NEWS
21 Dec 2021 - 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 6 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.29%, compared with the index's return of 9.52% over the same time period. On a calendar basis the fund has never had a negative annual return in the 4 years and 6 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 1.12 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 41% of the time when the market was negative, contributing to an up capture ratio since inception of 231% and a down capture ratio of 99%. |
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21 Dec 2021 - Fund Review: Bennelong Long Short Equity Fund November 2021
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 return of 14.20%.
- 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 0.84 and 1.33 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - November 2021 (pdf format)
21 Dec 2021 - Asia's attractions as bright as ever
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Asia's attractions as bright as ever abrdn 25 November 2021 We see plenty of reasons for investors to be positive on the outlook for Asian equities in 2022 now that peak coronavirus appears to have passed and the region's economies are reopening. Progress in the roll-out of vaccinations allied to improved anti-viral treatments point to a policy transition from zero-Covid tolerance to one of endemic coronavirus management. We anticipate further easing of mobility restrictions and a resumption in travel. We also expect Asian exports to pick up as demand grows in the US and Europe. This promises to drive consumption and corporate earnings. A key question globally concerns how transitory inflation really is, and we don't have a crystal ball. But unlike Western markets, we haven't seen much price pressure in Asia so far. Investors should feel reassured that Asian central banks have more headroom to adjust monetary settings, having been more conservative with state policy tools in recent years. The Bank of Korea has signalled a potential rate hike soon, but Asian policymakers on the whole continue to prioritise economic support. Asian balance sheets are also in a healthy state, with most of our holdings either meeting or exceeding earnings expectations in recent results. Economic reopening will help to mitigate inflationary pressures tied to near-term bottlenecks in supply chains. This remains an area we will continue to monitor closely. We urge investors to diversify across markets and sectors and focus on firms with pricing power that can pass on cost pressures to protect their margins. We see many quality businesses doing exactly that. While Asia experienced an equity market rally in the first half of this year, a regulatory reset in China and the prospect of US tapering led to a correction. Still, corporate Asia is well placed to withstand a cycle of a stronger dollar overall. We expect China's property sector to remain under pressure, while China's zero-Covid policy approach is likely to stay in place until after it has hosted the winter Olympics at least. Regulatory intervention will likely be at the forefront of investor thinking in the run-up to the Party Congress in November, when President Xi Jinping is expected to secure a third term. Again, investors can rest assured that Beijing has levers to pull in the event that economic conditions become less stable. Bear in mind, much of China's growth slowdown is self-imposed via restrictions in property and energy sectors and the common prosperity push.
Investors need to be selective. But look carefully and they can find quality Chinese businesses on the right side of the policy agenda delivering strong growth. Structural drivers behind consumer spending in China remain intact. We predict that rising disposable incomes and increasingly health-conscious citizens will drive demand for healthcare products and services. Growth in domestic consumption remains a strategic priority for Chinese authorities, so we view quality consumer stocks as well placed to withstand regulatory headwinds. We believe Southeast Asia will be the biggest beneficiary of economic reopening. Hit hard by Covid, Indonesia and Vietnam are just emerging from the pandemic. They're working through supply-chain indigestion, with cyclical stocks long overdue a meaningful rebound. India's stock market has been taking a breather of late, having rallied hard this year. But we're confident there's plenty of market upside to come given favourable demographics, low mortgage rates, rising household incomes and improving housing affordability. After years of subdued economic growth, India looks primed for a rebound that should feed through to earnings. A brightening picture is boosting sentiment and company spending plans. There's also excitement around India's tech sector. The nation has produced 100 unicorns and counting.1 Many are listing on exchange, transforming the corporate landscape. Our team has been wading through stacks of IPO information to cherry-pick likely winners. Foreign direct investment continues to flow into the tech sector. As these businesses grow and harness new technologies, they will invest - creating jobs and lifting incomes. Consumers will also benefit from better products and services. India's government, too, is reforming the business environment, attracting foreign investment, incentivising companies via tax benefits and raising spending on key infrastructure projects. We expect a broadening of India's entire tech ecosystem, driving more growth in digitisation. In terms of valuations, Asian stocks look reasonable relative to developed markets. The 12-month forward price-earnings ratio for MSCI AC Asia Pacific ex-Japan Index stands at 15.6x, versus 22.5x for S&P500, 16.2x for MSCI Europe and 20.3x for MSCI World.2 Consensus earnings growth for Asia Pacific ex-Japan markets forecast to be in double digits for 2022. We believe Asia's burgeoning middle class will fuel rising demand for health-care services and wealth management, while the region's urbanisation and infrastructure needs remain vast. At the same time, changes brought about by the pandemic could prove durable and reinforce existing trends - such as increased adoption of cloud computing and 5G networks. Policymakers globally are also committing to a lower-carbon future and Asia is at the forefront of change. Investors can anticipate tailwinds for companies operating in renewable energy, batteries, electric vehicles, related infrastructure and environmental management. As an investor we focus on quality firms with strong balance sheets and sustainable earnings prospects best-placed to capitalise on structural growth opportunities in the region. We see market corrections as an opportunity to add to our long-term quality holdings affordably. In Asia, investors need to think long term. But Asia's attractions remain as bright as ever. 1 Credit Suisse Equity Research, March 2021 2 Bloomberg, 18 November 2021 Author: James Thom, Senior Investment Director, Asian equities |
