News
Performance Report: Premium Asia Fund
27 Apr 2021 - Australian Fund Monitors
The Premium Asia Fund has risen +43.06% against AFM's Asia Pacific ex-Japan Index's +27.05%. Since inception in December 2009, the Fund has returned +12.77% p.a. vs the Index's +6.70%.
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27 Apr 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 | Under high demand for electronic components, the Fund's South Korean and Taiwanese hardware manufacturers holdings continued to rally. Premium China noted the global recovery lends upside to demand, benefitting the materials sector. This includes the Fund's chemical manufacturer holding in South Korea. As the pandemic impacts lessened and recovery kicked in, they have been building more positions in Korean equities since the beginning of the year. They remain constructive on the global recovery outlook and continue to favour the market as the earnings upcycle continues. Overall growth in North Asia has higher visibility underpinned by the resilient macro backdrop. Thus, they maintain their overweight in the sub-region over ASEAN. Looking forward, their conviction on Asian equities remains unchanged. They expect fundamentals to stay robust amid the on-going recovery in the region. The change in the inflation environment is being assessed in their bottom-up stock picking process. They remain focused on quality companies that showcase high visibility and sustained earnings growth. |
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Performance Report: Atlantic Pacific Australian Equity Fund
27 Apr 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund has risen +8.08% p.a. with an annualised volatility of 10.16% since inception in June 2013. Over that period, it has had a maximum drawdown of -7.26% vs the ASX200 Accumulation Index's -26.75%...
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27 Apr 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 | The Fund returned -3.78% in March. Top contributors included Computershare (long), Sonic Healthcare (long), Telstra (long), and Whitehaven Coal (long). Key detractors included Mesoblast (long), Norwood Systems (long), SPI Futures (long), and Terracom (long). APSEC noted valuation remain elevated and believe this should be considered in light of the rising bond environment. They emphasise that they don't see the Fund's strategy as a 'market mirror' as was witnessed last year, instead they see it as a satellite portfolio to smooth out returns over the long-run. They have seen drawdowns like this in the past and expect to iron them out over the coming year. |
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Performance Report: The Airlie Australian Share Fund
27 Apr 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +3.90% in March outperforming the ASX 200 Total Return Index by +1.46%. This took 12-month performance to +43.56% vs the ASX200 Accumulation Index's +37.47%.
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27 Apr 2021 - Performance Report: The 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 12-month up-capture and down-capture ratios, 114% and 93% respectively, indicate that, on average, it has outperformed during the market's positive and negative months. The Fund has maintained an up-capture ratio of above 100% over all time periods, highlighting its capacity to outperform in positive markets. At month-end, the portfolio's top positions included Commonwealth Bank of Australia, BHP Group, CSL, National Australia Bank and Wesfarmers. By sector, the portfolio was most heavily weighted towards the Financials, Consumer Discretionary and Materials sectors. |
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Webinar| Laureola Review: Q1 2021
26 Apr 2021 - Laureola Advisors
Laureola Advisors, a specialist Life Settlements fund manager, would like to invite you to our quarterly review for an in-depth discussion of the Laureola portfolio. Life Settlements is an attractive asset class for its expected 7-11% p.a....
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26 Apr 2021 - Webinar| Laureola Review: Q1 2021
By: Laureola Advisors
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Wed, Apr 28, 2021 5:00 PM - 6:00 PM AEST Please join us for our quarterly webinar where we will discuss the following: 1. Introduction: Laureola Advisors 2. Q1 2021 performance review 3. Analysis of current portfolio and where we are now 4. Upcoming developments 5. Q&A
ABOUT LAUREOLA ADVISORS Laureola Advisors was founded with the belief that investors deserve access to the unique benefits of Life Settlements, with the advantages of a specialist and focused asset manager. The best feature of the asset class is the genuine non-correlation with stocks, bonds, real estate, or hedge funds. Life Settlement investors will make money when others can't. Like many asset classes, Life Settlements provides experienced and competent boutique managers like Laureola with significant advantages over larger institutional players. In Life Settlements, the boutique manager can identify and close more opportunities in a cost effective manner, can move quickly when necessary, and can instantly adapt when opportunities dry up in one segment but appear in another. Larger investors are restricted not only by their size and natural inertia, but by self-imposed rules and criteria, which are typically designed by committees. The Laureola Advisors team has transacted over $1 billion (US dollars) in face value of life insurance policies. |
Performance Report: Collins St Value Fund
26 Apr 2021 - Australian Fund Monitors
The Collins St Value Fund rose +1.29% in March, taking 12-month performance to +82.26% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2016, the Fund has returned +17.65% p.a. vs the Index's +10.51%.
