NEWS
28 Mar 2022 - New Funds on Fundmonitors.com
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New Funds on FundMonitors.com |
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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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L1 Long Short Fund Limited (ASX: LSF) |
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L1 Capital Global Opportunities Fund |
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28 Mar 2022 - Like kites, do portfolios rise against or with the wind?
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Like kites, do portfolios rise against or with the wind? Spatium Capital March 2022 For the runners, cyclists or outdoor sportspeople within our readership, a handful of circumstances will almost always result in a proverbial groan: headwinds. That gust of wind that makes turning that corner on the bike or spending the next half of a game with a wind impediment less enjoyable, is unfortunately a part of exercising amongst the elements. Headwinds, as it were, have become known as such a physical inconvenience that they are also a common analogy for when situations in life are met with obstacles that inhibit progress. The counter to a headwind therefore is a tailwind, where benefits and/or privileges fuel our progress, bypassing or simply overcoming the obstacles (or headwinds) that come our way. If we then take this concept and apply it to a fund manager's portfolio, how many would attribute their performance success to an investing skill or purely an outcome of a bull market? Put another way, did the manager overcome genuine obstacles (a headwind) to achieve success, or were they the beneficiary of a rising market (a tailwind)? Recent research published by social scientists Dr Gilovich and Dr Davidai in 2016 suggests that people are more likely to both recall and overweight their headwinds more poignantly than those of their tailwinds. Their theory claims that when people benefit from a tailwind, the satisfaction is adapted to quickly and is relatively short-lived, whilst a headwind's dissatisfaction is 'consumed' over a longer-period. Using the sporting analogy at the top of the above paragraph, many can relate to the internal monologue that goes on when a headwind is faced; often, longing for the tailwind. Usually, this monologue does not end until the tailwind is experienced. At which point, a brief sense of relief is felt and the team or individual go about adjusting to the new advantage. Almost without a second thought! This tendency to recount information in a way that confirms one's view (confirmation bias) that they had more obstacles than benefits has been coined by Gilovich and Davidai as the headwind-tailwind asymmetry. It is suggested that because a headwind is an obstacle that needs to be addressed, whether that be in a career, sport, relationship or an investment context, there is a greater propensity for these events to be etched into our memories. Their very existence can in fact precede critical junctures and choices in our lives. Conversely, a tailwind is a privilege that often goes unseen by its very nature of not necessitating significant effort or attention. It's harder to recount a privileged education, upbringing, career opportunities or investment successes when they were already occurring without requiring effort. At Spatium, we pride ourselves on having outperformed the benchmark (a headwind) without having a beta in excess of the benchmark, or resorting to leverage or gearing within the fund (an easy 'tailwind' during a rising market environment). Conversely, when the market winds inevitably change, Spatium has had a long-term average of losing only half as much as the benchmark. When assessing managers, portfolios, or even individual companies, one must be critical: "has this business overcome genuine headwinds, and has the strength, knowledge and processes to do so again in the future" or, "has this business simply benefitted from structural tailwinds", such as declining interest rates, or similar paradigm shifts, those of which may be unlikely to be repeated at the same amplitude (or in the case of rising interest rates, potentially work as a headwind) into the future. In aggregate, one should enjoy just as many tailwinds as headwinds over the years, with the key focus being maximising ones advantage during tailwind periods, and remaining convicted to persevering through intermittent headwinds. Author: Jesse Moores, Director |
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25 Mar 2022 - Hedge Clippings |25 March 2022
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Hedge Clippings | Friday, 25 March 2022 Exactly one month ago, Vladimir Putin announced that he had made the decision to launch a "special military operation" in eastern Ukraine, with no plans to occupy Ukrainian territory, and that he supported the right of the peoples of Ukraine to self determination. Both of these claims were of course rubbish. As it turns out, it looks as if the Ukrainian resistance is likely to ensure Russia's occupation will fail, and the country's self determination will prevail - both of which have surprised everyone outside Ukraine, Putin included. Exact details are difficult to confirm, but as of 4 hours ago Reuters were reporting "at least 20,000 deaths" including 5 generals - 5,000 more than Russia lost in nearly 10 years in Afghanistan. In a previous edition of Hedge Clippings, we referred to it as the most dangerous situation since WWII, which depending on one's point of view, becomes potentially more dangerous the more unsuccessful that Russia becomes. Unlikely to back down or withdraw, at what stage does Putin escalate by using ever more powerful weapons? If he does so, at what stage will NATO respond, rather than the current strategy of providing arms instead of armies? Meanwhile, after just one month, news of the war (to call it what it really is) has been pushed off the front pages. Page 1 of today's Sydney Morning Herald has nothing other than a pointer to an article on page 13. The conflict doesn't rate a mention on P1 of today's AFR, possibly understandable as it is a financial newspaper, albeit the war's impact on trade, inflation (oil, gas, cereals), etc prevailing. The UK's Telegraph is not much different, more interested in a 5p. reduction of fuel tax. Maybe all this is caused by the incessant 24 hour news cycle, and the inability for the headlines or the latest news bulletin to "carry" a story - or retain readers' and viewers' interest for any length of time. It used to be said that last week's news was tomorrow's fish and chip wrapper, so maybe nothing has changed, except they don't put the news on the Macca's or Hungry Jacks' carton. And it seems that after an initial "risk-off" shakeout, equity markets have moved back to a "risk-on" stance with the ASX200 up 400 points since the first Russian tank rumbled over the border on 24 February, and the S&P500 up a similar amount since mid March. Meanwhile, other risks, such as energy prices, supply chain shortages, a looming election campaign, higher interest rates, inflation, stagflation, and talks of a US recession (induced in part by the war) remain, or have increased. Luckily there was one "good news" story - or at least an uplifting one, in Ash Barty's retirement, literally at the top of her game, aged just 25. We would consider that she has the world at her feet, with suggestions she might even enter politics. Surely she's too sensible (and honest) for that - although teaching some of them to retire while they're ahead would be a welcome move. News & Insights New Funds on FundMonitors.com Manager Insights | ASCF Pet Humanisation Megatrend | Insync Fund Managers Interest rates, bonds and listed real estate | Quay Global Investors The central bank dilemma | Kardinia Capital |
