NEWS
Performance Report: L1 Capital Long Short Fund (Monthly Class)
11 Feb 2022 - FundMonitors.com
The L1 Capital Long Short Fund (Monthly Class) rose by +2.74% in January, an outperformance of +9.09% compared with the ASX 200 Total Return Index which fell by -6.35%. The fund has outperformed the index since inception in September 2014,...
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11 Feb 2022 - Performance Report: L1 Capital Long Short Fund (Monthly Class)
By: FundMonitors.com
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| Fund Overview | L1 Capital uses a combination of discretionary and quantitative methods to identify securities with the potential to provide attractive risk-adjusted returns. The discretionary element of the investment process entails regular meetings with company management and other stakeholders as well as frequent reading and analysis of annual reports and other relevant publications and communications. The quantitative element of the investment process makes use of bottom-up research to maintain financial models such as the Discounted Cashflow model (DCF) which is used as a means of assessing the intrinsic value of a given security. Stocks with the best combination of qualitative factors and valuation upside are used as the basis for portfolio construction. The process is iterative and as business trends, industry structure, management quality or valuation changes, stock weights are adjusted accordingly. |
| Manager Comments | The L1 Capital Long Short Fund (Monthly Class) has a track record of 7 years and 5 months and has outperformed the ASX 200 Total Return Index since inception in September 2014, providing investors with an annualised return of 22.78% compared with the index's return of 7.15% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 7 years and 5 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -7.21% vs the index's -6.35%, and since inception in September 2014 the fund's largest drawdown was -39.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2018 and lasted 2 years and 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 6.66% 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 1.04 since inception. The fund has provided positive monthly returns 79% of the time in rising markets and 64% of the time during periods of market decline, contributing to an up-capture ratio since inception of 94% and a down-capture ratio of 3%. |
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Performance Report: DS Capital Growth Fund
11 Feb 2022 - FundMonitors.com
Over the past 12 months, the DS Capital Growth Fund has risen by +9.61% compared with the ASX 200 Total Return Index which has returned +9.44%. The fund has outperformed the index since inception in January 2013, providing investors with...
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11 Feb 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 1 month and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 15.16% compared with the index's return of 8.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 9 years and 1 month since the start of its track record. Over the past 12 months, the fund's largest drawdown was -7.43% 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 Manager has delivered these returns with 2.12% 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 1.18 since inception. The fund has provided positive monthly returns 90% 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 72% and a down-capture ratio of 51%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
11 Feb 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Concentrated Australian Equities Fund has risen by +10.28% compared with the ASX 200 Total Return Index which has returned +9.44%, for a difference of +0.84%. The fund has outperformed the index since...
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11 Feb 2022 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 13 years and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 16.29% compared with the index's return of 9.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -12.4% vs the index's -6.35%, and since inception in February 2009 the fund's largest drawdown was -24.11% 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 Manager has delivered these returns with 1.66% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.93 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 20% of the time during periods of market decline, contributing to an up-capture ratio since inception of 157% and a down-capture ratio of 93%. |
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Performance Report: Collins St Value Fund
10 Feb 2022 - FundMonitors.com
The Collins St Value Fund rose by +1.67% in January, a difference of +8.02% compared with the ASX 200 Total Return Index which fell by -6.35%. The fund has outperformed the Index since inception in February 2016, providing investors with...
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10 Feb 2022 - Performance Report: Collins St Value Fund
By: FundMonitors.com
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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 | The Collins St Value Fund has a track record of 6 years and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 18.69% compared with the index's return of 9.93% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 6 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -5.4% vs the index's -6.35%, and since inception in February 2016 the fund's largest drawdown was -27.46% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by September 2020. The Manager has delivered these returns with 3.84% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past five years and which currently sits at 1.01 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 67% of the time during periods of market decline, contributing to an up-capture ratio since inception of 84% and a down-capture ratio of 28%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
10 Feb 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund outperformed the ASX 200 Total Return Index by +0.91% in January. The fund has outperformed the Index since inception in May 2006, providing investors with an annualised return of 8.2% compared...
