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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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Performance Report: Montgomery Small Companies Fund
23 Jun 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund returned +1.66% in May. Over the past 12 months the fund has returned +38.13%, compared with the index, which returned +28.23%. Since inception in September 2019, the fund has returned +23.25% per annum,...
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23 Jun 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 | Over the past 12 months, the fund's volatility has been 12.49% compared with the index's volatility of 10.43%, and since inception the fund's volatility has been 24.82% vs the index's volatility of 21.53%. The fund's Sharpe ratio has ranged from a high of 2.67 over the most recent 12 months to a low of 0.96 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 12.14 over the most recent 12 months, to a low of 1.36 since inception. The fund has an up-capture ratio of 150.17% since inception and 124.35% over the past 12 months. |
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Performance Report: Glenmore Australian Equities Fund
23 Jun 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +1% in May, taking 12-month performance to +45.80% vs the ASX200 Accumulation Index's +28.23%. Since inception in June 2017, the Fund has returned +22.32% per annum vs the Index's +9.87%.
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23 Jun 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 and Sortino ratios since inception, 0.98 and 1.18, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.71, highlights its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's up-capture ratio since inception of 199% indicates that, on average, it has risen more than twice as much as the market during the market's positive months. The Fund has also achieved up-capture ratios greater than 135% over the past 1, 2, 3 and 4 years. Top contributors in May included Whitehaven Coal, Coronado Global Resources, Collins Foods, ARB Corporation, Integral Diagnostics and Uniti Wireless. Key detractors included NRW Holdings and Mineral Resources. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jun 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned 2.08% in May. Over the past 12 months the fund has returned 40.21%, compared with the ASX200 Accumulation Index which returned 28.23%. Since inception in December 2015, the fund has...
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22 Jun 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 10.34% compared with the index's volatility of 10.43%. Since inception the fund's volatility has been 13.81% vs the index's volatility of 13.35%. The fund's Sharpe ratio has ranged from a high of 3.35 over the most recent 12 months, to a low of 0.71 since inception. The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 8.17 over the most recent 12 months, to a low of 0.9 over the past 3 years. Since inception the fund's Sortino ratio has been 0.91 vs the index's 0.59. 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 125.66% since inception and 139.8% over the past 12 months. Across all other time periods, it has ranged between 137.69% (2 years) and 120.93% (5 years). |
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Performance Report: AIM Global High Conviction Fund
22 Jun 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund returned 0.67% in May. Over the past 12 months the fund has returned 19.18%. Since inception in July 2019, the fund has returned +15.64% per annum vs the index's +13.51% over the same period.
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22 Jun 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 has ranged from a high of 1.9 over the most recent 12 months to 1.4 since inception. The fund has achieved a Sortino ratio (which excludes volatility in positive months) vs the index of 5.61 over the most recent 12 months and 2.89 since inception. The fund has achieved a down-capture ratio (since inception) of 74%, indicating that it has typically outperformed during the market's negative months. The fund's maximum drawdown since inception has been -7.59% vs the Index's -13.19% over the same period, further demonstrating its capacity to outperform in falling markets. |
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Performance Report: Equitable Investors Dragonfly Fund
22 Jun 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund has risen +78.90% over the past 12 months vs the ASX200 Accumulation Index's +28.23%. Since inception in September 2017, the Fund has returned +2.07% p.a. with an annualised volatility of 24.16%. The...
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22 Jun 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 | Dragonfly has been marking time in the past few months with catalysts ahead but none in the recent period. A key winner from April, Energy World Corp (EWC), retraced in May. The month's best performers, Maggie Beer Holdings (MBH) and Earlypay (EPY), both put out encouraging updates on their operating and financial performance during the month. Equitable Investors are looking out for opportunities to buy small stocks they like on short-term weakness caused by tax loss selling in June (which was already underway in May). They also believe the Fund's unlisted investments, in particular, have some exciting catalysts coming up over the next six months. They noted oscillating inflation expectations are something to keep an eye on for the broader market and they explore the implications further in this update. |
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Performance Report: Vantage Private Equity Growth
21 Jun 2021 - Australian Fund Monitors
As the Australian economy continued to rebound during the first half of 2021, consumer confidence surged to an eleven year high and business confidence also achieved an all-time record high in April 2021. This renewed confidence resulted...
