NEWS
Performance Report: Laureola Australia Feeder Fund
26 May 2021 - Australian Fund Monitors
The Laureola Master Fund returned 0.37% for April and is now up 0.9% YTD. The Fund has risen +8.51% over the past 12 months with a volatility of 2.15%. Since inception in May 2013, the Fund has returned +15.76% p.a. with an annualised...
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26 May 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| 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 | The Fund's Sharpe and Sortino ratios (since inception), 2.43 and 7.37 respectively, by contrast with the Index's Sharpe of 0.99 and Sortino of 1.49, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's non-correlated nature is demonstrated by its consistently low down-capture ratios over all time periods. Its down-capture ratio since inception is -37.45%. A negative down-capture ratio indicates that, on average, the Fund has risen during the market's negative months. The Fund's capacity to protect investors capital is further highlighted by its maximum drawdown (since inception) of -4.90% vs the Index's -12.35% over the same period. The Fund has outperformed the Index in all 10 of the Index's 10 worst months since the Fund's inception. The April performance was due to the maturity of 3 small policies. Laureola emphasised in their latest report that the Fund has protected investors against inflation, even on an after-tax basis. They added that inflation can have negative effects on both traditional asset classes and on the real economy, especially at the end of the credit cycle. Laureola believe that under this scenario, the genuine non-correlated nature of the returns of the Fund will become valuable, as returns that depend on mortality will not be affected by slowdowns in the economy or by upheavals in the stock, bond, or currency markets. The Fund now holds 183 policies with a total face value of $131.8 ml. 35% of the insureds have LEs of 48 mos. or less, indicating that the Fund will continue to experience strong internally generated cash flow and a high level of realised gains. |
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Performance Report: Premium Asia Fund
26 May 2021 - Australian Fund Monitors
The Premium Asia Fund rose +3.78% in April, taking 12-month performance to +45.68% vs AFM's Asia Pacific ex-Japan Index's +26.14%. Since inception in December 2009, the Fund has returned +13.03% p.a. vs the Index's +6.76%.
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26 May 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 | South Korean and Taiwanese information technology names were among the top performance contributors in the Fund last month, as global demand for technology products remains strong. Financials also gained, particularly a South Korean financial holding company, which became the top performance contributor. Its share price was boosted by the company's plan to list its mobile retail banking service subsidiary. The Chinese shipping companies sustained their strong momentum in April. A slight detraction came from some of the Fund's exposure in the China consumer discretionary names as sentiment was muted. However, Premium's outlook remains positive on some of these names, as they believe they will be beneficiaries of the expected ongoing economic recovery. Premium continue to be overweight in North Asia, as the market continues to provide better risk-reward opportunities relative to other parts of Asia, which are still working their way out of the pandemic. They noted that, while market fundamentals in China remain unchanged, more catalysts, particularly earnings, are needed to drive up positive sentiment. The manager's bottom-up approach suggests corporate fundamentals remain solid, and they continue to prefer companies with visibility in their earnings. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
25 May 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +5.32% in April, outperforming the ASX200 Accumulation Index by +1.85% and taking 12-month performance to +46.40% vs the Index's +30.76%. Since inception in November 2009, the Fund has...
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25 May 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 | The Fund's Sharpe and Sortino ratios (since inception), 0.70 and 0.89 respectively, by contrast with the Index's Sharpe of 0.48 and Sortino of 0.57, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios (since inception), 126.05% and 96.33% respectively, indicate that, on average, it has significantly outperformed during the market's positive months while typically not falling further than the market during the market's negative months. The Fund has achieved up-capture ratios greater than 120% over the past 12, 24, 36, 48 and 60 months. The portfolio is significantly overweight the Discretionary sector relative to the ASX300. The sector makes up 31.5% of the portfolio but only 8.0% of the Index. Together with positions in the top 20 stocks, the Fund is selectively invested in a group of high quality growth stocks. This provides the opportunity for the Fund to outperform over time. As a diversified group of stocks, Bennelong believe the Fund is well set up to provide enhanced index returns. |
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Performance Report: Glenmore Australian Equities Fund
25 May 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +7.05% in April, outperforming the ASX200 Accumulation Index by +3.58% and taking 12-month performance to +58.27% vs the Index's +30.76%. Since inception in June 2017, the Fund has returned...
