Jamieson Coote Bonds and oversees its business, investment and client-facing operations - a role he has held for over eight years.
Angus has enjoyed a career as an intermediator of High Grade Bonds across the world’s major financial centres with clients across Global Central Banks, Asset Managers, Sovereign Wealth Funds and Hedge Funds. He began his career with JP Morgan in London before transitioning to ANZ in Asia (Hong Kong, Singapore) – all specialising in marketing Australian Government Bonds and other debt products. During this time, Angus transacted the first ever Australian Bond investments for several of the large Asian Central Banks who now dominate the market as the largest holders of Australian Government debt. He subsequently returned to Australia with ANZ before joining Westpac in Sydney to Head Global Central Bank distribution.
Angus has a Bachelor of Business from the Royal Melbourne Institute of Technology majoring in economics and finance. Angus also serves on the Geelong Grammar School Investment Committee as a bond investment specialist and is a member of the Investment Committee of the St Vincent’s Institute of Medical Research.
James is responsible for managing investment strategies for institutional and retail clients.
Prior to joining JCB, James was Senior Portfolio Manager, Fixed Interest and Absolute Returns at VFMC where he was responsible for managing global and domestic active fixed income portfolios. Prior to that James spent seven and half years at ANZ as a senior rates trader in Sydney and London. It was at ANZ that James first worked alongside Executive Director, Angus Coote. James brings with him more than 15 years' experience across domestic and global fixed income markets.
James holds a Bachelor of Commerce and Bachelor of Engineering from the Univeristy of Melbourne. He is also a member of the finance committee for not-for-profit charitable organisation, Bayley House.
Paul provides macro analysis and input as well as investment insight and research to benefit the security section process.
Paul is a career investment researcher and portfolio manager across the US and Australasia. He has previously worked at Colonial First State, Advance Funds Management, Barclays Global Investors (now BlackRock) including as a portfolio manager in San Francisco and Vanguard as senior investment strategist. He has authored/co-authored bond, multi-asset and factor-based thought-leadership for Vanguard. He was a member of the Investment Strategy Group that inputted into the bond investment process on macro issues. He was originally hired at Vanguard to lead the team responsible for portfolio construction analytics.
Paul holds a Bachelor of Commerce from Monash University and a Masters in Applied Finance & Investments from Finsia. He is a Senior Fellow of Finsia and a Councillor on the Finsia Industry Council for Funds & Asset Management. He also serves as an independent member of a number of Investment Committees, delivering asset allocation, manager selection and bond insights.
As assistant portfolio manager, Ben provides portfolio management support, research and analysis for JCB’s domestic and global high grade bond strategies. Ben is based in our Singapore office.
Ben has more than six years investment management experience, most recently as Vice President, Investments at Wah Hin and Co (Pte) Ltd – a Singapore based Family Office, and prior to that, three years as a performance analyst at Aberdeen Asset Management conducting quantitative research on investment opportunities in APAC markets.
Ben holds a Ph.D. in Economics (Game Theory) from the National University of Singapore and a Bachelor of Science (Hons) in Quantitative Finance, also from the National University of Singapore. Ben is a Chartered Financial Analyst charterholder and Certified Financial Risk Manager.
Relevant Documents
You should read the PDS, TMD (if applicable) or any Investment Memorandum (or other offer documents) related to this product before making an investment decision. These documents (if available) can be found at https://www.jamiesoncootebonds.com.au/, or if this is a "wholesale investor only" investment, can be viewed by contacting the Product Issuer identified on the aforementioned website.
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The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
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