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10 Feb 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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. |
| Manager Comments | The Bennelong Kardinia Absolute Return Fund has a track record of 15 years and 9 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 8.2% compared with the index's return of 6.2% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 15 years and 9 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -5.44% vs the index's -6.35%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. The Manager has delivered these returns with 6.45% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 times over the past five years and which currently sits at 0.69 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 17% and a down-capture ratio of 52%. |
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Performance Report: Bennelong Australian Equities Fund
9 Feb 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Australian Equities Fund has risen by +10.04% compared with the index which has returned +9.44%, for a difference of +0.6%. The Fund has outperformed the ASX 200 Total Return Index since inception in...
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9 Feb 2022 - Performance Report: Bennelong Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Fund has a track record of 13 years and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 14.36% compared with the index's return of 9.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -11.93% vs the index's -6.35%, and since inception in February 2009 the fund's largest drawdown was -24.32% 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 Manager has delivered these returns with 1.26% more 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 0.84 since inception. The fund has provided positive monthly returns 92% 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 145% and a down-capture ratio of 97%. |
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Performance Report: 4D Global Infrastructure Fund
9 Feb 2022 - FundMonitors.com
The 4D Global Infrastructure Fund rose by +1.03% in January, a difference of +0.5% compared with the S&P Global Infrastructure TR (AUD) Index which rose by +0.53%. The fund has outperformed the Index since inception in March 2016,...
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9 Feb 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 5 years and 11 months and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 9.8% compared with the index's return of 8.42% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 5 years and 11 months since the start of its track record. 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 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 0.76 since inception. The fund has provided positive monthly returns 95% 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 103% and a down-capture ratio of 94%. |
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Performance Report: Surrey Australian Equities Fund
8 Feb 2022 - FundMonitors.com
Over the past 12 months, the Surrey Australian Equities Fund has risen by +5.96%. The Fund has outperformed the ASX 200 Total Return Index since inception in June 2018, providing investors with an annualised return of 9.01% compared with...
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8 Feb 2022 - Performance Report: Surrey Australian Equities Fund
By: FundMonitors.com
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Surrey Australian Equities Fund has a track record of 3 years and 8 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 9.01% compared with the index's return of 7.9% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 3 years and 8 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -9.79% vs the index's -6.35%, and since inception in June 2018 the fund's largest drawdown was -26.75% 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 4.62% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past three years and which currently sits at 0.49 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 126% and a down-capture ratio of 112%. |
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Performance Report: Premium Asia Fund
7 Feb 2022 - FundMonitors.com
The Premium Asia Fund has a track record of 12 years and 2 months and has outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in December 2009, providing investors with an annualised return of 11.67% compared with...
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7 Feb 2022 - Performance Report: Premium Asia Fund
By: FundMonitors.com
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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 Premium Asia Fund has a track record of 12 years and 2 months and has outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in December 2009, providing investors with an annualised return of 11.67% compared with the index's return of 5.62% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 12 years and 2 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -9.68% vs the index's -8.46%, and since inception in December 2009 the fund's largest drawdown was -21.41% vs the index's maximum drawdown over the same period of -19.56%. The fund's maximum drawdown began in June 2015 and lasted 1 year and 11 months, reaching its lowest point during February 2016. The fund had completely recovered its losses by May 2017. The Manager has delivered these returns with 2.29% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past five years and which currently sits at 0.76 since inception. The fund has provided positive monthly returns 89% 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 161% and a down-capture ratio of 91%. |
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Performance Report: AIM Global High Conviction Fund
4 Feb 2022 - FundMonitors.com
Over the past 12 months, the AIM Global High Conviction Fund has risen by +27.43% compared with the Global Equity Index which has returned +22.88%, for a difference of +4.55%. The fund has outperformed the index since inception in July...
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4 Feb 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 7 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 16.87% compared with the index's return of 14.68% over the same period. Over the past 12 months, the fund's largest drawdown was -5.5% vs the index's -3.04%, and since inception in July 2019 the fund's largest drawdown was -7.59% vs the index's maximum drawdown over the same period of -13.19%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The Manager has delivered these returns with 0.87% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 2.15 and for performance since inception of 1.42. 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 101%. |
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