NEWS
Performance Report: Bennelong Concentrated Australian Equities Fund
2 Jul 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned +3.53% in May, a difference of +1.19% compared with the ASX 200 Total Return index, which rose by +2.34%. Over the past 12 months the fund has returned +38.3%, compared with the...
Read more...
2 Jul 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 10.62% compared with the index's volatility of 10.43%. Since inception the fund's volatility has been 14.95% vs the index's volatility of 13.63%. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 16.81 over the most recent 12 months, to a low of 0.77 over the past 3 years. Since inception the fund's Sortino ratio has been 1.44 vs the index's 0.81. Since inception in the months when the market was positive the fund provided positive returns 92% of the time. Over all other time periods its best result has been 100% over 2 years. It has an up-capture ratio ranging between 153.31% (since inception) and 109.55% (3 years), and over the most recent 12 months has provided an up-capture ratio of 123.87%. |
| More Information |
Performance Report: Surrey Australian Equities Fund
30 Jun 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -2.52% in May. Over the past 12 months the fund has returned +34%, compared with the index, which returned +28.23%, for a difference of +5.76%. Since inception in June 2018, the fund has...
Read more...
30 Jun 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 1.96 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 vs the index which has a Sharpe ratio of 0.6. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 8.06 over the most recent 12 months, to a low of 0.77 over the past 3 years. Since inception the fund's Sortino ratio has been 0.77 vs the index's 0.64. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. Over all other time periods its best result has been 81% over 3 years. It has an up-capture ratio of 122.7% since inception and 110.09% over the past 12 months. Across all other time periods, it has ranged between 142.28% (2 years) and 122.7% (3 years). |
| More Information |
Fund Review: Insync Global Capital Aware Fund May 2021
30 Jun 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...
Read more...
30 Jun 2021 - Fund Review: Insync Global Capital Aware Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 - May 2021 (pdf format)
Performance Report: Quay Global Real Estate Fund
29 Jun 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund returned +2.74% in May. Over the past 12 months the fund has returned 19.89%, and since inception in July 2014 the fund has returned +8.25% per annum.
Read more...
29 Jun 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 8.16%. Since inception the fund's volatility has been 11.66%. The fund's May return was almost entirely driven by local stock performance (currency only added +0.2%). UK Storage led the way with outstanding operational results, while German residential (driven by recent corporate activity) underpinned the performance for the month. Quay noted that, as per previous months, laggards continue to reflect the Covid defensive sectors including Life Science Office and Industrial property. Despite recent under-performance, Quay continue to expect these companies to comfortably exceed their long-term total return target of CPI + 5%. Quay believe the meaningful company profit recovery now underway will feed itself into real estate performance as companies gain confidence to 'invest' in new leases, residents return to work, and shoppers re-discover the mall. They continue to see excellent long term returns across their investees and remain near fully invested. |
| More Information |
Performance Report: Insync Global Quality Equity Fund
28 Jun 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund returned -0.95% in May, and over the past 12 months has returned +12.57%. Since inception in September 2009 the fund has returned +13.8% per annum, a difference of 2.15% vs AFM's Global Equity Index...
Read more...
28 Jun 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. |
| Manager Comments | Over the past 12 months the fund has had a Sharpe ratio of 1.13 compared to the index's 2.6. Over all other periods the fund's Sharpe ratio has ranged from a high of 1.3 over the past 2 years, to a low of 1.05 since inception. The fund has recorded a Sortino ratio (which excludes volatility in positive months) of 2.22 over the past 12 months and 1.98 since inception, compared to the index's 25.49 and 1.46, during those same periods. Over all time periods, the fund's Sortino ratio has ranged from a maximum of 2.3 over the past 2 years, to a low of 1.91 over the past 3 years. It has a down-capture ratio of 8.01% since inception. Over all time periods its down-capture ratios range between 52.09% (3 years) and -9% (12 months). |
| More Information |
Performance Report: Bennelong Emerging Companies Fund
28 Jun 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund has risen +46.45% over the past 12 months, outperforming the ASX200 Accumulation Index by +18.22% and taking annualised performance since inception in November 2017 to +28.99% vs the Index's +9.60%.
Read more...
