NEWS
Performance Report: Insync Global Capital Aware Fund
1 Oct 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose by +2.26% in August. Over the past 12 months, the fund has risen by +20.27%, and since inception in October 2009, the fund has returned +13% per annum.
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1 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 fund's Sharpe ratio has ranged from a high of 1.57 for performance over the most recent 12 months to a low of 1.38 over the latest 36 months, and is 1.03 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since October 2009 is 0.97. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 3.76 for performance over the most recent 12 months to a low of 2.8 over the latest 36 months, and is 2.01 for performance since inception. By contrast, the Global Equity Index's Sortino for performance since October 2009 is 1.59. The fund's down-capture ratio for returns since inception is 61.74%. 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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Fund Review: Bennelong Long Short Equity Fund August 2021
29 Sep 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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29 Sep 2021 - Fund Review: Bennelong Long Short Equity Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 14.79%.
- 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 0.88 and 1.42 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - August 2021 (pdf format)
Performance Report: Laureola Australia Feeder Fund
28 Sep 2021 - Australian Fund Monitors
The Laureola (Bermuda Feeder) Fund was up 2.1% for the month and is now up 4.3% ytd. The Fund experienced 5 maturities in August including two with a face value above the Fund's average face value. The Fund has experienced 20 maturities so...
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28 Sep 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 | Laureola noted they're very happy with that result given the Fund's size. The average size of the matured policies ytd is about $500k, 2/3rds the average size of the policies in the portfolio, which has had a small negative effect on performance. But, they noted, the number of policies is a strong indication that the portfolio is being managed properly, and also indicates that it is not due to luck or randomness. It highlights the quality of the posted returns: 75% of the total returns for the year have come from realised gains. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
28 Sep 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose by +4.68% in August, an outperformance of +2.18% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +37.71%, and since...
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28 Sep 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 9.84% vs the index's 10.33%. The annualised volatility of the fund's returns since November 2009 is 13.71% vs the index's 13.23%. Over all other periods, the fund's returns have been more volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.33 for performance over the most recent 12 months to a low of 0.85 over the latest 36 months, and is 0.75 for performance since November 2009. By contrast, the ASX 200 Total Return Index's Sharpe for performance since November 2009 is 0.53. Since 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 of 128.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 144.85% over the most recent 24 months to a low of 124.9% 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. |
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Performance Report: Delft Partners Global High Conviction Strategy
27 Sep 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy rose by +2.07% in August. Over the past 12 months, the fund has risen by +35.67% compared with the index which has returned +29.51%, and since inception in August 2011 has returned +16.19%...
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27 Sep 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 | The strategy's Sharpe ratio has ranged from a high of 2.82 for performance over the most recent 12 months to a low of 0.81 over the latest 36 months, and is 1.18 for performance since inception. Its Sortino ratio (which excludes volatility in positive months) is 2.23 for performance since inception. 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 over the specified period. The strategy's down-capture ratio for returns since inception is 93.69%. 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: Frazis Fund
24 Sep 2021 - Australian Fund Monitors
The Frazis Fund rose by +8% in August, an outperformance of +5.22% compared with the Global Equity Index which rose by +2.78%. Over the past 12 months, the fund has risen by +57.51% compared with the index which has returned +29.51%, and...
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24 Sep 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 321.13% 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's Sharpe ratio has ranged from a high of 1.58 for performance over the most recent 12 months to a low of 0.88 over the latest 36 months, and is 0.89 for performance since inception. Its Sortino ratio (which excludes volatility in positive months) has ranged from a high of 3.71 for performance over the most recent 12 months to a low of 1.17 over the latest 36 months, and is 1.18 for performance since inception. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund August 2021
24 Sep 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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24 Sep 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 - August 2021 (pdf format)
Performance Report: Glenmore Australian Equities Fund
23 Sep 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose by +10.38% in August, an outperformance of +7.88% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +53.69% compared with the index...
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23 Sep 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 3.39 for performance over the most recent 12 months to a low of 0.8 over the latest 24 months, and is 1.14 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2017 is 0.7. 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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Fund Review: Bennelong Kardinia Absolute Return Fund August 2021
23 Sep 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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23 Sep 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 8.75% p.a. with a volatility of 7.61%, compared to the ASX200 Accumulation's return of 6.81% p.a. with a volatility of 14.21%.
- 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 - August 2021 (pdf format)
Performance Report: Prime Value Emerging Opportunities Fund
22 Sep 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose by +5.34% in August, an outperformance of +2.84% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +37.15% compared with the...
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22 Sep 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 3.32 for performance over the most recent 12 months to a low of 0.94 over the latest 60 months, and is 1.08 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 2015 is 0.77. The fund has a down-capture ratio for returns since inception of 45.74%. Over all other periods, the fund's down-capture ratio has ranged from a high of 68.03% over the most recent 36 months to a low of -4.64% 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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