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Funds operated by this manager: Aberdeen Standard Actively Hedged International Equities Fund, Aberdeen Standard Asian Opportunities Fund, Aberdeen Standard Australian Small Companies Fund, Aberdeen Standard Emerging Opportunities Fund, Aberdeen Standard Ex-20 Australian Equities Fund (Class A), Aberdeen Standard Focused Sustainable Australian Equity Fund, Aberdeen Standard Fully Hedged International Equities Fund, Aberdeen Standard Global Absolute Return Strategies Fund, Aberdeen Standard Global Corporate Bond Fund, Aberdeen Standard International Equity Fund , Aberdeen Standard Life Absolute Return Global Bond Strategies Fund, Aberdeen Standard Multi Asset Real Return Fund, Aberdeen Standard Multi-Asset Income Fund |
21 Dec 2021 - Omicron could be good for reopeners, but stay on your toes
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Banning unvaccinated workers could impact our economy Pendal 08 December 2021 |
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INFLATION is the critical issue in financial markets -- and consequently how the US Federal Reserve and other central banks respond. But the Omicron variant of Covid-19 in the short term has created greater uncertainty. Still, it may not be a negative for markets says Michael Blayney, who heads up Pendal's multi-asset funds. Omicron introduces uncertainty because it widens the potential range of outcomes -- but there's also a chance it will strengthen the re-opening trade. Already on Wednesday we saw a bounce in markets on the back of subsiding Omicron fears. The risks of Omicron are balanced, Blayney says. "There's an outcome in which Omicron is more contagious, but milder and outcompetes Delta. "That's the one we all hope for. It would be good for the reopening trade. "Or there's the outcome where there's many mutations and the efficacy of vaccines isn't as good." The emergence of the new Covid variant has complicated the global economic outlook. The most recent inflation reading in the United States shows price rises of 6.2 per cent in the 12 months to October 2021. That's the highest in more than 30 years. Newly re-appointed US Fed chair Jerome Powell has indicated the central bank will taper its bond purchases. Market watchers now expect interest rate increases next year. "It's interesting that Chair Powell wants to drop the transitory label from inflation. The Fed is targeting average inflation and now it's had a bit of inflation, the average shifts up." Time to re-evaluateThe change in tack on inflation and the emergence of Omicron should trigger a re-evaluation of portfolio positioning. "We've been a bit more pro-growth for the last 12 months," Blayney says. "But we have been bringing that back. "That doesn't mean going underweight equities. Instead, it's about looking for relative value opportunities. We like UK equities but don't like French equities, for example." Blayney also argues the benefits of being exposed to higher volatility. "Part of our investment process enables us to trade instruments on volatility. When you start to see a bit more financial market stress and an uptick in volatility, you can buy instruments that tap into that. We are essentially long volatility exposure. Underweight bonds"We are still underweight bonds," says Blayney. "Bond yields have fallen a bit with some flight to safety as a result of the Omicron variant. But the reality is we've got high inflation, tapering and the potential for interest rate rises next year in the US. "That creates a backdrop which is quite negative for bonds, and you're starting off with pretty low yields to begin with. "Add in the idea that Omicron is actually part of the lessening of the pandemic, there could potentially be big trouble for bonds." What's most important right now is to be vigilant and able to move your portfolio quickly, he says. "You've got to be active and prepared to shift your views and positioning quickly. "There will be more information on the Fed tapering and Omicron in coming weeks. "Whatever you position, you need to be willing and ready to move those around as the situation changes." Written By Michael Blayney |
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Funds operated by this manager: Pendal Total Return Fund |
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This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at December 8, 2021. PFSL is the responsible entity and issuer of units in the Pendal Multi-Asset Target Return Fund (Fund) ARSN: 623 987 968. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient's personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com |
20 Dec 2021 - 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 8 months and has consistently outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with a return of 15.26%, compared with the index's return of 3.73% over the same time period. On a calendar basis the fund has never had a negative annual return in the 8 years and 8 months since its inception. Its largest drawdown was -4.9% lasting 10 months, occurring between December 2018 and October 2019. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 2.44 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 100% of the time when the market was negative, contributing to an up capture ratio since inception of 160% and a down capture ratio of -258%. |
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20 Dec 2021 - 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 3 months and has consistently outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 14.98%, compared with the index's return of 12.15% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 3 months since its inception. Its largest drawdown was -12.64% lasting 7 months, occurring between September 2018 and April 2019 when the index fell by a maximum of -10.57%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.12 since inception. The fund has provided positive monthly returns 82% of the time in rising markets, and 22% of the time when the market was negative, contributing to an up capture ratio since inception of 85% and a down capture ratio of 73%. |
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20 Dec 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund November 2021
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 8.50% p.a. with a volatility of 7.58%, compared to the ASX200 Accumulation's return of 6.53% p.a. with a volatility of 14.11%.
- 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 - November 2021 (pdf format)
20 Dec 2021 - Managers Insights | Paragon Funds Management
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Chris Gosselin, CEO of FundMonitors.com, speaks with John Deniz, CIO at Paragon Funds Management. The Paragon Australian Long Short Fund has a track record of 8 years and 9 months and has consistently outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with a return of 15.36%, compared with the index's return of 8.64% over the same time period.
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20 Dec 2021 - 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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