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Performance Report: Paragon Australian Long Short Fund
18 Nov 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund has risen +57.50% over the past 12 months, outperforming the ASX200 Total Return Index by +27.96%. The fund has consistently outperformed the ASX 200 Total Return Index since inception in March 2013,...
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18 Nov 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Paragon Australian Long Short Fund has a track record of 8 years and 9 months and has consistently outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with a return of 15.36%, compared with the index's return of 8.64% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 8 years and 9 months since its inception. Its largest drawdown was -45.11% lasting 2 years and 7 months, occurring between January 2018 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 five times and currently sits at 0.65 since inception. The fund has provided positive monthly returns 69% of the time in rising markets, and 46% of the time when the market was negative, contributing to an up capture ratio since inception of 113% and a down capture ratio of 77%. |
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Performance Report: Premium Asia Fund
18 Nov 2021 - Australian Fund Monitors
The Premium Asia Fund has risen +13.23% over the past 12 months against the MSCI All Country Asia Pacific ex-Japan's +6.03%. The fund has consistently outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in...
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18 Nov 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | The Premium Asia Fund has a track record of 12 years and has consistently outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in December 2009, providing investors with a return of 11.98%, compared with the index's return of 5.8% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years since its inception. Its largest drawdown was -21.41% lasting 1 year and 11 months, occurring between June 2015 and May 2017 when the index fell by a maximum of -19.56%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 0.77 since inception. The fund has provided positive monthly returns 89% of the time in rising markets, and 20% of the time when the market was negative, contributing to an up capture ratio since inception of 161% and a down capture ratio of 91%. |
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Performance Report: Bennelong Emerging Companies Fund
18 Nov 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +1.16% in October, outperforming the ASX200 Total Return Index by +1.26% and taking 12-month performance to +41.46% vs the Index's +27.96%. Since inception in November 2017 the fund has...
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18 Nov 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 4 years and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in November 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 30.4%, compared with the index's return of 9.6% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years since its inception. Its largest drawdown was -41.74% lasting 10 months, occurring between December 2019 and October 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 1.01 since inception. The fund has provided positive monthly returns 85% 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 321% and a down capture ratio of 119%. |
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Performance Report: Insync Global Capital Aware Fund
17 Nov 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +1.11% in October, taking 12-month performance to +18.07%. The fund has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 12.38%, compared...
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17 Nov 2021 - Performance Report: Insync Global Capital Aware 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. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. 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 Capital Aware 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 12.38%, compared with the index's return of 11.96% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 2 months since its inception. Its largest drawdown was -10.98% 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 fallen below 1 once and currently sits at 0.97 since inception. The fund has provided positive monthly returns 80% of the time in rising markets, and 24% of the time when the market was negative, contributing to an up capture ratio since inception of 57% and a down capture ratio of 66%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
17 Nov 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +1.56% in October, outperforming the ASX200 Total Return Index by +1.66% and taking 12-month performance to +39.09% vs the Index's +27.96%. The fund has consistently outperformed the...
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17 Nov 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 12 years and 10 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 17.83%, compared with the index's return of 10.49% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 10 months since its inception. Its largest drawdown was -24.11% 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 once and currently sits at 1.03 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 19% of the time when the market was negative, contributing to an up capture ratio since inception of 165% and a down capture ratio of 91%. |
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Performance Report: Quay Global Real Estate Fund
16 Nov 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +2.12% in October, outperforming the ASX200 A-REIT Index by +1.7% and taking 12-month perfomance to +34.92% vs the Index's +30.88%. The fund has consistently outperformed the S&P/ASX 200 A-REIT Index...
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16 Nov 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The Quay Global Real Estate Fund has a track record of 5 years and 9 months and has consistently outperformed the S&P/ASX 200 A-REIT Index since inception in January 2016, providing investors with a return of 9.72%, compared with the index's return of 8.54% 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 -19.68% lasting 16 months, occurring between February 2020 and June 2021 when the index fell by a maximum of -38.29%. The Manager has delivered these returns with -8.49% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.75 since inception. The fund has provided positive monthly returns 77% of the time in rising markets, and 26% of the time when the market was negative, contributing to an up capture ratio since inception of 45% and a down capture ratio of 56%. |
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Performance Report: Collins St Value Fund
15 Nov 2021 - Australian Fund Monitors
The Collins St Value Fund rose +1.69% in October, outperforming the ASX200 Total Return Index by +1.79% and taking 12-month performance to +55.38% vs the Index's +27.96%. The fund has consistently outperformed the ASX 200 Total Return...
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15 Nov 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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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 5 years and 9 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with a return of 19.5%, compared with the index's return of 11.23% over the same time period. On a calendar basis the fund has never had a negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -27.46% lasting 7 months, occurring between February 2020 and September 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 1.04 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 68% of the time when the market was negative, contributing to an up capture ratio since inception of 82% and a down capture ratio of 23%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
15 Nov 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +0.79% in October, outperforming the ASX200 Total Return Index by +0.89% and taking 12-month performance to +15.02%. Since inception in May 2006 the fund has outperformed the Index,...
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15 Nov 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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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 15 years and 8 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with a return of 8.63%, compared with the index's return of 6.6% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 15 years and 8 months since its inception. Its largest drawdown was -11.71% lasting 2 years and 6 months, occurring between June 2018 and December 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -6.57% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.75 since inception. The fund has provided positive monthly returns 87% of the time in rising markets, and 34% of the time when the market was negative, contributing to an up capture ratio since inception of 17% and a down capture ratio of 49%. |
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Performance Report: Bennelong Australian Equities Fund
12 Nov 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.5% in October, outperforming the ASX200 Total Return Index by +0.6% and taking 12-month performance to +39.12% vs the Index's +27.96%. Since inception in Feb 2009 the fund has outperformed the...
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12 Nov 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 12 years and 10 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 15.76%, compared with the index's return of 10.49% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 10 months since its inception. Its largest drawdown was -24.32% 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 once and currently sits at 0.93 since inception. The fund has provided positive monthly returns 93% of the time in rising markets, and 17% of the time when the market was negative, contributing to an up capture ratio since inception of 152% and a down capture ratio of 95%. |
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Performance Report: DS Capital Growth Fund
12 Nov 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose +0.56% in October, outperforming the ASX200 Total Return Index by +0.66% and taking 12-month performance to +28.50%. Since inception in January 2013, the fund has returned +16.39% p.a. with an annualised...
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12 Nov 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 8 years and 11 months and has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.39%, compared with the index's return of 9.71% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 8 years and 11 months 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 never fallen below 1 and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 35% of the time when the market was negative, contributing to an up capture ratio since inception of 73% and a down capture ratio of 46%. |
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