NEWS
20 Dec 2022 - Performance Report: Insync Global Capital Aware Fund
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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 has a track record of 13 years and 2 months and has underperformed the Global Equity benchmark since inception in October 2009, providing investors with an annualised return of 9.84% compared with the benchmark's return of 10.45% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 2 months since its inception. Over the past 12 months, the fund's largest drawdown was -29.45% vs the index's -16.02%, and since inception in October 2009 the fund's largest drawdown was -29.45% vs the index's maximum drawdown over the same period of -16.02%. The fund's maximum drawdown began in January 2022 and has so far lasted 10 months, reaching its lowest point during September 2022. The Manager has delivered these returns with 1% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.7 since inception. The fund has provided positive monthly returns 81% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 63% and a down-capture ratio of 85%. |
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20 Dec 2022 - Performance Report: Airlie Australian Share Fund
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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 6 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return benchmark since inception in June 2018, providing investors with an annualised return of 10.94% compared with the benchmark's return of 8.48% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 6 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 0.07% less volatility than the benchmark, 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 97% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 110% and a down-capture ratio of 97%. |
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20 Dec 2022 - Performance Report: Bennelong Concentrated Australian Equities Fund
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 13 years and 10 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 13.67% compared with the benchmark's return of 9.98% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -30.58% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -31.81% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 11 months, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.9% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.76 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 18% of the time during periods of market decline, contributing to an up-capture ratio since inception of 131% and a down-capture ratio of 97%. |
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20 Dec 2022 - The Rate Debate - 2023 predictions on the economy, inflation, and the fixed-rate mortgage cliff
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The Rate Debate - Episode 34 2023 predictions on the economy, inflation, and the fixed-rate mortgage cliff Yarra Capital Management December 2022 The RBA delivered an eighth-straight rate hike to hit a 10-year high to round out a tumultuous 2022. Speakers: Darren Langer and Chris Rands, seasoned fixed-income specialists |
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Funds operated by this manager: Yarra Australian Equities Fund, Yarra Emerging Leaders Fund, Yarra Enhanced Income Fund, Yarra Income Plus Fund |
19 Dec 2022 - Performance Report: ASCF High Yield Fund
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| Fund Overview | ASCF High Yield Fund provides short term 1st and/or 2nd mortgage loans to a maximum Loan to Valuation Ratio (LVR) of 80% for a maximum term of 12 months on residential and commercial property. 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 5.00% - 6.55% per annum depending on their investment term. |
| Manager Comments | The ASCF High Yield Fund has a track record of 5 years and 9 months and has outperformed the Bloomberg AusBond Composite 0+ Yr benchmark since inception in March 2017, providing investors with an annualised return of 8.44% compared with the benchmark's return of 1.33% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 9 months since its inception. Since inception in March 2017, 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 -12.97%. The Manager has delivered these returns with 4.06% less volatility than the benchmark, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 18.06 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 76% and a down-capture ratio of -74%. |
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19 Dec 2022 - Performance Report: Bennelong Emerging Companies Fund
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 5 years and 1 month and has outperformed the ASX 200 Total Return benchmark since inception in November 2017, providing investors with an annualised return of 17.55% compared with the benchmark's return of 8.41% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 5 years and 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -29.64% 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 14.08% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.67 since inception. The fund has provided positive monthly returns 80% of the time in rising markets and 30% of the time during periods of market decline, contributing to an up-capture ratio since inception of 251% and a down-capture ratio of 121%. |
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19 Dec 2022 - Managers Insights | Glenmore Asset Management
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Damen Purcell, COO of FundMonitors.com, speaks with Robert Gregory, Founder and Portfolio Manager at Glenmore Asset Management. The Glenmore Australian Equities Fund has a track record of 5 years and 6 months and has outperformed the ASX 200 Total Return benchmark since inception in June 2017, providing investors with an annualised return of 21.78% compared with the benchmark's return of 8.69% over the same period.
