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Performance Report: Bennelong Emerging Companies Fund
28 Jun 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund has risen +46.45% over the past 12 months, outperforming the ASX200 Accumulation Index by +18.22% and taking annualised performance since inception in November 2017 to +28.99% vs the Index's +9.60%.
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28 Jun 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | The Fund has achieved an up-capture ratio since inception of 315%, indicating that, on average, it has risen more than three times as much as the market during the market's positive months. The Fund has achieved up-capture ratios greater than 151% over the past 1, 2 and 3 year periods. True to the Fund's investment style, they continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the inevitable ups and downs of the market in the short term, they believe the portfolio's investments are all incrementally building value, which they believe should ultimately underpin decent returns over the long term. The portfolio remains reasonably diversified across sector and risk-return drivers. Bennelong believe it is currently well set up for attractive returns over the long term, regardless of whatever the market throws up in the short term. |
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Performance Report: Laureola Australia Feeder Fund
25 Jun 2021 - Australian Fund Monitors
The Laureola Master Fund returned 0.4% for May and is up 1.3% ytd. The AUD feeder fund rose +0.3% and is up +0.6% ytd. Returns in May were mostly driven by the maturity of a smaller policy; the purchase of 8 small face policies at below...
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25 Jun 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 | Since inception in May 2013, the fund has returned +15.65% p.a. with an annualised volatility of 5.51%. By contrast, the S&P500 Accumulation Index has returned +15.00% p.a. with an annualised volatility of 13.56% over the same period. The fund's uncorrelated nature is demonstrated by its down-capture ratios over all time periods. Its down-capture ratio since inception of -37.5% indicates that, on average, the fund has risen during the market's negative months. Laureola noted maturities for 2021 have been below expectations in the first 5 months of the year and this has resulted in returns below expectation for this period. They added that experienced Life Settlement investors will remember that there is randomness in the timing of maturities; such is the nature of mortality. Laureola Advisors continues its in-depth research into mortality, and new channels of supply are being established, including some that are proprietary. The portfolio now holds 189 policies of which 20% have insureds over age 90; many are not well. Over 35% of the policies have insureds with life expectancies of less than 48 months. The portfolio is overdue maturities, especially on its larger policies. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
25 Jun 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund returned -7.48% in May, with this performance predominantly attributable to a correction in Taiwanese equities which was the Fund's largest geographic exposure.
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25 Jun 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Intra-month, the Taiwanese index fell 14% peak to trough with this selloff attributable to a Covid-19 virus spike in the country. Longlead noted the magnitude of the selloff was surprising, being disproportionately greater than other markets that have also had to navigate recent virus spikes and led to heavy selling pressure in many of the Fund's long holdings in Taiwan during the month. As the initial surprise of the event passed, Taiwanese longs began to rebound late in May, continuing into early June. Taiwan represented the vast majority of the Fund's drawdown in May. By sector, Financials exposures generated positive performance in May, while losses were experienced in Information Technology and Materials positions. The team remains constructive on the Fund's Taiwanese investments. The government has introduced measures to stem the spread of the virus and the team expects that the companies in which the Fund is invested will ultimately rebound. Notwithstanding this, the Fund's risk management protocol is to reduce gross exposure in response to broad based events such as these where market wide uncertainty may persist for an extended period. Once conditions begin to normalise the Fund can take the opportunity to add exposure back. |
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Performance Report: Prime Value Emerging Opportunities Fund
25 Jun 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned +0.62% in May. Over the past 12 months the fund has returned +39.74%, compared with the ASX200 Accumulation Index, which returned +28.23%, for a difference of +11.5%. Since inception in...
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25 Jun 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 9.8% compared with the index's volatility of 10.43%. Since inception the fund's volatility has been 14.77% vs the index's volatility of 14.16%. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. Over all other time periods its best result has been 100% over the past 12 months. It has an up-capture ratio of 119.3% over the past 12 months. Over all time periods, its up-capture ratios range between 125.24% (2 years) and 75.82% (since inception). The fund has a down-capture ratio of 45.74% since inception, and ranging between 68.03% (3 years) and -4.64% (12 months) over all other time periods. Over the past 12 months, the fund has not experienced a drawdown, whereas the Index's maximum drawdown over that period was -3.66%. |
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Performance Report: Insync Global Capital Aware Fund
25 Jun 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund returned -1.05% in May, and over the past 12 months has returned 8.55%. Since inception in September 2009, the fund has returned +11.8% per annum vs the index's +11.65% over the same period. The fund's...
