NEWS
Performance Report: Airlie Australian Share Fund
11 May 2022 - FundMonitors.com
The Airlie Australian Share Fund returned -0.9% in April, performing in line with the ASX 200 Total Return Index which fell by -0.85%. The fund has outperformed the ASX 200 Total Return Index since inception in June 2018, providing...
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11 May 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 3 years and 11 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 12.32% compared with the index's return of 9.57% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 3 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -6.79% vs the index's -6.35%, 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 0.5% less volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past three years and which currently sits at 0.79 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 106% and a down-capture ratio of 92%. |
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Performance Report: ASCF High Yield Fund
11 May 2022 - FundMonitors.com
The ASCF High Yield Fund rose by +0.54% in April, an outperformance of +2.03% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -1.49%. The fund has outperformed the index since inception in March 2017, providing...
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11 May 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 2 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in March 2017, providing investors with an annualised return of 8.66% compared with the index's return of 1.59% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 2 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 -10.02%. Since inception in March 2017, the fund's largest drawdown was 0% vs the index's maximum drawdown over the same period of -10.29%. The Manager has delivered these returns with 3.76% 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 23.64 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 87% and a down-capture ratio of -79%. |
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Performance Report: 4D Global Infrastructure Fund
11 May 2022 - FundMonitors.com
The 4D Global Infrastructure Fund rose by +1.65% in April. The fund has a track record of 6 years and 2 months and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an...
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11 May 2022 - Performance Report: 4D Global Infrastructure Fund
By: FundMonitors.com
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| Fund Overview | The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The 4D Global Infrastructure Fund has a track record of 6 years and 2 months and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 9.7% compared with the index's return of 9.16% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.9% vs the index's -0.57%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and has lasted 2 years and 2 months, reaching its lowest point during September 2020. The Manager has delivered these returns with 0.54% less 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 0.77 since inception. The fund has provided positive monthly returns 96% 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 99% and a down-capture ratio of 96%. |
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Performance Report: Quay Global Real Estate Fund (Unhedged)
10 May 2022 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) returned -0.7% in April. Over the past 12 months, the fund has risen by +13.24% compared with the BBAREIT index which has fallen -2.86%, for a difference of +16.1%. The fund has outperformed the...
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10 May 2022 - Performance Report: Quay Global Real Estate Fund (Unhedged)
By: FundMonitors.com
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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 Quay Global Real Estate Fund (Unhedged) has a track record of 6 years and 4 months and has outperformed the BBAREIT Index since inception in January 2016, providing investors with an annualised return of 8.67% compared with the index's return of 6.6% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -8.21% vs the index's -11.14%, and since inception in January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. The fund's maximum drawdown began in February 2020 and lasted 1 year and 4 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by June 2021. The Manager has delivered these returns with 0.47% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.68 since inception. The fund has provided positive monthly returns 73% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 68% and a down-capture ratio of 60%. |
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Performance Report: DS Capital Growth Fund
9 May 2022 - FundMonitors.com
The DS Capital Growth Fund returned -4.16% in April. The fund has a track record of 9 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of...
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9 May 2022 - Performance Report: DS Capital Growth Fund
By: FundMonitors.com
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand, generally avoiding large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | The DS Capital Growth Fund has a track record of 9 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 14.25% compared with the index's return of 9.58% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 9 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.9% vs the index's -6.35%, and since inception in January 2013 the fund's largest drawdown was -22.53% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 1.97% less 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 1.1 since inception. The fund has provided positive monthly returns 89% of the time in rising markets and 35% of the time during periods of market decline, contributing to an up-capture ratio since inception of 66% and a down-capture ratio of 55%. |
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Performance Report: Argonaut Natural Resources Fund
6 May 2022 - FundMonitors.com
The Argonaut Natural Resources Fund returned -2.3% in April. Over the past 12 months, the fund has risen by +72.38% compared with the ASX 200 Total Return Index which has returned +10.16%. The fund has outperformed the index since...
