News
Performance Report: Frazis Fund
23 Aug 2021 - Australian Fund Monitors
Over the past 12 months, the Frazis Fund has risen by +68.45% compared with the Global Equity Index which has returned +29.52%, for a difference of +38.93%, and since inception in July 2018, the fund has returned +27.39% per annum, a...
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23 Aug 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Since inception in July 2018 in the months where the market was positive, the fund has provided positive returns 79% of the time, contributing to an up-capture ratio for returns since inception of 205.36%. Over all other periods, the fund's up-capture ratio has ranged from a high of 307.13% over the most recent 24 months to a low of 177.77% over the latest 12 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 Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.27 for performance over the most recent 12 months to a low of 1.07 over the latest 36 months, and is 1.08 for performance since inception. By contrast, the Global Equity Index's Sortino for performance since July 2018 is 1.77. |
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Performance Report: Equitable Investors Dragonfly Fund
23 Aug 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund rose by +6.84% in July, an outperformance of +5.74% compared with the ASX 200 Total Return Index which rose by +1.1%. Over the past 12 months, the fund has risen by +67.27% compared with the index...
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23 Aug 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | The fund's up-capture ratio for returns since inception is 73.06%. Over all other periods, the fund's up-capture ratio has ranged from a high of 216.95% over the most recent 12 months to a low of 90.99% 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 has achieved a down-capture ratio over the past 12 months of 83.85%, indicating that, on average, the fund outperformed in the months the market fell over that period. |
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Performance Report: Delft Partners Global High Conviction Strategy
20 Aug 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy rose by +2.28% in July. Since inception in July 2011, the strategy has returned +16.1% per annum, a difference of +1.18% relative to the Global Equity Index which has returned +14.92% on...
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20 Aug 2021 - Performance Report: Delft Partners Global High Conviction Strategy
By: Australian Fund Monitors
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The strategy's Sharpe ratio has ranged from a high of 2.79 for performance over the most recent 12 months to a low of 0.84 over the latest 36 months, and is 1.17 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since August 2011 is 1.22. Since inception in July 2011 in the months where the market was positive, the strategy has provided positive returns 88% of the time, contributing to an up-capture ratio for returns since inception of 102.05%. Over all other periods, the strategy's up-capture ratio has ranged from a high of 115.29% over the most recent 12 months to a low of 88.77% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the strategy has outperformed in the market's positive months over the specified period. The strategy's down-capture ratio for returns since inception is 93.69%. Over all other periods, the strategy's down-capture ratio has ranged from a high of 113.63% over the most recent 36 months to a low of 20.82% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the strategy has outperformed in the market's negative months over the specified period. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund July 2021
20 Aug 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.
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20 Aug 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund July 2021
By: Australian Fund Monitors
AFM Fund Review - July 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 - July 2021 (pdf format)
Performance Report: Longlead Pan-Asian Absolute Return Fund
20 Aug 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund returned -1.29% in July as concerns over the spread of the Delta COVID variant across the region and a Chinese government regulatory crackdown on companies in the technology, education and...
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20 Aug 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | In terms of sector performance, losses were posted in Health Care, Information Technology and Consumer Discretionary holdings, while gains were recorded in Materials and hedging positions. Notwithstanding the recent regulatory driven volatility in Pan Asian markets centred on China, Longlead note that recent moves by the Chinese government signal a potential neutralisation of the monetary tightening headwinds and acceleration of fiscal spending as we approach the end of the year. |
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Performance Report: Prime Value Emerging Opportunities Fund
19 Aug 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose by +0.59% in July, and over the past 12 months has risen by +37.97% compared with the index's +28.56%. Since inception in October 2015, the fund has returned +16.17% per annum, a difference...
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19 Aug 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 | The fund's Sharpe ratio has ranged from a high of 3.32 for performance over the most recent 12 months to a low of 0.91 over the latest 60 months, and is 1.03 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 2015 is 0.75. The fund's down-capture ratio for returns since inception is 45.74%. Over all other periods, the fund's down-capture ratio has ranged from a high of 68.03% over the most recent 36 months to a low of -4.64% 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 over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -3.66%. Since inception in October 2015, the fund's largest drawdown was -23.79% vs the index's maximum drawdown over the same period of -26.75%. |
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Performance Report: 4D Global Infrastructure Fund
19 Aug 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose by +2.06% in July, an outperformance of +1.08% compared with the S&P Global Infrastructure Total Return Index which rose by +0.98%. Since inception in March 2016, the fund has returned +10.35% per...
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19 Aug 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| 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 fund's returns over the past 12 months have been achieved with a volatility of 12.41% vs the index's 14.02%. The annualised volatility of the fund's returns since inception in March 2016 is 12.35% vs the index's 16%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's down-capture ratio for returns since inception is 55.14%. Over all other periods, the fund's down-capture ratio has ranged from a high of 61.76% over the most recent 24 months to a low of 46.28% 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. |
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Performance Report: Surrey Australian Equities Fund
19 Aug 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund rose by +0.35% in July. Since inception in June 2018, the fund has returned +12.01% per annum, a difference of +1.46% relative to the index which has returned +10.55% on an annualised basis over the same period.
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19 Aug 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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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 fund's Sharpe ratio has ranged from a high of 1.75 for performance over the most recent 12 months to a low of 0.6 over the latest 36 months, and is 0.61 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2018 is 0.64. Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 82% of the time, contributing to an up-capture ratio for returns since inception of 116.76%. Over all other periods, the fund's up-capture ratio has ranged from a high of 134.24% over the most recent 24 months to a low of 96.55% over the latest 12 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: 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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