NEWS
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16 Jul 2020 - Fund Review: Bennelong Long Short Equity Fund June 2020
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 16-years' track record and an annualised returns of 15.61%.
- 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 0.95 and 1.57 respectively.
For further details on the Fund, please do not hesitate to contact us.
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15 Jul 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund
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Fund Overview | The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 38 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls. |
Manager Comments | The Fund also includes a 'tail hedge' for gains on large market falls. This was particularly beneficial to the Fund during February (Fund: +3.27%, ASX200 TR: -7.69%) and March (Fund: +5.80%, ASX200 TR: -20.65%), and contributed significantly to the Fund's outperformance over the Financial Year. Gyrostat noted market conditions in June enabled them to enter additional positions with the aim of increasing returns on any uplift in market volatility. The Fund's strategy allows for up to 15% of assets to be invested in international assets, with positions in the S&P500, NASDAQ, Hang Seng, MSCI Developed and emerging markets (among others). Gyrostat anticipate increasing levels of 'late cycle' market volatility given elevated geopolitical tensions, historically high debt levels and elevated valuations. |
More Information |
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15 Jul 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2020
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 8.36% p.a. with a volatility of 7.20%, compared to the ASX200 Accumulation's return of 5.29% p.a. with a volatility of 14.44%.
- 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.
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15 Jul 2020 - New Funds on Fundmonitors.com
New Funds on Fundmonitors.com |
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Vertium Equity Income Fund |
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Laureola Investment Fund |
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CC Jamieson Coote Bonds Global Bond Fund (Class A - Hedged) | ||||
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CC Jamieson Coote Bonds Global Bond Fund (Class B - Unhedged) | ||||
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14 Jul 2020 - C.R.A.P. (Can't Recommend A Purchase)
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The recent equity market rally has provided relief and hope to investors, but in the face of deteriorating fundamentals it increases the risk for equity investors.
13 Jul 2020 - Market Rally Increases Equity Market Risk
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10 Jul 2020 - Hedge Clippings | 10 July 2020
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10 Jul 2020 - Performance Report: Datt Capital Absolute Return Fund
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Fund Overview | Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware |
Manager Comments | The Fund's up-capture and down-capture ratios for performance since inception, 91.22% and 52.89% respectively, highlight the Fund's capacity to perform in line with the market during the market's positive months while protecting investors' capital during the market's negative months. At month-end, the portfolio comprised 30% CRE debt, 59% equities and 11% cash. The portfolio remains directed towards growth opportunities and special situations where Datt Capital feel there remains considerable upside despite the forecast weaker macroeconomic environment. Datt noted they are finding many interesting opportunities in the current environment. Both the CRE debt and equity portfolios continue to perform to Datt's expectations. |
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10 Jul 2020 - Not having cash can be costly, but so can sitting on it - how not to make that mistake
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9 Jul 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 | The Fund ended the Financial Year with 9% of the portfolio in cash and a diversified portfolio of 28 individual stock positions. The Fund was most heavily weighted towards the IT and Industrials sectors. Top holdings at month-end included Appen (APX), Imrcor (IMR), Omni Bridgeway (OBL), Opticom (OPC), Xero Limited (XRO). Top contributors to performance over the Financial Year included Appen, Xero, Pointsbet and Imricor. Looking forward, Surrey expect the day-to-day share price movements to continue but remain confident in the long-term outlook for the globe as we recover from the impact of COVID-19. As can be seen by the Fund's top shareholdings mentioned above, the Fund is positioned in industries with strong structural growth tailwinds and where Surrey believe the economic exposure to COVID-19 is somewhat limited. |
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