NEWS
Performance Report: DS Capital Growth Fund
13 Aug 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.54% in July, an outperformance of +1.44% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2013, the fund has returned +16.77% per annum, a difference of...
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13 Aug 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; they generally avoid 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 returns over the past 12 months have been achieved with a volatility of 8% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2013 is 11.16% vs the index's 13.6%. Over all other periods, the fund's returns have been consistently less volatile than the index. Since inception in January 2013 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 73.41%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.88% over the most recent 24 months to a low of 87.35% 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. The fund's down-capture ratio for returns since inception is 45%. Over all other periods, the fund's down-capture ratio has ranged from a high of 73.41% over the most recent 36 months to a low of 15.64% 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. |
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Performance Report: Collins St Value Fund
13 Aug 2021 - Australian Fund Monitors
The Collins St Value Fund rose by +0.24% in July. Over the past 12 months, the fund has risen by +60.6% compared with the index which has returned +28.56%, for a difference of +32.04%. Since inception in February 2016, the fund has...
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13 Aug 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 65% of the time, contributing to a down-capture ratio for returns since inception of 38.29%. Over all other periods, the fund's down-capture ratio has ranged from a high of 80.04% over the most recent 24 months to a low of -72.58% 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 up-capture ratio since inception is 86.43%. Over all other periods, the fund's up-capture ratio has ranged from a high of 189.49% over the most recent 24 months to a low of 94.92% 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 over the specified period. |
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Fund Review: Bennelong Kardinia Absolute Return Fund July 2021
13 Aug 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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13 Aug 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2021
By: Australian Fund Monitors
AFM Fund Review - July 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 8.64% p.a. with a volatility of 7.62%, compared to the ASX200 Accumulation's return of 6.68% p.a. with a volatility of 14.24%.
- 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 - July 2021 (pdf format)
Performance Report: Bennelong Kardinia Absolute Return Fund
12 Aug 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose by +1.6% in July, an outperformance of +0.5% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in May 2006, the fund has returned +8.64% per annum, a...
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12 Aug 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 annualised volatility of the fund's returns since inception in May 2006 is 7.62% vs the index's 14.24%. 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 1.61 for performance over the most recent 12 months to a low of 0.16 over the latest 36 months, and is 1.23 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2006 is 0.32. The fund's down-capture ratio for returns since inception is 48.66%. Over all other periods, the fund's down-capture ratio has ranged from a high of 160.44% over the most recent 12 months to a low of 44.49% 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. |
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Performance Report: Quay Global Real Estate Fund
11 Aug 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose by +6.91% in July, a difference of +3.28% compared with the BBAREIT Index which rose by +3.63%. Since inception in July 2014, the fund has returned +10.21% per annum, a difference of +0.49% relative to...
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11 Aug 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.11% vs the index's 6.75%. The annualised volatility of the fund's returns since January 2016 is 11.89% vs the index's 11.63%. Over all other periods, the fund's volatility relative to the index has been varied. The fund has only experienced a negative annual return once. Since January 2016 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since January 2016 of 62.85%. Over all other periods, the fund's down-capture ratio has ranged from a high of 69.58% over the most recent 60 months to a low of -110.52% over the latest 12 months. Over the past 12 months, the fund's largest drawdown was -0.85% vs the index's -3.11%, and since January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. |
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Performance Report: Bennelong Emerging Companies Fund
10 Aug 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose by +2.57% in July, a difference of +1.47% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in November 2017, the fund has returned +29.01% per annum, a difference...
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10 Aug 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 returns over the past 12 months have been achieved with a volatility of 14.74% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in November 2017 is 31.79% vs the index's 15.83%, and over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 37.06% and 33.92% respectively, higher than the index's annualised volatility over each of those periods; 19.82% (24 months), 17.32% (36 months). Since inception, the fund has only experienced a negative annual return once, and over the past 12 months its largest drawdown was -2.54% vs the index's -3.66%. In the months where the market was positive since the fund's, the fund has provided positive returns 85% of the time, contributing to an up-capture ratio for returns since inception of 312.92%. Over all other periods, the fund's up-capture ratio has ranged from a high of 273.33% over the most recent 36 months to a low of 154.48% over the latest 12 months. |
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Performance Report: Bennelong Long Short Equity Fund
9 Aug 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose by +1.33% in July, a difference of +0.23% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2003, the fund has returned +14.79% per annum, a difference of...
