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Reviewing 2024 & Outlook 2025
Review of 2024
The Cantor Fitzgerald Multi-Asset Funds achieved remarkable results in 2024, backing up an exceptional 2023. Our range of Multi-Asset Funds delivered very strong absolute and relative performance against peer funds. As you will see in the table, all three Multi-Asset Funds are ranked #1 versus Peers in 2024 and over five years.
We began 2024 with the funds invested at the upper end of their growth asset allocation range and remained so for most of the first six months. The CF Multi-Asset 70 Fund delivered its strongest six month return since 1997.
Against this backdrop, as we approached the summer, we reduced exposure to risk assets below the mid-point of our asset allocation range and then to the bottom end of the range. A combination of factors drove this change in our positioning, namely political risks, central bank risk and macro risks combined with lofty valuations and some concerning signals on positioning and sentiment.
The CF Multi-Asset Funds navigated this period successfully when markets fell intra-month in August by c. 10%. Our decision to rotate our risk assets away from cyclicals, which had performed so well for us in the early part of the year into higher quality defensive equities protected clients. In addition, our Alternative Fund was a positive contributor, complementing the overall Multi-Asset Funds during bouts of volatility, given its ability to use index protection (insurance against market falls).
As we entered Q4, we added to risk within the portfolio following two unexpected tailwinds from the final weeks of Q3 in the form of the US Federal Reserve’s rate cut of 0.5% and the significant stimulus plan from China’s PBOC. The decision to raise cash levels in the summer proved fruitful as the drawdowns in equity markets seen over the late summer months allowed us to add back exposure in some favoured technology names. which in some cases had retraced by more than 30%.
We used the post-election strength in equities to de-risk the funds again, back to the lower end of our growth asset allocation ranges, where we remain. Within the defensive assets we have chosen the safety of cash in a flat and rising yield curve world. All three funds continued to outperform until the end of the year.
Capping a very strong year for Cantor Fitzgerald Asset Management, we were very grateful to be awarded “Equities Manager of the Year” for 2024 by the Irish Pension Awards.
Cantor Fitzgerald Fund performance
The Cantor Fitzgerald Multi Asset Funds delivered exceptional growth for 2024. Returns for the year ranged from +12.3% for the CF Multi Asset 30 Fund to +25.6% for the CF Mult-Asset 70, keeping pace with equity markets, which delivered +25.6% for the year.
As you will see below all three Multi Asset Funds are ranked #1 versus Peers in 2024 and over 5 Years.
| 1 Month | 3 Months | 1 Year | 2 Years pa | 3 Years pa | 5 Years pa | 10 Years pa | Risk Rating | |
| Cantor Fitzgerald Multi-Asset 301 | -0.3% | 1.9% | 12.3% | 13.6% | 2.2% | 5.9% | — | 4 |
| Sector average2 | -0.5% | 1.3% | 8.4% | 7.8% | 1.9% | 2.9% | ||
| Rank versus peer group2 | 2/7 | 3/7 | 1/7 | 1/7 | 4/7 | 1/7 | ||
| Cantor Fitzgerald Multi-Asset 501 | -0.3% | 3.4% | 18.8% | 19.3% | 4.6% | 9.3% | — | 5 |
| Sector average2 | -0.7% | 2.9% | 13.9% | 12.2% | 4.1% | 5.6% | ||
| Rank versus peer group2 | 1/7 | 3/7 | 1/7 | 1/7 | 3/7 | 1/7 | ||
| Cantor Fitzgerald Multi-Asset 701 | –0.5% | 5.5% | 25.6% | 25.1% | 6.4% | 12.5% | 9.0% | 5 |
| Sector average2 | -0.7% | 4.4% | 18.9% | 16.1% | 5.9% | 8.0% | 8.1% | |
| Rank versus peer group2 | 1/8 | 1/8 | 1/8 | 1/8 | 4/8 | 1/8 | 2/6 |
1. Source: Longboat Analytics to 01 January 2025. Performance quoted gross of fees. Please note the impact of fees would reduce performance. The Series 1 Annual Management Charge for the Cantor Fitzgerald Multi-Asset Funds is 0.75%. Other charges may apply. Where available, different series of the Funds will have different Annual Management Charges. The relevant Financial Broker Guide or Charging Sheet has more information.
2. Source: Longboat Analytics and Cantor Fitzgerald to 01 January 2025. Equivalent Funds available in Irish market: LGIM; Aviva; ILIM; New Ireland; and Zurich Returns gross of AMC
Warning: Past performance is not a reliable guide to future performance.
2024 Key Drivers of Returns
As you would expect in a diversified multi-asset fund the drivers of returns are multifaceted.
1) Tactical Positioning
The following graphic illustrates the difference between our three multi-asset funds from an asset allocation perspective. For example, the CF Multi-Asset 70 Fund has a neutral position of 70% invested in growth assets (range 60% to 80%) with the balance invested in defensive assets (range 20% to 40%). Where we are tactically positioned between growth and defensive assets can have an effect on investment returns.
The chart below highlights the active management and use of those ranges within the CF Multi-Asset Funds. If we are above the line, we are overweight growth assets, on the line neutral. and below the line we are overweight defensive assets. As highlighted below for most of the first six months of the year we were overweight risk assets, leading to the best start for the CF Multi-Asset 70 Fund since 1997.
As we approached the summer, we derisked the funds before re-risking into Q4. Post the US election market strength, we derisked the funds again, returning to the lower end of our growth asset allocation ranges, where we remain.
2) Multi -Asset Equity Allocation – Active Management at Work
The primary driver for returns for 2024 was the equity allocation within our multi-asset funds. The graphic below highlights the themes within the equity portfolio broken down by:
Source: CFAM 31.12.2024.
As you can see, the active management and rotation of these themes throughout the year positively contributed to returns.
The following graphic highlights the breadth of contributing sectors to returns in 2024.
Source: CFAME, MSCI, Bloomberg.
The key contributors to our significant outperformance in 2024 were as follows.
1. Source: Aviva Investors to 31 December 2024.
2.Source: Longboat Analytics. Based on gross fund performance to 31 December 2024
3.Source: Aviva Investors to 31 December 2024.
4.Source: LongBoat Analytics to 01 January 2025. Based on gross fund performance. Included in peer group are: Irish Life MAPS, Zurich Prisma, New Ireland iFunds, New Ireland Prime, LGIM. Standard Life, New Ireland Goodbody Dividend Income
Warnings
| Warning: Past performance is not a reliable guide to future performance. Warning: The value of your investment may go down as well as up. Warning: The income you earn from this investment may go down as well as up. Warning: If you invest in these funds you may lose some or all of the money you invest. Warning: These funds may be affected by changes in currency exchange rates. Warning: If you invest in a pension, you will not have access to your money until you retire. |
