NEWS
Performance Report: Surrey Australian Equities Fund
23 Nov 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -1.46% in October, and over the past 12 months has risen +28.46%. Since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised...
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23 Nov 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Surrey Australian Equities Fund has a track record of 3 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 12.14%, compared with the index's return of 9.91% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 5 months since its inception. Its largest drawdown was -26.75% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 0.62 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 123% and a down capture ratio of 108%. |
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Performance Report: Frazis Fund
22 Nov 2021 - Australian Fund Monitors
The Frazis Fund rose +1.30% in October, rising in line with the Global Equity Index and taking 12-month performance to +71.04% vs the Index's +28.20%. Since inception in July 2018, the fund has outperformed the Index, providing investors...
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22 Nov 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | The Frazis Fund has a track record of 3 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2018, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 31.34%, compared with the index's return of 13.9% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 4 months since its inception. Its largest drawdown was -32.28% lasting 4 months, occurring between February 2020 and June 2020 when the index fell by a maximum of -13.19%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 0.94 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 36% of the time when the market was negative, contributing to an up capture ratio since inception of 217% and a down capture ratio of 104%. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
22 Nov 2021 - Australian Fund Monitors
In October, the Longlead Pan-Asian Absolute Return Fund (Feeder Fund) returned -2.73%, outperforming the Asia Pacific Index by +1.54%. The Longlead Absolute Return Fund (Master Fund) has risen +13.98% over the past 12 months. Since...
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22 Nov 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The Longlead Absolute Return Fund has a track record of 4 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2017, the fund has outperformed the Asia Pacific Index, providing investors with an annualised return of 23.09%, compared with the index's return of 8.06% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years and 4 months since its inception. Its largest drawdown was -14.88% lasting 13 months, occurring between January 2019 and February 2020 when the index fell by a maximum of -7.32%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.43 since inception. The fund has provided positive monthly returns 61% of the time in rising markets, and 63% of the time when the market was negative, contributing to an up capture ratio since inception of 72% and a down capture ratio of -84%. |
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Performance Report: Insync Global Quality Equity Fund
19 Nov 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +1.58% in October, outperforming the Global Equity Index by +0.41% and taking 12-month performance to +21.92%. The fund has returned +14.39% p.a. with an annualised volatility of 10.96% since October 2009.
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19 Nov 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Quality Equity Fund has a track record of 12 years and 2 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 14.39%, compared with the index's return of 11.96% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 2 months since its inception. Its largest drawdown was -12.64% lasting 7 months, occurring between September 2018 and April 2019 when the index fell by a maximum of -10.57%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.08 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 22% of the time when the market was negative, contributing to an up capture ratio since inception of 81% and a down capture ratio of 73%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
19 Nov 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose by +0.17% in October, taking 12-month performance to +37.02% vs the ASX200 Total Return Index's +27.96%. The fund has consistently outperformed the Index since inception in November...
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19 Nov 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 12 years and 1 month and has consistently outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with a return of 11.91%, compared with the index's return of 8.34% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 1 month since its inception. Its largest drawdown was -26.09% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 0.74 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 129% and a down capture ratio of 96%. |
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Performance Report: Paragon Australian Long Short Fund
18 Nov 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund has risen +57.50% over the past 12 months, outperforming the ASX200 Total Return Index by +27.96%. The fund has consistently outperformed the ASX 200 Total Return Index since inception in March 2013,...
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18 Nov 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Paragon Australian Long Short Fund has a track record of 8 years and 9 months and has consistently outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with a return of 15.36%, compared with the index's return of 8.64% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 8 years and 9 months since its inception. Its largest drawdown was -45.11% lasting 2 years and 7 months, occurring between January 2018 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 five times and currently sits at 0.65 since inception. The fund has provided positive monthly returns 69% of the time in rising markets, and 46% of the time when the market was negative, contributing to an up capture ratio since inception of 113% and a down capture ratio of 77%. |
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Performance Report: Premium Asia Fund
18 Nov 2021 - Australian Fund Monitors
The Premium Asia Fund has risen +13.23% over the past 12 months against the MSCI All Country Asia Pacific ex-Japan's +6.03%. The fund has consistently outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in...
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18 Nov 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | The Premium Asia Fund has a track record of 12 years and has consistently outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in December 2009, providing investors with a return of 11.98%, compared with the index's return of 5.8% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years since its inception. Its largest drawdown was -21.41% lasting 1 year and 11 months, occurring between June 2015 and May 2017 when the index fell by a maximum of -19.56%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 0.77 since inception. The fund has provided positive monthly returns 89% of the time in rising markets, and 20% of the time when the market was negative, contributing to an up capture ratio since inception of 161% and a down capture ratio of 91%. |
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Performance Report: Bennelong Emerging Companies Fund
18 Nov 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +1.16% in October, outperforming the ASX200 Total Return Index by +1.26% and taking 12-month performance to +41.46% vs the Index's +27.96%. Since inception in November 2017 the fund has...
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18 Nov 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 4 years and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in November 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 30.4%, compared with the index's return of 9.6% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years since its inception. Its largest drawdown was -41.74% lasting 10 months, occurring between December 2019 and October 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.01 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 36% of the time when the market was negative, contributing to an up capture ratio since inception of 321% and a down capture ratio of 119%. |
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Performance Report: Insync Global Capital Aware Fund
17 Nov 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +1.11% in October, taking 12-month performance to +18.07%. The fund has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 12.38%, compared...
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17 Nov 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Capital Aware Fund has a track record of 12 years and 2 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 12.38%, compared with the index's return of 11.96% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 2 months since its inception. Its largest drawdown was -10.98% lasting 7 months, occurring between September 2018 and April 2019 when the index fell by a maximum of -10.57%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 0.97 since inception. The fund has provided positive monthly returns 80% of the time in rising markets, and 24% of the time when the market was negative, contributing to an up capture ratio since inception of 57% and a down capture ratio of 66%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
17 Nov 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +1.56% in October, outperforming the ASX200 Total Return Index by +1.66% and taking 12-month performance to +39.09% vs the Index's +27.96%. The fund has consistently outperformed the...
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17 Nov 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 12 years and 10 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 17.83%, compared with the index's return of 10.49% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 10 months since its inception. Its largest drawdown was -24.11% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.03 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 19% of the time when the market was negative, contributing to an up capture ratio since inception of 165% and a down capture ratio of 91%. |
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