News
Performance Report: Montgomery Small Companies Fund
24 May 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund rose +7.37% in April, outperforming the ASX200 Accumulation Index by +3.9% and taking 12-month performance to +51.82% vs the Index's +30.76%. Since inception in October 2019, the Fund has returned...
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24 May 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 and Sortino ratios (since inception), 0.94 and 1.33 respectively, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios (since inception), 154.21% and 88.65% respectively, indicate that, the Fund has typically outperformed in both the market's positive and negative months. The largest positive contributors for April included City Chic Collective (ASX:CCX), Orocobre (ASX:ORE) and Uniti Group (ASX:UWL). The largest detractors from performance included Corporate Travel Management (ASX:CTD), Seven Group Holdings (ASX:SVW) and Webjet (ASX:WEB). Montgomery's view is that the medium-term outlook includes a period where investors get good visibility of what a recovery looks like as the combination of vaccine rollout progress in Western Economies (specifically US and UK) and a move into Northern Hemisphere summer brings the conditions of rising economic activity and recovery. They hope to witness this via the market share taking power of some of the key investee companies in the portfolio. |
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Performance Report: Bennelong Emerging Companies Fund
24 May 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +5.76% in April, outperforming the ASX200 Accumulation Index by +2.29% and taking 12-month performance to +65.13% vs the Index's +30.76%. Since inception in November 2017, the Fund has returned...
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24 May 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 | Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across setor and risk-return drivers. |
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Performance Report: Atlantic Pacific Australian Equity Fund
21 May 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund has risen +8.06% p.a. with an annualised volatility of +10.11% since inception in June 2013. The Fund has achieved negative down-capture ratios over the past 12, 24, 36, 48 and 60 months,...
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21 May 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's superior performance in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.28 vs the Index's 0.70, worst month of -5.58% vs the Index's -20.65%, maximum drawdown of -7.26% vs the Index's -26.75%, and down-capture ratio of 21.15%. The Fund has also outperformed the Index in 9 out of 10 of the Index's worst months since the Fund's inception, most notably rising +17.2% in March 2020 when the Index fell -20.7%. The Fund returned -0.50% in April. Positive contributors included Cleanaway Waste Management (Long), Commonwealth Bank (Long), Deterra Royalties (Long), and Terracom (Long). Key detractors included Beach Energy (Long), Mesoblast (Long), Origin Energy (Long), and Whitehaven Coal (Long). |
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Performance Report: The Airlie Australian Share Fund
21 May 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +4.48% in April, outperforming the ASX200 Accumulation Index by +1.01% and taking 12-month performance to +37.33% vs the Index's +30.76%. Since inception in June 2018, the Fund has returned +11.62%...
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21 May 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 up-capture and down-capture ratios (since inception), 106% and 96% respectively, highlight its capacity to outperform in both rising and falling markets. At month-end, the portfolio's top 10 positions included Aristocrat Leisure, BHP Group, CBA, CSL, Healius, Macquarie Group, NAB, PWR Holdings, Wesfarmers and Woolworths. By sector, the portfolio was most heavily weighted towards the Financials, Consumer Discretionary and Materials sectors. |
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Performance Report: Bennelong Australian Equities Fund
21 May 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +5.73% in April, outperforming the ASX200 Accumulation Index by +2.26% and taking 12-month performance to +50.85% vs the Index's +30.76%. Since inception in February 2009, the Fund has returned...
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21 May 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 April, the portfolio's weightings had been increased in the Health Care, Communication and Materials sectors, and decreased in the Discretionary, IT, Industrials, REIT's and Financial sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 43.6%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.2%, benchmark weight: 29.2%). |
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Performance Report: Delft Partners Global High Conviction Strategy
20 May 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy has risen +25.12% over the past 12 months, outperforming AFM's Global Equity Index by +1.9% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.34%.
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20 May 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 1.14 and 2.15 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 +3.38% 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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Fund Review: Bennelong Twenty20 Australian Equities Fund April 2021
20 May 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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20 May 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund April 2021
By: Australian Fund Monitors
AFM Fund Review - April 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 - April 2021 (pdf format)
Performance Report: Bennelong Kardinia Absolute Return Fund
19 May 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +3.26% in April, taking 12-month performance to +14.05%. Since inception in May 2006, the Fund has returned +8.93% p.a. with an annualised volatility of 7.62%.
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19 May 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 1.28 vs the Index's 0.29, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors in April included Cyprium Metals, NAB, Bluescope Steel, Graincorp and Pentanet. Key detractors included Zip Co, Fortescue, Proteomics, Nickel Mines and the Fund's Short Book. Kardinia kept their net market exposure relatively steady at 68.4% (87.1% long and 18.7% short) with new positions including Cyprium and Webjet offset by reduced positions in some resource holdings and the sale of Independence Group. They maintain a bias towards stocks that benefit from a re-opening of economies scenario, with Banks, Resources and Technology the largest sector weights. |
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Fund Review: Bennelong Kardinia Absolute Return Fund April 2021
18 May 2021 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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18 May 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2021
By: Australian Fund Monitors
AFM Fund Review - April 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.93% p.a. with a volatility of 7.62%, compared to the ASX200 Accumulation's return of 6.39% p.a. with a volatility of 14.34%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - April 2021 (pdf format)
Performance Report: 4D Global Infrastructure Fund
17 May 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +2.38% in April, taking 12-month performance to +11.04%. Since inception in March 2016, the Fund has returned +9.71% p.a. with an annualised volatility of 12.60%.
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17 May 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 April was US rail company Kansas City South up 10.7% as the two Canadian rail heavy weights (Canadian Pacific and Canadian National) target its assets with competing takeout offers on the table. The weakest performer in April was Brazilian contract generator AES Brasil down 21.1%. This was partly timing, with a recovery on 1 May, and partly ahead of an anticipated weak Q1. 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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