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Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021
25 Nov 2021 - 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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25 Nov 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021
By: Australian Fund Monitors
AFM Fund Review - October 2021 (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 - October 2021 (pdf format)
Performance Report: 4D Global Infrastructure Fund
24 Nov 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned -1.43% in October. Over the past 12 months it has risen +17.22% and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return...
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24 Nov 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 8 months and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return of 9.42%, compared with the index's return of 7.87% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 8 months since its inception. Its largest drawdown was -19.77% lasting 1 year and 8 months, occurring between February 2020 and October 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 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 11% of the time when the market was negative, contributing to an up capture ratio since inception of 105% and a down capture ratio of 95%. |
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Performance Report: Bennelong Long Short Equity Fund
24 Nov 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose by +2.82% in October, outperforming the ASX200 Total Return Index by +2.92%. The fund has outperformed the Index since inception in February 2002, providing investors with a return of 14.35%,...
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24 Nov 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 19 years and 11 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.35%, compared with the index's return of 8.37% over the same time period. On a calendar basis the fund has had 3 negative annual returns in the 19 years and 11 months since its inception. Its largest drawdown was -23.77% lasting 13 months, occurring between September 2020 and October 2021 when the index fell by a maximum of -15.05%. The Manager has delivered these returns with -0.35% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.85 since inception. The fund has provided positive monthly returns 64% of the time in rising markets, and 64% of the time when the market was negative, contributing to an up capture ratio since inception of 6% and a down capture ratio of -148%. |
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Performance Report: Delft Partners Global High Conviction Strategy
23 Nov 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy has risen +28.85% over the past 12 months against the Global Equity Index's +28.20. The strategy has outperformed the Index since inception in August 2011, providing investors with a...
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23 Nov 2021 - Performance Report: Delft Partners Global High Conviction Strategy
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 Delft Partners Global High Conviction Strategy has a track record of 10 years and 4 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with a return of 15.41%, compared with the index's return of 14.63% over the same time period. On a calendar basis the strategy has had 2 negative annual returns in the 10 years and 4 months since its inception. Its largest drawdown was -13.33% lasting 12 months, occurring between February 2020 and February 2021 when the index fell by a maximum of -13.19%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 1.13 since inception. The strategy has provided positive monthly returns 88% 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 98% and a down capture ratio of 93%. |
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Performance Report: Prime Value Emerging Opportunities Fund
23 Nov 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund has risen +33.67% over the past 12 months against the ASX200 Total Return's +27.96%. The fund has consistently outperformed the ASX 200 Total Return Index since inception in October 2015,...
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23 Nov 2021 - 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 | The Prime Value Emerging Opportunities Fund has a track record of 6 years and 1 month and has consistently outperformed the ASX 200 Total Return Index since inception in October 2015, providing investors with a return of 16.12%, compared with the index's return of 10.7% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 6 years and 1 month since its inception. Its largest drawdown was -23.79% lasting 5 months, occurring between February 2020 and July 2020 when the index fell by a maximum of -26.75%. 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 1.04 since inception. The fund has provided positive monthly returns 84% of the time in rising markets, and 42% of the time when the market was negative, contributing to an up capture ratio since inception of 80% and a down capture ratio of 47%. |
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Performance Report: Surrey Australian Equities Fund
23 Nov 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -1.46% in October, and over the past 12 months has risen +28.46%. Since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised...
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23 Nov 2021 - 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 | The Surrey Australian Equities Fund has a track record of 3 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 12.14%, compared with the index's return of 9.91% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 5 months since its inception. Its largest drawdown was -26.75% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 0.62 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 123% and a down capture ratio of 108%. |
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Performance Report: Frazis Fund
22 Nov 2021 - Australian Fund Monitors
The Frazis Fund rose +1.30% in October, rising in line with the Global Equity Index and taking 12-month performance to +71.04% vs the Index's +28.20%. Since inception in July 2018, the fund has outperformed the Index, providing investors...
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22 Nov 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | The Frazis Fund has a track record of 3 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2018, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 31.34%, compared with the index's return of 13.9% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 4 months since its inception. Its largest drawdown was -32.28% lasting 4 months, occurring between February 2020 and June 2020 when the index fell by a maximum of -13.19%. 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 0.94 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 36% of the time when the market was negative, contributing to an up capture ratio since inception of 217% and a down capture ratio of 104%. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
22 Nov 2021 - Australian Fund Monitors
In October, the Longlead Pan-Asian Absolute Return Fund (Feeder Fund) returned -2.73%, outperforming the Asia Pacific Index by +1.54%. The Longlead Absolute Return Fund (Master Fund) has risen +13.98% over the past 12 months. Since...
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22 Nov 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The Longlead Absolute Return Fund has a track record of 4 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2017, the fund has outperformed the Asia Pacific Index, providing investors with an annualised return of 23.09%, compared with the index's return of 8.06% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years and 4 months since its inception. Its largest drawdown was -14.88% lasting 13 months, occurring between January 2019 and February 2020 when the index fell by a maximum of -7.32%. 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 1.43 since inception. The fund has provided positive monthly returns 61% 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 72% and a down capture ratio of -84%. |
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Performance Report: Insync Global Quality Equity Fund
19 Nov 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +1.58% in October, outperforming the Global Equity Index by +0.41% and taking 12-month performance to +21.92%. The fund has returned +14.39% p.a. with an annualised volatility of 10.96% since October 2009.
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19 Nov 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Quality Equity Fund has a track record of 12 years and 2 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 14.39%, compared with the index's return of 11.96% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 2 months since its inception. Its largest drawdown was -12.64% lasting 7 months, occurring between September 2018 and April 2019 when the index fell by a maximum of -10.57%. 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 1.08 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 22% of the time when the market was negative, contributing to an up capture ratio since inception of 81% and a down capture ratio of 73%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
19 Nov 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose by +0.17% in October, taking 12-month performance to +37.02% vs the ASX200 Total Return Index's +27.96%. The fund has consistently outperformed the Index since inception in November...
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19 Nov 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 12 years and 1 month and has consistently outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with a return of 11.91%, compared with the index's return of 8.34% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 1 month since its inception. Its largest drawdown was -26.09% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 0.74 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 129% and a down capture ratio of 96%. |
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