NEWS
21 Dec 2022 - Performance Report: Bennelong Long Short Equity Fund
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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 Bennelong Long Short Equity Fund has a track record of 20 years and 10 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2002, providing investors with an annualised return of 12.66% compared with the benchmark's return of 8.14% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 20 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.13% vs the index's -11.9%, and since inception in February 2002 the fund's largest drawdown was -30.59% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has so far lasted 2 years and 2 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.5% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.74 since inception. The fund has provided positive monthly returns 65% of the time in rising markets and 59% of the time during periods of market decline, contributing to an up-capture ratio since inception of 4% and a down-capture ratio of -113%. |
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21 Dec 2022 - RBA likely to move to quarterly tightening in 2023
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RBA likely to move to quarterly tightening in 2023 Pendal December 2022 |
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THIS week's 25-point rate rise probably won't be the last — but the Reserve Bank's pace of tightening is likely to move from monthly to quarterly increments next year. The cash rate will now sit at 3.1% for the summer. The RBA's next monetary policy statement is due on February 10. Between now and then we will see fourth quarter inflation data released on January 25. It will be high. The annual headline inflation rate will be around 8% for 2022. This will set the case for another hike in February. Tuesday's RBA statement contained nothing new. The central bank remains data dependent while the global outlook has deteriorated. Domestically the labour market remains tight. Economic growth has been strong and household spending will start to slow due to policy tightening delivered so far. For some this is yet to occur, given the higher-than-usual number of fixed-rate mortgages that are yet to reset. This is the reason why the RBA doesn't need to be as aggressive. Fixed-rate mortgages at rates around 2% will be resetting closer to 5.5% mid next year. The RBA acknowledges they are walking a tight rope. "The path to achieving the needed decline in inflation and achieving a soft landing for the economy remains a narrow one." The further they push policy, the harder the landing becomes. The RBA doesn't want to cause a recession. But given a choice of embedded higher-inflation expectations or better growth, the former wins out for any central banker. The longer-term task is no simpler. Policy action to date "has been necessary to ensure that the current period of high inflation is only temporary", the RBA statement said. "High inflation damages our economy and makes life more difficult for people." In a speech late last month RBA governor Phil Lowe pointed out that variability in inflation outcomes was more likely to increase than what we've become accustomed to. He cited four key areas where supply issues in the longer term will occur:
The RBA has under-shot or over-shot its 2-3% target band more often than not over the past 15 years. More variability in inflation outcomes? Who would want to be a central banker. Central banks have tightened policy significantly over 2022 — and that will weigh on demand over 2023. The current Christmas spendathon — where we are let loose for the first Christmas in three years — will hold activity up for now. But it's unlikely continue into the new year hangover. The supply side of the global economy is also likely to see capacity increase and downward inflationary pressure next year. The supply issues that have resulted from the pandemic and Russia's invasion of Ukraine will resolve over time. But with it comes another set of challenges. And those are more likely to be skewed towards higher inflationary pressure in the longer term. Author: Steve Campbell, Head of Cash Strategies |
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Funds operated by this manager: Pendal Focus Australian Share Fund, Pendal Global Select Fund - Class R, Pendal Horizon Sustainable Australian Share Fund, Pendal MicroCap Opportunities Fund, Pendal Sustainable Australian Fixed Interest Fund - Class R, Regnan Global Equity Impact Solutions Fund - Class R, Regnan Credit Impact Trust Fund |
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This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at December 8, 2021. PFSL is the responsible entity and issuer of units in the Pendal Multi-Asset Target Return Fund (Fund) ARSN: 623 987 968. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient's personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com |
20 Dec 2022 - Performance Report: Bennelong Twenty20 Australian Equities Fund
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 13 years and 1 month and has outperformed the ASX 200 Total Return benchmark since inception in November 2009, providing investors with an annualised return of 9.64% compared with the benchmark's return of 7.99% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -21.5% vs the index's -11.9%, and since inception in November 2009 the fund's largest drawdown was -26.09% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.61% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.58 since inception. The fund has provided positive monthly returns 94% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 114% and a down-capture ratio of 99%. |
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20 Dec 2022 - Performance Report: Insync Global Capital Aware Fund
