NEWS
Fund Review: Bennelong Long Short Equity Fund September 2021
21 Oct 2021 - Australian Fund Monitors
Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...
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21 Oct 2021 - Fund Review: Bennelong Long Short Equity Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 19-years' track record and an annualised returns of 14.26%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.84 and 1.32 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Performance Report: Surrey Australian Equities Fund
20 Oct 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -1.3% in September, an outperformance of +0.55% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +29%, and since inception in...
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20 Oct 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 | Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 83% of the time, contributing to an up-capture ratio for returns since inception of 123.38%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.68% over the most recent 24 months to a low of 92.95% 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's Sharpe ratio has ranged from a high of 1.75 for performance over the most recent 12 months to a low of 0.65 over the latest 36 months, and is 0.65 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2018 is 0.63. |
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Performance Report: NWQ Fiduciary Fund
20 Oct 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -0.71% in September, an outperformance of +1.14% compared with the ASX 200 Total Return Index which fell by -1.85%. Since inception in May 2013, the fund has returned +6.36% per annum with an annualised...
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20 Oct 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 51% of the time, contributing to a down-capture ratio for returns since inception of 14.09%. Over all other periods, the fund's down-capture ratio has ranged from a high of 38.31% over the most recent 12 months to a low of 21.72% over the latest 60 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. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.94 for performance over the most recent 12 months to a low of 0.94 over the latest 36 months, and is 1.31 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2013 is 0.69. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
19 Oct 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund rose +2.02% in September, taking quarterly performance to +2.57%. By contrast, the MSCI All Country Asia Pacific ex-Japan Index (AUD) fell -3.60% in September and -6.19% over the quarter.
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19 Oct 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead noted equity markets had a challenging quarter, initially driven by concerns over the imposition of regulations on a number of industries in China and ongoing challenges to global supply chains. Later in the quarter, these worries extended to rising bond yields and the spectre of reduced central bank support for markets in the period ahead. In September, China Evergrande Group, China's largest property developer, announced that a slowdown in property sales was placing pressure on its cash flow and putting it at risk of defaulting on its debt repayments. This created widespread concern of broader contagion in the debt markets that flowed through to weaker performance in equities. The cumulative impact of these factors resulted in the weakest period of equity market performance since the outbreak of the pandemic in the March 2020 quarter. The Fund navigated this challenging backdrop effectively, generating positive returns on both the long and short sides of the portfolio in the quarter. The Fund generated positive returns in Consumer Staples, Materials and Information Technology positions, while experiencing draw downs in Healthcare and Communication Services names. By country, gains were realised in Australia, the United States and Japan, while losses were seen in China and Taiwan. |
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Performance Report: Prime Value Emerging Opportunities Fund
19 Oct 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned -0.3% in September, an outperformance of +1.55% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +36.5% compared with the...
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19 Oct 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 | The fund's Sharpe ratio has ranged from a high of 3.23 for performance over the most recent 12 months to a low of 0.91 over the latest 60 months, and is 1.06 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 2015 is 0.74. The fund has a down-capture ratio for returns since inception of 45.39%. Over all other periods, the fund's down-capture ratio has ranged from a high of 71.76% over the most recent 36 months to a low of 16.19% 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: Equitable Investors Dragonfly Fund
18 Oct 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund rose by +2.95% in September, an outperformance of +4.8% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +59.89% compared with the...
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18 Oct 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Equitable Investors noted more volatility early in October is reflective to them of a shift in sentiment rather than in the economic environment. It isn't news that inflation has risen and some attempts to tighten monetary policy will be made. It isn't news that COVID-19 is continuing to be disruptive to global trade and local economies. Nor is it news that mega-cap tech stocks are on extreme valuation metrics. They believe sentiment may continue to oscillate in this far-from-perfect world but they remain focused on investing in businesses striving to create and demonstrate value. |
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Performance Report: Bennelong Long Short Equity Fund
18 Oct 2021 - Australian Fund Monitors
Since inception in February 2002, the Bennelong Long Short Equity Fund has returned +14.26% per annum, a difference of +5.85% relative to the ASX200 Accumulation Index which has returned +8.41% on an annualised basis over the same period....
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18 Oct 2021 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX. |
| Manager Comments | The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0.73 for performance over the most recent 24 months to a low of -0.99 over the latest 12 months, and is 1.32 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2002 is 0.48. Since inception in February 2002 in the months where the market was negative, the fund has provided positive returns 63% of the time, contributing to a down-capture ratio for returns since inception of -141.19%. Over all other periods, the fund's down-capture ratio has ranged from a high of 415.24% over the most recent 12 months to a low of 12.52% 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 over the specified period. |
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Performance Report: Cyan C3G Fund
15 Oct 2021 - Australian Fund Monitors
The Cyan C3G Fund rose by +3.4% in September, an outperformance of +5.54% compared with the ASX Small Ordinaries Total Return Index which fell by -2.14%. Over the past 12 months, the fund has risen by +20.19%, and since inception in August...
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15 Oct 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 fund's returns over the past 12 months have been achieved with a volatility of 13.13% vs the index's 10.86%. The annualised volatility of the fund's returns since inception in August 2014 is 16.24% vs the index's 16.49%. Over all other periods, the fund's returns have been more volatile than the index. The fund's down-capture ratio for returns since inception is 47.87%. Over all other periods, the fund's down-capture ratio has ranged from a high of 98.85% over the most recent 24 months to a low of -206.53% 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, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: Airlie Australian Share Fund
15 Oct 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned -1.14% in September, an outperformance of +0.71% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +38.32% compared with the index...
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15 Oct 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 fund's returns over the past 12 months have been achieved with a volatility of 9.59% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in June 2018 is 16.13% vs the index's 16.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.99% and 16.82% respectively, lower than the index's annualised volatility over both periods; 19.81% (24 months), 17.37% (36 months). Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 112.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.85% over the most recent 12 months to a low of 112.28% 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 over the specified period. The fund has a down-capture ratio for returns since inception of 94.69%, indicating that it typically hasn't fallen further than the market in the market's negative months. |
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Performance Report: 4D Global Infrastructure Fund
15 Oct 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned -2.51% in September. Over the past 12 months, the fund has risen by +19.9%, and since inception in March 2016, the fund has returned +9.85% per annum, a difference of +1.79% relative to the S&P...
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15 Oct 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 12.05% vs the index's 9.5%. The annualised volatility of the fund's returns since inception in March 2016 is 12.25% vs the index's 12.76%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.34 for performance over the most recent 12 months to a low of 0.11 over the latest 24 months, and is 1 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 0.71. Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 104.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.07% over the most recent 12 months to a low of 97.66% 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. The fund has a down-capture ratio for returns since inception of 93.51%, indicating that, on average, it hasn't fallen further than the market during the market's negative months. |
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