OnePath International Shares Index (Unhedged)




APIR codeMMF1572AU
Minimum suggested Investment time frame7+ years
Growth/defensiveGrowth 100%
FE fundinfo sectorEquity - Global
Income distribution frequencyQuarterly
Total fees and costs as at 9 February 20220.31% pa
Fund size$78.41m
Inception date15 November 2010

Investment minimums

Please refer to PDS 


Price date30/09/2022

Standard risk measure

1 2 3 4 5 6 7
Standard Risk Measure

A Standard Risk Measure score of 5 equates to a Risk Label of 'Medium to High' and an estimated number of negative annual returns over any 20 year period of 3 to less than 4. This is a measure of expected frequency (not magnitude) of capital losses, calculated in accordance with ASFA/FSC guidelines.

Investment objective

The fund seeks to track the returns (income and capital appreciation) of the MSCI World ex-Australia (with net dividends reinvested) hedged into Australian dollars Index, before taking into account fees, expenses, and tax.

Investment strategy

The fund meets its investment strategy by investing in the OnePath International Shares Index Fund, forward foreign exchange contracts and futures. The fund is exposed to all of the securities in the index most of the time, allowing for individual security weightings to vary marginally from the index from time to time. The fund may be exposed to securities that have been removed from or are expected to be included in the index.

Investor profile

The Fund is intended to be suitable for investors seeking to track the returns (income and capital appreciation) of the MSCI World ex-Australia (with net dividends reinvested) hedged into Australian dollars Index.

Research house ratings



Meet the manager(s)

NameIOOF Investment Team
BiographyOur impressive investment capabilities are driven by our investment team and structure. Each asset class has a dedicated portfolio manager who enjoys strong support from a host of support staff including analysts and investment specialists. Furthermore, the team benefits from the strong support of our additional research capabilities, namely through our asset consultant.
PhotoIOOF Investment Team

Cumulative performance

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3 months6 monthsYear to date1 year3 years pa5 years pa
FE Sector-0.63%-8.93%-17.34%-13.58%4.23%7.21%

Calendar Performance

Performance Bar chart
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FE Sector23.77%6.12%24.53%-0.80%14.65%

Performance is net of management costs and expenses. Performance is based on exit price to exit price for the period and assumes that all distributions are reinvested. Management costs and other expenses are accounted for in the exit price. Past performance is not a reliable indicator of future performance.

The performance data has been sourced by FE fundinfo.

Asset allocation as at 30/09/2022

Breakdown pie chart
International shares99.92%
Cash and short-term securities0.08%

Actual versus target asset allocation as at 30/09/2022

Regional breakdown


Manager diversification within each asset class as at 30/09/2022

Breakdown pie chart

Top holdings - as at 30/09/2022

Apple Inc.
Microsoft Corporation
3.67%, Inc.
Tesla Inc
Alphabet Inc. Class A
Alphabet Inc. Class C
UnitedHealth Group Incorporated
Johnson & Johnson
Exxon Mobil Corporation
Berkshire Hathaway Inc. Class B

Market and portfolio review

The OnePath Global Shares –Large Cap (Unhedged) Index Pool portfolio returned -4.62% during the one-month period ending 30 September 2022. The portfolio slightly overperformed the underlying index, the MSCI World ex-Australia Index, which returned -4.64% during the same period. The portfolio provides exposure to developed market countries, excluding Australia, with a focus on large- and mid-cap equities. Exposure to the Health Care (+0.33%) was the only positive contributor to absolute performance. Information Technology (-1.32%), Industrials (-0.43%), Communication Services (-0.43%), Consumer Discretionary (-0.35%) were the detractors for the absolute performance during the period. From a country perspective only Singapore (+0.01%), was the only positive contributors while United States (-2.27%), Japan (-0.28%) and United Kingdom (-0.13%) are the detractors to absolute performance. Among individual securities, Eli Lilly and Company was the largest positive contributor to absolute performance (+0.07%) while Apple Inc. was the largest detractor on an absolute basis (-0.33%).

Future investment strategy

The month of September has historically been the worst month of the year for stocks, both on average and median over the past 100 years. The downturn was largely driven by central banks tightening in response to inflation, Fed hiked by 75bps, and in the FOMC press conference Fed Chair Jay Powell suggested greater willingness to keep hiking amidst a weakening economy if inflation remains high. On the other side, longer term inflation expectations remain well anchored and still tight labor markets continue to reflect resilience in the US economy. The mid-June rally is increasingly looking like a “dead-cat bounce”, with the S&P 500 back to late 2020 levels. MSCI World ended the month down -9.25%, with all sectors falling. Treasury yields moved higher with the 10-year briefly topping 4%.

From a regional perspective, in UK the loosening fiscal policy ran against the grain of the BoE’s efforts to bring inflation down via rate hikes. Sterling fell and Gilt yields rose drastically until the BoE stepped in, backtracking on quantitative tightening plans with a £65bn bond-buying program to stem a crisis in government debt markets. Euro Area growth continues to decelerate while inflation moves higher, reaching 9.1% y/y in August and looking to step into double digits. Putin’s escalation of the war has added to the already going energy crisis for Euro countries. Weaker global demand has been materially dragging exports growth in the Asian economies of China, South Korea and Taiwan, this was led by the decline of exports to developed markets.

The month of September was the worst month for stocks which was largely driven by central banks tightening in response to inflation, Fed hiked by 75bps, longer term inflation expectations remain well anchored and still tight labor markets continue to reflect resilience in the US economy. Euro Area growth continues to decelerate with inflation moving higher and the ongoing energy crisis. Weaker global demand has been dragging exports growth in the Asian economies of China, South Korea and Taiwan.


It’s possible risk-taking will not be rewarded over the next year (we think we are in the contraction phase of the cycle). REITS are favored as they offer income and inflation should moderate growth in rentals. EM assets look attractive from a valuation perspective. While USD is expensive, dollar strength could very well continue as risk aversion rises.

The good news is that economic outcomes now appear to be more in line with expectations. The rise in yields (though largely due to compensating for greater policy/recession risk) gives a better long-term starting point for most assets.

This website contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) or offer document available from us or your financial adviser, before you acquire a financial product.

OneAnswer Frontier Investment Portfolio is issued by OnePath Funds Management Limited ABN 21 003 002 800 AFSL 238342.

The information provided in this table is a brief outline of the major features of OneAnswer Frontier Investment Portfolio. It is intended as a quick and easy reference source for investors. The table should not be used as a substitute for reading the appropriate Product Disclosure Statement (PDS) prior to you making any decision to invest through OneAnswer Frontier Investment Portfolio.

The information is of a general nature and has been prepared without taking into account your objectives, financial situation and needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. We recommend that you read the relevant PDS before deciding to acquire, or to continue to hold, the product.

The PDS can be located under the following links: Product Disclosure Statement (Part One) (690kb) and Investment Funds Guide (PDS Part Two) (1,018kb) and should be read in conjunction with the Additional Information Guide.

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