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9 Aug 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 returns over the past 12 months have been achieved with a volatility of 19.21% vs the index's 10.35%. The annualised volatility of the fund's returns since February 2002 is 12.84% vs the index's 13.34%. Over all other periods, the fund's volatility relative to the index has been varied. Since February 2002 in the months where the market was negative, the fund has provided positive returns 64% of the time, contributing to a down-capture ratio for returns since February 2002 of -162%. Over all other periods, the fund's down-capture ratio has ranged from a high of 88.83% over the most recent 12 months to a low of -4.03% over the latest 24 months. Since February 2002 the fund's largest drawdown was -23.77% vs the index's maximum drawdown over the same period of -47.19%. |
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Fund Review: Insync Global Capital Aware Fund June 2021
30 Jul 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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30 Jul 2021 - Fund Review: Insync Global Capital Aware Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 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 - June 2021 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
30 Jul 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund returned +1.75% in June, a difference of -0.51% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in November, 2017, the fund has returned +28.86% per annum, a...
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30 Jul 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 | Over the past 12 months, the fund's volatility has been 14.9% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 32.15% vs the index's volatility of 16.01%. Since inception in the months when the market was positive the fund provided positive returns 84% of the time. It has an up-capture ratio of 309.01% since inception and 151.15 over the past 12 months. |
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Performance Report: Vantage Private Equity Growth
29 Jul 2021 - Australian Fund Monitors
Prior Vantage Funds continue to perform well with June seeing a composite performance of +2.42%. Quarterly performance was +8.64% and 12 month performance +58.73%. Vantage noted this strong performance was achieved as a result of strong...
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29 Jul 2021 - Performance Report: Vantage Private Equity Growth
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy is focused exclusively on lower to mid-market Growth Private Equity. This segment of Private Equity focuses on investments into profitable businesses with proven products and services. These businesses typically have a strong market position and generate strong cash flows, which will allow the Fund to generate strong consistent returns to investors, while significantly reducing the risk of a loss within the portfolio. The Fund will invest in Private Equity funds based in Australia, along with Permitted Co-investments, to create a well diversified portfolio of Private Equity investments. These investments will be made by the Fund, by making Commitments to the Private Equity funds of the best performing Private Equity fund managers, that in turn make investments into profitable companies requiring Later Expansion and Buyout capital to accelerate their growth and enhance their value. Distributions are paid as distributions are received from underlying funds. |
| Manager Comments | Vantage continued to build out the VPEG4 portfolio with approval to commit $20m to Advent Capital Partners 3 Fund continuing their successful relationship with the manager who is one of Australia's leading mid-market buyout firms. This commitment comes on top of their decision to commit another $10m in capital to the CPE 9 fund taking their total commitment to $20m. Investors in VPEG4 will now gain access to four managers and 6 portfolio companies with a number of new commitments to be made before the end of 2021. VPEG3 investors benefited from the recent listing of Best and Less (ASX:BST) which was a $60m IPO completed in July. Best and Less Group comprising of much-loved retail brands Best & Less in Australia and Postie in New Zealand, is a leading value speciality retailer with a focus on baby and kids' apparel. Best and Less was part of an acquisition by Allegro Fund III in November 2019 of Value Retail Group. Through a combination of repositioning its product range towards the value apparel market, focussing on e-commerce business, store network expansion and ongoing cost reductions net profits have grown from $13.8m in 2019 to a forecast $40m in 2021 in spite of the challenging conditions presented by COVID related temporary store closures. Vantage expect this exit will result in another pleasing result for VPEG3 investors and continues the series of excellent exits achieved for VPEG investors in the June quarter. |
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