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6 May 2022 - Performance Report: Argonaut Natural Resources Fund
By: FundMonitors.com
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| Fund Overview | At times, ANRF may consider holding higher levels of cash (max 30%) if valuations are full and it is difficult to find attractive investment opportunities. The Fund does not borrow for investment or any other purposes, but it may short sell securities as part of its portfolio protection strategies. |
| Manager Comments | The Argonaut Natural Resources Fund has a track record of 2 years and 4 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 January 2020, providing investors with an annualised return of 57.04% compared with the index's return of 8.32% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.38% vs the index's -6.35%, and since inception in January 2020 the fund's largest drawdown was -14.61% 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 1.77% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 3.55 and for performance since inception of 2.28. The fund has provided positive monthly returns 80% of the time in rising markets and 50% of the time during periods of market decline, contributing to an up-capture ratio since inception of 201% and a down-capture ratio of -9%. |
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Performance Report: AIM Global High Conviction Fund
6 May 2022 - FundMonitors.com
The AIM Global High Conviction Fund has a track record of 2 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the Global Equity Index since...
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6 May 2022 - Performance Report: AIM Global High Conviction Fund
By: FundMonitors.com
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The AIM Global High Conviction Fund has a track record of 2 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the Global Equity Index since inception in July 2019, providing investors with an annualised return of 10.82% compared with the index's return of 9.57% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -15.5% vs the index's -10.7%, and since inception in July 2019 the fund's largest drawdown was -15.5% vs the index's maximum drawdown over the same period of -13.19%. The fund's maximum drawdown began in January 2022 and has lasted 3 months, reaching its lowest point during April 2022. During this period, the index's maximum drawdown was -10.7%. The Manager has delivered these returns with 1.01% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 0.2 and for performance since inception of 0.89. The fund has provided positive monthly returns 90% of the time in rising markets and 0% of the time during periods of market decline, contributing to an up-capture ratio since inception of 112% and a down-capture ratio of 105%. |
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Performance Report: Laureola Australia Feeder Fund
3 May 2022 - FundMonitors.com
The Laureola Master Fund rose by +0.96% in March, an outperformance of +4.71% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -3.75%. Over the past 12 months, the fund has risen by +3.95% compared with the index...
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3 May 2022 - Performance Report: Laureola Australia Feeder Fund
By: FundMonitors.com
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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 11 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with an annualised return of 14.48% compared with the index's return of 2.9% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 8 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.39% vs the index's -8.66%, and since inception in May 2013 the fund's largest drawdown was -4.9% vs the index's maximum drawdown over the same period of -8.94%. The fund's maximum drawdown began in December 2018 and lasted 10 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by October 2019. During this period, the index's maximum drawdown was -0.98%. The Manager has delivered these returns with 1.87% more 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 2.3 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 94% of the time during periods of market decline, contributing to an up-capture ratio since inception of 160% and a down-capture ratio of -204%. |
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Fund Review: Insync Global Capital Aware Fund March 2022
29 Apr 2022 - FundMonitors.com
Latest Fund Review on Insync Global Capital Aware Fund is now available. 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...
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29 Apr 2022 - Fund Review: Insync Global Capital Aware Fund March 2022
By: FundMonitors.com
AFM Fund Review - March 2022 (pdf format)
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.
AFM Fund Review - March 2022 (pdf format)
Performance Report: Equitable Investors Dragonfly Fund
28 Apr 2022 - FundMonitors.com
The Equitable Investors Dragonfly Fund has a track record of 4 years and 7 months and in March returned -3.93%. The portfolio holdings that made positive contributions in the quarter were generally those with a track record of...
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28 Apr 2022 - Performance Report: Equitable Investors Dragonfly Fund
By: FundMonitors.com
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | In March, the fund's best performed holdings were the largest and more liquid: Omni Bridgeway (OBL) and EML Payments (EML). Equitable added that the Fund underperformed benchmarks like the S&P/ASX Small Ordinaries and Emerging Companies indices that are weighted to more liquid investments - and unlike the Fund they also feature a material exposure to the resources sector, which had a strong month. The portfolio holdings that made positive contributions in the quarter were generally those with a track record of profitability, such as Earlypay (EPY), Omni Bridgeway (OBL), Pental (PTL) and Reckon (RKN). Three of the four of those names have market caps greater than $100m (OBL is just shy of $1 billion, PTL is the odd one out at ~$70m). At the other end of the spectrum, three of the four worst performed investments for the quarter had market caps less than $50m. The volume of shares traded declined by at least 50% for each of these four names when comparing the March 2022 quarter with the December 2021 quarter - and volume for three of the four was at least 40% lower compared to the prior March quarter. Equitable emphasised their view that liquidity is a double-edged sword and in this quarter it hurt their mark-to-market NAV pricing. |
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