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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 Insync Global Capital Aware Fund has a track record of 13 years and 2 months and has underperformed the Global Equity benchmark since inception in October 2009, providing investors with an annualised return of 9.84% compared with the benchmark's return of 10.45% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -29.45% vs the index's -16.02%, and since inception in October 2009 the fund's largest drawdown was -29.45% vs the index's maximum drawdown over the same period of -16.02%. The fund's maximum drawdown began in January 2022 and has so far lasted 10 months, reaching its lowest point during September 2022. The Manager has delivered these returns with 1% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.7 since inception. The fund has provided positive monthly returns 81% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 63% and a down-capture ratio of 85%. |
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20 Dec 2022 - Performance Report: Airlie Australian Share Fund
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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 Airlie Australian Share Fund has a track record of 4 years and 6 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return benchmark since inception in June 2018, providing investors with an annualised return of 10.94% compared with the benchmark's return of 8.48% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -16.29% vs the index's -11.9%, and since inception in June 2018 the fund's largest drawdown was -23.8% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.07% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.67 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 110% and a down-capture ratio of 97%. |
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20 Dec 2022 - Performance Report: Bennelong Concentrated Australian Equities Fund
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 13 years and 10 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 13.67% compared with the benchmark's return of 9.98% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -30.58% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -31.81% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 11 months, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.9% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.76 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 18% of the time during periods of market decline, contributing to an up-capture ratio since inception of 131% and a down-capture ratio of 97%. |
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20 Dec 2022 - The Rate Debate - 2023 predictions on the economy, inflation, and the fixed-rate mortgage cliff
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The Rate Debate - Episode 34 2023 predictions on the economy, inflation, and the fixed-rate mortgage cliff Yarra Capital Management December 2022 The RBA delivered an eighth-straight rate hike to hit a 10-year high to round out a tumultuous 2022. Speakers: Darren Langer and Chris Rands, seasoned fixed-income specialists |
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Funds operated by this manager: Yarra Australian Equities Fund, Yarra Emerging Leaders Fund, Yarra Enhanced Income Fund, Yarra Income Plus Fund |
19 Dec 2022 - Performance Report: ASCF High Yield Fund
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| Fund Overview | ASCF High Yield Fund provides short term 1st and/or 2nd mortgage loans to a maximum Loan to Valuation Ratio (LVR) of 80% for a maximum term of 12 months on residential and commercial property. Does not require full valuations on loans <65% LVR. Borrowing rates are from 12% per annum on 1st mortgage loans and 16% per annum on 2nd mortgage/caveat loans. Pays investors between 5.00% - 6.55% per annum depending on their investment term. |
| Manager Comments | The ASCF High Yield Fund has a track record of 5 years and 9 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in March 2017, providing investors with an annualised return of 8.44% compared with the benchmark's return of 1.33% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 9 months since its inception. Since inception in March 2017, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -12.97%. The Manager has delivered these returns with 4.06% less volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 18.06 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 76% and a down-capture ratio of -74%. |
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19 Dec 2022 - Performance Report: Bennelong Emerging Companies Fund
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 5 years and 1 month and has outperformed the ASX 200 Total Return benchmark since inception in November 2017, providing investors with an annualised return of 17.55% compared with the benchmark's return of 8.41% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 5 years and 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -29.64% vs the index's -11.9%, and since inception in November 2017 the fund's largest drawdown was -41.74% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2019 and lasted 10 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by October 2020. The Manager has delivered these returns with 14.08% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.67 since inception. The fund has provided positive monthly returns 80% of the time in rising markets and 30% of the time during periods of market decline, contributing to an up-capture ratio since inception of 251% and a down-capture ratio of 121%. |
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19 Dec 2022 - Managers Insights | Glenmore Asset Management
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Damen Purcell, COO of FundMonitors.com, speaks with Robert Gregory, Founder and Portfolio Manager at Glenmore Asset Management. The Glenmore Australian Equities Fund has a track record of 5 years and 6 months and has outperformed the ASX 200 Total Return benchmark since inception in June 2017, providing investors with an annualised return of 21.78% compared with the benchmark's return of 8.69% over the same period.
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