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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jul 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned +2.47% in June, a difference of +0.21% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +40.54%, compared with the...
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22 Jul 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 | Over the past 12 months, the fund's volatility has been 10.33% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 13.76% vs the index's volatility of 13.31%. Since inception in the months when the market was positive the fund provided positive returns 97% of the time. It has an up-capture ratio of 125.88% since inception and 142.78 over the past 12 months. Across all other time periods, it has ranged between 138.64% (2 years) and 121.05% (5 years). |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
21 Jul 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund experienced a tougher June quarter with a loss of -6.75%. This performance was recorded against a mixed market backdrop in Asia. Longlead believe peak global economic growth has likely passed in...
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21 Jul 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead believe peak global economic growth has likely passed in the second quarter. Their view is that a number of key macroeconomic variables are currently signalling a mid-cycle slowdown. Bond yields and inflation expectations are falling and some early cycle commodities that led the reflation trend late last year such as lumber, copper, plastic resins and soft commodities are now reversing. They noted current economic activity however remains strong, supported by global monetary and fiscal stimulus, and consequently a sharp slowdown presents as unlikely. For the Fund, this late recovery was not enough to offset the impact of the decline in Taiwan in May, and the Fund accordingly experienced losses across the quarter in the Technology sector as well as non-sector hedges, partially offset by gains in Consumer Discretionary positions. Across countries in the quarter, the Fund saw a drawdown from positions in China, the United States, and Taiwan, with offsetting gains in both Hong Kong and Korea. |
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Performance Report: Prime Value Emerging Opportunities Fund
21 Jul 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned +3.05% in June, a difference of +0.79% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +42.01%, compared with the index,...
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21 Jul 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 9.68% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.68% vs the index's volatility of 14.07%. The fund's Sharpe ratio has ranged from a high of 3.71 over the most recent 12 months, to a low of 0.98 over the past 5 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.74. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has a down-capture ratio of 45.74% since inception, and ranging between 68.03% (3 years) and -4.64% (12 months), highlighting its capacity to outperform in falling markets. |
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Performance Report: Glenmore Australian Equities Fund
20 Jul 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund returned +6.15% in June, a difference of +3.89% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +52.57%, compared with the index, which...
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20 Jul 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 3.15 over the most recent 12 months, to a low of 0.69 over the past 2 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.66. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 26.48 over the most recent 12 months, to a low of 0.7 over the past 2 years. Since inception the fund's Sortino ratio has been 1.26 vs the index's 0.75. Since inception in the months when the market was positive the fund provided positive returns 91% of the time. It has an up-capture ratio ranging between 207.09% (since inception) and 159.24% (2 years), and over the most recent 12 months has provided an up-capture ratio of 158.46%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
19 Jul 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned +3.03% in June, a difference of +0.77% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in January, 2009, the fund has returned +17.39% per...
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19 Jul 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 | Over the past 12 months, the fund's volatility has been 10.3% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.9% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 92% of the time. It has an up-capture ratio ranging between 154.44% (since inception) and 114.4% (3 years), and over the most recent 12 months has provided an up-capture ratio of 137.36%. The fund has a down-capture ratio of 91.58% since inception, and ranging between 98.95% (3 years) and 52.53% (12 months). |
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Performance Report: Cyan C3G Fund
16 Jul 2021 - Australian Fund Monitors
The Cyan C3G Fund returned +1.4% in June. Over the past 12 months the fund has returned +31.76%, compared with the index, which returned +27.8%, for a difference of +3.97%. Since inception in July, 2014, the fund has returned +15.48% per...
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16 Jul 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 Sharpe ratio has ranged from a high of 1.53 over the most recent 12 months, to a low of 0.31 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.88 vs the index which has a Sharpe ratio of 0.54. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 3.97 over the most recent 12 months, to a low of 0.28 over the past 3 years. Since inception the fund's Sortino ratio has been 1.23 vs the index's 0.62. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has an up-capture ratio of 89.51% since inception and 119.34 over the past 12 months. Across all other time periods, it has ranged between 110.01% (2 years) and 83.12% (5 years). The fund has a down-capture ratio of 58.2% since inception. |
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Performance Report: Bennelong Australian Equities Fund
16 Jul 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund returned +2.96% in June, a difference of +0.7% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +45.82%, compared with the index, which...
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16 Jul 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 | Over the past 12 months, the fund's volatility has been 11.08% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.56% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 93% of the time. It has an up-capture ratio of 143.69% since inception and 148.64 over the past 12 months. Across all other time periods, it has ranged between 150.52% (2 years) and 134.55% (3 years). It has a down-capture ratio of 96.02% since inception, and ranging between 97.65% (3 years) and 50.11% (12 months). |
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Performance Report: Airlie Australian Share Fund
15 Jul 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned +2.88% in June, a difference of +0.62% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in June, 2018, the fund has returned +13.26% per annum, a difference of...
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15 Jul 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 | Over the past 12 months, the fund's volatility has been 10.99% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 16.65% vs the index's volatility of 17.13%. Since inception in the months when the market was positive the fund provided positive returns 100% of the time. It has an up-capture ratio of 109.14% since inception and 117.72% over the past 12 months. It has a down-capture ratio of 95.6% since inception, and 93.45% over the most recent 12 months. This indicates that the fund has typically outperformed in both the market's positive and negative months since its inception. |
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Performance Report: Montgomery Small Companies Fund
15 Jul 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund returned +4.89% in June, a difference of +2.63% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +43.84%, compared with the index, which...
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15 Jul 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.02 over the most recent 12 months, to a low of 1.05 since inception. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 13.7 over the most recent 12 months, to a low of 1.51 since inception. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. It has an up-capture ratio ranging between 156.12% (since inception) and 156.12% (since inception), and over the most recent 12 months has provided an up-capture ratio of 143.96%. The fund has a down-capture ratio of 88.65% since inception, and ranging between 58.94% (12 months) and 58.94% (12 months). |
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Performance Report: DS Capital Growth Fund
14 Jul 2021 - Australian Fund Monitors
The DS Capital Growth Fund returned +2.56% in June, a difference of +0.3% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +35.46%, compared with the index, which returned...
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14 Jul 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 | Over the past 12 months, the fund's volatility has been 8.01% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 11.21% vs the index's volatility of 13.67%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The fund's Sharpe ratio has ranged from a high of 3.85 over the most recent 12 months, to a low of 1 over the past 3 years. Since inception the fund's Sharpe ratio has been 1.29. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 48.9 over the most recent 12 months, to a low of 1.32 over the past 3 years. Since inception the fund's Sortino ratio has been 1.95. The fund has an up-capture ratio ranging between 114.31% (2 years) and 72.09% (since inception), and over the most recent 12 months has provided an up-capture ratio of 110.95%. It has a down-capture ratio of 45% since inception, and ranging between 73.41% (3 years) and 15.64% (12 months). |
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