NEWS
Performance Report: Quay Global Real Estate Fund
16 Nov 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +2.12% in October, outperforming the ASX200 A-REIT Index by +1.7% and taking 12-month perfomance to +34.92% vs the Index's +30.88%. The fund has consistently outperformed the S&P/ASX 200 A-REIT Index...
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16 Nov 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The Quay Global Real Estate Fund has a track record of 5 years and 9 months and has consistently outperformed the S&P/ASX 200 A-REIT Index since inception in January 2016, providing investors with a return of 9.72%, compared with the index's return of 8.54% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -19.68% lasting 16 months, occurring between February 2020 and June 2021 when the index fell by a maximum of -38.29%. The Manager has delivered these returns with -8.49% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.75 since inception. The fund has provided positive monthly returns 77% of the time in rising markets, and 26% of the time when the market was negative, contributing to an up capture ratio since inception of 45% and a down capture ratio of 56%. |
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Performance Report: Collins St Value Fund
15 Nov 2021 - Australian Fund Monitors
The Collins St Value Fund rose +1.69% in October, outperforming the ASX200 Total Return Index by +1.79% and taking 12-month performance to +55.38% vs the Index's +27.96%. The fund has consistently outperformed the ASX 200 Total Return...
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15 Nov 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | The Collins St Value Fund has a track record of 5 years and 9 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with a return of 19.5%, compared with the index's return of 11.23% over the same time period. On a calendar basis the fund has never had a negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -27.46% lasting 7 months, occurring between February 2020 and September 2020. 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 1.04 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 68% of the time when the market was negative, contributing to an up capture ratio since inception of 82% and a down capture ratio of 23%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
15 Nov 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +0.79% in October, outperforming the ASX200 Total Return Index by +0.89% and taking 12-month performance to +15.02%. Since inception in May 2006 the fund has outperformed the Index,...
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15 Nov 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. |
| Manager Comments | The Bennelong Kardinia Absolute Return Fund has a track record of 15 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with a return of 8.63%, compared with the index's return of 6.6% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 15 years and 8 months since its inception. Its largest drawdown was -11.71% lasting 2 years and 6 months, occurring between June 2018 and December 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -6.57% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.75 since inception. The fund has provided positive monthly returns 87% of the time in rising markets, and 34% of the time when the market was negative, contributing to an up capture ratio since inception of 17% and a down capture ratio of 49%. |
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Performance Report: Bennelong Australian Equities Fund
12 Nov 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.5% in October, outperforming the ASX200 Total Return Index by +0.6% and taking 12-month performance to +39.12% vs the Index's +27.96%. Since inception in Feb 2009 the fund has outperformed the...
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12 Nov 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong 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 15.76%, compared with the index's return of 10.49% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 10 months since its inception. Its largest drawdown was -24.32% 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 0.93 since inception. The fund has provided positive monthly returns 93% of the time in rising markets, and 17% of the time when the market was negative, contributing to an up capture ratio since inception of 152% and a down capture ratio of 95%. |
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Performance Report: DS Capital Growth Fund
12 Nov 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose +0.56% in October, outperforming the ASX200 Total Return Index by +0.66% and taking 12-month performance to +28.50%. Since inception in January 2013, the fund has returned +16.39% p.a. with an annualised...
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12 Nov 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand, generally avoiding large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | The DS Capital Growth Fund has a track record of 8 years and 11 months and has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.39%, compared with the index's return of 9.71% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 8 years and 11 months since its inception. Its largest drawdown was -22.53% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -2.29% less volatility than the index, contributing to a Sharpe ratio which has never fallen below 1 and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 35% of the time when the market was negative, contributing to an up capture ratio since inception of 73% and a down capture ratio of 46%. |
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Performance Report: Cyan C3G Fund
12 Nov 2021 - Australian Fund Monitors
The Cyan C3G Fund rose +3.14% in October, outperforming the ASX200 Total Return Index by +3.24% and taking 12-month performance to +26.49%. Since inception in August 2014 it has outperformed the ASX Small Ordinaries Total Return Index,...
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12 Nov 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Cyan C3G Fund has a track record of 7 years and 3 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 16.15%, compared with the index's return of 9.63% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 7 years and 3 months since its inception. Its largest drawdown was -36.45% lasting 16 months, occurring between October 2019 and February 2021 when the index fell by a maximum of -29.12%. The Manager has delivered these returns with -0.24% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.94 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 42% of the time when the market was negative, contributing to an up capture ratio since inception of 68% and a down capture ratio of 48%. |
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Performance Report: Airlie Australian Share Fund
12 Nov 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +1.93% in October, outperforming the ASX200 Total Return Index by +2.03% and taking 12-month performance to +39.39% vs the Index's +27.96%. Since inception in June 0218, the fund has outperformed the...
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12 Nov 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). The fund has a maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The Airlie Australian Share 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 14.05%, 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 -23.8% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -0.45% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 0.87 since inception. The fund has provided positive monthly returns 100% 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 113% and a down capture ratio of 92%. |
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Performance Report: AIM Global High Conviction Fund
8 Nov 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +3.26% in October, an outperformance of +2.09% compared with the Global Equity Index which rose by +1.17%. Since inception in July 2019, the fund has returned +18.25% per annum, a difference of...
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8 Nov 2021 - Performance Report: AIM Global High Conviction Fund
By: Australian Fund Monitors
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The fund's Sharpe ratio is 2.37 for performance over the past 12 months, and over the past 24 months is 1.77. Since inception, the fund's Sharpe ratio is 1.58 vs the Global Equity Index's Sharpe of 1.32. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio since inception of 107.99%. For performance over the past 12 month, the fund's up-capture ratio is 106.23%, and is 119.83% over the past 24 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio since inception of 82.83%. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: Laureola Australia Feeder Fund
29 Oct 2021 - Australian Fund Monitors
The Laureola Master Fund rose +0.09% in September and is up +5.94% over the past 12 months. Since inception in May 2013, it has returned +15.40% p.a. with an annualised volatility of 5.44%.
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29 Oct 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The portfolio now holds 184 policies with a combined $127 ml of Face value; The average Life Expectancy is 74 mos. 35% of the insureds have a Life Expectancy of less than 4 years, including the insureds of several larger policies. 22 insureds are more than 90 years old, including the insureds of several larger policies. In their latest report, Laureola noted there are growing indications that we are entering a difficult period for the traditional markets and for the global economy. They believe Laureola investors can be confident that their investment in the Laureola Fund is well sheltered from the coming storms. The fund has a low correlation to all major indices. |
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Fund Review: Insync Global Capital Aware Fund September 2021
29 Oct 2021 - Australian Fund Monitors
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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29 Oct 2021 - Fund Review: Insync Global Capital Aware Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