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25 Jun 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 | The fund's Sharpe ratio has ranged from a high of 1.45 over the past 2 years, to a low of 0.82 over the most recent 12 months. Since inception the fund's Sharpe ratio has been 0.94 vs the index's 0.91. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 3.14 over the past 2 years, to a low of 1.48 over the most recent 12 months. Since inception the fund's Sortino ratio has been 1.77 vs the index's 1.46. The fund has a down-capture ratio of -3.64% since inception. Over all time periods, it has achieved down-capture ratios ranging between 37.2% (3 years) and -7.37% (12 months). The largest drawdown the fund has experienced since inception is -10.98% vs the Index's -13.59% over the same period. |
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Performance Report: Bennelong Australian Equities Fund
25 Jun 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +1.90% in May, taking 12-month performance to +43.52% vs the ASX200 Accumulation Index's +28.23%. Since inception in February 2009, the Fund has returned +15.13% p.a. vs the Index's +10.52%.
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25 Jun 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 Sharpe and Sortino ratios (since inception), 0.88 and 1.25 respectively, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.81, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's up-capture ratio (since inception) of 143% indicates that, on average, the Fund has significantly outperformed during the market's positive months. The Fund has achieved up-capture ratios greater than 132% over all time periods. |
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Performance Report: Atlantic Pacific Australian Equity Fund
24 Jun 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund returned +0.73% in May. Since inception in June 2013, the fund has returned +7.94% per annum.
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24 Jun 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 8.4% compared with the ASX200 Accumulation Index's volatility of 10.43%. Since inception the fund's volatility has been 10.06% vs the index's volatility of 13.68%, and over all other time periods the fund's volatility has been lower than that of the index. The fund has a down-capture ratio of 21.15% since inception and -44.21% over the most recent 12 months. Since inception, the fund's largest drawdown was -7.72% compared with the index which had a maximum drawdown of -26.75%. The fund has outperformed in 9 out of 10 of the index's worst months since the fund's inception. |
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Performance Report: Airlie Australian Share Fund
24 Jun 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned 3.56% in May, a difference of 1.22% compared with the ASX 200 Total Return index, which rose by 2.34%. Since inception in June 2018 the fund has returned +12.58% per annum, a difference of +2.64%...
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24 Jun 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 | Since inception the fund's volatility has been 16.85% vs the index's volatility of 17.35%, 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 100% of the time. It has an up-capture ratio of 108.14% since inception and 121.08% over the past 12 months. Across all other time periods, it has ranged between 114.31% (2 years) and 108.14% (3 years). |
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Performance Report: Frazis Fund
24 Jun 2021 - Australian Fund Monitors
Over the past 12 months the fund has returned +92.33%, compared with AFM's Global Equity Index, which returned +22.23%, for a difference of +70.1%. Since inception in July 2018, the fund has returned +26.68% per annum, a difference of...
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24 Jun 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 | The fund's Sharpe ratio has ranged from a high of 2.28 over the most recent 12 months, to a low of 0.82 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 6.7 over the most recent 12 months, to a low of 1.05 since inception. Since inception in the months when the market was positive the fund provided positive returns 80% of the time. It has an up-capture ratio of 228.75% since inception and 285.31% over the past 12 months, indicating that it has typically risen more than twice as much as the market during the market's positive months. |
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Performance Report: NWQ Fiduciary Fund
24 Jun 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +0.76% in May, taking 12-month performance to +15.52%. Since inception in May 2013, the Fund has returned +6.09% per annum with an annualised volatility of 5.79%.
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24 Jun 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| 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 1.20 vs the Index's 0.66, maximum drawdown of -7.03% vs the Index's -20.65%, and down-capture ratio of 13.25%. NWQ emphasised the Fund is constructed to be an alternative to the traditional balanced fund comprised of stocks and bonds. Since the Fund's inception over eight years ago it has outperformed the typical balanced fund investor objective of RBA Cash + 4.0-5.0% on an annualised basis. These returns have been achieved with a modest net exposure to the stock market and minimal exposure to bond market. NWQ believe the Fund continues to present a compelling alternative to the traditional balanced fund construct. |
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