Performance Report: Collins St Value Fund

11 Oct 2021 - Australian Fund Monitors

The Collins St Value Fund rose by +6.87% in September, an outperformance of +8.72% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.27% compared with the index which has...

11 Oct 2021 - Performance Report: Collins St Value Fund

By: Australian Fund Monitors

Report Date	11 October 2021
Manager	Collins St Asset Management
Fund Name	Collins St Value Fund
Strategy	Equity Long
Latest Return Date	September 2021
Latest Return	6.87%
Latest 6 Months	18.29%
Latest 12 Months	54.27%
Latest 24 Months (pa)	30.20%
Annualised Since Inception	19.46%
Inception Date	05 February 2016
FUM (millions)	AU$141.7
Fund Overview	The Collins Street Value Fund is an index unaware fund which seeks to create strong investment returns over the medium and long term with capital preservation a priority. 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 rose by +6.87% in September, an outperformance of +8.72% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.27% compared with the index which has returned +30.56%, and since inception in February 2016, the fund has returned +19.46% per annum, a difference of +8.04% relative to the index which has returned +11.42% on an annualised basis over the same period. Since inception in February 2016 in the months where the market was negative, the fund has provided positive returns 67% of the time, contributing to a down-capture ratio for returns since inception of 26.11%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.25% over the most recent 24 months to a low of -370.51% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 28.96 for performance over the most recent 12 months to a low of 1.28 over the latest 48 months, and is 1.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2016 is 0.95.
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Performance Report: Bennelong Australian Equities Fund

8 Oct 2021 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose by +0.2% in September, an outperformance of +2.05% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +43.74% compared with the...

8 Oct 2021 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	08 October 2021
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2021
Latest Return	0.20%
Latest 6 Months	21.94%
Latest 12 Months	43.74%
Latest 24 Months (pa)	27.62%
Annualised Since Inception	15.83%
Inception Date	30 January 2009
FUM (millions)	AU$1095.97
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
Manager Comments	The Bennelong Australian Equities Fund rose by +0.2% in September, an outperformance of +2.05% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +43.74% compared with the index which has returned +30.56%, and since inception in February 2009, the fund has returned +15.83% per annum, a difference of +5.25% relative to the index which has returned +10.58% on an annualised basis over the same period. The fund's returns over the past 12 months have been achieved with a volatility of 8.51% vs the index's 9.42%, and the annualised volatility of the fund's returns since inception in February 2009 is 14.55% vs the index's 13.48%. Since inception in February 2009 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 152.32%. Over all other periods, the fund's up-capture ratio has ranged from a high of 166.21% over the most recent 24 months to a low of 131.56% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period.
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Performance Report: AIM Global High Conviction Fund

7 Oct 2021 - Australian Fund Monitors

The AIM Global High Conviction Fund returned -3.86% in September. Over the past 12 months, the fund has risen by +22.73% and since inception in July 2019, the fund has returned +17.3% per annum, a difference of +2.47% relative to the index...

7 Oct 2021 - Performance Report: AIM Global High Conviction Fund

By: Australian Fund Monitors

Report Date	07 October 2021
Manager	Aitken Investment Management
Fund Name	AIM Global High Conviction Fund
Strategy	Equity Long
Latest Return Date	September 2021
Latest Return	-3.86%
Latest 6 Months	15.41%
Latest 12 Months	22.73%
Latest 24 Months (pa)	19.85%
Annualised Since Inception	17.30%
Inception Date	19 July 2019
FUM (millions)	AU$96
Fund Overview	The Fund began on 7 July 2015. The strategy and investment team changed on 19 July 2019. Performance data shown is from July 2019. 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 returned -3.86% in September. Over the past 12 months, the fund has risen by +22.73% and since inception in July 2019, the fund has returned +17.3% per annum, a difference of +2.47% relative to the index which has returned +14.83% on an annualised basis over the same period. The fund's Sharpe ratio is 1.89 for performance over the past 12 months, and over the past 24 months is 1.64. Since inception, the fund's Sharpe ratio is 1.49 vs the Global Equity Index's Sharpe of 1.3. Its Sortino ratio (which excludes volatility in positive months) is 4.16 for performance over the past 12 months, and over the past 24 months is 3.31. Since inception the fund's Sortino ratio is 3.01 vs the Global Equity Index's Sortino of 1.95. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio since inception of 102.88%. For performance over the past 12 month, the fund's up-capture ratio is 97.76%, and is 113.51% over the past 24 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio since inception is 82.83%, highlighting the fund's capacity to outperform in negative markets.
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Fund Review: Insync Global Capital Aware Fund August 2021

6 Oct 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...

Performance Report: Insync Global Quality Equity Fund

4 Oct 2021 - Australian Fund Monitors

The Insync Global Quality Equity Fund rose by +2.63% in August. Over the past 12 months, the fund has risen by +23.71%, and since inception in October 2009, the fund has returned +15.02% per annum, a difference of +2.7% relative to the...

