NEWS
Performance Report: Bennelong Twenty20 Australian Equities Fund
26 Oct 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned -0.92% in September, an outperformance of +0.93% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +42.36% compared...
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26 Oct 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 7.86% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2009 is 13.67% vs the index's 13.2%. Over all other periods, the fund's returns have been more volatile than the index. Since inception in November 2009 in the months where the market was positive, the fund has provided positive returns 97% of the time, contributing to an up-capture ratio for returns since inception of 128.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.43% over the most recent 24 months to a low of 125.68% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund's down-capture ratio for returns since inception is 96.16%. |
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Performance Report: Frazis Fund
25 Oct 2021 - Australian Fund Monitors
The Frazis Fund rose by +7.5% in September, an outperformance of +10.54% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the fund has risen by +71.21% vs the Index's +25.99%, and since inception in July...
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25 Oct 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Since inception in July 2018 in the months where the market was positive, the fund has provided positive returns 80% of the time, contributing to an up-capture ratio for returns since inception of 217.49%. Over all other periods, the fund's up-capture ratio has ranged from a high of 398.65% over the most recent 24 months to a low of 145.19% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund has a down-capture ratio for returns since inception of 104.06%, indicating that it has typically not fallen significantly more than the market during the market's negative months. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund September 2021
25 Oct 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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25 Oct 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
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 - September 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
22 Oct 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose by +0.13% in September, an outperformance of +1.98% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.56% compared with the...
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22 Oct 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | Since inception in March 2013 in the months where the market was positive, the fund has provided positive returns 69% of the time, contributing to an up-capture ratio for returns since inception of 113.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 267.14% over the most recent 24 months to a low of 119.58% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 73.98%. Over all other periods, the fund's down-capture ratio has ranged from a high of 115.18% over the most recent 24 months to a low of -7.03% over the latest 12 months. A negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell over the specified period. |
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Performance Report: Quay Global Real Estate Fund
22 Oct 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund returned -4.67% in September, an outperformance of +0.02% compared with the FTSE EPRA/ NAREIT Developed Index Index which fell by -4.69%. Over the past 12 months, the fund has risen by +33.14% compared...
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22 Oct 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 10.98% vs the index's 11.87%. The annualised volatility of the fund's returns since inception in January 2016 is 11.97% vs the index's 12.9%. Over all other periods, the fund's returns have been consistently less volatile than the index. Since inception in January 2016 in the months where the market was positive, the fund has provided positive returns 90% of the time, contributing to an up-capture ratio for returns since inception of 106.57%. Over all other periods, the fund's up-capture ratio has ranged from a high of 107.92% over the most recent 60 months to a low of 97.02% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 85.74%. Over all other periods, the fund's down-capture ratio has ranged from a high of 82.87% over the most recent 60 months to a low of 65.3% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. |
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Performance Report: Insync Global Quality Equity Fund
22 Oct 2021 - Australian Fund Monitors
Over the past 12 months, the Insync Global Quality Equity Fund has risen by +16.25%, and since inception in October 2009, the fund has returned +14.34% per annum, a difference of +2.4% relative to the index which has returned +11.94% on an...
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22 Oct 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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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 returned -5.72% in September, a difference of -2.68% compared with the Global Equity Index which fell by -3.04%. Since inception in October 2009 in the months where the market was positive, the fund has provided positive returns 81% of the time, contributing to an up-capture ratio for returns since inception of 80.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 125.18% over the most recent 24 months to a low of 88.37% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 72.66%. Over all other periods, the fund's down-capture ratio has ranged from a high of 233.61% over the most recent 12 months to a low of 89.05% over the latest 48 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: Insync Global Capital Aware Fund
21 Oct 2021 - Australian Fund Monitors
Over the past 12 months, the Insync Global Capital Aware Fund has risen by +13.25%, and since inception in October 2009, the fund has returned +12.37% per annum, a difference of +0.43% relative to the index which has returned +11.94% on an...
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21 Oct 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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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. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. 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 Capital Aware Fund returned -5.58% in September, a difference of -2.54% compared with the Global Equity Index which fell by -3.04%. The fund has a down-capture ratio for returns since inception of 65.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 229.66% over the most recent 12 months to a low of 73.35% over the latest 48 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. |
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Fund Review: Bennelong Long Short Equity Fund September 2021
21 Oct 2021 - Australian Fund Monitors
Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...
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21 Oct 2021 - Fund Review: Bennelong Long Short Equity Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
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 returns of 14.26%.
- 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 1.32 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Performance Report: Surrey Australian Equities Fund
20 Oct 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -1.3% in September, an outperformance of +0.55% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +29%, and since inception in...
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20 Oct 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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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 | Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 83% of the time, contributing to an up-capture ratio for returns since inception of 123.38%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.68% over the most recent 24 months to a low of 92.95% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund's Sharpe ratio has ranged from a high of 1.75 for performance over the most recent 12 months to a low of 0.65 over the latest 36 months, and is 0.65 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2018 is 0.63. |
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Performance Report: NWQ Fiduciary Fund
20 Oct 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -0.71% in September, an outperformance of +1.14% compared with the ASX 200 Total Return Index which fell by -1.85%. Since inception in May 2013, the fund has returned +6.36% per annum with an annualised...
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20 Oct 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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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 | Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 51% of the time, contributing to a down-capture ratio for returns since inception of 14.09%. Over all other periods, the fund's down-capture ratio has ranged from a high of 38.31% over the most recent 12 months to a low of 21.72% over the latest 60 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.94 for performance over the most recent 12 months to a low of 0.94 over the latest 36 months, and is 1.31 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2013 is 0.69. |
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