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19 Dec 2022 - Trip Insights: United States
16 Dec 2022 - Hedge Clippings |16 December 2022
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Hedge Clippings | Friday, 16 December 2022 As 2022 drags to an end, it's worth taking a backward glance at the year just (almost) gone, if for no other reason than to try to fathom out what's in store in 2023. Hindsight being a wonderful thing, the backward glance is a much easier task than the crystal ball, but let's see how we go. The year has been dominated globally by two major occurrences - Russia's invasion of Ukraine, and an outbreak of inflation. Neither were widely anticipated by the vast majority of us, although no doubt political and security analysts perhaps had an inkling of the potential for Putin to upset the order of things. While the situation on the ground in Ukraine has been catastrophic, the economic effects have impacted the world at large, including a significant increase in energy costs, and as a result inflation. However, inflationary pressures were already building, and even if central banks around the world saw it coming, they were slow to act on it. Enter COVID - although to be fair 2022 was the third year that COVID-19 had dominated the world, and wreaked its own havoc. The difference this year has been the opening up of the global economy post the COVID induced lockdowns, with the exception of China where XI went in the opposite direction. Supply chain issues, a tight labour market, pent up consumer demand (thanks in part to a massive build up of government support), zero to negative interest rates, and seemingly unstoppable speculative markets all intertwined to create the perfect inflationary storm. As noted above, central banks were generally slow to react with higher interest rates, with the RBA no exception, but equally, not alone in doing "too little, too late". Looking forward there are some signs that inflation (in the US in any event) may have peaked, but that's largely as a result of oil falling from over US$120 per barrel mid year to circa $70 in December. And the US FED's Jerome Powell made it abundantly clear overnight that a slight dip in inflation in the short term isn't going to change their objective of getting it back into the 2-3% range. Which brings us to next year. The war in Ukraine shows no signs of ending - so much for a temporary military exercise! A recession in the UK is a forgone conclusion (if not already a reality), and there's a widespread view that the only way US inflation gets back to the 2-3% target is by inducing a recession there as well. The influential Economist magazine says a global recession in 2023 is "inevitable" and notes that the editors of the Collins English Dictionary have declared "permacrisis" to be their word of the year for 2022. In case you're not familiar with the word, it is defined as an "an extended period of instability and insecurity", which as the Economist notes, "is an ugly portmanteau that accurately encapsulates today's world as 2023 dawns." A quick Google search of "is a recession inevitable" will give you 6.6m references or links, although time and space (plus the fact that unless you're an economic weirdo you'll get bored after the first few) precludes us from adding any more in Hedge Clippings. That's pretty sobering language on a global view, but what of our rather large southern portion of the globe? We haven't been immune to inflation, or to most, if not all, the issues noted above. Of course we have also been on the outer with China, who have their own set of issues to deal with. However, we are, as ever, the "lucky country" even if it might not seem that way, given the events of the past two or three years. As such, there'll always be opportunities, and fund managers and their funds able to make the most of them. This week we include a video interview with Rob Gregory from Glenmore Asset Management, whose Australian Equities Fund is one of the Top Ten Performing funds over one (7%), three (14%), and five (19%) years in the Equity Long Small/Mid Cap Peer Group, no mean feat given that the Peer Group as a whole has struggled in 2022. As Rob explains, much of his success this year can be attributed to avoiding the pitfalls, as much as picking the winners. You can see the interview below. Finally, this will be our last Hedge Clippings for 2022, unless we sneak one in next Thursday as a special Christmas treat (!). Thank you for bearing with our views, ponderings, and political biases on Friday afternoons over the past year, and we look forward to catching up again in 2023. In the meantime, best wishes and happiness to you and your loved ones for the holiday season, wherever you may be. |
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News & Insights Manager Insights | Glenmore Asset Management The energy development opportunity for European offshore wind | 4D Infrastructure Net Zero Megatrend | Insync Fund Managers November 2022 Performance News Quay Global Real Estate Fund (Unhedged) Bennelong Emerging Companies Fund Skerryvore Global Emerging Markets All-Cap Equity Fund Delft Partners Global High Conviction Strategy |
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16 Dec 2022 - Performance Report: Bennelong Australian Equities Fund
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 13 years and 10 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 12.08% compared with the benchmark's return of 9.98% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 13 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -28.95% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -30.31% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 11 months, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.44% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.69 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 17% of the time during periods of market decline, contributing to an up-capture ratio since inception of 123% and a down-capture ratio of 99%. |
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