4 Oct 2021 - Performance Report: Insync Global Quality Equity Fund

By: Australian Fund Monitors

Report Date	04 October 2021
Manager	Insync Fund Managers
Fund Name	Insync Global Quality Equity Fund
Strategy	Equity Long
Latest Return Date	August 2021
Latest Return	2.63%
Latest 6 Months	26.28%
Latest 12 Months	23.71%
Latest 24 Months (pa)	20.26%
Annualised Since Inception	15.02%
Inception Date	01 July 2018
FUM (millions)	AU$70.19
Fund Overview	The fund aims to outperform the MSCI All Country World ex-Australia Net Total Return Index (in Australian Dollars) over a full market cycle. 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 rose by +2.63% in August. Over the past 12 months, the fund has risen by +23.71%, and since inception in October 2009, the fund has returned +15.02% per annum, a difference of +2.7% relative to the index which has returned +12.32% on an annualised basis over the same period. The fund's Sharpe ratio has ranged from a high of 1.77 for performance over the most recent 12 months to a low of 1.26 over the latest 36 months, and is 1.14 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since October 2009 is 0.97. Since inception in October 2009 in the months where the market was positive, the fund has provided positive returns 81% of the time, contributing to an up-capture ratio for returns since inception of 80.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 125.14% over the most recent 36 months to a low of 88.37% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 69.16%. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period.
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Performance Report: Insync Global Capital Aware Fund

1 Oct 2021 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose by +2.26% in August. Over the past 12 months, the fund has risen by +20.27%, and since inception in October 2009, the fund has returned +13% per annum.

1 Oct 2021 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	01 October 2021
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	August 2021
Latest Return	2.26%
Latest 6 Months	24.72%
Latest 12 Months	20.27%
Latest 24 Months (pa)	20.57%
Annualised Since Inception	13.00%
Inception Date	07 October 2009
FUM (millions)	AU$79.82
Fund Overview	The fund aims to outperform the MSCI All Country World ex-Australia Net Total Return Index (in Australian Dollars) over a full market cycle before the cost of protection while providing downside protection for severe market falls. 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 rose by +2.26% in August. Over the past 12 months, the fund has risen by +20.27%, and since inception in October 2009, the fund has returned +13% per annum. The fund's Sharpe ratio has ranged from a high of 1.57 for performance over the most recent 12 months to a low of 1.38 over the latest 36 months, and is 1.03 for performance since inception. By contrast, the Global Equity Index's Sharpe for performance since October 2009 is 0.97. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 3.76 for performance over the most recent 12 months to a low of 2.8 over the latest 36 months, and is 2.01 for performance since inception. By contrast, the Global Equity Index's Sortino for performance since October 2009 is 1.59. The fund's down-capture ratio for returns since inception is 61.74%. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period.
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Fund Review: Bennelong Long Short Equity Fund August 2021

29 Sep 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...

Performance Report: Laureola Australia Feeder Fund

28 Sep 2021 - Australian Fund Monitors

The Laureola (Bermuda Feeder) Fund was up 2.1% for the month and is now up 4.3% ytd. The Fund experienced 5 maturities in August including two with a face value above the Fund's average face value. The Fund has experienced 20 maturities so...

