News
Performance Report: Bennelong Australian Equities Fund
16 Jun 2022 - FundMonitors.com
The Bennelong Australian Equities Fund returned -7.49% in May, a difference of -4.89% compared with the ASX 200 Total Return Index which fell by -2.6%. The fund has outperformed the index since inception in February 2009, providing...
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16 Jun 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 4 months and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 12.71% compared with the index's return of 10.09% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 13 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -24.06% vs the index's -6.35%, and since inception in February 2009 the fund's largest drawdown was -24.32% 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 1.46% 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 0.74 since inception. The fund has provided positive monthly returns 91% 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 129% and a down-capture ratio of 99%. |
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Performance Report: Airlie Australian Share Fund
15 Jun 2022 - FundMonitors.com
The Airlie Australian Share Fund returned -4.45% in May. The fund has outperformed the ASX 200 Total Return Index since inception in June 2018, providing investors with an annualised return of 10.78% compared with the index's return of...
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15 Jun 2022 - Performance Report: Airlie Australian Share Fund
By: FundMonitors.com
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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). The fund has a 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 Airlie Australian Share Fund has a track record of 4 years 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 June 2018, providing investors with an annualised return of 10.78% compared with the index's return of 8.65% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years since its inception. Over the past 12 months, the fund's largest drawdown was -7.3% vs the index's -6.35%, and since inception in June 2018 the fund's largest drawdown was -23.8% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.34% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past four years and which currently sits at 0.7 since inception. The fund has provided positive monthly returns 97% 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 106% and a down-capture ratio of 95%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
15 Jun 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund returned -2.43% in May, an outperformance of +0.17% compared with the ASX 200 Total Return Index which fell by -2.6%. The fund has a track record of 16 years and 1 month and has outperformed the...
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15 Jun 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 1 month and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.69% compared with the index's return of 6.42% 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 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -10.03% vs the index's -6.35%, 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 6.41% 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 0.64 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 32% of the time during periods of market decline, contributing to an up-capture ratio since inception of 16% and a down-capture ratio of 55%. |
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Performance Report: Laureola Australia Feeder Fund
14 Jun 2022 - FundMonitors.com
The Laureola Master Fund was flat in April, an outperformance of +1.49% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -1.49%. The fund has outperformed the index since inception in May 2013, providing investors...
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14 Jun 2022 - Performance Report: Laureola Australia Feeder Fund
By: FundMonitors.com
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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The Laureola Master Fund has a track record of 9 years and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with an annualised return of 14.34% compared with the index's return of 2.7% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 9 years since its inception. Over the past 12 months, the fund's largest drawdown was -2.39% vs the index's -10.02%, and since inception in May 2013 the fund's largest drawdown was -4.9% vs the index's maximum drawdown over the same period of -10.29%. The fund's maximum drawdown began in December 2018 and lasted 10 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by October 2019. During this period, the index's maximum drawdown was -0.98%. The Manager has delivered these returns with 1.83% more 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 2.28 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 95% of the time during periods of market decline, contributing to an up-capture ratio since inception of 160% and a down-capture ratio of -195%. |
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Performance Report: Collins St Value Fund
14 Jun 2022 - FundMonitors.com
The Collins St Value Fund returned -3.66% in May. The fund has a track record of 6 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of...
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14 Jun 2022 - Performance Report: Collins St Value Fund
By: FundMonitors.com
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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 Collins St Value Fund has a track record of 6 years and 4 months and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 17.87% compared with the index's return of 10.3% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 6 years and 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -5.4% vs the index's -6.35%, and since inception in February 2016 the fund's largest drawdown was -27.46% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by September 2020. The Manager has delivered these returns with 3.58% more volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past five years and which currently sits at 0.98 since inception. The fund has provided positive monthly returns 84% of the time in rising markets and 65% of the time during periods of market decline, contributing to an up-capture ratio since inception of 79% and a down-capture ratio of 32%. |
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Performance Report: 4D Global Infrastructure Fund
14 Jun 2022 - FundMonitors.com
The 4D Global Infrastructure Fund rose by +2.33% in May, an outperformance of +0.46% compared with the S&P Global Infrastructure TR (AUD) Index which rose by +1.87%. The fund has outperformed the index since inception in March 2016,...
