NEWS
Performance Report: Vantage Private Equity Growth
21 Jun 2021 - Australian Fund Monitors
As the Australian economy continued to rebound during the first half of 2021, consumer confidence surged to an eleven year high and business confidence also achieved an all-time record high in April 2021. This renewed confidence resulted...
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21 Jun 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. Disclaimer: This information has been prepared by Vantage Asset Management Pty Limited (AFSL 279186) ('Vantage') and is for wholesale investors only. Monthly Performance information represents an average monthly performance of Vantage Private Equity Growth 2 ('VPEG2') and Vantage Private Equity Growth 3 ('VPEG3') from their final close dates, each of which have the same investment strategy as VPEG4. Neither Vantage nor any other person or entity guarantees any income or capital return from the Fund. There can be no assurance that the Fund will achieve results that are consistent with the investment performance of previous investments or that the investment objectives for the Fund will be achieved. In considering past performance information, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results, that unrealized returns will be met, or that the Fund will be able to make investments similar to the historical investments as described in the Information Memorandum. |
| Manager Comments | With the exit environment continuing to be strong, a number of underlying companies from Vantage Private Equity Growth 2 (VPEG2) and Vantage Private Equity Growth 3 (VPEG3) portfolios have recently been successfully sold, either by trade sale or a secondary sale to a larger institutional investor, or partially realised via an IPO and ASX listing. Across the June 2021 quarter, five underlying company exits were either completed or announced from Vantage Fund portfolios. These exits will deliver Vantage's Funds an average gross 4.9 X return on invested capital, representing an average gross Internal Rate of Return of 73.9% per annum. Additional information can be found in the managers report linked below. VPEG4 remains open for investment and will accept applications to invest until its final close during September 2021. |
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Performance Report: Premium Asia Fund
21 Jun 2021 - Australian Fund Monitors
The Premium Asia Fund rose +1.60% in May, taking 12-month performance to +49.28% vs the Asia Pacific ex-Japan Index's +30.24%. Since inception in December 2009, the Fund has returned +13.09% p.a. vs the Index's +6.81%. The Fund's...
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21 Jun 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 | Chinese financials were among the top performance contributors in the fund last month. The country's financial sector remains solid, as banks have reported improving nonperforming loans and profitability, while those providing wealth management services continue to see growing demand from retail investors. Consumer names were also among the top contributors. Chinese names, such as those engaged in duty free, sportswear, and Chinese white liquor, have continued to benefit from the country's economic recovery and consumption upgrade. Premium China's core holding of a Taiwanese textile manufacturer was also among the top performers, benefiting from strong post-pandemic apparel demand recovery, especially in the US. On the other hand, detraction came from some of the Fund's exposure in Taiwan technology names, as the resurgence of COVID has triggered profit-taking of hardware manufacturers. That said, Premium China remain optimistic on the sector, on the back of the still intact semiconductor super-cycle. The Fund continues to be overweight in North Asia, particularly China, as the market continues to provide better risk-reward opportunities relative to other parts of Asia, which are still facing risks of rising COVID infections. The manager expects the pickup in vaccine supply in ASEAN to unlock economic recovery in the coming months. They prefer companies that have visibility in their earnings along the bumpy recovery path. |
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Performance Report: Delft Partners Global High Conviction Strategy
21 Jun 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy has risen +26.81% over the past 12 months, outperforming AFM's Global Equity Index by +4.58% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.36%. The...
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21 Jun 2021 - Performance Report: Delft Partners Global High Conviction Strategy
By: Australian Fund Monitors
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The Strategy's Sharpe and Sortino ratios (since inception) are 1.15 and 2.16 respectively, highlighting its capacity to achieve good risk-adjusted returns while avoiding the market's downside volatility. The Strategy has an average positive monthly return of +3.35% and an average negative monthly return of -2.03%. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 9 out of 10 of the Index's best months and 6 out of 10 of the Index's worst months, highlighting its capacity to outperform in both rising and falling markets. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
18 Jun 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund has risen +8.69% p.a. with an annualised volatility of 7.65% since inception in May 2006. By contrast, the ASX200 Accumulation Index has returned +6.52% p.a. with an annualised volatility of...
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18 Jun 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 Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.22 vs the Index's 0.30, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors in May included Cyprium Metals, CBA, Paladin Energy, Uniti Group and CSL. Key detractors included Fenix Resources, Pentanet, Strike Energy and Flight Centre. The Short Book detracted 80bp from performance. Bennelong remain positive on the outlook for these companies, with many having near-term catalysts. Kardinia noted they believe higher inflation and higher global debt are here to stay. However in the short-term, they believe the US Federal Reserve will maintain an easy monetary setting, giving the equity market plenty to cheer about. |
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Performance Report: 4D Global Infrastructure Fund
18 Jun 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +2.91% in May, taking 12-month performance to +8.85%. Since inception in March 2016, the Fund has returned +10.15% p.a. with an annualised volatility of 13.05%.
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18 Jun 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The strongest performer for May was Chinese gas distributor, Chinese Resources Gas up 16.9% on strong volume outlook The weakest performer in May was Indonesian toll road operator Jas Marga down 4.8% as a result of general market volatility with fundamentals unchanged. 4D continue to position for economic recovery, with infrastructure an integral component of that global bounce back. They believe there remains a raft of attractive investment opportunities on offer in the sector. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund May 2021
18 Jun 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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18 Jun 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2021 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
17 Jun 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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17 Jun 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 8.69% p.a. with a volatility of 7.65%, compared to the ASX200 Accumulation's return of 6.52% p.a. with a volatility of 14.31%.
- 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 - May 2021 (pdf format)
Performance Report: Collins St Value Fund
17 Jun 2021 - Australian Fund Monitors
The Collins St Value Fund rose +4.66% in May, taking 12-month performance to +51.72% vs the ASX200 Accumulation Index's +28.23%. Since inception in February 2016, the Fund has returned +18.30% p.a. vs the Index's +11.36%.
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17 Jun 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 (since inception) of 0.96 vs the Index's 0.76 demonstrates its capacity to achieve superior risk-adjusted returns over the long-term. The Fund has achieved up-capture ratios greater than 100% over the past 12, 24, 36 and 48 months, indicating that the Fund has typically outperformed during the market's positive months over those periods. The Fund's Sortino ratio (since inception) of 1.34 vs the Index's 0.91, in conjunction with its down-capture ratio (since inception) of 38.29%, highlights its capacity to outperform in falling and volatile markets. The Fund has achieved down-capture ratios of less than 81% over all time periods since inception. Notably, the Fund's 12-month down-capture ratio of -72.6% indicates that, on average, it had risen during the market's negative months over that period. |
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Fund Review: Bennelong Long Short Equity Fund May 2021
16 Jun 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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16 Jun 2021 - Fund Review: Bennelong Long Short Equity Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 14.28%.
- 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 0.85 and 1.34 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
16 Jun 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose +0.46% in May, taking 12-month performance to +65.01% vs the ASX200 Accumulation Index's +28.23%. Since inception in March 2013, the Fund has returned +15.13% p.a. vs the Index's +8.59%.
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16 Jun 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's down-capture ratio (since inception) of 75% indicates that the Fund has typically outperformed during the market's negative months. The Fund has achieved up-capture ratios ranging from 106.23% (since inception) to 246.76% (past 12 months), highlighting its capacity to significantly outperform when markets rise. Positive contributors for the Fund in May were Chalice, Cettire, Caspin and Adriatic, offset by declines in Ionic, Betmakers and our base metals holdings. The Fund remains highly liquid, with a median market cap of $923m for our top 15 holdings. |
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