News
Performance Report: Prime Value Emerging Opportunities Fund
21 Jul 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned +3.05% in June, a difference of +0.79% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +42.01%, compared with the index,...
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21 Jul 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 | Over the past 12 months, the fund's volatility has been 9.68% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.68% vs the index's volatility of 14.07%. The fund's Sharpe ratio has ranged from a high of 3.71 over the most recent 12 months, to a low of 0.98 over the past 5 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.74. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has a down-capture ratio of 45.74% since inception, and ranging between 68.03% (3 years) and -4.64% (12 months), highlighting its capacity to outperform in falling markets. |
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Performance Report: Glenmore Australian Equities Fund
20 Jul 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund returned +6.15% in June, a difference of +3.89% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +52.57%, compared with the index, which...
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20 Jul 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.15 over the most recent 12 months, to a low of 0.69 over the past 2 years. Since inception the fund's Sharpe ratio has been 1.03 vs the index which has a Sharpe ratio of 0.66. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 26.48 over the most recent 12 months, to a low of 0.7 over the past 2 years. Since inception the fund's Sortino ratio has been 1.26 vs the index's 0.75. Since inception in the months when the market was positive the fund provided positive returns 91% of the time. It has an up-capture ratio ranging between 207.09% (since inception) and 159.24% (2 years), and over the most recent 12 months has provided an up-capture ratio of 158.46%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
19 Jul 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned +3.03% in June, a difference of +0.77% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in January, 2009, the fund has returned +17.39% per...
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19 Jul 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 | Over the past 12 months, the fund's volatility has been 10.3% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.9% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 92% of the time. It has an up-capture ratio ranging between 154.44% (since inception) and 114.4% (3 years), and over the most recent 12 months has provided an up-capture ratio of 137.36%. The fund has a down-capture ratio of 91.58% since inception, and ranging between 98.95% (3 years) and 52.53% (12 months). |
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Performance Report: Cyan C3G Fund
16 Jul 2021 - Australian Fund Monitors
The Cyan C3G Fund returned +1.4% in June. Over the past 12 months the fund has returned +31.76%, compared with the index, which returned +27.8%, for a difference of +3.97%. Since inception in July, 2014, the fund has returned +15.48% per...
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16 Jul 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 Sharpe ratio has ranged from a high of 1.53 over the most recent 12 months, to a low of 0.31 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.88 vs the index which has a Sharpe ratio of 0.54. The fund's Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 3.97 over the most recent 12 months, to a low of 0.28 over the past 3 years. Since inception the fund's Sortino ratio has been 1.23 vs the index's 0.62. 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 89.51% since inception and 119.34 over the past 12 months. Across all other time periods, it has ranged between 110.01% (2 years) and 83.12% (5 years). The fund has a down-capture ratio of 58.2% since inception. |
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Performance Report: Bennelong Australian Equities Fund
16 Jul 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund returned +2.96% in June, a difference of +0.7% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +45.82%, compared with the index, which...
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16 Jul 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 | Over the past 12 months, the fund's volatility has been 11.08% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 14.56% vs the index's volatility of 13.59%. Since inception in the months when the market was positive the fund provided positive returns 93% of the time. It has an up-capture ratio of 143.69% since inception and 148.64 over the past 12 months. Across all other time periods, it has ranged between 150.52% (2 years) and 134.55% (3 years). It has a down-capture ratio of 96.02% since inception, and ranging between 97.65% (3 years) and 50.11% (12 months). |
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Performance Report: Airlie Australian Share Fund
15 Jul 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned +2.88% in June, a difference of +0.62% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in June, 2018, the fund has returned +13.26% per annum, a difference of...
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15 Jul 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 | Over the past 12 months, the fund's volatility has been 10.99% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 16.65% vs the index's volatility of 17.13%. Since inception in the months when the market was positive the fund provided positive returns 100% of the time. It has an up-capture ratio of 109.14% since inception and 117.72% over the past 12 months. It has a down-capture ratio of 95.6% since inception, and 93.45% over the most recent 12 months. This indicates that the fund has typically outperformed in both the market's positive and negative months since its inception. |
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Performance Report: Montgomery Small Companies Fund
15 Jul 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund returned +4.89% in June, a difference of +2.63% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +43.84%, compared with the index, which...
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15 Jul 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.02 over the most recent 12 months, to a low of 1.05 since inception. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 13.7 over the most recent 12 months, to a low of 1.51 since inception. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. It has an up-capture ratio ranging between 156.12% (since inception) and 156.12% (since inception), and over the most recent 12 months has provided an up-capture ratio of 143.96%. The fund has a down-capture ratio of 88.65% since inception, and ranging between 58.94% (12 months) and 58.94% (12 months). |
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Performance Report: DS Capital Growth Fund
14 Jul 2021 - Australian Fund Monitors
The DS Capital Growth Fund returned +2.56% in June, a difference of +0.3% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +35.46%, compared with the index, which returned...
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14 Jul 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 | Over the past 12 months, the fund's volatility has been 8.01% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 11.21% vs the index's volatility of 13.67%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The fund's Sharpe ratio has ranged from a high of 3.85 over the most recent 12 months, to a low of 1 over the past 3 years. Since inception the fund's Sharpe ratio has been 1.29. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 48.9 over the most recent 12 months, to a low of 1.32 over the past 3 years. Since inception the fund's Sortino ratio has been 1.95. The fund has an up-capture ratio ranging between 114.31% (2 years) and 72.09% (since inception), and over the most recent 12 months has provided an up-capture ratio of 110.95%. It has a down-capture ratio of 45% since inception, and ranging between 73.41% (3 years) and 15.64% (12 months). |
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Performance Report: Bennelong Kardinia Absolute Return Fund
13 Jul 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -0.89% in June. Over the past 12 months the fund has returned +11.64%. Since inception in May, 2006, the fund has returned +8.57% per annum, a difference of +1.93% vs the index which has...
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13 Jul 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 | Since inception the fund's volatility has been 7.64% vs the index's volatility of 14.28%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. Since inception in the months when the market was positive the fund provided positive returns 87% of the time. It has a down-capture ratio of 48.66% since inception and has experienced a maximum drawdown of -11.71% compared with the index's -47.19%. |
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Fund Review: Bennelong Long Short Equity Fund June 2021
13 Jul 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...
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13 Jul 2021 - Fund Review: Bennelong Long Short Equity Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 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 14.78%.
- 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 0.88 and 1.41 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2021 (pdf format)
