News
Performance Report: Bennelong Long Short Equity Fund
8 Dec 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned -1.49% in November. The fund has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.2%, compared with the index's return of...
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8 Dec 2021 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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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 has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.2%, compared with the index's return of 8.31% over the same time period. On a calendar basis the fund has had 3 negative annual returns in the 20 years since its inception. Its largest drawdown was -23.77% lasting 14 months, occurring between September 2020 and November 2021 when the index fell by a maximum of -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 over five times and currently sits at 0.84 since inception. The fund has provided positive monthly returns 64% of the time in rising markets, and 63% of the time when the market was negative, contributing to an up capture ratio since inception of 6% and a down capture ratio of -144%. |
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Performance Report: 4D Global Infrastructure Fund
8 Dec 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose by +0.38% in November, outperforming the S&P Global Infrastructure TR Index by +0.43% and taking 12-month performance to +7.20%. The fund has outperformed the index since inception in March 2016,...
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8 Dec 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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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 5 years and 9 months and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return of 9.35%, compared with the index's return of 7.74% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -19.77% lasting 1 year and 9 months, occurring between February 2020 and November 2021 when the index fell by a maximum of -24.67%. The Manager has delivered these returns with -0.48% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.72 since inception. The fund has provided positive monthly returns 95% of the time in rising markets, and 14% of the time when the market was negative, contributing to an up capture ratio since inception of 105% and a down capture ratio of 94%. |
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Performance Report: DS Capital Growth Fund
7 Dec 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +0.49% in November, outperforming the ASX200 Total Return Index by +1.03% and taking 12-month performance to +21.60% vs the index's +15.48%. The fund has consistently outperformed the ASX 200 Total Return...
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7 Dec 2021 - 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, 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 has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.29%, compared with the index's return of 9.55% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 9 years since its inception. Its largest drawdown was -22.53% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -2.29% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 37% of the time when the market was negative, contributing to an up capture ratio since inception of 73% and a down capture ratio of 45%. |
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Performance Report: AIM Global High Conviction Fund
6 Dec 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +3.90% in November, outperforming the Global Equity Index by +0.88% and taking 12-month performance to +26.40% vs the Index's +22.84%. Since inception in July 2019, the Fund has returned +19.44%...
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6 Dec 2021 - Performance Report: AIM Global High Conviction Fund
By: Australian Fund Monitors
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The AIM Global High Conviction Fund has a track record of 2 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2019, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 19.44%, compared with the index's return of 15.71% over the same time period. On a calendar basis the fund has never had a negative annual return in the 2 years and 4 months since its inception. Its largest drawdown was -7.59% lasting 6 months, occurring between February 2020 and August 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.69 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 0% of the time when the market was negative, contributing to an up capture ratio since inception of 110% and a down capture ratio of 83%. |
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Fund Review: Bennelong Kardinia Absolute Return Fund October 2021
30 Nov 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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30 Nov 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2021
By: Australian Fund Monitors
AFM Fund Review - October 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 8.63% p.a. with a volatility of 7.58%, compared to the ASX200 Accumulation's return of 6.60% p.a. with a volatility of 14.15%.
- 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 2021 (pdf format)
Fund Review: Insync Global Capital Aware Fund October 2021
29 Nov 2021 - 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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29 Nov 2021 - Fund Review: Insync Global Capital Aware Fund October 2021
By: Australian Fund Monitors
AFM Fund Review - October 2021 (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 2021 (pdf format)
Performance Report: Glenmore Australian Equities Fund
29 Nov 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +0.65% in October, outperforming the ASX200 Total Return Index by +0.75% and taking 12-month performance to +52.47% vs the Index's +27.96%. Since inception in June 2017 the fund has outperformed...
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29 Nov 2021 - 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 | The Glenmore Australian Equities Fund has a track record of 4 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.68%, compared with the index's return of 9.84% over the same time period. On a calendar basis the fund has never had a negative annual return in the 4 years and 5 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.13 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 38% of the time when the market was negative, contributing to an up capture ratio since inception of 231% and a down capture ratio of 100%. |
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Performance Report: Equitable Investors Dragonfly Fund
26 Nov 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund rose by +2.19% in October, outperforming the ASX200 Total Return Index by +2.29% and taking 12-month performance to +45.96% vs the Index's +27.96%.
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26 Nov 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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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 | Equitable Investors noted Dragonfly Fund continued to make advances in the month of October in an environment where top 100 ASX listings and Small Industrials struggled but some elements of the microcap segment found investor demand. Last month the commented that an increase in volatility early in October was reflective more of shifting sentiment than any change in fundamentals. At the time of writing their October performance report, their view is that it is more of the same in November as bond yields remain volatile while investors digest higher inflation numbers and second guess central banks. |
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Fund Review: Bennelong Long Short Equity Fund October 2021
26 Nov 2021 - 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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26 Nov 2021 - Fund Review: Bennelong Long Short Equity Fund October 2021
By: Australian Fund Monitors
AFM Fund Review - October 2021 (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 14.35%.
- 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 0.85 and 1.34 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2021 (pdf format)
Performance Report: Laureola Australia Feeder Fund
25 Nov 2021 - Australian Fund Monitors
The Laureola Master Fund rose +1.0282% in October, taking 12-month performance to +6.66%. The Laureola Australian Feeder Fund rose +0.8227% in October. The Master Fund has consistently outperformed the Bloomberg AusBond Composite 0+ Yr...
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25 Nov 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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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 8 years and 7 months and has consistently outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with a return of 15.37%, compared with the index's return of 3.52% over the same time period. On a calendar basis the fund has never had a negative annual return in the 8 years and 7 months since its inception. Its largest drawdown was -4.9% lasting 10 months, occurring between December 2018 and October 2019. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 2.44 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 100% of the time when the market was negative, contributing to an up capture ratio since inception of 167% and a down capture ratio of -258%. |
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