News
Performance Report: 4D Global Infrastructure Fund
25 Nov 2020 - Australian Fund Monitors
The 4D Global Infrastructure Fund has returned 7.82% p.a. with an annualised volatility of 12.11% p.a. since inception in March 2016. This return has been achieved with a down-capture ratio of 82.20%, highlighting the Fund's capacity to...
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25 Nov 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 October was Chinese gas distributor ENN Energy Holdings up 16.1% for the month as volumes and growth outlook continue to be positive. The weakest performer in October was Brazilian toll road operator Ecorodovias down 15.6% on no stock specific news. 4D noted the stock has been oversold and this is a buying opportunity. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalise on the raft of opportunities currently on offer. |
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Performance Report: Bennelong Australian Equities Fund
25 Nov 2020 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose 3.83% over October, outperforming the ASX200 Accumulation Index by 1.90%. Over the past 12 months the Fund has returned 16.62%, outperforming the Index by 24.77%. Since inception in February...
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25 Nov 2020 - 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 up-capture ratio of 144.31% and Sortino ratio of 1.10 vs the Index's 0.64 highlights its capacity to significantly outperform in rising markets while avoiding the market's downside volatility. As at the end of the month, the Fund maintains a significant overweight position in the Discretionary sector and significant underweight positions in the Consumer Staples, Industrials and Financials sectors. |
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Performance Report: Prime Value Emerging Opportunities Fund
24 Nov 2020 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned 0.71% for the month of October outperforming the funds internal benchmark of 0.66% (8% p.a.). The fund outperformed the ASX Small Ordinaries for the month which returned 0.46% and...
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24 Nov 2020 - 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 Mainstream, Mainfreight and Oceania Healthcare with the key detractors being Austal, Omni Bridgeway and EQT Holdings. Prime have noted that the portfolio remains well balanced with a number of attractively priced companies that will benefit from an effective vaccine (e.g. travel, leisure, cyclicals), while being heavily weighted to those which can grow with little dependence on the economic cycle. |
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Fund Review: Insync Global Capital Aware Fund October 2020
24 Nov 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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24 Nov 2020 - Fund Review: Insync Global Capital Aware Fund October 2020
By: Australian Fund Monitors
AFM Fund Review - October 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 - October 2020 (pdf format)
Performance Report: Surrey Australian Equities Fund
23 Nov 2020 - Australian Fund Monitors
The Surrey Australian Equities Fund has risen +8.43% over the past 12 months, outperforming the ASX200 Accumulation Index by +16.58%. Since inception in June 2018, the Fund has returned +6.01% p.a. vs the Index's annualised return of...
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23 Nov 2020 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | Surrey used the daily fluctuations throughout the month to reduce exposures such as Xero (XRO) and Imricor (IMR) while adding to holdings in stocks such as Auckland Airports and initiating new positions in companies including Cleanspace (CSX) and Betmakers (BET). Surrey expect these changed to position the Fund positively for the future. Top contributors during the month included Cleanspace (CSX) and Xero (XRO). Detractors included Catapult (CAT) and Omni Bridgeway (OBL), both of which were caught up around the ongoing spread of COVID-19 in Europe and the US. Surrey remain comfortable with the investment positions of both CAT and OBL over the medium term. The portfolio overall continues to be positioned for positive risk adjusted returns. Surrey noted they remain positive about the outlook for continued outperformance. |
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Performance Report: NWQ Fiduciary Fund
23 Nov 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund rose -0.53% in October, underperforming the ASX200 Accumulation Index by 2.46% and taking 12-month performance to 7.59% vs the Index's -8.51%. Since inception in May 2013, the Fund has returned 5.81% with an...
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23 Nov 2020 - 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 significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.07 vs the Index's 0.42, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. The Fund's returns have been produced with a low net exposure to the market, demonstrating that the Fund's returns are largely independent of the direction of the equity market. NWQ believe the Fund's low net market exposure should also serve investors well in the event of a sustained market selloff. NWQ noted that the return dispersion among constituents of the ASX200 has produced a rich opportunity set for the Fund's long/short managers. |
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Performance Report: Bennelong Emerging Companies Fund
23 Nov 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose 4.78% over the month of October against the ASX200 Accumulation Index's 1.93%. Since inception in November 2017, the Fund has returned 26.91% p.a. against the Index's 4.09%.
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23 Nov 2020 - 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 noted that despite the inevitable ups and downs of the market in the short term, they believe the portfolio's investments are all incrementally building value. The portfolio remains reasonably diversified across sector and risk-return drivers. |
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Performance Report: Delft Partners Global High Conviction
20 Nov 2020 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy rose +1.00% in October, outperforming AFM's Global Equity Index by +1.57% and taking annualised performance since inception in August 2011 to +14.04% with an annualised volatility of 11.64%.
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20 Nov 2020 - Performance Report: Delft Partners Global High Conviction
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 has achieved an average positive monthly return since inception of +3.20% vs the Index's +2.94%. The Strategy's Sharpe and Sortino ratios for performance since inception are 1.02 and 1.81 respectively. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 6 out of 10 of the Index's worst months and 9 out of 10 of the Index's best month. This highlights the Strategy's capacity to perform well in both rising and falling markets. |
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Performance Report: Australian Eagle Trust Long-Short Fund
19 Nov 2020 - Australian Fund Monitors
The Australian Eagle Trust Long-Short Fund rose +4.35% in October, outperforming the ASX200 Accumulation Index by +2.42% and taking 12-month performance to +10.06% vs the Index's -8.15%. Since inception in July 2016, the Fund has returned...
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19 Nov 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's Sharpe and Sortino ratios (since inception), 1.07 and 1.50 respectively, by contrast with the Index's Sharpe of 0.47 and Sortino of 0.49, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund's ability to significantly outperform in both rising and falling markets is demonstrated by its up-capture and down-capture ratios (since inception) of 147.9% and 81.1% respectively. The portfolio's largest positive contributors in October came from long positions in ResMed Inc, AMP Ltd and Commonwealth Bank of Australia Ltd. The largest detractors were short positions in Challenger Ltd, Virgin Money UK and Cimic Ltd. The Fund ended the month with 32 long positions and 20 short position, with the largest exposure to medical devices & services and technology stocks. The Fund ended the month with relatively less exposure to banking and real estate stocks. |
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Fund Review: Bennelong Kardinia Absolute Return Fund October 2020
18 Nov 2020 - 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 Nov 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2020
By: Australian Fund Monitors
AFM Fund Review - October 2020 (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 8.21% p.a. with a volatility of 7.45%, compared to the ASX200 Accumulation's return of 5.27% 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 - October 2020 (pdf format)
