NEWS
Performance Report: Bennelong Long Short Equity Fund
28 Sep 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund rose by +4.43% in August, an outperformance of +3.25% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the ASX 200 Total Return Index since inception in...
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28 Sep 2022 - Performance Report: Bennelong Long Short Equity Fund
By: FundMonitors.com
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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 7 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.86% compared with the index's return of 7.94% 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 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.27% vs the index's -11.9%, and since inception in February 2002 the fund's largest drawdown was -30.59% 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 11 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.34% 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 60% of the time during periods of market decline, contributing to an up-capture ratio since inception of 5% and a down-capture ratio of -121%. |
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Performance Report: PURE Income and Growth Fund
27 Sep 2022 - FundMonitors.com
The PURE Income and Growth Fund returned -1.7% in August. The fund has outperformed the ASX 200 Total Return Index since inception in December 2018, providing investors with an annualised return of 15.36% compared with the index's return...
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27 Sep 2022 - Performance Report: PURE Income and Growth Fund
By: FundMonitors.com
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| Fund Overview | For fund investors, The Income and Growth Fund offers a unique risk/return profile. This form of investing includes a high yield, yet retains equity exposure to successful growth stories. Furthermore, the Fund's superior position in the investee Company's capital structure insulates investors from capital loss. PURE targets a return of 15% per annum through a mixture of Income (8-9%) and capital growth. While most investments involve ASX listed companies, the fund mandate retains modest flexibility to capitalise on attractive pre-IPO opportunities. |
| Manager Comments | The PURE Income and Growth Fund has a track record of 3 years and 9 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 December 2018, providing investors with an annualised return of 15.36% compared with the index's return of 9.63% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 3 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.58% vs the index's -11.9%, and since inception in December 2018 the fund's largest drawdown was -5.86% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 3 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by May 2020. The Manager has delivered these returns with 4.22% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past three years and which currently sits at 1.14 since inception. The fund has provided positive monthly returns 71% of the time in rising markets and 43% of the time during periods of market decline, contributing to an up-capture ratio since inception of 45% and a down-capture ratio of 2%. |
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Performance Report: Delft Partners Global High Conviction Strategy
27 Sep 2022 - FundMonitors.com
The Delft Partners Global High Conviction Strategy returned -0.55% in August, an outperformance of +1.49% compared with the Global Equity Index which fell by -2.04%. The strategy has outperformed the Global Equity Index since inception in...
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27 Sep 2022 - Performance Report: Delft Partners Global High Conviction Strategy
By: FundMonitors.com
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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 11 years and 1 month and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.1% compared with the index's return of 12.56% over the same period. On a calendar year basis, the strategy has experienced a negative annual return on 2 occasions in the 11 years and 1 month since its inception. Over the past 12 months, the strategy's largest drawdown was -8.81% vs the index's -15.77%, 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 -15.77%. 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. During this period, the index's maximum drawdown was -13.19%. The Manager has delivered these returns with 1.1% 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 1.05 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 96% and a down-capture ratio of 90%. |
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Performance Report: ASCF High Yield Fund
27 Sep 2022 - FundMonitors.com
The ASCF High Yield Fund rose by +0.53% in August, an outperformance of +3.07% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -2.54%. The fund has outperformed the index since inception in March 2017, providing...
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27 Sep 2022 - Performance Report: ASCF High Yield Fund
By: FundMonitors.com
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| Fund Overview | Does not require full valuations on loans <65% LVR. Borrowing rates are from 12% per annum on 1st mortgage loans and 16% per annum on 2nd mortgage/caveat loans. Pays investors between 5.55% - 6.25% per annum depending on their investment term. |
| Manager Comments | The ASCF High Yield Fund has a track record of 5 years and 6 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in March 2017, providing investors with an annualised return of 8.53% compared with the index's return of 1.19% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 6 months since its inception. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -10.78%. Since inception in March 2017, the fund's largest drawdown was 0% vs the index's maximum drawdown over the same period of -12.4%. The Manager has delivered these returns with 4.08% less volatility than the index, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 21.32 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 79% and a down-capture ratio of -74%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
27 Sep 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund rose by +0.05% in August. The fund has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.61% compared with the index's...
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27 Sep 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. |
| Manager Comments | The Bennelong Kardinia Absolute Return Fund has a track record of 16 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.61% compared with the index's return of 6.16% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 16 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.52% vs the index's -11.9%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. During this period, the index's maximum drawdown was -26.75%. The Manager has delivered these returns with 6.6% 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 0.63 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 32% of the time during periods of market decline, contributing to an up-capture ratio since inception of 15% and a down-capture ratio of 55%. |
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Performance Report: Airlie Australian Share Fund
26 Sep 2022 - FundMonitors.com
The Airlie Australian Share Fund rose by +2.79% in August, an outperformance of +1.61% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the ASX 200 Total Return Index since inception in June...
