NEWS
Performance Report: Longlead Pan-Asian Absolute Return Fund
26 Mar 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund rose +5.56% in February, outperforming AFM's Asia Pacific Index by +4.46% and taking CYTD performance to +5.66% vs the Index's +1.11%.
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26 Mar 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead noted the Fund has started the year strongly, with year-to-date performance of +5.66% compared to +1.11% for AFM's Asia Pacific Index. While the absolute dollar profits in the month were generated from the long book in line with the rising market, positive alpha was generated from both long and short positions. Longlead added that with company reporting season playing out through the month it was notable to witness a higher than usual proportion of earnings beats across countries with a general theme of rapid earnings recovery evident against muted expectations. The Communication Services, Materials and Information Technology sectors contributed to Fund performance, while Consumer Discretionary positions detracted. By country, gains were posted in Taiwan, China and Australia, while a loss was generated in holdings in the United States. |
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Performance Report: Insync Global Quality Equity Fund
26 Mar 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +0.79% in February, taking 12-month performance to +9.77% with a volatility of 15.36%. Since inception in October 2009, the Fund has risen +13.38% p.a. with an annualised volatility of 10.64%. By...
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26 Mar 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. |
| Manager Comments | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.88 vs the Index's 1.36 and down-capture ratio of 69.16%. The Fund's top 10 active holdings at month-end were Walt Disney, PayPal, Nintendo, Visa, S&P Global, Domino's Pizza, Dollar General, Qualcomm, Microsoft and Facebook. By sector, the portfolio was most heavily weighted towards the IT sector relative to the MSCI while also relatively underweight the Industrials sector. Megatrends to which the Fund had the greatest exposure were eCommerce and Digitisation. |
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Performance Report: Prime Value Emerging Opportunities Fund
26 Mar 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose +0.59% in February, taking 12-month performance to +30.19% vs the ASX200 Accumulation Index's +6.48%. Since inception in October 2015, the Fund has risen +14.86% p.a. vs the Index's +9.64%.
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26 Mar 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Key positive contributors for the month were Pinnacle (PNI +24.3%), News Corp (NWS +18.3%) and Austbrokers (AUB +17.4%). Key detractors were NRW (NWH -29.7%), Redbubble (RBL -23.7%) and National Tyre & Wheel (NTD -17.7%). Prime Value noted reporting season was surprisingly positive given the volatile economic conditions experience through 2020. The Fund had several positive results, some of which included Pinnacle, News Corp and Austbrokers. Prime Value have made some modest changes to the portfolio and continue to be optimistic about the opportunities in the current market. |
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Performance Report: Atlantic Pacific Australian Equity Fund
25 Mar 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equities Fund has risen +24.11% over the past 12 months vs the ASX200 Accumulation Index's +6.48%. Over that period, the Fund has exhibited lower volatility (standard deviation of 18.76% vs the Index's...
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25 Mar 2021 - Performance Report: Atlantic Pacific Australian Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | Since inception in June 2013, the Fund has returned +8.71% p.a. with an annualised volatility of 10.09%. The Fund's capacity to significantly outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.44 vs the Index's 0.64, maximum drawdown of -7.10% vs the Index's -26.75%, and down-capture ratio of 21.15%. The Fund has also outperformed the Index in 9 out of 10 of the Index's worst months since the Fund's inception. |
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Performance Report: Laureola Australia Feeder Fund
25 Mar 2021 - Australian Fund Monitors
The Laureola Investment Master Fund rose +0.43% in February, taking 12-month performance to +8.85% with a volatility of 2.08%. Since inception in May 2013, the Fund has risen +16.05% p.a. with an annualised volatility of 5.57%.
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25 Mar 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 Laureola Investment Master Fund rose +0.43% in February, taking 12-month performance to +8.85% with a volatility of 2.08%. Since inception in May 2013, the Fund has risen +16.05% p.a. with an annualised volatility of 5.57%. By contrast, the S&P500 Total Return Index has returned +14.02% p.a. with an annualised volatility of 13.64% over the same period. The Fund has achieved a down-capture ratio since inception of -37.45%, indicating that, on average, it has risen during the market's negative months and highlighting the Fund's non-correlated nature. Hedged into AUD, the Laureola Australian Feeder Fund rose +0.3% in February (see the latest report for the AUD feeder fund's historical monthly returns). The Master Fund's performance in February was driven by the maturity of two smaller policies and the purchase of policies at below market prices. Realised gains made up 70% of total gains last month for the Fund. Laureola believe the key to the Fund's long-term returns has been consistency; 77.7% of the fund's historical monthly returns have been between 0% and 3%, while only 2.2% have been below 0%. They noted that to achieve this consistency, they Fund must be genuinely non-correlated and be able to perform when traditional markets decline - this is demonstrated by its down-capture ratio (since inception) of -37.45% as mentioned above. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
25 Mar 2021 - Australian Fund Monitors
The BennelongTwenty20 Australian Equities Fund rose +1.76% in February, outperforming the ASX200 Accumulation Index by +0.76% and taking 12-month performance to +19.01% vs the Index's +6.48%. Since inception in Nov 2009, the Fund has risen...
