NEWS
Performance Report: Bennelong Emerging Companies Fund
15 Oct 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose by +4.06% in September, an outperformance of +5.91% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +46.51% compared with the...
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15 Oct 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in companies expected to be listed on the ASX within 12 months, and may also invest in companies listed, or expected to be listed, on other exchanged where they relate to ASX-listed securities. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 8.91% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2017 is 31.15% vs the index's 15.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 36.65% and 33.97% respectively, higher than the index's annualised volatility over each of those periods; 19.81% (24 months), 17.37% (36 months). Since inception in November 2017 in the months where the market was positive, the fund has provided positive returns 85% of the time, contributing to an up-capture ratio for returns since inception of 321.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 276.99% over the most recent 36 months to a low of 123.55% 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: Delft Partners Global High Conviction Strategy
14 Oct 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy returned -2.34% in September, an outperformance of +0.7% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the strategy has risen by +32.88% compared...
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14 Oct 2021 - Performance Report: Delft Partners Global High Conviction Strategy
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 | Since inception in August 2011 in the months where the market was positive, the strategy has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 101.25%. Over all other periods, the strategy's up-capture ratio has ranged from a high of 116.64% over the most recent 12 months to a low of 85.62% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the strategy has outperformed in the market's positive months. The strategy's down-capture ratio for returns since inception is 93.48%. Over all other periods, the strategy's down-capture ratio has ranged from a high of 109.85% over the most recent 36 months to a low of 61.22% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the strategy has outperformed in the market's negative months. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
14 Oct 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -1.08% in September, an outperformance of +0.77% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +13.33%, and since...
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14 Oct 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 fund's returns over the past 12 months have been achieved with a volatility of 9.29% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in May 2006 is 7.6% vs the index's 14.18%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's down-capture ratio for returns since inception is 49.23%. Over all other periods, the fund's down-capture ratio has ranged from a high of 62.37% over the most recent 48 months to a low of 45.61% 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: DS Capital Growth Fund
13 Oct 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.63% in September, an outperformance of +4.48% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +35.15% compared with the index which has...
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13 Oct 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 fund's down-capture ratio for returns since inception is 41.96%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.66% over the most recent 36 months to a low of -141.82% 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. The fund's Sharpe ratio has ranged from a high of 4.96 for performance over the most recent 12 months to a low of 1.04 over the latest 60 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.65. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
12 Oct 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned -1.26% in September, an outperformance of +0.59% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +40.05%...
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12 Oct 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 returns over the past 12 months have been achieved with a volatility of 9.08% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in February 2009 is 14.91% vs the index's 13.48%. Over all other periods, the fund's returns have been more volatile than the index. Since inception in February 2009 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 164.56%. Over all other periods, the fund's up-capture ratio has ranged from a high of 154.9% over the most recent 24 months to a low of 126.7% 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: Collins St Value Fund
11 Oct 2021 - Australian Fund Monitors
The Collins St Value Fund rose by +6.87% in September, an outperformance of +8.72% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.27% compared with the index which has...
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11 Oct 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 | Since inception in February 2016 in the months where the market was negative, the fund has provided positive returns 67% of the time, contributing to a down-capture ratio for returns since inception of 26.11%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.25% over the most recent 24 months to a low of -370.51% 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. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 28.96 for performance over the most recent 12 months to a low of 1.28 over the latest 48 months, and is 1.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2016 is 0.95. |
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Performance Report: Bennelong Australian Equities Fund
8 Oct 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose by +0.2% in September, an outperformance of +2.05% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +43.74% compared with the...
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8 Oct 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 | The fund's returns over the past 12 months have been achieved with a volatility of 8.51% vs the index's 9.42%, and the annualised volatility of the fund's returns since inception in February 2009 is 14.55% vs the index's 13.48%. Since inception in February 2009 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 152.32%. Over all other periods, the fund's up-capture ratio has ranged from a high of 166.21% over the most recent 24 months to a low of 131.56% 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: AIM Global High Conviction Fund
7 Oct 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund returned -3.86% in September. Over the past 12 months, the fund has risen by +22.73% and since inception in July 2019, the fund has returned +17.3% per annum, a difference of +2.47% relative to the index...
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7 Oct 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 1.89 for performance over the past 12 months, and over the past 24 months is 1.64. Since inception, the fund's Sharpe ratio is 1.49 vs the Global Equity Index's Sharpe of 1.3. Its Sortino ratio (which excludes volatility in positive months) is 4.16 for performance over the past 12 months, and over the past 24 months is 3.31. Since inception the fund's Sortino ratio is 3.01 vs the Global Equity Index's Sortino of 1.95. 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 102.88%. For performance over the past 12 month, the fund's up-capture ratio is 97.76%, and is 113.51% 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's down-capture ratio since inception is 82.83%, highlighting the fund's capacity to outperform in negative markets. |
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Fund Review: Insync Global Capital Aware Fund August 2021
6 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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6 Oct 2021 - Fund Review: Insync Global Capital Aware Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 - August 2021 (pdf format)
Performance Report: Insync Global Quality Equity Fund
4 Oct 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose by +2.63% in August. Over the past 12 months, the fund has risen by +23.71%, and since inception in October 2009, the fund has returned +15.02% per annum, a difference of +2.7% relative to the...
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4 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 fund's Sharpe ratio has ranged from a high of 1.77 for performance over the most recent 12 months to a low of 1.26 over the latest 36 months, and is 1.14 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since October 2009 is 0.97. 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 125.14% over the most recent 36 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's down-capture ratio for returns since inception is 69.16%. 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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