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26 Apr 2022 - Performance Report: Glenmore Australian Equities Fund
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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 Glenmore Australian Equities Fund has a track record of 4 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in June 2017, providing investors with an annualised return of 25.11% compared with the index's return of 9.95% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -8.65% vs the index's -6.35%, and since inception in June 2017 the fund's largest drawdown was -36.91% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 1 month, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 7.25% more volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past four years and which currently sits at 1.11 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 39% of the time during periods of market decline, contributing to an up-capture ratio since inception of 232% and a down-capture ratio of 101%. |
More Information |
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26 Apr 2022 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2022
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.
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26 Apr 2022 - Hedging against inflation - gold or real estate?
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25 Apr 2022 - Performance Report: Insync Global Quality Equity Fund
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Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
Manager Comments | The Insync Global Quality Equity Fund has a track record of 12 years and 6 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 12.86% compared with the index's return of 11.2% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 12 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -17.29% vs the index's -8.41%, and since inception in October 2009 the fund's largest drawdown was -17.29% vs the index's maximum drawdown over the same period of -13.59%. The fund's maximum drawdown began in January 2022 and has lasted 2 months, reaching its lowest point during March 2022. During this period, the index's maximum drawdown was -8.41%. The Manager has delivered these returns with 1.36% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.92 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 83% and a down-capture ratio of 82%. |
More Information |
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25 Apr 2022 - New Funds on Fundmonitors.com
New Funds on FundMonitors.com |
Below are some of the funds we've recently added to our database. Follow the links to view each fund's profile, where you'll have access to their offer documents, monthly reports, historical returns, performance analytics, rankings, research, platform availability, and news & insights. |
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Salt NZ Dividend Appreciation Fund |
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Salt Sustainable Global Shares Fund |
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Salt Sustainable Income Fund |
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Morgan Stanley Global Sustain Fund | |||||||||||||||||||||||
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22 Apr 2022 - Hedge Clippings |22 April 2022
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Hedge Clippings | Friday, 22 April 2022
At the end of last year Hedge Clippings' headline was "Certainty in Uncertain Times," as we speculated that inflation was here and now, but with uncertainty whether it was transitory or not. We also knew that interest rates were going to rise, but how soon, and by how much, still seemed unclear. Four months later, and the times seem more certain and uncertain than ever: The outlook for inflation seems clearer, higher, and more certain, while interest rates - at least based on Jerome Powell's overnight comments - are likely to rise by 50 bps at the Fed's meeting in May. Thanks to the election, the RBA is unlikely to move prior to June, but there are strong expectations for 2 or possibly 3 more moves prior to the end of the year. The longer term question will be the balance between rising rates taming inflation (much of which is global, supply chain induced or driven by the war in Ukraine) before damaging the economy, with predictions of a recession in the US by 2024. The tech heavy Nasdaq is now below its level of 12 months ago, confirming that the valuations assigned to the so called "growth" sector are a thing of the past (even leaving aside the difficulties experienced by Netflix this week). The broader S&P500 is faring better, but still well below its December peak, while locally the ASX200 still hovers close to it - for the moment. Politically, both locally and globally, uncertainty seems entrenched. With no clear end in sight, the war in Ukraine will both stretch on, and even assuming a cease fire, will stretch relations between NATO and Russia. Locally, the outcome of the Federal election on May 21 is likely to lead to further uncertainty on the domestic front. In this environment, manager and fund selection is more critical than ever, as is diversification across strategies, sectors and geographic mandates. News & Insights Airlie Insight: The dominant narrative of 2022 for stocks | Airlie Funds Management Megatrend in Focus: Enterprise Digitisation is accelerating | Insync Fund Managers Looming French presidential election | 4D Infrastructure |
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March 2022 Performance News Glenmore Australian Equities Fund Delft Partners Global High Conviction Strategy Paragon Australian Long Short Fund Bennelong Twenty20 Australian Equities Fund Insync Global Capital Aware Fund |
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22 Apr 2022 - Performance Report: Paragon Australian Long Short Fund
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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 Paragon Australian Long Short Fund has a track record of 9 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with an annualised return of 13.78% compared with the index's return of 8.75% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 9 years and 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -27.05% vs the index's -6.35%, and since inception in March 2013 the fund's largest drawdown was -45.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in January 2018 and lasted 2 years and 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 12.27% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.57 since inception. The fund has provided positive monthly returns 69% of the time in rising markets and 46% of the time during periods of market decline, contributing to an up-capture ratio since inception of 107% and a down-capture ratio of 82%. |
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22 Apr 2022 - Performance Report: Delft Partners Global High Conviction Strategy