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25 Mar 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 Sharpe and Sortino ratios (since inception), 0.66 and 0.84 respectively, by contrast with the Index's Sharpe of 0.45 and Sortino of 0.52, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's ability to significantly outperform in rising markets is demonstrated by its up-capture ratio (since inception) of 124.84%. As at the end of February, the portfolio's weightings had been increased in the Communications, Industrials, Materials and Financials sectors, and decreased in the IT, Consumer Staples, Health Care and REIT's sectors. Weightings in the Discretionary and Energy sectors remained unchanged. By comparison with the ASX300 Index, the Fund is significantly overweight the Discretionary sector (Fund weight: 33.1%, benchmark weight: 8%). |
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Performance Report: The Airlie Australian Share Fund
25 Mar 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +0.52% in February, taking 12-month performance to +11.76% vs the ASX200 Accumulation Index's +6.48%. Since inception in June 2018, the Fund has risen +9.08% p.a. vs the Index's +7.66% p.a. with...
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25 Mar 2021 - Performance Report: The 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). 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 Fund's 12-month up-capture and down-capture ratios, 110% and 93% respectively, indicate that, on average, it has outperformed during the market's positive and negative months. The Fund has maintained an up-capture ratio of above 100% over all time periods, highlighting its capacity to outperform in positive markets. At month-end, the portfolio's top positions included Aurizon Holdings, BHP Group, CBA, CSL, Healius, NAB, PWR Holdings, Tabcorp Holdings, Wesfarmers and Woolworths Ltd. By sector, the portfolio was most heavily weighted towards the Financials and Consumer Discretionary sectors. |
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Performance Report: Insync Global Capital Aware Fund
25 Mar 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +0.40% in February, taking 12-month performance to +10.79% with a volatility of 13.47%. Since inception in October 2009, the Fund has risen +11.43% p.a. with an annualised volatility of 9.90%.
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25 Mar 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.68 vs the Index's 1.36, maximum drawdown of -10.98% vs the Index's -13.59%, and down-capture ratio of 61.74%. The Fund's top 10 active holdings at month-end were Walt Disney, PayPal, Nintendo, Visa, S&P Global, Domino's Pizza, Dollar General, Qualcomm, Microsoft and Facebook. By sector, the portfolio was most heavily weighted towards the IT sector relative to the MSCI while also relatively underweight the Industrials sector. Megatrends to which the Fund had the greatest exposure were eCommerce and Digitisation. |
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Performance Report: Premium Asia Fund
24 Mar 2021 - Australian Fund Monitors
The Premium Asia Fund rose +2.79% in February, outperforming AFM's Asia Pacific ex-Japan Index by +2.06% and taking 12-month performance to +33.50% vs the Index's +18.28%. Since inception in December 2009, the Fund has risen +12.97% p.a....
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24 Mar 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 | Under high demand for electronic components, the Fund's South Korean and Taiwanese hardware manufacturers holdings continued to rally in February. Premium noted the global recovery lends upside to demand, benefitting the materials sector. This includes the Fund's chemical manufacturer holding in South Korea. As the pandemic impacts lessened and recovery kicked in, the Manager has been building more positions in Korean equities since the beginning of the year. They remain constructive on the global recovery outlook and continue to favour the market as the earnings upcycle continues. Premium's view is that overall growth in North Asia has higher visibility underpinned by the resilient macro backdrop. Thus, they maintain their overweight position in the sub-region over ASEAN. Looking forward, Premium's conviction on Asian equities remains unchanged. They expect fundamentals to stay robust amid the on-going recovery in the region. The change in the inflation environment is being assessed in their bottom-up stock picking process. They remain focused on quality companies that showcase high visibility and sustained earnings growth. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
24 Mar 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +0.11% in February, taking 12-month performance to +20.67% vs the ASX200 Accumulation Index's +6.48%. Since inception in February 2009, the Fund has returned +16.69% p.a. vs the...
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24 Mar 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | The Fund's superior capacity to avoid the market's downside volatility over the long-term is supported by its Sortino ratio (since inception) of 1.37 vs the Index's 0.74%. As at the end of February, the portfolio's weightings had been increased in the Discretionary, Health Care, Industrials, Consumer Staples and Materials sectors, and decreased in the IT, Communication, REIT's and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 42.4%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.9%, benchmark weight: 27.6%). |
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