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WTW Diversified Conservative Fund

A diversified endowment-style portfolio using WTW’s ‘best ideas’ in portfolio construction and manager selection, aiming to balance capital preservation and return over rolling three-year periods.

Our investment philosophy

The Fund adopts an endowment-style approach to investing which comprises three main principles:

  1. Seek additional sources of return across the widest opportunity set
  2. Employ the most talented external managers
  3. Through diversification, ensure any one risk does not dominate

Leveraging WTW’s Manager Research capabilities, the Fund identifies and partners with specialist investment managers to enhance performance, whilst leveraging our global scale to negotiate preferential fees for investors.

Asset class breakdown as at 31 August 2025

Asset class breakdown as at 31 March 2025

Source: BNP Paribas, WTW

Understanding our asset class approach

High active share and concentrated portfolios tend to improve outcomes. Employing multiple complementary managers increases the likelihood of consistent alpha through time. We have worked with our global equity managers to create cost-effective bespoke solutions overlaid with a dedicated stewardship manager.

Our investments capture a diverse opportunity set including private equity, real estate, and infrastructure investments without the loss of liquidity that comes with stand-alone investments. A mature portfolio offering downside mitigation through this diverse exposure with promising returns over the long term.

Alternatives are an important portfolio lever as they often behave very differently from traditional market exposures and can provide downside protection when it’s needed. We invest with a very select number of managers, often in bespoke mandates where we can negotiate much better fee terms.

We have sought to diversify our exposure beyond corporate borrowers into consumers and emerging markets. By aiming to avoid crowded parts of the market we can find ideas with attractive yields and access the full alternative credit universe including less liquid opportunities that are difficult for most investors to access.

Focus on true defensiveness, with a balance of nominal and inflation-linked bond exposures to provide robust diversification across a range of different market environments.

Differentiated approach

Unconstrained opportunity set

Accesses the full investable universe across traditional and alternative asset classes, providing investors with access to our ‘best ideas’ in a highly diversified portfolio.

Blend of public and private markets

Offers exposure to a mature private markets portfolio, allowing investors access to the illiquidity premium which can boost return and provide diversification.

Dynamic, not tactical

Incorporates dynamism in order to manage risk and adapt to current market conditions, with a recognition that timing markets is difficult and hence this is not a primary driver of portfolio returns over the long term.

Value for money

Our global scale enables us to negotiate preferential fee terms with underlying managers, allowing investors to benefit from cost efficiencies typically unavailable through direct access.

Investment objective

The Fund aims to achieve the following objectives:

Return is not guaranteed

Expected Return Target return of CPI + 3.5% p.a. over rolling three-year periods after fees and expenses
Expected Volatility Target volatility of 4-6% p.a.

Fund facts

*Or such lower amount as agreed with the Responsible Entity
^Distribution amounts will vary and there may be occasions when there is no distribution paid.
Investment Manager Towers Watson Australia Pty Ltd.
Responsible Entity The Trust Company (RE Services) Limited, a subsidiary of Perpetual Limited
Administrator/ Custodian BNP Paribas Fund Services Australasia Pty Ltd.  
Registry SS&C GIDS Transfer Agency (Australia) Pty Ltd. (ABN 18 107 333 308) (previously known as OneVue Fund Services Pty Limited)  
Minimum initial and remaining investment amount

A Class Units

$20,000,000 for direct investors*

W Class Units

$25,000 for direct investors*

If you are investing in either class through an administration platform, check the minimums with the operator of that service.
Minimum withdrawal and additional investment amount

$1,000 for direct investors*

If you are investing through an administration platform, check the minimums with the operator of that service.
Buy and Sell spread +/-0.15%
APIR code

A Class – PIM7819AU

W Class – SLT0020AU
Distributions Generally pays distributions annually. Distributions are automatically reinvested unless you choose otherwise.^
Applications Weekly
Withdrawals Weekly
Unit Pricing Weekly and monthly

Download fund documents

TitleFile TypeFile Size
Target Market DeterminationPDF.2 MB
Fund Fact SheetPDF.1 MB
Product Disclosure StatementPDF2 MB

Disclaimer

This information has been prepared and issued by Towers Watson Australia Pty Ltd ABN 45 002 415 349 AFSL 229921 (“WTW”) as the investment manager of the WTW Diversified Conservative Fund ARSN 149 249 052 (“Fund”). The Trust Company (Re Services) Limited ABN 45 003 278 831 AFSL 235150 is the responsible entity and the issuer of units in the Fund.

This document contains general information only and is not intended to provide you with financial product advice. It has been prepared without taking into account your objectives, financial situation or needs. Investments in the Fund may only be made using the application form provided with the Product Disclosure Statement (PDS) and any person seeking to invest in the Fund should consider the PDS prior to making any investment decisions. The PDS and target market determination (TMD) can be obtained for free by emailing WTW_MAF_investorservices@unitregistry.com.au or calling 03 9616 8612. If you require financial advice that takes into account your personal objectives, financial situation or needs, you should consult your licensed or authorised financial adviser. This information is only as current as the date indicated and may be superseded by subsequent market events or for other reasons. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. All investments in the Fund contain risk and may lose value.

Neither WTW nor any company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) (“Perpetual”) guarantees the performance of the Fund or the return of an investor’s capital. Neither WTW nor Perpetual give any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document.

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