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21 Jun 2021 - Performance Report: Vantage Private Equity Growth
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy is focused exclusively on lower to mid-market Growth Private Equity. This segment of Private Equity focuses on investments into profitable businesses with proven products and services. These businesses typically have a strong market position and generate strong cash flows, which will allow the Fund to generate strong consistent returns to investors, while significantly reducing the risk of a loss within the portfolio. The Fund will invest in Private Equity funds based in Australia, along with Permitted Co-investments, to create a well diversified portfolio of Private Equity investments. These investments will be made by the Fund, by making Commitments to the Private Equity funds of the best performing Private Equity fund managers, that in turn make investments into profitable companies requiring Later Expansion and Buyout capital to accelerate their growth and enhance their value. Distributions are paid as distributions are received from underlying funds. Disclaimer: This information has been prepared by Vantage Asset Management Pty Limited (AFSL 279186) ('Vantage') and is for wholesale investors only. Monthly Performance information represents an average monthly performance of Vantage Private Equity Growth 2 ('VPEG2') and Vantage Private Equity Growth 3 ('VPEG3') from their final close dates, each of which have the same investment strategy as VPEG4. Neither Vantage nor any other person or entity guarantees any income or capital return from the Fund. There can be no assurance that the Fund will achieve results that are consistent with the investment performance of previous investments or that the investment objectives for the Fund will be achieved. In considering past performance information, prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the Fund will achieve comparable results, that unrealized returns will be met, or that the Fund will be able to make investments similar to the historical investments as described in the Information Memorandum. |
| Manager Comments | With the exit environment continuing to be strong, a number of underlying companies from Vantage Private Equity Growth 2 (VPEG2) and Vantage Private Equity Growth 3 (VPEG3) portfolios have recently been successfully sold, either by trade sale or a secondary sale to a larger institutional investor, or partially realised via an IPO and ASX listing. Across the June 2021 quarter, five underlying company exits were either completed or announced from Vantage Fund portfolios. These exits will deliver Vantage's Funds an average gross 4.9 X return on invested capital, representing an average gross Internal Rate of Return of 73.9% per annum. Additional information can be found in the managers report linked below. VPEG4 remains open for investment and will accept applications to invest until its final close during September 2021. |
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Performance Report: Premium Asia Fund
21 Jun 2021 - Australian Fund Monitors
The Premium Asia Fund rose +1.60% in May, taking 12-month performance to +49.28% vs the Asia Pacific ex-Japan Index's +30.24%. Since inception in December 2009, the Fund has returned +13.09% p.a. vs the Index's +6.81%. The Fund's...
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21 Jun 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 | Chinese financials were among the top performance contributors in the fund last month. The country's financial sector remains solid, as banks have reported improving nonperforming loans and profitability, while those providing wealth management services continue to see growing demand from retail investors. Consumer names were also among the top contributors. Chinese names, such as those engaged in duty free, sportswear, and Chinese white liquor, have continued to benefit from the country's economic recovery and consumption upgrade. Premium China's core holding of a Taiwanese textile manufacturer was also among the top performers, benefiting from strong post-pandemic apparel demand recovery, especially in the US. On the other hand, detraction came from some of the Fund's exposure in Taiwan technology names, as the resurgence of COVID has triggered profit-taking of hardware manufacturers. That said, Premium China remain optimistic on the sector, on the back of the still intact semiconductor super-cycle. The Fund continues to be overweight in North Asia, particularly China, as the market continues to provide better risk-reward opportunities relative to other parts of Asia, which are still facing risks of rising COVID infections. The manager expects the pickup in vaccine supply in ASEAN to unlock economic recovery in the coming months. They prefer companies that have visibility in their earnings along the bumpy recovery path. |
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Performance Report: Delft Partners Global High Conviction Strategy
21 Jun 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy has risen +26.81% over the past 12 months, outperforming AFM's Global Equity Index by +4.58% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.36%. The...
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21 Jun 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 1.15 and 2.16 respectively, highlighting its capacity to achieve good risk-adjusted returns while avoiding the market's downside volatility. The Strategy has an average positive monthly return of +3.35% and an average negative monthly return of -2.03%. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 9 out of 10 of the Index's best months and 6 out of 10 of the Index's worst months, highlighting its capacity to outperform in both rising and falling markets. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
18 Jun 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund has risen +8.69% p.a. with an annualised volatility of 7.65% since inception in May 2006. By contrast, the ASX200 Accumulation Index has returned +6.52% p.a. with an annualised volatility of...
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18 Jun 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 Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.22 vs the Index's 0.30, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors in May included Cyprium Metals, CBA, Paladin Energy, Uniti Group and CSL. Key detractors included Fenix Resources, Pentanet, Strike Energy and Flight Centre. The Short Book detracted 80bp from performance. Bennelong remain positive on the outlook for these companies, with many having near-term catalysts. Kardinia noted they believe higher inflation and higher global debt are here to stay. However in the short-term, they believe the US Federal Reserve will maintain an easy monetary setting, giving the equity market plenty to cheer about. |
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