28 Jun 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 has achieved an up-capture ratio since inception of 315%, indicating that, on average, it has risen more than three times as much as the market during the market's positive months. The Fund has achieved up-capture ratios greater than 151% over the past 1, 2 and 3 year periods. True to the Fund's investment style, they continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the inevitable ups and downs of the market in the short term, they believe the portfolio's investments are all incrementally building value, which they believe should ultimately underpin decent returns over the long term. The portfolio remains reasonably diversified across sector and risk-return drivers. Bennelong believe it is currently well set up for attractive returns over the long term, regardless of whatever the market throws up in the short term. |
| More Information |
Performance Report: Laureola Australia Feeder Fund
25 Jun 2021 - Australian Fund Monitors
The Laureola Master Fund returned 0.4% for May and is up 1.3% ytd. The AUD feeder fund rose +0.3% and is up +0.6% ytd. Returns in May were mostly driven by the maturity of a smaller policy; the purchase of 8 small face policies at below...
Read more...
25 Jun 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | Since inception in May 2013, the fund has returned +15.65% p.a. with an annualised volatility of 5.51%. By contrast, the S&P500 Accumulation Index has returned +15.00% p.a. with an annualised volatility of 13.56% over the same period. The fund's uncorrelated nature is demonstrated by its down-capture ratios over all time periods. Its down-capture ratio since inception of -37.5% indicates that, on average, the fund has risen during the market's negative months. Laureola noted maturities for 2021 have been below expectations in the first 5 months of the year and this has resulted in returns below expectation for this period. They added that experienced Life Settlement investors will remember that there is randomness in the timing of maturities; such is the nature of mortality. Laureola Advisors continues its in-depth research into mortality, and new channels of supply are being established, including some that are proprietary. The portfolio now holds 189 policies of which 20% have insureds over age 90; many are not well. Over 35% of the policies have insureds with life expectancies of less than 48 months. The portfolio is overdue maturities, especially on its larger policies. |
| More Information |
Performance Report: Longlead Pan-Asian Absolute Return Fund
25 Jun 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund returned -7.48% in May, with this performance predominantly attributable to a correction in Taiwanese equities which was the Fund's largest geographic exposure.
Read more...
25 Jun 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | Intra-month, the Taiwanese index fell 14% peak to trough with this selloff attributable to a Covid-19 virus spike in the country. Longlead noted the magnitude of the selloff was surprising, being disproportionately greater than other markets that have also had to navigate recent virus spikes and led to heavy selling pressure in many of the Fund's long holdings in Taiwan during the month. As the initial surprise of the event passed, Taiwanese longs began to rebound late in May, continuing into early June. Taiwan represented the vast majority of the Fund's drawdown in May. By sector, Financials exposures generated positive performance in May, while losses were experienced in Information Technology and Materials positions. The team remains constructive on the Fund's Taiwanese investments. The government has introduced measures to stem the spread of the virus and the team expects that the companies in which the Fund is invested will ultimately rebound. Notwithstanding this, the Fund's risk management protocol is to reduce gross exposure in response to broad based events such as these where market wide uncertainty may persist for an extended period. Once conditions begin to normalise the Fund can take the opportunity to add exposure back. |
| More Information |
Performance Report: Prime Value Emerging Opportunities Fund
25 Jun 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned +0.62% in May. Over the past 12 months the fund has returned +39.74%, compared with the ASX200 Accumulation Index, which returned +28.23%, for a difference of +11.5%. Since inception in...
Read more...
25 Jun 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 9.8% compared with the index's volatility of 10.43%. Since inception the fund's volatility has been 14.77% vs the index's volatility of 14.16%. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. Over all other time periods its best result has been 100% over the past 12 months. It has an up-capture ratio of 119.3% over the past 12 months. Over all time periods, its up-capture ratios range between 125.24% (2 years) and 75.82% (since inception). The fund has a down-capture ratio of 45.74% since inception, and ranging between 68.03% (3 years) and -4.64% (12 months) over all other time periods. Over the past 12 months, the fund has not experienced a drawdown, whereas the Index's maximum drawdown over that period was -3.66%. |
| More Information |
Performance Report: Insync Global Capital Aware Fund
25 Jun 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund returned -1.05% in May, and over the past 12 months has returned 8.55%. Since inception in September 2009, the fund has returned +11.8% per annum vs the index's +11.65% over the same period. The fund's...
Read more...
25 Jun 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 1.45 over the past 2 years, to a low of 0.82 over the most recent 12 months. Since inception the fund's Sharpe ratio has been 0.94 vs the index's 0.91. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 3.14 over the past 2 years, to a low of 1.48 over the most recent 12 months. Since inception the fund's Sortino ratio has been 1.77 vs the index's 1.46. The fund has a down-capture ratio of -3.64% since inception. Over all time periods, it has achieved down-capture ratios ranging between 37.2% (3 years) and -7.37% (12 months). The largest drawdown the fund has experienced since inception is -10.98% vs the Index's -13.59% over the same period. |
| More Information |
