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Performance Report: Bennelong Australian Equities Fund
13 Oct 2022 - FundMonitors.com
The Bennelong Australian Equities Fund returned -7.92% in September. The fund has a track record of 13 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an...
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13 Oct 2022 - Performance Report: Bennelong Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 13 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 11.68% compared with the index's return of 9.12% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 13 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -30.31% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -30.31% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has lasted 9 months, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.58% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.66 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 17% of the time during periods of market decline, contributing to an up-capture ratio since inception of 130% and a down-capture ratio of 99%. |
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Performance Report: Glenmore Australian Equities Fund
12 Oct 2022 - FundMonitors.com
Over the past 12 months, the Glenmore Australian Equities Fund has returned -0.9% compared with the index which has fallen -7.69%, for a difference of +6.79%. Since inception in June 2017, the fund has returned +20.49% per annum, a...
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12 Oct 2022 - Performance Report: Glenmore Australian Equities Fund
By: FundMonitors.com
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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 Glenmore Australian Equities Fund has a track record of 5 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in June 2017, providing investors with an annualised return of 20.49% compared with the index's return of 6.5% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -16.18% vs the index's -11.9%, and since inception in June 2017 the fund's largest drawdown was -36.91% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 1 month, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 7.59% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.91 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 249% and a down-capture ratio of 104%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
12 Oct 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund rose by +2.3% in September, an outperformance of +8.47% compared with the ASX 200 Total Return Index which fell by -6.17%. The fund has outperformed the index since inception in May 2006,...
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12 Oct 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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. |
| Manager Comments | The Bennelong Kardinia Absolute Return Fund has a track record of 16 years and 5 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.72% compared with the index's return of 5.71% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 16 years and 5 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.52% vs the index's -11.9%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. During this period, the index's maximum drawdown was -26.75%. The Manager has delivered these returns with 6.67% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.65 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 15% and a down-capture ratio of 53%. |
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Performance Report: 4D Global Infrastructure Fund (Unhedged)
12 Oct 2022 - FundMonitors.com
The 4D Global Infrastructure Fund (Unhedged) returned -6.58% in September. Since inception in March 2016, the fund has returned +7.52% per annum.
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12 Oct 2022 - Performance Report: 4D Global Infrastructure Fund (Unhedged)
By: FundMonitors.com
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| Fund Overview | The fund is managed as a single portfolio 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 4D Global Infrastructure Fund (Unhedged) has a track record of 6 years and 7 months and has underperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 7.52% compared with the index's return of 7.78% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.99% vs the index's -6.34%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and lasted 2 years and 2 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by April 2022. The Manager has delivered these returns with 0.27% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.58 since inception. The fund has provided positive monthly returns 94% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 97% and a down-capture ratio of 99%. |
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Performance Report: ASCF High Yield Fund
10 Oct 2022 - FundMonitors.com
The ASCF High Yield Fund rose by +0.52% in September, an outperformance of +1.88% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -1.36%. The fund has outperformed the index since inception in March 2017, providing...
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10 Oct 2022 - Performance Report: ASCF High Yield Fund
By: FundMonitors.com
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| Fund Overview | Does not require full valuations on loans <65% LVR. Borrowing rates are from 12% per annum on 1st mortgage loans and 16% per annum on 2nd mortgage/caveat loans. Pays investors between 5.55% - 6.25% per annum depending on their investment term. |
| Manager Comments | The ASCF High Yield Fund has a track record of 5 years and 7 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in March 2017, providing investors with an annualised return of 8.5% compared with the index's return of 0.92% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 7 months since its inception. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -10.05%. Since inception in March 2017, the fund's largest drawdown was 0% vs the index's maximum drawdown over the same period of -12.97%. The Manager has delivered these returns with 4.08% less volatility than the index, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 20.1 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 79% and a down-capture ratio of -74%. |
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Performance Report: Argonaut Natural Resources Fund
7 Oct 2022 - FundMonitors.com
The Argonaut Natural Resources Fund returned -3.3% in September, an outperformance of +2.87% compared with the ASX 200 Total Return Index which fell by -6.17%. The fund has outperformed the index since inception in January 2020, providing...
