NEWS
Fund Review: Bennelong Kardinia Absolute Return Fund September 2021
28 Oct 2021 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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28 Oct 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.63% p.a. with a volatility of 7.60%, compared to the ASX200 Accumulation's return of 6.65% p.a. with a volatility of 14.18%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Performance Report: Glenmore Australian Equities Fund
27 Oct 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose by +0.74% in September, an outperformance of +2.59% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54% compared with the index...
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27 Oct 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.42 for performance over the most recent 12 months to a low of 0.77 over the latest 24 months, and is 1.13 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2017 is 0.66. Since inception in June 2017 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 231.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 211.43% over the most recent 48 months to a low of 160.09% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. |
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Performance Report: Premium Asia Fund
26 Oct 2021 - Australian Fund Monitors
The Premium Asia Fund returned -1.54% in September, an outperformance of +2.06% compared with the MSCI All Country Asia Pacific ex-Japan Index which fell by -3.6%. Over the past 12 months, the fund has risen by +23.47% compared with the...
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26 Oct 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 | Since inception in December 2009 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 160.89%. Over all other periods, the fund's up-capture ratio has ranged from a high of 151.55% over the most recent 36 months to a low of 139.5% over the latest 48 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund has a down-capture ratio for returns since inception of 90.03%. Over all other periods, the fund's down-capture ratio has ranged from a high of 101.21% over the most recent 12 months to a low of 79.83% over the latest 24 months. 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: Bennelong Twenty20 Australian Equities Fund
26 Oct 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned -0.92% in September, an outperformance of +0.93% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +42.36% compared...
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26 Oct 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 7.86% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2009 is 13.67% vs the index's 13.2%. Over all other periods, the fund's returns have been more volatile than the index. Since inception in November 2009 in the months where the market was positive, the fund has provided positive returns 97% of the time, contributing to an up-capture ratio for returns since inception of 128.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.43% over the most recent 24 months to a low of 125.68% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund's down-capture ratio for returns since inception is 96.16%. |
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Performance Report: Frazis Fund
25 Oct 2021 - Australian Fund Monitors
The Frazis Fund rose by +7.5% in September, an outperformance of +10.54% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the fund has risen by +71.21% vs the Index's +25.99%, and since inception in July...
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25 Oct 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 | Since inception in July 2018 in the months where the market was positive, the fund has provided positive returns 80% of the time, contributing to an up-capture ratio for returns since inception of 217.49%. Over all other periods, the fund's up-capture ratio has ranged from a high of 398.65% over the most recent 24 months to a low of 145.19% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund has a down-capture ratio for returns since inception of 104.06%, indicating that it has typically not fallen significantly more than the market during the market's negative months. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund September 2021
25 Oct 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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25 Oct 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
22 Oct 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose by +0.13% in September, an outperformance of +1.98% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.56% compared with the...
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22 Oct 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 | Since inception in March 2013 in the months where the market was positive, the fund has provided positive returns 69% of the time, contributing to an up-capture ratio for returns since inception of 113.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 267.14% over the most recent 24 months to a low of 119.58% over the latest 60 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 for returns since inception of 73.98%. Over all other periods, the fund's down-capture ratio has ranged from a high of 115.18% over the most recent 24 months to a low of -7.03% over the latest 12 months. A negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell over the specified period. |
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Performance Report: Quay Global Real Estate Fund
22 Oct 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund returned -4.67% in September, an outperformance of +0.02% compared with the FTSE EPRA/ NAREIT Developed Index Index which fell by -4.69%. Over the past 12 months, the fund has risen by +33.14% compared...
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22 Oct 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 fund's returns over the past 12 months have been achieved with a volatility of 10.98% vs the index's 11.87%. The annualised volatility of the fund's returns since inception in January 2016 is 11.97% vs the index's 12.9%. Over all other periods, the fund's returns have been consistently less volatile than the index. Since inception in January 2016 in the months where the market was positive, the fund has provided positive returns 90% of the time, contributing to an up-capture ratio for returns since inception of 106.57%. Over all other periods, the fund's up-capture ratio has ranged from a high of 107.92% over the most recent 60 months to a low of 97.02% over the latest 36 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 for returns since inception of 85.74%. Over all other periods, the fund's down-capture ratio has ranged from a high of 82.87% over the most recent 60 months to a low of 65.3% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. |
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Performance Report: Insync Global Quality Equity Fund
22 Oct 2021 - Australian Fund Monitors
Over the past 12 months, the Insync Global Quality Equity Fund has risen by +16.25%, and since inception in October 2009, the fund has returned +14.34% per annum, a difference of +2.4% relative to the index which has returned +11.94% on an...
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22 Oct 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 returned -5.72% in September, a difference of -2.68% compared with the Global Equity Index which fell by -3.04%. Since inception in October 2009 in the months where the market was positive, the fund has provided positive returns 81% of the time, contributing to an up-capture ratio for returns since inception of 80.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 125.18% over the most recent 24 months to a low of 88.37% over the latest 12 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 for returns since inception of 72.66%. Over all other periods, the fund's down-capture ratio has ranged from a high of 233.61% over the most recent 12 months to a low of 89.05% over the latest 48 months. 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: Insync Global Capital Aware Fund
21 Oct 2021 - Australian Fund Monitors
Over the past 12 months, the Insync Global Capital Aware Fund has risen by +13.25%, and since inception in October 2009, the fund has returned +12.37% per annum, a difference of +0.43% relative to the index which has returned +11.94% on an...
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21 Oct 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 returned -5.58% in September, a difference of -2.54% compared with the Global Equity Index which fell by -3.04%. The fund has a down-capture ratio for returns since inception of 65.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 229.66% over the most recent 12 months to a low of 73.35% over the latest 48 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. |
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