NEWS
Performance Report: Bennelong Australian Equities Fund
25 Jun 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +1.90% in May, taking 12-month performance to +43.52% vs the ASX200 Accumulation Index's +28.23%. Since inception in February 2009, the Fund has returned +15.13% p.a. vs the Index's +10.52%.
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25 Jun 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 | The Fund's Sharpe and Sortino ratios (since inception), 0.88 and 1.25 respectively, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.81, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's up-capture ratio (since inception) of 143% indicates that, on average, the Fund has significantly outperformed during the market's positive months. The Fund has achieved up-capture ratios greater than 132% over all time periods. |
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Performance Report: Atlantic Pacific Australian Equity Fund
24 Jun 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund returned +0.73% in May. Since inception in June 2013, the fund has returned +7.94% per annum.
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24 Jun 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 8.4% compared with the ASX200 Accumulation Index's volatility of 10.43%. Since inception the fund's volatility has been 10.06% vs the index's volatility of 13.68%, and over all other time periods the fund's volatility has been lower than that of the index. The fund has a down-capture ratio of 21.15% since inception and -44.21% over the most recent 12 months. Since inception, the fund's largest drawdown was -7.72% compared with the index which had a maximum drawdown of -26.75%. The fund has outperformed in 9 out of 10 of the index's worst months since the fund's inception. |
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Performance Report: Airlie Australian Share Fund
24 Jun 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned 3.56% in May, a difference of 1.22% compared with the ASX 200 Total Return index, which rose by 2.34%. Since inception in June 2018 the fund has returned +12.58% per annum, a difference of +2.64%...
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24 Jun 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 | Since inception the fund's volatility has been 16.85% vs the index's volatility of 17.35%, 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 100% of the time. It has an up-capture ratio of 108.14% since inception and 121.08% over the past 12 months. Across all other time periods, it has ranged between 114.31% (2 years) and 108.14% (3 years). |
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Performance Report: Frazis Fund
24 Jun 2021 - Australian Fund Monitors
Over the past 12 months the fund has returned +92.33%, compared with AFM's Global Equity Index, which returned +22.23%, for a difference of +70.1%. Since inception in July 2018, the fund has returned +26.68% per annum, a difference of...
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24 Jun 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 2.28 over the most recent 12 months, to a low of 0.82 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 6.7 over the most recent 12 months, to a low of 1.05 since inception. Since inception in the months when the market was positive the fund provided positive returns 80% of the time. It has an up-capture ratio of 228.75% since inception and 285.31% over the past 12 months, indicating that it has typically risen more than twice as much as the market during the market's positive months. |
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Performance Report: NWQ Fiduciary Fund
24 Jun 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +0.76% in May, taking 12-month performance to +15.52%. Since inception in May 2013, the Fund has returned +6.09% per annum with an annualised volatility of 5.79%.
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24 Jun 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.20 vs the Index's 0.66, maximum drawdown of -7.03% vs the Index's -20.65%, and down-capture ratio of 13.25%. NWQ emphasised the Fund is constructed to be an alternative to the traditional balanced fund comprised of stocks and bonds. Since the Fund's inception over eight years ago it has outperformed the typical balanced fund investor objective of RBA Cash + 4.0-5.0% on an annualised basis. These returns have been achieved with a modest net exposure to the stock market and minimal exposure to bond market. NWQ believe the Fund continues to present a compelling alternative to the traditional balanced fund construct. |
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Performance Report: Montgomery Small Companies Fund
23 Jun 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund returned +1.66% in May. Over the past 12 months the fund has returned +38.13%, compared with the index, which returned +28.23%. Since inception in September 2019, the fund has returned +23.25% per annum,...
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23 Jun 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 | Over the past 12 months, the fund's volatility has been 12.49% compared with the index's volatility of 10.43%, and since inception the fund's volatility has been 24.82% vs the index's volatility of 21.53%. The fund's Sharpe ratio has ranged from a high of 2.67 over the most recent 12 months to a low of 0.96 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 12.14 over the most recent 12 months, to a low of 1.36 since inception. The fund has an up-capture ratio of 150.17% since inception and 124.35% over the past 12 months. |
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Performance Report: Glenmore Australian Equities Fund
23 Jun 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +1% in May, taking 12-month performance to +45.80% vs the ASX200 Accumulation Index's +28.23%. Since inception in June 2017, the Fund has returned +22.32% per annum vs the Index's +9.87%.
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23 Jun 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 and Sortino ratios since inception, 0.98 and 1.18, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.71, highlights its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's up-capture ratio since inception of 199% indicates that, on average, it has risen more than twice as much as the market during the market's positive months. The Fund has also achieved up-capture ratios greater than 135% over the past 1, 2, 3 and 4 years. Top contributors in May included Whitehaven Coal, Coronado Global Resources, Collins Foods, ARB Corporation, Integral Diagnostics and Uniti Wireless. Key detractors included NRW Holdings and Mineral Resources. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jun 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned 2.08% in May. Over the past 12 months the fund has returned 40.21%, compared with the ASX200 Accumulation Index which returned 28.23%. Since inception in December 2015, the fund has...
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22 Jun 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 10.34% compared with the index's volatility of 10.43%. Since inception the fund's volatility has been 13.81% vs the index's volatility of 13.35%. The fund's Sharpe ratio has ranged from a high of 3.35 over the most recent 12 months, to a low of 0.71 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 8.17 over the most recent 12 months, to a low of 0.9 over the past 3 years. Since inception the fund's Sortino ratio has been 0.91 vs the index's 0.59. 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 125.66% since inception and 139.8% over the past 12 months. Across all other time periods, it has ranged between 137.69% (2 years) and 120.93% (5 years). |
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Performance Report: AIM Global High Conviction Fund
22 Jun 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund returned 0.67% in May. Over the past 12 months the fund has returned 19.18%. Since inception in July 2019, the fund has returned +15.64% per annum vs the index's +13.51% over the same period.
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22 Jun 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 | The fund's Sharpe ratio has ranged from a high of 1.9 over the most recent 12 months to 1.4 since inception. The fund has achieved a Sortino ratio (which excludes volatility in positive months) vs the index of 5.61 over the most recent 12 months and 2.89 since inception. The fund has achieved a down-capture ratio (since inception) of 74%, indicating that it has typically outperformed during the market's negative months. The fund's maximum drawdown since inception has been -7.59% vs the Index's -13.19% over the same period, further demonstrating its capacity to outperform in falling markets. |
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Performance Report: Equitable Investors Dragonfly Fund
22 Jun 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund has risen +78.90% over the past 12 months vs the ASX200 Accumulation Index's +28.23%. Since inception in September 2017, the Fund has returned +2.07% p.a. with an annualised volatility of 24.16%. The...
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22 Jun 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Dragonfly has been marking time in the past few months with catalysts ahead but none in the recent period. A key winner from April, Energy World Corp (EWC), retraced in May. The month's best performers, Maggie Beer Holdings (MBH) and Earlypay (EPY), both put out encouraging updates on their operating and financial performance during the month. Equitable Investors are looking out for opportunities to buy small stocks they like on short-term weakness caused by tax loss selling in June (which was already underway in May). They also believe the Fund's unlisted investments, in particular, have some exciting catalysts coming up over the next six months. They noted oscillating inflation expectations are something to keep an eye on for the broader market and they explore the implications further in this update. |
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