Performance Report: Laureola Australia Feeder Fund

3 May 2022 - FundMonitors.com

The Laureola Master Fund rose by +0.96% in March, an outperformance of +4.71% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -3.75%. Over the past 12 months, the fund has risen by +3.95% compared with the index...

3 May 2022 - Performance Report: Laureola Australia Feeder Fund

By: FundMonitors.com

Report Date	03 May 2022
Manager	Laureola Advisors
Fund Name	Laureola Australia Feeder Fund
Strategy	Life Settlements
Latest Return Date	March 2022
Latest Return	0.96%
Latest 6 Months	0.05%
Latest 12 Months	3.95%
Latest 24 Months (pa)	6.24%
Annualised Since Inception	14.48%
Inception Date	01 May 2013
FUM (millions)	US$59
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 Master Fund rose by +0.96% in March, an outperformance of +4.71% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -3.75%. Over the past 12 months, the fund has risen by +3.95% compared with the index which has fallen -5.55%, for a difference of +9.5%. The Laureola Master Fund has a track record of 8 years and 11 months and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with an annualised return of 14.48% compared with the index's return of 2.9% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 8 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -2.39% vs the index's -8.66%, and since inception in May 2013 the fund's largest drawdown was -4.9% vs the index's maximum drawdown over the same period of -8.94%. The fund's maximum drawdown began in December 2018 and lasted 10 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by October 2019. During this period, the index's maximum drawdown was -0.98%. The Manager has delivered these returns with 1.87% more volatility than the index, contributing to a Sharpe ratio which has consistently remained above 1 over the past five years and which currently sits at 2.3 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 94% of the time during periods of market decline, contributing to an up-capture ratio since inception of 160% and a down-capture ratio of -204%.
More Information	View Fund's Profile View Manager's Report

Fund Review: Insync Global Capital Aware Fund March 2022

29 Apr 2022 - FundMonitors.com

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: Equitable Investors Dragonfly Fund

28 Apr 2022 - FundMonitors.com

The Equitable Investors Dragonfly Fund has a track record of 4 years and 7 months and in March returned -3.93%. The portfolio holdings that made positive contributions in the quarter were generally those with a track record of...

28 Apr 2022 - Performance Report: Equitable Investors Dragonfly Fund

By: FundMonitors.com

Report Date	28 April 2022
Manager	Equitable Investors
Fund Name	Equitable Investors Dragonfly Fund
Strategy	Equity Long
Latest Return Date	March 2022
Latest Return	-3.93%
Latest 6 Months	-16.74%
Latest 12 Months	-10.59%
Latest 24 Months (pa)	32.43%
Annualised Since Inception	-0.57%
Inception Date	01 September 2017
FUM (millions)
Fund Overview	The Equitable Investors Dragonfly Fund aims to deliver a total return greater than the annual five year government bond rate + 5% pa over the medium-to-long term. 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	The Equitable Investors Dragonfly Fund returned -3.93% in March. The manager noted there was little-to-no negative news across the portfolio in terms of operations and financials but some key positions found themselves on the wrong end of lower activity and wider bid-ask spreads. The worst performed holdings for the March quarter, Intelligent Monitoring (IMB) and MedAdvisor (MDR), both actually delivered upgrades to their financial guidance during the period. Equitable Investors have taken advantage of the cheaper prices on offer in these cases. In March, the fund's best performed holdings were the largest and more liquid: Omni Bridgeway (OBL) and EML Payments (EML). Equitable added that the Fund underperformed benchmarks like the S&P/ASX Small Ordinaries and Emerging Companies indices that are weighted to more liquid investments - and unlike the Fund they also feature a material exposure to the resources sector, which had a strong month. The portfolio holdings that made positive contributions in the quarter were generally those with a track record of profitability, such as Earlypay (EPY), Omni Bridgeway (OBL), Pental (PTL) and Reckon (RKN). Three of the four of those names have market caps greater than $100m (OBL is just shy of $1 billion, PTL is the odd one out at ~$70m). At the other end of the spectrum, three of the four worst performed investments for the quarter had market caps less than $50m. The volume of shares traded declined by at least 50% for each of these four names when comparing the March 2022 quarter with the December 2021 quarter - and volume for three of the four was at least 40% lower compared to the prior March quarter. Equitable emphasised their view that liquidity is a double-edged sword and in this quarter it hurt their mark-to-market NAV pricing.
More Information	View Fund's Profile View Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund March 2022

28 Apr 2022 - FundMonitors.com

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...

Fund Review: Bennelong Long Short Equity Fund March 2022

27 Apr 2022 - FundMonitors.com

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Performance Report: Glenmore Australian Equities Fund

26 Apr 2022 - FundMonitors.com

The Glenmore Australian Equities Fund rose by +12.52% in March, an outperformance of +5.63% compared with the ASX 200 Total Return Index which rose by +6.89%. The fund has outperformed the index since inception in June 2017, providing...

26 Apr 2022 - Performance Report: Glenmore Australian Equities Fund

By: FundMonitors.com

Report Date	26 April 2022
Manager	Glenmore Asset Management
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2022
Latest Return	12.52%
Latest 6 Months	8.27%
Latest 12 Months	42.61%
Latest 24 Months (pa)	56.81%
Annualised Since Inception	25.11%
Inception Date	06 June 2017
FUM (millions)	AU$17.2
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. 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 rose by +12.52% in March, an outperformance of +5.63% compared with the ASX 200 Total Return Index which rose by +6.89%. The Glenmore Australian Equities Fund has a track record of 4 years and 10 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in June 2017, providing investors with an annualised return of 25.11% compared with the index's return of 9.95% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 4 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -8.65% vs the index's -6.35%, and since inception in June 2017 the fund's largest drawdown was -36.91% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 1 month, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 7.25% more volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past four years and which currently sits at 1.11 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 39% of the time during periods of market decline, contributing to an up-capture ratio since inception of 232% and a down-capture ratio of 101%.
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Fund Review: Bennelong Twenty20 Australian Equities Fund March 2022

26 Apr 2022 - FundMonitors.com

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.

