Flexibility to choose the best
Owned by the directors and committed to providing exceptional standards of portfolio integrity, Winston Private has established several institutional relationships – but has retained unto itself the right to unilaterally change any of these at any time. We use the Macquarie WRAP service, which provides access to numerous wholesale funds, several of which are not available to retail investors for any amount. This relationship does not influence our choice of fund in any way, and our clients would hold less that 1% of their portfolio in Macquarie managed funds, other than their CMA, which is integral to the WRAP service.
Favoured fund managers
For our Full Service option we favour specialist managers in specific asset classes, and have established executive communication channels with these managers. Boutique managers feature in our recommendations to clients, as do international managers (in domestic and international asset classes) who have local offices and who employ rigorous investment philosophies which we understand and agree with, eg, Dimensional Fund Advisors Inc. Such managers include both active and passive styles. Vanilla or mainstream domestic managers (eg, the Australian banks) seldom feature in Full Service client portfolios.
We have conducted formal research into the taxation aspects of managed funds, and we apply this when considering manager selection. Some managers have very high levels of turnover, appear oblivious to the impost of tax, and are consequentially tax inefficient. Other managers have low levels of turnover and apply tax effective strategies, such as loss harvesting and “HIFO” accounting.