NEWS
Performance Report: Quay Global Real Estate Fund
23 Jul 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund returned +4.84% in June. Over the past 12 months the fund has returned +26.46%, compared with the BBAREIT index, which returned +14.02%, for a difference of +12.44%. Since inception in July, 2014, the fund...
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23 Jul 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 | Over the past 12 months, the fund's volatility has been 8.38% compared with the index's volatility of 7.15%. Since inception the fund's volatility has been 11.7% vs the index's volatility of 11.65%. Since inception in the months when the market was positive the fund provided positive returns 73% of the time. The fund's Sharpe ratio has ranged from a high of 2.85 over the most recent 12 months, to a low of 0.53 over the past 2 years. Since inception the fund's Sharpe ratio has been 0.71 vs the index which has a Sharpe ratio of 0.72. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 25.49 over the most recent 12 months, to a low of 0.61 over the past 2 years. Since inception the fund's Sortino ratio has been 1 vs the index's 0.92. |
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Performance Report: Atlantic Pacific Australian Equity Fund
22 Jul 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund returned +2.92% in June, a difference of +0.66% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in June, 2013, the fund has returned +8.24% per annum.
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22 Jul 2021 - Performance Report: Atlantic Pacific Australian Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 8.97% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 10.04% vs the index's volatility of 13.62%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The Fund has a down-capture ratio of 21.15% since inception, and ranging between -14.64% (5 years) and -44.21% (12 months). Since inception the fund's largest drawdown of -7.72% compared with the index which had a maximum drawdown of -26.75%. Collectively, this highlights the Fund's capacity to significantly outperform in falling markets. |
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Performance Report: Paragon Australian Long Short Fund
22 Jul 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund has risen +43.59% over the past 12 months, compared with the index, which returned +27.8%, for a difference of +15.79%. Since inception in February, 2013, the fund has returned +13.84% per annum, a...
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22 Jul 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The fund has an up-capture ratio ranging between 210.12% (2 years) and 93.81% (since inception), and over the most recent 12 months has provided an up-capture ratio of 177.96%. It has a down-capture ratio since inception of 74.72%. This highlights its capacity to outperform in both rising and falling markets over the long-term. The Fund rose +14.37% over the June quarter. It ended the month with 29 long positions and 6 short positions. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jul 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned +2.47% in June, a difference of +0.21% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +40.54%, compared with the...
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22 Jul 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 | Over the past 12 months, the fund's volatility has been 10.33% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 13.76% vs the index's volatility of 13.31%. Since inception in the months when the market was positive the fund provided positive returns 97% of the time. It has an up-capture ratio of 125.88% since inception and 142.78 over the past 12 months. Across all other time periods, it has ranged between 138.64% (2 years) and 121.05% (5 years). |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
21 Jul 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund experienced a tougher June quarter with a loss of -6.75%. This performance was recorded against a mixed market backdrop in Asia. Longlead believe peak global economic growth has likely passed in...
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21 Jul 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead believe peak global economic growth has likely passed in the second quarter. Their view is that a number of key macroeconomic variables are currently signalling a mid-cycle slowdown. Bond yields and inflation expectations are falling and some early cycle commodities that led the reflation trend late last year such as lumber, copper, plastic resins and soft commodities are now reversing. They noted current economic activity however remains strong, supported by global monetary and fiscal stimulus, and consequently a sharp slowdown presents as unlikely. For the Fund, this late recovery was not enough to offset the impact of the decline in Taiwan in May, and the Fund accordingly experienced losses across the quarter in the Technology sector as well as non-sector hedges, partially offset by gains in Consumer Discretionary positions. Across countries in the quarter, the Fund saw a drawdown from positions in China, the United States, and Taiwan, with offsetting gains in both Hong Kong and Korea. |
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Performance Report: Prime Value Emerging Opportunities Fund
21 Jul 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned +3.05% in June, a difference of +0.79% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +42.01%, compared with the index,...
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21 Jul 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 | Over the past 12 months, the fund's volatility has been 9.68% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.68% vs the index's volatility of 14.07%. The fund's Sharpe ratio has ranged from a high of 3.71 over the most recent 12 months, to a low of 0.98 over the past 5 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.74. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has a down-capture ratio of 45.74% since inception, and ranging between 68.03% (3 years) and -4.64% (12 months), highlighting its capacity to outperform in falling markets. |
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Performance Report: Glenmore Australian Equities Fund
20 Jul 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund returned +6.15% in June, a difference of +3.89% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +52.57%, compared with the index, which...
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20 Jul 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 3.15 over the most recent 12 months, to a low of 0.69 over the past 2 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.66. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 26.48 over the most recent 12 months, to a low of 0.7 over the past 2 years. Since inception the fund's Sortino ratio has been 1.26 vs the index's 0.75. Since inception in the months when the market was positive the fund provided positive returns 91% of the time. It has an up-capture ratio ranging between 207.09% (since inception) and 159.24% (2 years), and over the most recent 12 months has provided an up-capture ratio of 158.46%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
19 Jul 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned +3.03% in June, a difference of +0.77% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in January, 2009, the fund has returned +17.39% per...
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19 Jul 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. 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 | Over the past 12 months, the fund's volatility has been 10.3% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.9% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 92% of the time. It has an up-capture ratio ranging between 154.44% (since inception) and 114.4% (3 years), and over the most recent 12 months has provided an up-capture ratio of 137.36%. The fund has a down-capture ratio of 91.58% since inception, and ranging between 98.95% (3 years) and 52.53% (12 months). |
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Performance Report: Cyan C3G Fund
16 Jul 2021 - Australian Fund Monitors
The Cyan C3G Fund returned +1.4% in June. Over the past 12 months the fund has returned +31.76%, compared with the index, which returned +27.8%, for a difference of +3.97%. Since inception in July, 2014, the fund has returned +15.48% per...
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16 Jul 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 1.53 over the most recent 12 months, to a low of 0.31 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.88 vs the index which has a Sharpe ratio of 0.54. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 3.97 over the most recent 12 months, to a low of 0.28 over the past 3 years. Since inception the fund's Sortino ratio has been 1.23 vs the index's 0.62. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has an up-capture ratio of 89.51% since inception and 119.34 over the past 12 months. Across all other time periods, it has ranged between 110.01% (2 years) and 83.12% (5 years). The fund has a down-capture ratio of 58.2% since inception. |
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Performance Report: Bennelong Australian Equities Fund
16 Jul 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund returned +2.96% in June, a difference of +0.7% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +45.82%, compared with the index, which...
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16 Jul 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 | Over the past 12 months, the fund's volatility has been 11.08% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.56% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 93% of the time. It has an up-capture ratio of 143.69% since inception and 148.64 over the past 12 months. Across all other time periods, it has ranged between 150.52% (2 years) and 134.55% (3 years). It has a down-capture ratio of 96.02% since inception, and ranging between 97.65% (3 years) and 50.11% (12 months). |
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