NEWS
Performance Report: Airlie Australian Share Fund
15 Jul 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned +2.88% in June, a difference of +0.62% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in June, 2018, the fund has returned +13.26% per annum, a difference of...
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15 Jul 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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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). 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 | Over the past 12 months, the fund's volatility has been 10.99% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 16.65% vs the index's volatility of 17.13%. Since inception in the months when the market was positive the fund provided positive returns 100% of the time. It has an up-capture ratio of 109.14% since inception and 117.72% over the past 12 months. It has a down-capture ratio of 95.6% since inception, and 93.45% over the most recent 12 months. This indicates that the fund has typically outperformed in both the market's positive and negative months since its inception. |
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Performance Report: Montgomery Small Companies Fund
15 Jul 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund returned +4.89% in June, a difference of +2.63% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +43.84%, compared with the index, which...
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15 Jul 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.02 over the most recent 12 months, to a low of 1.05 since inception. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 13.7 over the most recent 12 months, to a low of 1.51 since inception. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. It has an up-capture ratio ranging between 156.12% (since inception) and 156.12% (since inception), and over the most recent 12 months has provided an up-capture ratio of 143.96%. The fund has a down-capture ratio of 88.65% since inception, and ranging between 58.94% (12 months) and 58.94% (12 months). |
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Performance Report: DS Capital Growth Fund
14 Jul 2021 - Australian Fund Monitors
The DS Capital Growth Fund returned +2.56% in June, a difference of +0.3% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +35.46%, compared with the index, which returned...
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14 Jul 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 | Over the past 12 months, the fund's volatility has been 8.01% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 11.21% vs the index's volatility of 13.67%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The fund's Sharpe ratio has ranged from a high of 3.85 over the most recent 12 months, to a low of 1 over the past 3 years. Since inception the fund's Sharpe ratio has been 1.29. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 48.9 over the most recent 12 months, to a low of 1.32 over the past 3 years. Since inception the fund's Sortino ratio has been 1.95. The fund has an up-capture ratio ranging between 114.31% (2 years) and 72.09% (since inception), and over the most recent 12 months has provided an up-capture ratio of 110.95%. It has a down-capture ratio of 45% since inception, and ranging between 73.41% (3 years) and 15.64% (12 months). |
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Performance Report: Bennelong Kardinia Absolute Return Fund
13 Jul 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -0.89% in June. Over the past 12 months the fund has returned +11.64%. Since inception in May, 2006, the fund has returned +8.57% per annum, a difference of +1.93% vs the index which has...
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13 Jul 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 | Since inception the fund's volatility has been 7.64% vs the index's volatility of 14.28%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. Since inception in the months when the market was positive the fund provided positive returns 87% of the time. It has a down-capture ratio of 48.66% since inception and has experienced a maximum drawdown of -11.71% compared with the index's -47.19%. |
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Fund Review: Bennelong Long Short Equity Fund June 2021
13 Jul 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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13 Jul 2021 - Fund Review: Bennelong Long Short Equity Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 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 14.78%.
- 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 1.41 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2021 (pdf format)
Performance Report: Premium Asia Fund
12 Jul 2021 - Australian Fund Monitors
The Premium Asia Fund returned +3.05% in June compared with the Asia Pacific ex-Japan index which rose by +2.78%. Over the past 12 months the fund has returned +46.17% vs the Index's +28.14%. Since inception in December, 2009, the fund has...
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12 Jul 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 7.56% compared with the index's volatility of 5.8%. Since inception the fund's volatility has been 12.73% vs the index's volatility of 10.07%. The fund has a down-capture ratio of 3.86% since inception, and ranging between 19.08% (3 years) and -65.46% (12 months). A negative down-capture ratio indicates that, on average, the fund has risen during the market's negative months. |
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Performance Report: Surrey Australian Equities Fund
12 Jul 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned +0.3% in June. Over the past 12 months the fund has returned +33.86%, compared with the index, which returned +27.8%, for a difference of +6.06%. Since inception in June, 2018, the fund has...
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12 Jul 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 1.95 over the most recent 12 months, to a low of 0.61 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.61. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 8.04 over the most recent 12 months, to a low of 0.76 over the past 3 years. Since inception the fund's Sortino ratio has been 0.77. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. It has an up-capture ratio of 118.39% since inception and 111.2% over the past 12 months. Across all other time periods, it has ranged between 143.09% (2 years) and 123.74% (3 years). |
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Performance Report: Collins St Value Fund
9 Jul 2021 - Australian Fund Monitors
The Collins St Value Fund returned +5.96% in June, a difference of +3.7% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +64.78%, compared with the index, which returned...
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9 Jul 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 | The fund's Sharpe ratio has ranged from a high of 4.45 over the most recent 12 months, to a low of 0.95 over the past 4 years. Since inception the fund's Sharpe ratio has been 1.01. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 1.83 over the past 2 years, to a low of 0 over the most recent 12 months due to the fund not having had any negative returns over that period. Since inception the fund's Sortino ratio has been 1.42. 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 ranging between 184.93% (2 years) and 87.46% (since inception), and over the most recent 12 months has provided an up-capture ratio of 185.28%. |
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Performance Report: AIM Global High Conviction Fund
8 Jul 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund returned +5.01% in June, a difference of +0.47% compared with the Global Equity index, which rose by +4.54%. Since inception in July, 2019, the fund has returned +17.78% per annum, a difference of +2.34%...
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8 Jul 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 | Over the past 12 months, the fund's volatility has been 9.71% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 10.61% vs the index's volatility of 11.02%, and over all other time periods the fund's volatility has been lower than the Global Equity index. The fund's Sharpe ratio has ranged from a high of 2.42 over the most recent 12 months, to a low of 1.56 over the past 2 years. Since inception the fund's Sharpe ratio has been 1.56. The fund's Sortino ratio (which excludes volatility in positive months) ranged from a maximum of 7.49 over the most recent 12 months, to a low of 3.35 over the past 2 years. Since inception the fund's Sortino ratio has been 3.35. |
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Performance Report: Bennelong Long Short Equity Fund
8 Jul 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose +10.11% in June, outperforming the ASX200 Accumulation Index by +7.85%. Since inception in February 2002, the Fund has returned +14.78% p.a. vs the Index's +8.43%.
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8 Jul 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 capacity to significantly outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.41 vs the Index's 0.47, maximum drawdown of -23.77% vs the Index's -47.19%, and down-capture ratio of -162%. During the month, market conditions were a tailwind for the portfolio. In addition, favourable fundamental news for a number of our companies was material. Most pairs were positive. At the sector level Materials stood out. MIN/BHP was the top pair with ongoing earnings upgrades for both companies. Since the trough in earnings forecasts last year BHP forecasts have been revised up 100%, but MIN have been revised up 200%. |
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