Performance Report: Insync Global Quality Equity Fund

25 Apr 2022 - FundMonitors.com

The Insync Global Quality Equity Fund returned -2.15% in March. The fund has a track record of 12 years and 6 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised...

25 Apr 2022 - Performance Report: Insync Global Quality Equity Fund

By: FundMonitors.com

Report Date	25 April 2022
Manager	Insync Fund Managers
Fund Name	Insync Global Quality Equity Fund
Strategy	Equity Long
Latest Return Date	March 2022
Latest Return	-2.15%
Latest 6 Months	-9.15%
Latest 12 Months	5.07%
Latest 24 Months (pa)	13.54%
Annualised Since Inception	12.86%
Inception Date	01 July 2018
FUM (millions)	AU$75.1
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 returned -2.15% in March, a difference of -1.13% compared with the Global Equity Index which fell by -1.02%. The Insync Global Quality Equity Fund has a track record of 12 years and 6 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 12.86% compared with the index's return of 11.2% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 12 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -17.29% vs the index's -8.41%, and since inception in October 2009 the fund's largest drawdown was -17.29% vs the index's maximum drawdown over the same period of -13.59%. The fund's maximum drawdown began in January 2022 and has lasted 2 months, reaching its lowest point during March 2022. During this period, the index's maximum drawdown was -8.41%. The Manager has delivered these returns with 1.36% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.92 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 83% and a down-capture ratio of 82%.
More Information	View Fund's Profile View Manager's Report

Performance Report: Paragon Australian Long Short Fund

22 Apr 2022 - FundMonitors.com

The Paragon Australian Long Short Fund rose by +23.69% in March, an outperformance of +16.8% compared with the ASX 200 Total Return Index which rose by +6.89%. The fund has outperformed the index since inception in March 2013, providing...

22 Apr 2022 - Performance Report: Paragon Australian Long Short Fund

By: FundMonitors.com

Report Date	22 April 2022
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	March 2022
Latest Return	23.69%
Latest 6 Months	-9.77%
Latest 12 Months	25.50%
Latest 24 Months (pa)	54.35%
Annualised Since Inception	13.78%
Inception Date	28 February 2013
FUM (millions)	AU$59.7
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. 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 rose by +23.69% in March, an outperformance of +16.8% compared with the ASX 200 Total Return Index which rose by +6.89%. The Paragon Australian Long Short Fund has a track record of 9 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with an annualised return of 13.78% compared with the index's return of 8.75% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 9 years and 1 month since its inception. Over the past 12 months, the fund's largest drawdown was -27.05% vs the index's -6.35%, and since inception in March 2013 the fund's largest drawdown was -45.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in January 2018 and lasted 2 years and 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 12.27% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.57 since inception. The fund has provided positive monthly returns 69% of the time in rising markets and 46% of the time during periods of market decline, contributing to an up-capture ratio since inception of 107% and a down-capture ratio of 82%.
More Information	View Fund's Profile View Manager's Report

Performance Report: Delft Partners Global High Conviction Strategy

22 Apr 2022 - FundMonitors.com

The Delft Partners Global High Conviction Strategy returned -0.61% in March. The strategy has a track record of 10 years and 8 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with an...

22 Apr 2022 - Performance Report: Delft Partners Global High Conviction Strategy

By: FundMonitors.com

Report Date	22 April 2022
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction Strategy
Strategy	Equity Long
Latest Return Date	March 2022
Latest Return	-0.61%
Latest 6 Months	-0.92%
Latest 12 Months	2.82%
Latest 24 Months (pa)	15.06%
Annualised Since Inception	14.89%
Inception Date	15 July 2011
FUM (millions)	AU$11.21
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 returned -0.61% in March, an outperformance of +0.41% compared with the Global Equity Index which fell by -1.02%. The Delft Partners Global High Conviction Strategy has a track record of 10 years and 8 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.89% compared with the index's return of 13.61% over the same period. On a calendar year basis, the strategy has experienced a negative annual return on 2 occasions in the 10 years and 8 months since its inception. Over the past 12 months, the strategy's largest drawdown was -5.7% vs the index's -8.41%, and since inception in August 2011 the strategy's largest drawdown was -13.33% vs the index's maximum drawdown over the same period of -13.19%. The strategy's maximum drawdown began in February 2020 and lasted 1 year, reaching its lowest point during July 2020. The strategy had completely recovered its losses by February 2021. The Manager has delivered these returns with 1.36% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 1.1 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 100% and a down-capture ratio of 92%.
More Information	View Fund's Profile View Manager's Report

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3 May 2022 - Performance Report: Laureola Australia Feeder Fund

29 Apr 2022 - Fund Review: Insync Global Capital Aware Fund March 2022

28 Apr 2022 - Performance Report: Equitable Investors Dragonfly Fund

28 Apr 2022 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2022

27 Apr 2022 - Fund Review: Bennelong Long Short Equity Fund March 2022

26 Apr 2022 - Performance Report: Glenmore Australian Equities Fund

26 Apr 2022 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2022

25 Apr 2022 - Performance Report: Insync Global Quality Equity Fund

22 Apr 2022 - Performance Report: Paragon Australian Long Short Fund

22 Apr 2022 - Performance Report: Delft Partners Global High Conviction Strategy

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