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25 May 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 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.67, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture ratio (since inception) of 204% indicates that, on average, is has risen twice as much as the market during the market's positive months. The Fund has achieved up-capture ratios greater than 150% over the past 12, 24 and 36 months. Top contributors in April included Mineral Resources, People Infrastructure, Uniti Wireless, Pinnacle Investment Management and Eagers Automotive. Key detractors included Coronado Global Resources and Whitehaven Coal. Glenmore believe that the main risk to the global economy continues to be inflation, with the prices of most industrial commodities having increased substantially over the past 12 months. They noted many companies are reporting cost pressures which are likely to drive price increases for a range of goods and services. |
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Performance Report: Montgomery Small Companies Fund
24 May 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund rose +7.37% in April, outperforming the ASX200 Accumulation Index by +3.9% and taking 12-month performance to +51.82% vs the Index's +30.76%. Since inception in October 2019, the Fund has returned...
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24 May 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 and Sortino ratios (since inception), 0.94 and 1.33 respectively, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios (since inception), 154.21% and 88.65% respectively, indicate that, the Fund has typically outperformed in both the market's positive and negative months. The largest positive contributors for April included City Chic Collective (ASX:CCX), Orocobre (ASX:ORE) and Uniti Group (ASX:UWL). The largest detractors from performance included Corporate Travel Management (ASX:CTD), Seven Group Holdings (ASX:SVW) and Webjet (ASX:WEB). Montgomery's view is that the medium-term outlook includes a period where investors get good visibility of what a recovery looks like as the combination of vaccine rollout progress in Western Economies (specifically US and UK) and a move into Northern Hemisphere summer brings the conditions of rising economic activity and recovery. They hope to witness this via the market share taking power of some of the key investee companies in the portfolio. |
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Performance Report: Bennelong Emerging Companies Fund
24 May 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +5.76% in April, outperforming the ASX200 Accumulation Index by +2.29% and taking 12-month performance to +65.13% vs the Index's +30.76%. Since inception in November 2017, the Fund has returned...
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24 May 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| 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 | Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across setor and risk-return drivers. |
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Performance Report: Atlantic Pacific Australian Equity Fund
21 May 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund has risen +8.06% p.a. with an annualised volatility of +10.11% since inception in June 2013. The Fund has achieved negative down-capture ratios over the past 12, 24, 36, 48 and 60 months,...
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21 May 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 | The Fund's superior performance in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.28 vs the Index's 0.70, worst month of -5.58% vs the Index's -20.65%, maximum drawdown of -7.26% vs the Index's -26.75%, and down-capture ratio of 21.15%. The Fund has also outperformed the Index in 9 out of 10 of the Index's worst months since the Fund's inception, most notably rising +17.2% in March 2020 when the Index fell -20.7%. The Fund returned -0.50% in April. Positive contributors included Cleanaway Waste Management (Long), Commonwealth Bank (Long), Deterra Royalties (Long), and Terracom (Long). Key detractors included Beach Energy (Long), Mesoblast (Long), Origin Energy (Long), and Whitehaven Coal (Long). |
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Performance Report: The Airlie Australian Share Fund
21 May 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +4.48% in April, outperforming the ASX200 Accumulation Index by +1.01% and taking 12-month performance to +37.33% vs the Index's +30.76%. Since inception in June 2018, the Fund has returned +11.62%...
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21 May 2021 - Performance Report: The 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 | The Fund's up-capture and down-capture ratios (since inception), 106% and 96% respectively, highlight its capacity to outperform in both rising and falling markets. At month-end, the portfolio's top 10 positions included Aristocrat Leisure, BHP Group, CBA, CSL, Healius, Macquarie Group, NAB, PWR Holdings, Wesfarmers and Woolworths. By sector, the portfolio was most heavily weighted towards the Financials, Consumer Discretionary and Materials sectors. |
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Performance Report: Bennelong Australian Equities Fund
21 May 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +5.73% in April, outperforming the ASX200 Accumulation Index by +2.26% and taking 12-month performance to +50.85% vs the Index's +30.76%. Since inception in February 2009, the Fund has returned...
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21 May 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 | As at the end of April, the portfolio's weightings had been increased in the Health Care, Communication and Materials sectors, and decreased in the Discretionary, IT, Industrials, REIT's and Financial sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 43.6%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.2%, benchmark weight: 29.2%). |
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Performance Report: Delft Partners Global High Conviction Strategy
20 May 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy has risen +25.12% over the past 12 months, outperforming AFM's Global Equity Index by +1.9% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.34%.
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20 May 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 1.14 and 2.15 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 +3.38% 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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