NEWS
Performance Report: Premium Asia Fund
18 Aug 2021 - Australian Fund Monitors
Over the past 12 months, the Premium Asia Fund has risen by +26.24% vs the Asia Pacific ex-Japan Index's +16.87%, and since inception in December 2009, the fund has returned +12.5% per annum, a difference of +6.03% relative to the index...
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18 Aug 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 2.2 for performance over the most recent 12 months to a low of 1 over the latest 36 months, and is 0.81 for performance since inception. By contrast, the Asia Pacific ex-Japan Index's Sharpe for performance since December 2009 is 0.45. Since inception in December 2009 in the months where the market was positive, the fund has provided positive returns 86% of the time, contributing to an up-capture ratio for returns since inception of 153.06%. Over all other periods, the fund's up-capture ratio has ranged from a high of 152.3% over the most recent 12 months to a low of 128.74% 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 over the specified period. The fund's down-capture ratio for returns since inception is 88.23%. Over all other periods, the fund's down-capture ratio has ranged from a high of 131.39% over the most recent 12 months to a low of 97.92% over the latest 36 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: Cyan C3G Fund
18 Aug 2021 - Australian Fund Monitors
The Cyan C3G Fund rose by +1.83% in July, an outperformance of +1.15% compared with the ASX Small Ordinaries Total Return Index which rose by +0.68%. Since inception in July 2014, the fund has returned +15.58% per annum, a difference of...
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18 Aug 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The fund's down-capture ratio for returns since inception is 51.75%. Over all other periods, the fund's down-capture ratio has ranged from a high of 123.68% over the most recent 12 months to a low of 76.77% 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 Sharpe ratio has ranged from a high of 1.21 for performance over the most recent 12 months to a low of 0.31 over the latest 36 months, and is 0.89 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sharpe for performance since August 2014 is 0.55. Its Sortino ratio (which excludes volatility in positive months) has ranged from a high of 2.86 for performance over the most recent 12 months to a low of 0.26 over the latest 24 months, and is 1.24 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sortino for performance since August 2014 is 0.66. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
18 Aug 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose by +1.43% in July, an outperformance of +0.33% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2009, the fund has returned +17.4% per...
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18 Aug 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 10.39% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2009 is 14.85% vs the index's 13.54%. Over all other periods, the fund's returns have been more volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.39 for performance over the most recent 12 months to a low of 0.72 over the latest 36 months, and is 1.01 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.65. Since inception in January 2009 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 154.93%. Over all other periods, the fund's up-capture ratio has ranged from a high of 139.89% over the most recent 24 months to a low of 118.32% 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 over the specified period. |
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Performance Report: Airlie Australian Share Fund
17 Aug 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose by +2.61% in July, an outperformance of +1.51% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in June 2018, the fund has returned +13.81% per annum, a difference of...
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17 Aug 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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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). 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 fund's returns over the past 12 months have been achieved with a volatility of 10.81% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in June 2018 is 16.45% vs the index's 16.91%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 19.04% and 16.82% respectively, lower than the index's annualised volatility over both periods; 19.82% (24 months), 17.32% (36 months). Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 111.87%. Over all other periods, the fund's up-capture ratio has ranged from a high of 123.18% over the most recent 12 months to a low of 111.18% 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 over the specified period. The fund's down-capture ratio for returns since inception is 95.6%. Over all other periods, the fund's down-capture ratio has ranged from a high of 95.6% over the most recent 36 months to a low of 87.12% 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. |
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Performance Report: AIM Global High Conviction Fund
17 Aug 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +5.17% in July, an outperformance of +2.4% compared with the Global Equity Index which rose by +2.77%. Since inception in July 2019, the fund has returned +19.88% per annum, a difference of...
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17 Aug 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 2.73 for performance over the past 12 months, and over the past 24 months is 1.69. Since inception, the fund's Sharpe ratio is 1.72 vs the Global Equity Index's Sharpe of 1.42. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 88% of the time, contributing to an up-capture ratio since inception of 104.81%. For performance over the past 12 month, the fund's up-capture ratio is 108.86%, and is 108.59% 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 has a down-capture ratio since inception of 74.34%. 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: Paragon Australian Long Short Fund
16 Aug 2021 - Australian Fund Monitors
Over the past 12 months, the Paragon Australian Long Short Fund has risen by +24.28%, and since inception in February 2013 it has returned +13.42% per annum, a difference of +4.58% relative to the ASX 200 Total Return Index which has...
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16 Aug 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 | The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.45 for performance over the most recent 12 months to a low of 0.32 over the latest 60 months, and is 0.86 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since March 2013 is 0.7. Since inception in February 2013 in the months where the market was positive, the fund has provided positive returns 68% of the time, contributing to an up-capture ratio for returns since inception of 90.38%. Over all other periods, the fund's up-capture ratio has ranged from a high of 182% over the most recent 24 months to a low of 95.67% 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 74.72%, highlighting its capacity to outperform in negative markets over the long-term. |
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Performance Report: Bennelong Australian Equities Fund
16 Aug 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose by +1.41% in July, an outperformance of +0.31% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2009, the fund has returned +15.31% per annum, a...
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16 Aug 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 11.19% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2009 is 14.51% vs the index's 13.54%. Over all other periods, the fund's returns have been more volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.38 for performance over the most recent 12 months to a low of 0.89 over the latest 36 months, and is 0.9 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.65. Since inception in January 2009 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 144.11%. Over all other periods, the fund's up-capture ratio has ranged from a high of 151.92% over the most recent 24 months to a low of 136.91% 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 over the specified period. |
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Performance Report: DS Capital Growth Fund
13 Aug 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.54% in July, an outperformance of +1.44% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2013, the fund has returned +16.77% per annum, a difference of...
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13 Aug 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 8% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2013 is 11.16% vs the index's 13.6%. Over all other periods, the fund's returns have been consistently less volatile than the index. 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 73.41%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.88% over the most recent 24 months to a low of 87.35% 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's down-capture ratio for returns since inception is 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: Collins St Value Fund
13 Aug 2021 - Australian Fund Monitors
The Collins St Value Fund rose by +0.24% in July. Over the past 12 months, the fund has risen by +60.6% compared with the index which has returned +28.56%, for a difference of +32.04%. Since inception in February 2016, the fund has...
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13 Aug 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | Since inception in February 2016 in the months where the market was negative, the fund has provided positive returns 65% of the time, contributing to a down-capture ratio for returns since inception of 38.29%. Over all other periods, the fund's down-capture ratio has ranged from a high of 80.04% over the most recent 24 months to a low of -72.58% 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. The fund's up-capture ratio since inception is 86.43%. Over all other periods, the fund's up-capture ratio has ranged from a high of 189.49% over the most recent 24 months to a low of 94.92% 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. |
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Fund Review: Bennelong Kardinia Absolute Return Fund July 2021
13 Aug 2021 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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13 Aug 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2021
By: Australian Fund Monitors
AFM Fund Review - July 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.64% p.a. with a volatility of 7.62%, compared to the ASX200 Accumulation's return of 6.68% p.a. with a volatility of 14.24%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - July 2021 (pdf format)