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7 Oct 2022 - Performance Report: Argonaut Natural Resources Fund
By: FundMonitors.com
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| Fund Overview | At times, ANRF may consider holding higher levels of cash (max 30%) if valuations are full and it is difficult to find attractive investment opportunities. The Fund does not borrow for investment or any other purposes, but it may short sell securities as part of its portfolio protection strategies. |
| Manager Comments | The Argonaut Natural Resources Fund has a track record of 2 years and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in January 2020, providing investors with an annualised return of 42.98% compared with the index's return of 2.66% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.06% vs the index's -11.9%, and since inception in January 2020 the fund's largest drawdown was -19.06% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in April 2022 and has lasted 5 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 4.03% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 1.38 and for performance since inception of 1.65. The fund has provided positive monthly returns 82% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 220% and a down-capture ratio of 37%. |
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Performance Report: Equitable Investors Dragonfly Fund
4 Oct 2022 - FundMonitors.com
The Equitable Investors Dragonfly Fund rose by +2.29% in August, an outperformance of +1.11% compared with the ASX 200 Total Return Index which rose by +1.18%. Top contribtors in August included DXN, MedAdvisor and Leaf Resources, each of...
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4 Oct 2022 - Performance Report: Equitable Investors Dragonfly Fund
By: FundMonitors.com
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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 | Top contribtors in August included DXN, MedAdvisor and Leaf Resources, each of which were highlighted as recapitalisation opportunities the Fund had taken advantage of. They noted the clear trend with the few stocks that had a noticeable negative impact on the Fund in August was that they were highly illiquid. They are not stocks with demanding market caps (being <$10m) that require a lot to go right. Equitable Investors say the market has humbled their investment team so far in 2022 but they remain committed to their strategy. They currently see material upside potential across their portfolio. They believe investor short-termism and a steady flow of recapitalisations will create opportunities for those able to maintain a long-term perspective. |
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Performance Report: DS Capital Growth Fund
30 Sep 2022 - FundMonitors.com
The DS Capital Growth Fund returned -0.43% in August. The fund has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 13.24% compared with the index's return of...
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30 Sep 2022 - Performance Report: DS Capital Growth Fund
By: FundMonitors.com
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand, generally avoiding 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 DS Capital Growth Fund has a track record of 9 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 13.24% compared with the index's return of 8.67% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 9 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -21.05% vs the index's -11.9%, and since inception in January 2013 the fund's largest drawdown was -22.53% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 1.73% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.98 since inception. The fund has provided positive monthly returns 88% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 67% and a down-capture ratio of 62%. |
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Performance Report: PURE Resources Fund
28 Sep 2022 - FundMonitors.com
The PURE Resources Fund rose by +3.5% in August, an outperformance of +2.32% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the ASX 200 Total Return Index since inception in May 2021, providing...
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28 Sep 2022 - Performance Report: PURE Resources Fund
By: FundMonitors.com
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| Manager Comments | The PURE Resources Fund has a track record of 1 year and 4 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in May 2021, providing investors with an annualised return of 14.28% compared with the index's return of 3.53% over the same period. Over the past 12 months, the fund's largest drawdown was -2.3% vs the index's -11.9%, and since inception in May 2021 the fund's largest drawdown was -2.3% vs the index's maximum drawdown over the same period of -11.9%. The fund's maximum drawdown began in June 2022 and has lasted 2 months, reaching its lowest point during June 2022. The Manager has delivered these returns with 7.23% less volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 2.69 and for performance since inception of 2.17. The fund has provided positive monthly returns 78% of the time in rising markets and 71% of the time during periods of market decline, contributing to an up-capture ratio since inception of 39% and a down-capture ratio of -36%. |
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Performance Report: Bennelong Long Short Equity Fund
28 Sep 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund rose by +4.43% in August, an outperformance of +3.25% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the ASX 200 Total Return Index since inception in...
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28 Sep 2022 - Performance Report: Bennelong Long Short Equity Fund
By: FundMonitors.com
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX. |
| Manager Comments | The Bennelong Long Short Equity Fund has a track record of 20 years and 7 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.86% compared with the index's return of 7.94% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 20 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.27% vs the index's -11.9%, and since inception in February 2002 the fund's largest drawdown was -30.59% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has lasted 1 year and 11 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.34% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.75 since inception. The fund has provided positive monthly returns 64% of the time in rising markets and 60% of the time during periods of market decline, contributing to an up-capture ratio since inception of 5% and a down-capture ratio of -121%. |
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