NEWS
Performance Report: Bennelong Kardinia Absolute Return Fund
18 Jun 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund has risen +8.69% p.a. with an annualised volatility of 7.65% since inception in May 2006. By contrast, the ASX200 Accumulation Index has returned +6.52% p.a. with an annualised volatility of...
Read more...
18 Jun 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.22 vs the Index's 0.30, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors in May included Cyprium Metals, CBA, Paladin Energy, Uniti Group and CSL. Key detractors included Fenix Resources, Pentanet, Strike Energy and Flight Centre. The Short Book detracted 80bp from performance. Bennelong remain positive on the outlook for these companies, with many having near-term catalysts. Kardinia noted they believe higher inflation and higher global debt are here to stay. However in the short-term, they believe the US Federal Reserve will maintain an easy monetary setting, giving the equity market plenty to cheer about. |
| More Information |
Performance Report: 4D Global Infrastructure Fund
18 Jun 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +2.91% in May, taking 12-month performance to +8.85%. Since inception in March 2016, the Fund has returned +10.15% p.a. with an annualised volatility of 13.05%.
Read more...
18 Jun 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities 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 strongest performer for May was Chinese gas distributor, Chinese Resources Gas up 16.9% on strong volume outlook The weakest performer in May was Indonesian toll road operator Jas Marga down 4.8% as a result of general market volatility with fundamentals unchanged. 4D continue to position for economic recovery, with infrastructure an integral component of that global bounce back. They believe there remains a raft of attractive investment opportunities on offer in the sector. |
| More Information |
Fund Review: Bennelong Twenty20 Australian Equities Fund May 2021
18 Jun 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
Read more...
18 Jun 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2021 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
17 Jun 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...
Read more...
17 Jun 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 8.69% p.a. with a volatility of 7.65%, compared to the ASX200 Accumulation's return of 6.52% p.a. with a volatility of 14.31%.
- 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 - May 2021 (pdf format)
Performance Report: Collins St Value Fund
17 Jun 2021 - Australian Fund Monitors
The Collins St Value Fund rose +4.66% in May, taking 12-month performance to +51.72% vs the ASX200 Accumulation Index's +28.23%. Since inception in February 2016, the Fund has returned +18.30% p.a. vs the Index's +11.36%.
Read more...
17 Jun 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Fund's Sharpe ratio (since inception) of 0.96 vs the Index's 0.76 demonstrates its capacity to achieve superior risk-adjusted returns over the long-term. The Fund has achieved up-capture ratios greater than 100% over the past 12, 24, 36 and 48 months, indicating that the Fund has typically outperformed during the market's positive months over those periods. The Fund's Sortino ratio (since inception) of 1.34 vs the Index's 0.91, in conjunction with its down-capture ratio (since inception) of 38.29%, highlights its capacity to outperform in falling and volatile markets. The Fund has achieved down-capture ratios of less than 81% over all time periods since inception. Notably, the Fund's 12-month down-capture ratio of -72.6% indicates that, on average, it had risen during the market's negative months over that period. |
| More Information |
Fund Review: Bennelong Long Short Equity Fund May 2021
16 Jun 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...
Read more...
16 Jun 2021 - Fund Review: Bennelong Long Short Equity Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 14.28%.
- 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 0.85 and 1.34 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
16 Jun 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose +0.46% in May, taking 12-month performance to +65.01% vs the ASX200 Accumulation Index's +28.23%. Since inception in March 2013, the Fund has returned +15.13% p.a. vs the Index's +8.59%.
Read more...
16 Jun 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 down-capture ratio (since inception) of 75% indicates that the Fund has typically outperformed during the market's negative months. The Fund has achieved up-capture ratios ranging from 106.23% (since inception) to 246.76% (past 12 months), highlighting its capacity to significantly outperform when markets rise. Positive contributors for the Fund in May were Chalice, Cettire, Caspin and Adriatic, offset by declines in Ionic, Betmakers and our base metals holdings. The Fund remains highly liquid, with a median market cap of $923m for our top 15 holdings. |
| More Information |
Performance Report: DS Capital Growth Fund
15 Jun 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose +2.48% in May, outperforming the ASX200 Accumulation Index's +2.34% and taking 12-month performance to +34.13% vs the Index's +28.23%. Since inception in January 2013, the Fund has returned +16.43% p.a. with...
Read more...
15 Jun 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Sharpe and Sortino ratios (since inception), 1.27 and 1.92 respectively, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.77, demonstrates its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund has achieved a down-capture ratio (since inception) of 45%, indicating that, on average, it has fallen less than half as much as the market during the market's negative months. The Fund has achieved down-capture ratios over the past 12, 24, 36, 48 and 60 months of 15.64%, 66.57%, 73.41%, 68.06% and 66.67% respectively. The Fund has outperformed the Index in all 10 of the Index's worst months since the Fund's inception. |
| More Information |
Performance Report: Cyan C3G Fund
11 Jun 2021 - Australian Fund Monitors
The Cyan C3G Fund has risen +30.59% over the past 12 months against the ASX200 Accumulation Index's +28.23%. Since inception in August 2014, the Fund has returned +15.45% p.a. vs the Index's +7.97%.
Read more...
11 Jun 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Sortino ratio (since inception) of 1.22 vs the Index's 0.59, in conjunction with its down-capture ratio of 58.2%, highlights its capacity to outperform in falling and volatile markets over the long-term. The Fund returned -2.82% in May. There was significant dispersion in individual stock returns, with a handful of strong Fund performances being outweighed by the falls. Top contributors included Alcidion, Big River, Maggie Beer and Vita Group. Key detractors included Raiz, Mighty Craft, Swift Media, Quickstep, Schrole and Singular Health. |
| More Information |
Performance Report: Bennelong Long Short Equity Fund
11 Jun 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned 0.12% in May, taking annualised performance since inception in January 2003 to +14.28% vs the ASX200 Accumulation Index's +9.13%.
Read more...
11 Jun 2021 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 Sharpe ratio has ranged from a high of 0.85 since inception, to a low of -0.21 over the past 12 months. Its Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 1.34 vs. the index's 0.5 since inception to -0.4 vs. the index's 6.77 over the past 12 months. In May, individual pair contribution was generally modest. The number of negative pairs exceeded positive pairs. Ongoing rotation into lower rated companies was a headwind for the fund, offset by some excellent company results. ALQ/AZJ was the Fund's top pair, with ALQ reporting a strong full year result. All segments are growing and the company has dealt with the difficult environment of the last year very well. ALL/SGR was the Fund's second-best pair with Aristocrat reporting a strong result, well ahead of market forecasts. Bennelong noted Aristocrat is enjoying the payoff from years of consistent and productive investment in both its land based and digital divisions. |
| More Information |
