News
Performance Report: 4D Global Infrastructure Fund
27 Jul 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned +0.55% in June, a difference of +2.27% compared with the S&P Global Infrastructure index, which fell by --1.72%. Over the past 12 months the fund has returned +11.73%. Since inception in March,...
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27 Jul 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 | Over the past 12 months, the fund's volatility has been 12.72% compared with the index's volatility of 14.06%. Since inception the fund's volatility has been 12.43% vs the index's volatility of 16.13%, and over all other time periods the fund's volatility has been lower than the S&P Global Infrastructure Index index. It has a down-capture ratio of 55.14% since inception, and ranging between 59.08% (5 years) and 46.28% (12 months). |
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Performance Report: Laureola Australia Feeder Fund
26 Jul 2021 - Australian Fund Monitors
The Laureola (Bermuda Feeder) Fund returned 0.41% for June. Returns for the month were driven by the maturity of four smaller policies with a total $1.45 ml of death benefits. Laureola noted there were more maturities than expected last...
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26 Jul 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The AUD feeder fund returned +0.2% in June and is up +0.9% CYTD. Laureola noted the past six months has been quieter than usual at the Fund with performance below expectations over this period. They encourage investors to use multiple time frames when analysing Life Settlements, with a focus on the medium to longer term. Over the past 12 months the Fund has returned 7.28% net to investors and has averaged 8.41% p.a. net over the past 24 months. The portfolio now holds 187 policies, including 22 large face, several with very short Life Expectancies. |
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Performance Report: Frazis Fund
26 Jul 2021 - Australian Fund Monitors
The Frazis Fund returned +14.3% in June, a difference of +9.76% compared with the Global Equity index, which rose by +4.54%. Over the past 12 months the fund has returned +93%, compared with the index, which returned +28.22%. Since...
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26 Jul 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 | Over the past 12 months, the fund's volatility has been 31.48% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 36.66% vs the index's volatility of 11.81%. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has an up-capture ratio of 241.31% since inception and 262.09% over the past 12 months. Across all other time periods, it has ranged between 349.4% (2 years) and 241.31% (3 years). |
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Performance Report: Insync Global Capital Aware Fund
26 Jul 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund returned +9.56% in June, a difference of +5.02% compared with the Global Equity index, which rose by +4.54%. Since inception in October, 2009, the fund has returned +12.58% per annum, a difference of...
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26 Jul 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 12.89% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 10.18% vs the index's volatility of 10.19%. Since inception in the months when the market was positive the fund provided positive returns 80% of the time. The fund has a down-capture ratio of 61.74% since inception, and ranging between 280.24% (12 months) and 55.08% (2 years). Its Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 4.03 over the most recent 12 months, to a low of 1.92 since inception. Collectively, this highlights the fund's capacity to protect investors' capital in falling and volatile markets over the long-term. |
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Performance Report: Delft Partners Global High Conviction Strategy
23 Jul 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy returned +1.55% in June. Since inception in July 2011, the strategy has returned +15.98% per annum
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23 Jul 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 and Sortino ratios since inception are 1.16 and 2.18 respectively, highlighting its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. Since inception in the months when the market was positive the strategy provided positive returns 88% of the time.It has an up-capture ratio of 102.6% since inception and 104.16 over the past 12 months. |
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Performance Report: Quay Global Real Estate Fund
23 Jul 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund returned +4.84% in June. Over the past 12 months the fund has returned +26.46%, compared with the BBAREIT index, which returned +14.02%, for a difference of +12.44%. Since inception in July, 2014, the fund...
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23 Jul 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 | Over the past 12 months, the fund's volatility has been 8.38% compared with the index's volatility of 7.15%. Since inception the fund's volatility has been 11.7% vs the index's volatility of 11.65%. Since inception in the months when the market was positive the fund provided positive returns 73% of the time. The fund's Sharpe ratio has ranged from a high of 2.85 over the most recent 12 months, to a low of 0.53 over the past 2 years. Since inception the fund's Sharpe ratio has been 0.71 vs the index which has a Sharpe ratio of 0.72. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 25.49 over the most recent 12 months, to a low of 0.61 over the past 2 years. Since inception the fund's Sortino ratio has been 1 vs the index's 0.92. |
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Performance Report: Atlantic Pacific Australian Equity Fund
22 Jul 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund returned +2.92% in June, a difference of +0.66% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in June, 2013, the fund has returned +8.24% per annum.
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22 Jul 2021 - Performance Report: Atlantic Pacific Australian Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 8.97% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 10.04% vs the index's volatility of 13.62%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The Fund has a down-capture ratio of 21.15% since inception, and ranging between -14.64% (5 years) and -44.21% (12 months). Since inception the fund's largest drawdown of -7.72% compared with the index which had a maximum drawdown of -26.75%. Collectively, this highlights the Fund's capacity to significantly outperform in falling markets. |
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Performance Report: Paragon Australian Long Short Fund
22 Jul 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund has risen +43.59% over the past 12 months, compared with the index, which returned +27.8%, for a difference of +15.79%. Since inception in February, 2013, the fund has returned +13.84% per annum, a...
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22 Jul 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 has an up-capture ratio ranging between 210.12% (2 years) and 93.81% (since inception), and over the most recent 12 months has provided an up-capture ratio of 177.96%. It has a down-capture ratio since inception of 74.72%. This highlights its capacity to outperform in both rising and falling markets over the long-term. The Fund rose +14.37% over the June quarter. It ended the month with 29 long positions and 6 short positions. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jul 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned +2.47% in June, a difference of +0.21% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +40.54%, compared with the...
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22 Jul 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 10.33% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 13.76% vs the index's volatility of 13.31%. Since inception in the months when the market was positive the fund provided positive returns 97% of the time. It has an up-capture ratio of 125.88% since inception and 142.78 over the past 12 months. Across all other time periods, it has ranged between 138.64% (2 years) and 121.05% (5 years). |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
21 Jul 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund experienced a tougher June quarter with a loss of -6.75%. This performance was recorded against a mixed market backdrop in Asia. Longlead believe peak global economic growth has likely passed in...
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21 Jul 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead believe peak global economic growth has likely passed in the second quarter. Their view is that a number of key macroeconomic variables are currently signalling a mid-cycle slowdown. Bond yields and inflation expectations are falling and some early cycle commodities that led the reflation trend late last year such as lumber, copper, plastic resins and soft commodities are now reversing. They noted current economic activity however remains strong, supported by global monetary and fiscal stimulus, and consequently a sharp slowdown presents as unlikely. For the Fund, this late recovery was not enough to offset the impact of the decline in Taiwan in May, and the Fund accordingly experienced losses across the quarter in the Technology sector as well as non-sector hedges, partially offset by gains in Consumer Discretionary positions. Across countries in the quarter, the Fund saw a drawdown from positions in China, the United States, and Taiwan, with offsetting gains in both Hong Kong and Korea. |
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