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14 Jun 2022 - Performance Report: 4D Global Infrastructure Fund
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 has a track record of 6 years and 3 months and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 9.97% compared with the index's return of 9.35% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.9% vs the index's -0.57%, 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 0.52% less 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 0.79 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 100% and a down-capture ratio of 96%. |
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Performance Report: Delft Partners Global High Conviction Strategy
9 Jun 2022 - FundMonitors.com
The Delft Partners Global High Conviction Strategy rose by +1.46% in May, an outperformance of +2.76% compared with the Global Equity Index which fell by -1.3%. The strategy has outperformed the index since inception in August 2011,...
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9 Jun 2022 - Performance Report: Delft Partners Global High Conviction Strategy
By: FundMonitors.com
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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 Delft Partners Global High Conviction Strategy has a track record of 10 years and 10 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.68% compared with the index's return of 12.98% over the same period. On a calendar year basis, the strategy has experienced a negative annual return on 2 occasions in the 10 years and 10 months since its inception. Over the past 12 months, the strategy's largest drawdown was -6.74% vs the index's -11.86%, and since inception in August 2011 the strategy's largest drawdown was -13.33% vs the index's maximum drawdown over the same period of -13.19%. The strategy's maximum drawdown began in February 2020 and lasted 1 year, reaching its lowest point during July 2020. The strategy had completely recovered its losses by February 2021. The Manager has delivered these returns with 1.28% 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 1.09 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets and 15% of the time during periods of market decline, contributing to an up-capture ratio since inception of 100% and a down-capture ratio of 90%. |
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Performance Report: Bennelong Long Short Equity Fund
8 Jun 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund returned -0.13% in May, an outperformance of +2.47% compared with the ASX 200 Total Return Index which fell by -2.6%. The fund has outperformed the index since inception in February 2002, providing...
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8 Jun 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 4 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.84% compared with the index's return of 8.17% 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 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -21.77% vs the index's -6.35%, and since inception in February 2002 the fund's largest drawdown was -29.14% 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 8 months, reaching its lowest point during May 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.17% 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 0.74 since inception. The fund has provided positive monthly returns 64% of the time in rising markets and 61% of the time during periods of market decline, contributing to an up-capture ratio since inception of 5% and a down-capture ratio of -126%. |
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Performance Report: Argonaut Natural Resources Fund
6 Jun 2022 - FundMonitors.com
The Argonaut Natural Resources Fund returned -2.3% in May, an outperformance of +0.3% compared with the ASX 200 Total Return Index which fell by -2.6%. The fund has outperformed the ASX 200 Total Return Index since inception in January...
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6 Jun 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 5 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 53.14% compared with the index's return of 6.85% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 5 months since its inception. Over the past 12 months, the fund's largest drawdown was -4.55% vs the index's -6.35%, and since inception in January 2020 the fund's largest drawdown was -14.61% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 3 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by May 2020. The Manager has delivered these returns with 1.99% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 3.01 and for performance since inception of 2.15. The fund has provided positive monthly returns 80% of the time in rising markets and 44% of the time during periods of market decline, contributing to an up-capture ratio since inception of 201% and a down-capture ratio of -2%. |
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Fund Review: Bennelong Long Short Equity Fund April 2022
27 May 2022 - FundMonitors.com
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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27 May 2022 - Fund Review: Bennelong Long Short Equity Fund April 2022
By: FundMonitors.com
AFM Fund Review - April 2022 (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 20-years' track record and an annualised return of 12.90%.
- 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 0.75 and 1.12 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - April 2022 (pdf format)
