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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)
Performance Report: Bennelong Kardinia Absolute Return Fund
12 Aug 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose by +1.6% in July, an outperformance of +0.5% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in May 2006, the fund has returned +8.64% per annum, a...
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12 Aug 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| 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 annualised volatility of the fund's returns since inception in May 2006 is 7.62% vs the index's 14.24%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.61 for performance over the most recent 12 months to a low of 0.16 over the latest 36 months, and is 1.23 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2006 is 0.32. The fund's down-capture ratio for returns since inception is 48.66%. Over all other periods, the fund's down-capture ratio has ranged from a high of 160.44% over the most recent 12 months to a low of 44.49% 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: Quay Global Real Estate Fund
11 Aug 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose by +6.91% in July, a difference of +3.28% compared with the BBAREIT Index which rose by +3.63%. Since inception in July 2014, the fund has returned +10.21% per annum, a difference of +0.49% relative to...
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11 Aug 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.11% vs the index's 6.75%. The annualised volatility of the fund's returns since January 2016 is 11.89% vs the index's 11.63%. Over all other periods, the fund's volatility relative to the index has been varied. The fund has only experienced a negative annual return once. Since January 2016 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since January 2016 of 62.85%. Over all other periods, the fund's down-capture ratio has ranged from a high of 69.58% over the most recent 60 months to a low of -110.52% over the latest 12 months. Over the past 12 months, the fund's largest drawdown was -0.85% vs the index's -3.11%, and since January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. |
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