NEWS
24 Nov 2020 - Performance Report: Prime Value Emerging Opportunities Fund
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Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
Manager Comments | Key positive contributors for the month were Mainstream, Mainfreight and Oceania Healthcare with the key detractors being Austal, Omni Bridgeway and EQT Holdings. Prime have noted that the portfolio remains well balanced with a number of attractively priced companies that will benefit from an effective vaccine (e.g. travel, leisure, cyclicals), while being heavily weighted to those which can grow with little dependence on the economic cycle. |
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24 Nov 2020 - Fund Review: Insync Global Capital Aware Fund October 2020
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.
23 Nov 2020 - Performance Report: Surrey Australian Equities Fund
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Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
Manager Comments | Surrey used the daily fluctuations throughout the month to reduce exposures such as Xero (XRO) and Imricor (IMR) while adding to holdings in stocks such as Auckland Airports and initiating new positions in companies including Cleanspace (CSX) and Betmakers (BET). Surrey expect these changed to position the Fund positively for the future. Top contributors during the month included Cleanspace (CSX) and Xero (XRO). Detractors included Catapult (CAT) and Omni Bridgeway (OBL), both of which were caught up around the ongoing spread of COVID-19 in Europe and the US. Surrey remain comfortable with the investment positions of both CAT and OBL over the medium term. The portfolio overall continues to be positioned for positive risk adjusted returns. Surrey noted they remain positive about the outlook for continued outperformance. |
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23 Nov 2020 - Performance Report: NWQ Fiduciary Fund
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Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
Manager Comments | The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.07 vs the Index's 0.42, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. The Fund's returns have been produced with a low net exposure to the market, demonstrating that the Fund's returns are largely independent of the direction of the equity market. NWQ believe the Fund's low net market exposure should also serve investors well in the event of a sustained market selloff. NWQ noted that the return dispersion among constituents of the ASX200 has produced a rich opportunity set for the Fund's long/short managers. |
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23 Nov 2020 - Performance Report: Bennelong Emerging Companies Fund
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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 noted that despite the inevitable ups and downs of the market in the short term, they believe the portfolio's investments are all incrementally building value. The portfolio remains reasonably diversified across sector and risk-return drivers. |
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20 Nov 2020 - Hedge Clippings | 20 November 2020
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20 Nov 2020 - Manager Insights | Cyan C3G Fund
Damen Purcell, COO at Australian Fund Monitors, speaks with Dean Fergie, Portfolio Manager at Cyan Investment Management. The Cyan C3G fund is a concentrated portfolio that invests in Australian shares outside the ASX top 100. Established in 2014 the fund has outperformed the ASX 200 accumulation index to the end of October by 9.45% per annum since inception. Listen to this interview as a podcast
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20 Nov 2020 - Performance Report: Delft Partners Global High Conviction
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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 has achieved an average positive monthly return since inception of +3.20% vs the Index's +2.94%. The Strategy's Sharpe and Sortino ratios for performance since inception are 1.02 and 1.81 respectively. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 6 out of 10 of the Index's worst months and 9 out of 10 of the Index's best month. This highlights the Strategy's capacity to perform well in both rising and falling markets. |
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19 Nov 2020 - Can Confidence Create The Conditions For Growth?
19 Nov 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
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Manager Comments | The Fund's Sharpe and Sortino ratios (since inception), 1.07 and 1.50 respectively, by contrast with the Index's Sharpe of 0.47 and Sortino of 0.49, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund's ability to significantly outperform in both rising and falling markets is demonstrated by its up-capture and down-capture ratios (since inception) of 147.9% and 81.1% respectively. The portfolio's largest positive contributors in October came from long positions in ResMed Inc, AMP Ltd and Commonwealth Bank of Australia Ltd. The largest detractors were short positions in Challenger Ltd, Virgin Money UK and Cimic Ltd. The Fund ended the month with 32 long positions and 20 short position, with the largest exposure to medical devices & services and technology stocks. The Fund ended the month with relatively less exposure to banking and real estate stocks. |
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