MLC has awarded a $390 million global equities mandate to International Value Advisors (IVA), as part of changes to its Horizon Series of portfolios.
The changes affect MLC Horizon 2 to MLC Horizon 7 portfolios.
The changes are expected to help deliver more resilient returns from global shares, MLC Investment management head of investments Dr Susan Gosling said.
"In April, we announced two new strategies for these portfolios: a multi-asset real return strategy and an emerging markets strategy."
"This third exciting change will increase diversification and reduce risk while maintaining return potential," Gosling said.
IVA's strategy aims to preserve investors' capital over the short term, while providing returns similar to the global sharemarket over a period of three to five years.
"Combined with the other recent strategy changes, we expect this development will help generate more reliable returns for investors," Gosling said.
In the defensive global shares strategy of the MLC Long-Term Absolute Return Portfolio, IVA will also replace Tweedy, Browne.
"While Tweedy, Browne remains a manager in our global shares strategy, we believe IVA's investment approach is better suited to the defensive strategy at this time," Gosling said.