28 Sep 2021 - Performance Report: Laureola Australia Feeder Fund

By: Australian Fund Monitors

Report Date	28 September 2021
Manager	Laureola Advisors
Fund Name	Laureola Australia Feeder Fund
Strategy	Life Settlements
Latest Return Date	August 2021
Latest Return	2.13%
Latest 6 Months	3.91%
Latest 12 Months	6.27%
Latest 24 Months (pa)	8.54%
Annualised Since Inception	15.55%
Inception Date	01 May 2013
FUM (millions)	US$70
Fund Overview	The Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner. 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 (Bermuda Feeder) Fund was up 2.1% for the month and is now up 4.3% ytd. The Fund experienced 5 maturities in August including two with a face value above the Fund's average face value. The Fund has experienced 20 maturities so far this year for a total of $10.65 ml. Laureola noted they're very happy with that result given the Fund's size. The average size of the matured policies ytd is about $500k, 2/3rds the average size of the policies in the portfolio, which has had a small negative effect on performance. But, they noted, the number of policies is a strong indication that the portfolio is being managed properly, and also indicates that it is not due to luck or randomness. It highlights the quality of the posted returns: 75% of the total returns for the year have come from realised gains.
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Performance Report: Bennelong Twenty20 Australian Equities Fund

28 Sep 2021 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose by +4.68% in August, an outperformance of +2.18% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +37.71%, and since...

28 Sep 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	28 September 2021
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2021
Latest Return	4.68%
Latest 6 Months	18.67%
Latest 12 Months	37.71%
Latest 24 Months (pa)	21.20%
Annualised Since Inception	12.16%
Inception Date	02 December 2015
FUM (millions)	AU$20.05
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund rose by +4.68% in August, an outperformance of +2.18% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +37.71%, and since November 2009 has returned +12.16% per annum, a difference of +3.51% relative to the index which has returned +8.65% on an annualised basis over the same period. The fund's returns over the past 12 months have been achieved with a volatility of 9.84% vs the index's 10.33%. The annualised volatility of the fund's returns since November 2009 is 13.71% vs the index's 13.23%. Over all other periods, the fund's returns have been more volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.33 for performance over the most recent 12 months to a low of 0.85 over the latest 36 months, and is 0.75 for performance since November 2009. By contrast, the ASX 200 Total Return Index's Sharpe for performance since November 2009 is 0.53. Since November 2009 in the months where the market was positive, the fund has provided positive returns 97% of the time, contributing to an up-capture ratio of 128.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 144.85% over the most recent 24 months to a low of 124.9% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
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Performance Report: Delft Partners Global High Conviction Strategy

27 Sep 2021 - Australian Fund Monitors

The Delft Partners Global High Conviction Strategy rose by +2.07% in August. Over the past 12 months, the fund has risen by +35.67% compared with the index which has returned +29.51%, and since inception in August 2011 has returned +16.19%...

27 Sep 2021 - Performance Report: Delft Partners Global High Conviction Strategy

By: Australian Fund Monitors

Report Date	27 September 2021
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction Strategy
Strategy	Equity Long
Latest Return Date	August 2021
Latest Return	2.07%
Latest 6 Months	16.06%
Latest 12 Months	35.67%
Latest 24 Months (pa)	16.95%
Annualised Since Inception	16.19%
Inception Date	15 July 2011
FUM (millions)	AU$11.2
Fund Overview	The Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index. 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 rose by +2.07% in August. Over the past 12 months, the strategy has risen by +35.67% compared with the index which has returned +29.51%, and since inception in August 2011 has returned +16.19% per annum vs the index's +15.1%. The strategy's Sharpe ratio has ranged from a high of 2.82 for performance over the most recent 12 months to a low of 0.81 over the latest 36 months, and is 1.18 for performance since inception. Its Sortino ratio (which excludes volatility in positive months) is 2.23 for performance since inception. Since inception in August 2011 in the months where the market was positive, the strategy has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 101.25%. Over all other periods, the strategy's up-capture ratio has ranged from a high of 116.64% over the most recent 12 months to a low of 85.62% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the strategy has outperformed in the market's positive months over the specified period. The strategy's down-capture ratio for returns since inception is 93.69%. A down-capture ratio less than 100% indicates that, on average, the strategy has outperformed in the market's negative months.
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News

11 Oct 2021 - Performance Report: Collins St Value Fund

8 Oct 2021 - Performance Report: Bennelong Australian Equities Fund

7 Oct 2021 - Performance Report: AIM Global High Conviction Fund

6 Oct 2021 - Fund Review: Insync Global Capital Aware Fund August 2021

4 Oct 2021 - Performance Report: Insync Global Quality Equity Fund

1 Oct 2021 - Performance Report: Insync Global Capital Aware Fund

29 Sep 2021 - Fund Review: Bennelong Long Short Equity Fund August 2021

28 Sep 2021 - Performance Report: Laureola Australia Feeder Fund

28 Sep 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund

27 Sep 2021 - Performance Report: Delft Partners Global High Conviction Strategy

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