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February 2022 Performance News Delft Partners Global High Conviction Strategy Bennelong Twenty20 Australian Equities Fund |
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25 Mar 2022 - Fund Review: Insync Global Capital Aware Fund February 2022
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 - February 2022 (pdf format)
25 Mar 2022 - How private debt can help guard against rising inflation
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How private debt can help guard against rising inflation Revolution Asset Management March 2022 With rising global inflationary pressures mounting, a range of factors are converging to create a new inflationary era. From the demand distortions and supply dislocations associated with the COVID-19 pandemic, geopolitical risks, as well as monetary and fiscal tightening, these factors are expected to increase volatility across financial markets in 2022. The reality of higher inflation and interest rate hikes has prompted asset owners to review their current defensive fixed income allocations and assess the level of risk protection required in order to earn the investment returns needed to meet their targets. Income generated by traditional fixed income sources such as fixed rate bonds are now harder to find. Strategies across private markets, in particular private debt, may be well equipped to deal with the ongoing market volatility and changes to interest rates. In periods of higher inflation, private debt can offer investors a level of protection - being a floating rate asset class means the underlying yield increases as inflation and interest rates increase. Additionally, the long term, patient capital nature of private debt, and the ability to absorb and pass on rising costs mean these strategies can actually benefit from inflation. But senior secured private debt can offer more than that. It's a defensive allocation that can help to preserve capital and provide genuine diversification and yield, whether through the right sub-sectors of private debt or the underlying assets well-positioned to flourish during an inflationary environment. The Australian investable private debt universe is large, and we believe the most attractive sub-sectors include leveraged buyout and private company debt - in businesses with brand and customer strength operating in non-cyclical industries; private and public Asset Backed Securities such as floating rate quality mortgages; and loans to stabilised commercial real estate assets with annual contracted rent. Risk mitigation in senior secured private debt also relies heavily on strong credit discipline. A proactive approach to risk management can help build greater resilience in changing market conditions such as inflationary environments. Revolution Asset Management believes the outlook for private debt remains positive. With a robust deal pipeline, deployment into 2022 is set to be strong. In private company and leverage buy-out loans, the M&A boom of 2021 drove three times the level of activity vs the prior year and 40% higher vs the five year average, and with international borders reopening, this is expected to fuel activity in 2022. In private Asset Backed Securities, warehouse funding is reaching A$10 billion and continues to offer very attractive relative value compared to public Asset Backed Securities. In the current market, we are witnessing significant growth particularly in non-bank lending activity in Australia and New Zealand, which continues to provide attractive opportunities for our portfolio and helps quality non-bank lenders realise their growth plans. Allocating more to higher-yielding, floating rate assets such as private debt could be one strategy to minimise interest rate sensitivity of fixed income portfolios and guard against inflation risk, while at the same time increasing and diversifying sources of return. Author: Bob Sahota Funds operated by this manager: Revolution Private Debt Fund II, Revolution Wholesale Private Debt Fund II - Class B DISCLAIMER This information has been prepared by Revolution Asset Management Pty Ltd ACN 623 140 607 AFSL 507353 ('Revolution'). Performance numbers provided are as at the date of this article, and subject to change. Although every effort has been made to verify the accuracy of the information contained in this document, Revolution, its directors, officers, representatives, employees, associates and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this document or any loss or damage suffered by any person directly or indirectly through relying on this information. The information in this document is not financial product advice and has been prepared without taking into account the objectives, financial situation or needs of any particular person. All investments involve risk. Past performance is not a reliable indicator of future performance. |
24 Mar 2022 - Performance Report: Laureola Australia Feeder Fund
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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 Laureola Master Fund has a track record of 8 years and 10 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with an annualised return of 14.5% compared with the index's return of 3.37% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 8 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.39% vs the index's -5.1%, and since inception in May 2013 the fund's largest drawdown was -4.9% vs the index's maximum drawdown over the same period of -5.39%. The fund's maximum drawdown began in December 2018 and lasted 10 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by October 2019. During this period, the index's maximum drawdown was -0.98%. The Manager has delivered these returns with 2.15% more volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past five years and which currently sits at 2.29 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 94% of the time during periods of market decline, contributing to an up-capture ratio since inception of 160% and a down-capture ratio of -223%. |
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24 Mar 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 7 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 15.08% compared with the index's return of 13.83% 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 7 months since its inception. Over the past 12 months, the strategy's largest drawdown was -5.12% vs the index's -7.46%, 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 1.37% 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 1.11 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 93%. |
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24 Mar 2022 - Fund Review: Bennelong Twenty20 Australian Equities Fund February 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.
AFM Fund Review - February 2022 (pdf format)
24 Mar 2022 - Interest rates, bonds and listed real estate
23 Mar 2022 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2022
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 8.03% p.a. with a volatility of 7.71%, compared to the ASX200 Accumulation's return of 6.31% p.a. with a volatility of 14.13%.
- 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 - February 2022 (pdf format)