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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 Delft Partners Global High Conviction Strategy has a track record of 10 years and 8 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.89% compared with the index's return of 13.61% over the same period. On a calendar year basis, the strategy has experienced a negative annual return on 2 occasions in the 10 years and 8 months since its inception. Over the past 12 months, the strategy's largest drawdown was -5.7% vs the index's -8.41%, and since inception in August 2011 the strategy's largest drawdown was -13.33% vs the index's maximum drawdown over the same period of -13.19%. The strategy's maximum drawdown began in February 2020 and lasted 1 year, reaching its lowest point during July 2020. The strategy had completely recovered its losses by February 2021. The Manager has delivered these returns with 1.36% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 1.1 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 100% and a down-capture ratio of 92%. |
More Information |
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22 Apr 2022 - Performance Report: Bennelong Long Short Equity Fund
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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 Bennelong Long Short Equity Fund has a track record of 20 years and 2 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.98% compared with the index's return of 8.43% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 20 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -21.34% vs the index's -6.35%, and since inception in February 2002 the fund's largest drawdown was -28.75% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has lasted 1 year and 6 months, reaching its lowest point during March 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.16% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.75 since inception. The fund has provided positive monthly returns 64% of the time in rising markets and 62% of the time during periods of market decline, contributing to an up-capture ratio since inception of 5% and a down-capture ratio of -128%. |
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22 Apr 2022 - Airlie Insight: The dominant narrative of 2022 for stocks
Airlie Insight: The dominant narrative of 2022 for stocks Airlie Funds Management April 2022
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Last quarter we talked about the danger of following blindly (and reacting to) the 'dominant narrative' that is prevalent at any time in the market. However, there is no denying we are at the crossroads where inflation plus central bank tapering equals higher interest rates. Nothing encapsulates the excesses of the past decade better than the chart below showing central bank asset growth (i.e., buying assets/money printing). It seems unlikely that the similarity in the growth of global equity markets over this period is a coincidence. Is this inflation spike transitory or structural? Some of it is clearly transitory driven by covid-19-affected supply chain issues; however, add in the energy and commodity price shock from the Russian invasion of Ukraine and suddenly 2022 looks different from most of the past decade. The 'dominant narrative' is all-encompassing, and the first impact is an increase in volatility in equity markets. In 2021, the S&P 500 Index had the fewest market drops (or 'drawdowns' in the professional lexicon) in recent history. It seems reasonable that the uncertainty of just how high rates will go will lead to a lot more volatility, and this has certainly been the case thus far in fiscal 2022. From recent peaks, the NASDAQ and S&P 500 fell 22% and 13% respectively but have now rallied 13% and 9%. The S&P/ASX 200 has done even better - falling 10% from the January high only to rally 10%, leaving it only 1% from the all-time high set in August 2021. The Australian market has been bolstered by its high weighting to banks and energy and resource companies. Many pundits are calling this sudden snap-back rally a 'dead cat bounce' due to perhaps a view that the Russian-Ukrainian situation evolves into some sort of truce hopefully soon. At that time the 'dominant narrative' will then return and take charge leading to slowing economic growth and possibly recessions. The chart below shows that it's certainly been the case that markets do not do as well when inflation is both rising and is above 3%. This is the exact opposite situation of the past decade where we've had falling inflation and below 3%. Not shown on the chart is that markets produce negative returns when inflation persistently exceeds 6%. So, what does it all mean and what to do? Unfortunately, it's impossible to answer. We've met investors this year who have proudly told us they've gone to cash as the market hit the 10% drawdown because the 'dominant narrative' is obvious - equity markets will fall, economies will falter. They may ultimately be right, but I've wondered what they make of the rally back to within 1% of all-time highs? The performance of non-profitable tech, the return of so-called value stocks, and the valuation implication of higher rates lead us to think that the one-way trip of the market over the past decade and the return of volatility may mean stock-picking comes to the fore and there are increasing opportunities for active managers to differentiate themselves. Also not forgetting the fact that the equity market is the best place to counter inflation. The chart below shows that just the dividends alone from listed Australian equities have preserved investors' buying power over the long term. With all the doom and gloom and headline fodder provided by the above debates it's easy to forget that the Australian economy remains in good shape. The strength is widely spread across the economy: from households enjoying strong employment prospects with wage rises, increasing house prices, falling mortgage repayments (for now), to miners reaping solid commodity prices, farmers rebounding from the drought, and banks experiencing renewed credit growth. So where to from here? The case for further strength in equity markets is a relative one. Absolute valuations are high relative to history and are vulnerable overall to higher interest (discount) rates. The energy shock brought about by Russia's invasion of Ukraine and higher commodity prices generally are supportive in the short term to our resources-heavy market. Also, as the chart below shows; equally supportive is the forecast dividend yield available from the ASX 200 - a healthy dividend return of 4.0% - making it the equal-highest-yielding equity market in the world. Calendar year 2021 was a year of significant capital return for investors, as many ASX companies were carrying surplus capital: banks, miners, retailers, and many industrials had seen dramatic balance sheet improvements over the past 18 months. We expect continuing healthy capital returns to shareholders, notwithstanding the global uncertainty. By Matt Williams, Portfolio Manager Funds operated by this manager: Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No. 304 301) trading as Airlie Funds Management ('Airlie') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au. Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of an Airlie financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Airlie. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any third party trademarks contained herein are the property of their respective owners and Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks.. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Airlie. |