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26 Sep 2022 - Performance Report: Airlie Australian Share Fund
By: FundMonitors.com
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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). The fund has a maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The Airlie Australian Share Fund has a track record of 4 years and 3 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 2018, providing investors with an annualised return of 10.07% compared with the index's return of 7.5% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -16.29% vs the index's -11.9%, and since inception in June 2018 the fund's largest drawdown was -23.8% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with the same level of volatility as the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.63 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 12% of the time during periods of market decline, contributing to an up-capture ratio since inception of 111% and a down-capture ratio of 97%. |
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Performance Report: Bennelong Emerging Companies Fund
21 Sep 2022 - FundMonitors.com
The Bennelong Emerging Companies Fund returned -1.38% in August. The fund has outperformed the ASX 200 Total Return Index since inception in November 2017, providing investors with an annualised return of 17.84% compared with the index's...
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21 Sep 2022 - Performance Report: Bennelong Emerging Companies Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Emerging Companies 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 November 2017, providing investors with an annualised return of 17.84% compared with the index's return of 7.54% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 4 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -31.43% vs the index's -11.9%, and since inception in November 2017 the fund's largest drawdown was -41.74% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2019 and lasted 10 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by October 2020. The Manager has delivered these returns with 14.99% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.67 since inception. The fund has provided positive monthly returns 79% of the time in rising markets and 32% of the time during periods of market decline, contributing to an up-capture ratio since inception of 275% and a down-capture ratio of 125%. |
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Performance Report: Digital Asset Fund (Digital Opportunities Class)
20 Sep 2022 - FundMonitors.com
The Digital Asset Fund (Digital Opportunities Class) rose by +0.15% in August, an outperformance of +10.89% compared with the S&P Cryptocurrency Broad Digital Market Index which fell by -10.74%. The fund has outperformed the index since...
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20 Sep 2022 - Performance Report: Digital Asset Fund (Digital Opportunities Class)
By: FundMonitors.com
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| Fund Overview | The Fund offers a choice of three investment classes, each of which adopts a different investment strategy: - The Digital Opportunities Class identifies and trades low risk arbitrage opportunities between different exchanges and a number of digital assets; - The Digital Index Class tracks the performance of a basket of digital assets; - The Bitcoin Index Class tracks the performance of Bitcoin. Digital Opportunities Class: This class appeals to investors seeking an active exposure to the digital asset markets with no directional bias. The Digital Opportunities Class employs a high frequency inspired Market Neutral strategy trading 24/7 which uses a systematic approach designed to offer uncorrelated returns to the underlying highly volatile cryptocurrency markets. The strategy systematically exploits low-risk arbitrage opportunities across the most liquid and active digital asset markets on the most respected exchanges. When appropriate the Fund may obtain leverage, including through borrowing cash, securities and other instruments, and entering into derivative transactions and repurchase agreements. DAFM has a currency hedging policy in place for the Units in the Fund. Units in the Fund will be hedged against exposure to assets denominated in US dollars through a trading account with spot, forwards and options as directed by DAFM. |
| Manager Comments | The Digital Asset Fund (Digital Opportunities Class) has a track record of 1 year and 4 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the S&P Cryptocurrency Broad Digital Market Index since inception in May 2021, providing investors with an annualised return of 41.3% compared with the index's return of -49.28% over the same period. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -71.98%. Since inception in May 2021, the fund's largest drawdown was 0% vs the index's maximum drawdown over the same period of -71.98%. The Manager has delivered these returns with 53.37% less volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 3.05 and for performance since inception of 1.61. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 6% and a down-capture ratio of -48%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
20 Sep 2022 - FundMonitors.com
The Bennelong Twenty20 Australian Equities Fund returned -0.75% in August. The fund has outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with an annualised return of 9.64% compared with the...
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20 Sep 2022 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 12 years and 10 months and has outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with an annualised return of 9.64% compared with the index's return of 7.65% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 12 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -21.68% vs the index's -11.9%, and since inception in November 2009 the fund's largest drawdown was -26.09% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.69% 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 0.58 since inception. The fund has provided positive monthly returns 94% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 118% and a down-capture ratio of 98%. |
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Performance Report: Insync Global Quality Equity Fund
19 Sep 2022 - FundMonitors.com
The Insync Global Quality Equity Fund returned -4.59% in August. The fund's strategy has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 11.55% compared with the...
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19 Sep 2022 - Performance Report: Insync Global Quality Equity Fund
By: FundMonitors.com
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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's strategy has a track record of 12 years and 11 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 11.55% compared with the index's return of 10.4% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 12 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -27.21% vs the index's -15.77%, and since inception in October 2009 the fund's largest drawdown was -27.21% vs the index's maximum drawdown over the same period of -15.77%. The fund's maximum drawdown began in January 2022 and has lasted 7 months, reaching its lowest point during June 2022. The Manager has delivered these returns with 1.59% 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 0.8 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 20% of the time during periods of market decline, contributing to an up-capture ratio since inception of 85% and a down-capture ratio of 88%. |
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