News
Performance Report: Ark Global Fund - Class B AUD Hedged
17 Dec 2020 - Australian Fund Monitors
The Ark Global Fund - Class B AUD (Hedged) rose +0.61% in November, taking performance since inception in July 2017 to +6.27% p.a. with an annualised volatility of 9.13%.
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17 Dec 2020 - Performance Report: Ark Global Fund - Class B AUD Hedged
By: Australian Fund Monitors
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| Fund Overview | The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses. |
| Manager Comments | The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): average negative monthly return of -1.85% vs AFM's Global Equity Index's -2.12%, maximum drawdown of -8.14% vs the Index's -13.19%, and down-capture ratio of -51.5%. The Fund's negative down-capture ratio indicates that, on average, the Fund has risen during the market's negative months. The best performance assets for the month were: Hang Seng Index (+3.13% of NAV), E-mini S&P 500 (+2.13% of NAV) and Euro Stoxx 50 (+2.06% of NAV). The worst performing assets were: Nikkei 225 (-1.06% of NAV), E-mini Russell (-2.30% of NAV) and Hang Seng China Ent. Index (-3.98% of NAV). |
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Performance Report: Gyrostat Absolute Return Income Equity Fund
17 Dec 2020 - Australian Fund Monitors
The Gyrostat Absolute Return Income Equity Fund has returned +7.28% over the past 12 months with a volatility of 7.36%. Since inception in December 2010, the Fund has returned +4.64% p.a. with an annualised volatility of 4.26%.
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17 Dec 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 38 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls. |
| Manager Comments | The Fund returned -0.12% in November. Gyrostat highlighted that on the 16th of November the ASX suffered a major outage to its ASX Trade system cause by a software issue following a system upgrade relating to the trading of combination orders which they believe resulted in inaccurate market data. The Fund typically uses combination orders as part of its normal trading strategy and, to prevent losses, promptly altered their normal trading strategy. Gyrostat noted this meant the Fund could not capture as much upside post 16th of November. At no times during the outage did the Fund breach its investment guidelines or fail to meet its objectives, highlighting the resilience of the Fund's trading strategy and systems. Gyrostat anticipate low levels of 'late cycle' market volatility with elevated geopolitical risk, historically high debt levels and elevated valuations. |
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Performance Report: Premium Asia Fund
17 Dec 2020 - Australian Fund Monitors
The Premium Asia Fund rose +2.96% in November, taking 12-month performance to +19.88% vs AFM's Asia Pacific Index's +3.38%. Since inception in December 2009, the Fund has returned +12.07% p.a. vs the Index's +8.22%.
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17 Dec 2020 - 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 | The manager noted consistent export volume growth in Taiwan and South Korea, and China's on-track consumption recovery, contributed to North Asia's equity outperformance during the month. The application of innovative technology and the demand from the stay-home economy remained positive for the Fund's Taiwanese and Korean technology hardware holdings. The release of anti-trust draft rules in mainland China clouded the outlook of some internet giants which detracted from the Fund's November return. Premium China believe these anti-trust rules are unlikely to derail the long-term structural growth outlook of the leading Chinese players. Going into 2021, Premium China believe Asian equities continue to showcase solid fundamentals for the post-pandemic future. As a result, they continue to focus on quality companies with more room for growth amid the broader-based recovery. |
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Performance Report: 4D Global Infrastructure Fund
17 Dec 2020 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +9.76% in November, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +9.15% and taking annualised performance since inception in March 2016 to +9.81% with an annualised volatility of 12.70%.
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17 Dec 2020 - 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 November was German airport group, Fraport, up +52% on the back of the vaccine news and hopes that planes will be back in the sky soon. Airports had been oversold during the worst of the COVID pandemic and 4D maintained core positions which contributed strongly to the November out-performance. The weakest performer during the month was UK utility, National Grid, down -5.9% due in part to regulatory overhang and Brexit concerns, as well as utilities in general being relatively weaker as investors looked for recovery stocks. 4D continue to position for the prevailing economic outlook and infrastructure as a means of recovery as they continue to capitalise on the raft of opportunities currently on offer. |
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Performance Report: Atlantic Pacific Australian Equity Fund
17 Dec 2020 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund rose +4.89% in November, taking 12-month performance to +25.52% vs the ASX200 Accumulation Index's -1.98%. Since inception in June 2013, the Fund has returned +9.39% p.a. with an annualised...
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17 Dec 2020 - 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 following statistics (since inception) highlight the Fund's capacity to significantly outperform in falling markets: Sortino ratio of 1.57 vs the Index's 0.61, maximum drawdown of -7.10% vs the Index's -26.75%, and down-capture ratio of 21.15%. APSEC are of the view that inflation, and hence bond rates, will finally accelerate through next year and so their positioning will be much more focussed on sectors exposed to these dynamics. They noted they will not be deploying capital to invest in high valuation companies. |
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Fund Review: Bennelong Long Short Equity Fund November 2020
17 Dec 2020 - 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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17 Dec 2020 - Fund Review: Bennelong Long Short Equity Fund November 2020
By: Australian Fund Monitors
AFM Fund Review - November 2020 (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 15.60%.
- 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 0.95 and 1.58 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - November 2020 (pdf format)
Fund Review: Insync Global Capital Aware Fund November 2020
16 Dec 2020 - Australian Fund Monitors
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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16 Dec 2020 - Fund Review: Insync Global Capital Aware Fund November 2020
By: Australian Fund Monitors
AFM Fund Review - November 2020 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - November 2020 (pdf format)
Performance Report: Glenmore Australian Equities Fund
15 Dec 2020 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +10.37% in November, outperforming the ASX200 Accumulation Index's +10.21% and taking 12-month performance to +7.29% vs the Index's -1.98%. Since inception in June 2017, the Fund has returned...
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15 Dec 2020 - 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 | Top contributors in November included Coronado Global Resources (CRN), Worley (WOR), Mineral Resources (MIN), Whitehaven Coal (WHC), NRW Holdings (NWH), Eagers Automotive (APE), People Infrastructure (PPE) and Dicker Data (DDR). In Glenmore's view the most notable story of November was the news of highly encouraging human trial results from several proposed vaccines for COVID-19. They noted that, while it is still early days, they believe the early results show clear progress towards a pathway back to more normal economic conditions. They observed that this was enough to see sectors with exposure to a global recovery rally sharply (e.g. travel, energy, resources, shopping centres and mining services), at the expense of sectors that benefitted from lockdown conditions (internet, certain retailers, and gold stocks). |
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Fund Review: Bennelong Twenty20 Australian Equities Fund November 2020
15 Dec 2020 - 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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15 Dec 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund November 2020
By: Australian Fund Monitors
AFM Fund Review - November 2020 (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 - November 2020 (pdf format)
Performance Report: DS Capital Growth Fund
14 Dec 2020 - Australian Fund Monitors
The DS Capital Growth Fund rose +6.19% in November, taking 12-month performance to +15.70% vs the ASX200 Accumulation Index's -1.98%. Since inception in January 2013, the Fund has returned +15.64% p.a. with an annualised volatility of 11.47%.
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14 Dec 2020 - 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 | The Fund's Sharpe and Sortino ratios (since inception), 1.19 and 1.75 respectively, by contrast with the Index's Sharpe of 0.56 and Sortino of 0.66, 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 for performance over the past 12 months, 117.8% and 72.9% respectively, indicate that, on average, the Fund has outperformed in both the market's positive and negative months. The Fund's ability to significantly outperform in falling markets is further supported by its down-capture ratio (since inception) of 45%. |
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