NEWS
Performance Report: DS Capital Growth Fund
13 Sep 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.68% in August, an outperformance of +0.18% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +30.93% compared with the index which has...
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13 Sep 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand; they generally avoid 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 fund's returns over the past 12 months have been achieved with a volatility of 6.85% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in January 2013 is 11.12% vs the index's 13.55%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.99 for performance over the most recent 12 months to a low of 1.01 over the latest 60 months, and is 1.33 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.67. Since inception in January 2013 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 73.67%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.64% over the most recent 24 months to a low of 87.73% 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 45%. Over all other periods, the fund's down-capture ratio has ranged from a high of 73.41% over the most recent 36 months to a low of 15.64% 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. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
10 Sep 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose by +2.35% in August. Since inception in May 2006, the fund has returned +8.75% per annum, a difference of +1.94% relative to the index which has returned +6.81% on an annualised basis over...
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10 Sep 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | The annualised volatility of the fund's returns since inception in May 2006 is 7.61% vs the index's 14.21% and over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.13 for performance over the most recent 12 months to a low of 0.23 over the latest 36 months, and is 1.26 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2006 is 0.34. The fund's down-capture ratio for returns since inception is 48.66%. 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: AIM Global High Conviction Fund
10 Sep 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +2.09% in August. Over the past 12 months, the fund has risen by +27.61%, and since inception in July 2019, the fund has returned +20.19% per annum, a difference of +3.09% relative to the index...
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10 Sep 2021 - Performance Report: AIM Global High Conviction Fund
By: Australian Fund Monitors
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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 fund's Sharpe ratio is 2.55 for performance over the past 12 months, and over the past 24 months is 1.87. Since inception, the fund's Sharpe ratio is 1.78 vs the Global Equity Index's Sharpe of 1.5. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio since inception of 102.88%. For performance over the past 12 month, the fund's up-capture ratio is 97.76%, and is 106.38% over the past 24 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 since inception of 74.34% indicates that, on average, it has fallen less than the market during the market's negative months. |
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Performance Report: Bennelong Long Short Equity Fund
9 Sep 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose by +1.19% in August. Since February 2002, the fund has returned +14.79% per annum, a difference of +6.23% relative to the index which has returned +8.56% on an annualised basis over the same period.
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9 Sep 2021 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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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 fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.29 for performance over the most recent 24 months to a low of -0.77 over the latest 12 months, and is 1.42 for performance since February 2002. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2002 is 0.49. Since February 2002 in the months where the market was negative, the fund has provided positive returns 64% of the time, contributing to a down-capture ratio for returns since February 2002 of -162%. Over all other periods, the fund's down-capture ratio has ranged from a high of 88.83% over the most recent 12 months to a low of -12.6% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: Paragon Australian Long Short Fund
8 Sep 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose by +23.7% in August, an outperformance of +21.2% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +39.91% compared with the index...
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8 Sep 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 February 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 112.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 243.32% over the most recent 24 months to a low of 125.59% 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 74.72%, demonstrating its capacity to outperform when markets fall. |
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Reporting Season Insights | Cyan Investment Management
7 Sep 2021 - Australian Fund Monitors
Chris Gosselin, CEO of Australian Fund Monitors, speaks with Graeme Carson, Director & Portfolio Manager at Cyan Investment Management.
The Cyan C3G Fund has a track record of 7 years and has outperformed the ASX Small...
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7 Sep 2021 - Reporting Season Insights | Cyan Investment Management
By: Australian Fund Monitors
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Chris Gosselin, CEO of Australian Fund Monitors, speaks with Graeme Carson, Director & Portfolio Manager at Cyan Investment Management. The Cyan C3G Fund has a track record of 7 years and has outperformed the ASX Small Ordinaries Total Return Index since inception in July 2014, providing investors with a return of 15.58% per annum, compared with the index's return of 9.42% p.a. over the same period. The manager has delivered this outperformance while maintaining a down-capture ratio since inception of 52%, indicating that, on average, it has only fallen half as much as the market during the market's negative months.
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Reporting Season Insights | DS Capital
6 Sep 2021 - Australian Fund Monitors
Chris Gosselin, CEO of Australian Fund Monitors, speaks with Rodney Brott, CEO & Executive Director of DS Capital.
The DS Capital Growth Fund has a track record of 8 years and has consistently outperformed the ASX 200 Total...
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6 Sep 2021 - Reporting Season Insights | DS Capital
By: Australian Fund Monitors
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Chris Gosselin, CEO of Australian Fund Monitors, speaks with Rodney Brott, CEO & Executive Director of DS Capital. The DS Capital Growth Fund has a track record of 8 years and has consistently outperformed the ASX 200 Total Return since inception in January 2013, providing investors with a return of 16.77%, compared with the index's return of 9.94% over the same period. DS Capital has delivered these returns with -2.44% less volatility than the index, contributing to a Sharpe ratio which fallen below 1 once and currently sits at 1.31 since inception.
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Fund Review: Bennelong Long Short Equity Fund July 2021
31 Aug 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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31 Aug 2021 - Fund Review: Bennelong Long Short Equity Fund July 2021
By: Australian Fund Monitors
AFM Fund Review - July 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 14.79%.
- 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 0.88 and 1.41 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - July 2021 (pdf format)
Performance Report: NWQ Fiduciary Fund
25 Aug 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund rose by +1.12% in July. Since inception in May 2013, the fund has returned +6.24% per annum with an annualised volatility of 5.73%. Over the same period, the ASX200 Accumulation Index has returned +8.75% with a...
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25 Aug 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 | The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 5.53 for performance over the most recent 12 months to a low of 0.82 over the latest 36 months, and is 1.26 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2013 is 0.69. Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 53% of the time, contributing to a down-capture ratio for returns since inception of 13.25%. Over all other periods, the fund's down-capture ratio has ranged from a high of 30.01% over the most recent 36 months to a low of -8.46% 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, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. Over the past 12 months, the fund's largest drawdown was -1.69% vs the index's -3.66%, and since inception in May 2013 the fund's largest drawdown was -8.77% vs the index's maximum drawdown over the same period of -26.75%. |
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Performance Report: Glenmore Australian Equities Fund
24 Aug 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose by +3.21% in July, an outperformance of +2.11% compared with the ASX 200 Total Return Index which rose by +1.1%. Over the past 12 months, the fund has risen by +55.28% compared with the index...
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24 Aug 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.32 for performance over the most recent 12 months to a low of 0.62 over the latest 24 months, and is 1.06 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2017 is 0.67. Since inception in June 2017 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 211.97%. Over all other periods, the fund's up-capture ratio has ranged from a high of 209.07% over the most recent 48 months to a low of 153.43% over the latest 24 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. |
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