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26 Apr 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 | The Fund has achieved up-capture and down-capture ratios over the past 36 months of 126.86% and -71.73%. This indicates that, on average, the Fund has risen more than the index during the market's positive months while falling approximately 70% as much as the market during the market's negative months. In the past 3 months the fund has made a number of major changes to the portfolio. These include increasing their position in National Tyre & Wheel, becoming a substantial shareholder in Retail Food Group, taking a substantial position in Redflex Holdings and reducing their exposure to Uranium. |
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Performance Report: Prime Value Emerging Opportunities Fund
23 Apr 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose +1.44% in March, taking 12-month performance to +63.25% vs the ASX200 Accumulation Index's +37.47%. Since inception in October 2015, the Fund has risen +14.92% p.a. vs the Index's +9.97%.
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23 Apr 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 | Key positive contributors for the month were Mortgage Choice (+64.1%), News Corp (+9.2%) and United Malt Group (+11.5%). Key detractors were EQT Holdings (-7.4%), Oceania Healthcare (-9.8%) and Chorus (-14.2%). Prime Value noted style rotation remained a dominant theme through the first quarter of 2021. A strong rebound in cyclical earnings, a steepening yield curve, optimism around the reopening of economies and expansionary fiscal policy are supporting cyclicals over growth stocks. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund March 2021
22 Apr 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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22 Apr 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2021
By: Australian Fund Monitors
AFM Fund Review - March 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2021 (pdf format)
Performance Report: Montgomery Small Companies Fund
22 Apr 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund's 12-month performance remains strong with the fund returning to +66.84% vs the Index's +37.47%. Since inception in October 2019, the Fund has risen +18.99% p.a. vs the Index's +4.25%.
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22 Apr 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 largest positive contributors for February included Airtasker (ASX:ART), Ramelius Resources (ASX:RMS) and Uniti Group (ASX:UWL). The largest detractors from performance included Aeris Resources (ASX:AIS), Alliance Aviation Services (ASX:AQZ) and Cashrewards (ASX:CRW). Montgomery remains active and pragmatic and are positioning the portfolio to benefit from a number of attractive themes, some of which are structural in nature and therefore expected to play out over the next five to seven years, while others are more tactical with a shorter duration. These themes include Cloud, Sustainable Income, Strength and Stimulus and De-Carbonisation. |
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Performance Report: Bennelong Australian Equities Fund
21 Apr 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.62% in March, taking 12-month performance to +60.23% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2009, the Fund has returned +14.64% p.a. vs the Index's +10.16%.
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21 Apr 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 | As at the end of March, the portfolio's weightings had been increased in the Discretionary, Communication and REITs sectors, and decreased in the IT, Industrials, Materials and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 46.9%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.7%, benchmark weight: 29.3%). |
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Performance Report: 4D Global Infrastructure Fund
20 Apr 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +6.37% in March, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +5.80% and taking 12-month performance to +10.85%. Since inception in March 2016, the Fund has risen +9.37% p.a. with an...
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20 Apr 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 | The strongest performer for March was Brazilian Utility TAESA up 27.4% on the back of news that one of its controlling block is looking to exit with their stake to be sold by way of auction. The weakest performer in March was Chinese toll road operator Yuexiu Transport down 11.7% as it missed consensus forecasts for the FY and indicators suggest traffic remains under pressure from government mandated restrictions. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalize on the raft of opportunities currently on offer. |
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