NEWS
Performance Report: Glenmore Australian Equities Fund
24 Mar 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund has risen +20.23% over the past 12 months vs the ASX200 Accumulation Index's +6.48%. Since inception in June 2017, the Fund has returned +20.99% p.a. vs the Index's +8.18%.
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24 Mar 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 returned -1.61% in February. Positive contributors included Pinnacle Investment Management and Uniti Group, while NRW Holdings and Coronado Global Resources detracted from performance. Glenmore believe that, regarding COVID-19, the data both in Australia and globally continue to show improvement. Their view is that the outlook over the next 12-18 months is for incremental improvement in cases, which they expect should present investment opportunities in stocks and sectors that underperformed in 2020. |
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Performance Report: NWQ Fiduciary Fund
24 Mar 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund has risen +6.77% over the past 12 months with a volatility of 9.79%. Over the same period, the ASX200 Accumulation Index has returned +6.48% with a volatility of 25.58%. Since inception in May 2013, the Fund has...
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24 Mar 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 | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.08 vs the Index's 0.56, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. The Fund underperformed in February with the rotation from defensive/growth companies into cyclical/value companies impacting both sides of the portfolio. Several companies facing structural challenges in the medium-term (short portfolio) outperformed in February at the expense of higher quality names (long portfolio). NWQ emphasise the Fund is an alternative to a typical balanced portfolio of stocks and bonds. The typical balanced portfolio has relied on falling bond yields to boost returns (prices rise as yields fall) and to provide a buffer against equity market risks. However, NWQ believe with bond yields on the rise this favourable dynamic for balanced fund investors may not be so reliable in future. With bonds having low or negative expected returns over the medium-term, NWQ expect investors will need to seek alternative return sources in order to realise attractive real returns. |
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Performance Report: Bennelong Australian Equities Fund
23 Mar 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.82% in February, taking 12-month performance to +28.13% vs the ASX200 Accumulation Index's +6.48%. Since inception in February 2009, the Fund has risen +14.69% p.a. vs the Index's +10.01%.
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23 Mar 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | As at the end of February, the portfolio's weightings had been increased in the Discretionary, Health Care, Communications, Industrials and Materials sectors, and decreased in the REIT's, IT and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 44.7%, benchmark weight: 7.6%) and underweight the Financials sector (Fund weight: 6.8%, benchmark weight: 28.6%). |
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Performance Report: Montgomery Small Companies Fund
22 Mar 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund rose +4.52% in February, outperforming the ASX200 Accumulation Index by +3.52% and taking 12-month performance to +37.98% vs the Index's +6.48%. Since inception in October 2019, the Fund has risen...
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22 Mar 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The largest positive contributors for February included Aeris Resources (ASX:AIS), EML Payments (ASX:EML) and Uniti Group (ASX:UWL). The largest detractors from performance included GWA Group (ASX:GWA), NRW Holdings (ASX:NWH) and Ramelius Resources (ASX:RMS). Montgomery's central case is that markets will observe a vaccine rollout-driven acceleration of economic activity in most Western Economies over the next 6 months. They expect that the release of pent-up demand into certain ravaged sectors specifically and a wave of relief translating to broader strength in economic activity more generally will be profound. Accordingly they have positioned the portfolio to benefit from these 'reopeners'. February performance benefitted from these stocks as reporting season shone some light on to key factors that Montgomery expect to drive value over the coming months as visibility on the detail of the recovery takes shape. |
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Performance Report: Frazis Fund
22 Mar 2021 - Australian Fund Monitors
The Frazis Fund rose +2.50% in February, outperforming AFM's Global Equity Index by +1.03% and taking 12-month performance to +129.19% vs the Index's +10.24%. Since inception in July 2018 the Fund has returned +35.70% p.a. vs the Index's +10.79%.
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22 Mar 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 Fund's up-capture ratio (since inception) of 308.8% indicates that, on average, the Fund has risen more than three times as much as the market during the market's positive months, while the Fund's Sortino ratio (since inception) of 1.35 vs the Index's 1.19 highlights its capacity to avoid the market's downside volatility over the long-term. Frazis noted higher rates have obvious consequences for growth assets, however, they believe the recent retracement has as much to do with overextended valuations and sentiment as macro factors. As rates continue to rise, Frazis expect multiples to continue to compress. The recent reporting season suggests the Fund's holdings remain on track, though Frazis did close a small number that didn't prove up to scratch. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund February 2021
22 Mar 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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22 Mar 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund February 2021
By: Australian Fund Monitors
AFM Fund Review - February 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 - February 2021 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
19 Mar 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +4.56% in February, outperforming the ASX200 Accumulation Index by +3.56% and taking 12-month performance to +37.02% vs the Index's +6.48%. Since inception in November 2017, the Fund has risen...
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19 Mar 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | The Fund's Sortino ratio since inception of 1.19 vs the Index's 0.49 highlights its capacity to avoid the market's downside volatility over the long-term. The Fund's up-capture ratio (since inception) of 350.92% indicates that, on average, it has risen more than 3 times as much as the market during the market's positive months. The Fund has achieved up-capture ratios above 284% over the past 12, 24, 36 months and since inception. Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across sector and risk-return drivers. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
19 Mar 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +1.86% in February, outperforming the ASX200 Accumulation Index by +0.86% and taking 12-month performance to +6.72% with a standard deviation of 12.74%. Since inception in May 2006, the Fund...
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19 Mar 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | The Fund's capacity to outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.25 vs the Index's 0.26, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors included Proteomics, Paladin, Flight Centre, NAB and Galena Mining. Key detractors included Charter Hall, Harvest Tech, Pointsbet, MACA Limited and REA Group. The portfolio performed well during reporting season, with roughly 90% of companies either beating or meeting expectations. |
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Performance Report: 4D Global Infrastructure Fund
19 Mar 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund has risen +8.19% p.a. with an annualised volatility of 12.54% since inception in March 2016.
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19 Mar 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities 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 strongest performer for February was Mexican airport operator Grupo ASUR +21.4% as vaccines continue to roll out across the globe and the expectation of the resumption of air travel gets closer. The weakest performer in February was Portuguese based renewable operator EDPR down 19.7%. 4D believe this to be profit taking after a very strong run in pure play renewables where they reduced their position on valuation. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalize on the raft of opportunities currently on offer. |
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Performance Report: Delft Partners Global High Conviction
18 Mar 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy rose +4.34% in February, outperforming AFM's Global Equity Index by +2.87% and taking annualised performance since inception in August 2011 to +15.30% vs the Index's +13.80%.
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18 Mar 2021 - Performance Report: Delft Partners Global High Conviction
By: Australian Fund Monitors
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The Strategy's Sharpe and Sortino ratios (since inception) are 1.11 and 2.04 respectively, highlighting its capacity to achieve good risk-adjusted returns while avoiding the market's downside volatility. The Strategy has an average positive monthly return of +3.30% and an average negative monthly return of -2.05%. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 9 out of 10 of the Index's best months and 6 out of 10 of the Index's worst months, highlighting its capacity to outperform in both rising and falling markets. |
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