Australian based.
Research driven.

Proud member of the Alternative Investment Management Association

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Who we are

NWQ Capital Management is a boutique investment management firm based in Australia that was established in 2007.

Absolute return investing is our core investment philosophy. Implementation of this philosophy involves constructing an investment portfolio that seeks to simultaneously prioritise capital preservation and return optimisation.

We focus on identifying, researching and allocating to those few managers who we believe are best of breed. This includes well-established equity hedge fund managers in the Australian market and a number of emerging managers, which are both performance driven and capacity constrained. These Australian equity hedge fund managers employ a variety of absolute return strategies that when combined produce a portfolio that has the ability to deliver positive performance irrespective of whether the equity market is rising or falling.

We commenced managing money for clients in 2010 and launched our flagship fund, the NWQ Fiduciary Fund, in May 2013. This Fund has been ranked by Eurekahedge. It has regularly featured in the top 10 funds for its category (Fund-of-Funds, Asia Pacific, Multi-Strategy) and was globally ranked in the top 10 of all funds (all Fund-of-Funds, all Geographies, all Strategies) in 2015.

What we believe in

We believe Australia is home to some outstanding specialised equity hedge fund managers who operate in one of the world’s largest pension markets that, for its size, is also one of the world’s least efficient. This makes Australia a target rich environment for skilled equity hedge fund managers such as those that selected by NWQ.

Our research-driven approach is aimed at constructing a diversified, high conviction portfolio that is actively managed by one of Australia’s leading investment teams.

NWQ is suitably resourced and experienced to be able to deliver clients an actively risk managed portfolio of Australia’s leading equity hedge funds that has an ability to generate attractive risk adjusted returns irrespective of equity or bond market direction.

Our flagship fund, the NWQ Fiduciary Fund, offers our clients a diversifying and actively risk-managed solution within the one single investment.

Our Investment Committee

Jonathan Horton, Chairman

Jonathan Horton is the Founder and Managing Partner of NWQ. Jonathan has over 25 years’ experience in international capital markets. Prior to founding NWQ, Jonathan spent time with Lehman Brothers and UBS (Paine Webber) in the US, and later established his own asset management firm in San Francisco, which he sold in 2006. During this time he developed experience in asset management, portfolio construction, derivative and cash markets trading, and credit and risk analysis. Jonathan currently serves as Chief Investment Officer of NWQ. Jonathan has served on a number of charitable boards in Australia and the United States. Jonathan holds a Bachelor of Economics and a Bachelor of Commerce from The University of Western Australia.

Stephen Kennedy, Deputy Chairman, Investment Committee

Stephen has more than three decades experience working in the financial markets industry including more than 25 years at Deutsche Bank. Among other things, he was responsible for overseeing proprietary traders and identifying hedge funds in which Deutsche Bank’s Global Markets Division would make investments. Stephen held the position of Managing Director in Deutsche Bank’s Global Markets Division. In this capacity he held a number of senior roles including Deutsche Bank’s Joint Head of Global Markets in Australia, Head of Global Foreign Proprietary Risk in London, and Head of Fixed Income in Australia.

Sharon Hicks, Member, Investment Committee

Sharon has more than 25 years’ experience in financial markets, having worked in stockbroking houses as an equity analyst covering an array of sectors and for a family office. As the former Chief Investment Officer for WA’s largest superannuation fund ($12bn), Sharon has accumulated significant experience in the strategy, structure and implementation of multi-asset, multi-manager portfolios.

Glenn Stevens AC, Member, Investment Committee

Glenn is a graduate of the University of Sydney and the University of Western Ontario, Canada. His professional career in the Reserve Bank of Australia spanned three and a half decades. He joined the RBA as a junior economist in 1980 and in the 1990s he held senior policy advising positions in the economics and markets areas, and was closely involved in designing and establishing Australia’s highly successful monetary policy framework in the early 1990s. From 1996 Glenn was Assistant Governor (Economic). He was appointed Deputy Governor and member of the Reserve Bank Board in 2001. In September 2006, he was appointed Governor and Chair of the Reserve Bank Board and of the Payments System Board. Glenn was reappointed in 2013, serving a total of ten years as Governor of Australia’s central bank. In June 2016 Glenn was made a Companion in the Order of Australia, for services to central banking and finance, and to the community. He was been awarded honorary doctorates by Western University, Canada and the University of Sydney, Australia. Retiring from the Reserve Bank in September 2016 after nearly 37 years of service, he now pursues private interests, including in aviation and financial services.

Stephen Baldwin, Member, Investment Committee

Stephen served as the Chief Operating Officer of Regal Funds Management Pty Limited. He joined Regal Funds Management Pty in 2005. Previously, Stephen served as a Software Engineer of Global Equities and Derivatives Division at Deutsche Bank and as a Software Engineer for six years across the finance, telecommunications and electronics industries. He is a Fellow of the Financial Services Institute of Australasia. Stephen holds a Bachelor of Computer Engineering and Bachelor of Arts (First Class Honours) from the University of New South Wales.

Our Management Team

Jonathan Horton, Managing Partner

Jonathan Horton is the Founder and Managing Partner of NWQ. Jonathan has over 25 years’ experience in international capital markets. Prior to founding NWQ, Jonathan spent time with Lehman Brothers and UBS (Paine Webber) in the US, and later established his own asset management firm in San Francisco, which he sold in 2006. During this time he developed experience in asset management, portfolio construction, derivative and cash markets trading, and credit and risk analysis. Jonathan currently serves as Chief Investment Officer of NWQ. Jonathan has served on a number of charitable boards in Australia and the United States. Jonathan holds a Bachelor of Economics and a Bachelor of Commerce from The University of Western Australia.

Robert Kalish – Managing Director, International

Robert has more than 20 years’ institutional capital markets experience with a background in convertible securities, equity and fixed income cash and derivative products and structured products. Robert has a strong grounding in financial services and market temperament and in depth knowledge of investment banking and wealth management products, which was reinforced during his time as the Director, US Convertible Securities Sales for the Bank of Tokyo-Mitsubishi UFJ. Robert also spent 13 years with RBS Securities Inc. (ABN AMRO) as the Director, Convertible Bond Global Sales-Equity Derivatives Group and prior to that appointment, as the Senior Vice-President, Global Convertible Bond Sales with HSBC Securities.

Stephen Baldwin – Managing Director, Research

Stephen served as the Chief Operating Officer of Regal Funds Management Pty Limited. He joined Regal Funds Management Pty in 2005. Previously, Stephen served as a Software Engineer of Global Equities and Derivatives Division at Deutsche Bank and as a Software Engineer for six years across the finance, telecommunications and electronics industries. He is a Fellow of the Financial Services Institute of Australasia. Stephen holds a Bachelor of Computer Engineering and Bachelor of Arts (First Class Honours) from the University of New South Wales.