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Performance Report: Bennelong Long Short Equity Fund
17 Feb 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund has a track record of 20 years and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 13.78% compared with the index's...
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17 Feb 2022 - Performance Report: Bennelong Long Short Equity Fund
By: FundMonitors.com
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX. |
| Manager Comments | The Bennelong Long Short Equity Fund has a track record of 20 years and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 13.78% compared with the index's return of 8.03% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 4 occasions in the 20 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -11.29% vs the index's -6.35%, and since inception in February 2002 the fund's largest drawdown was -23.77% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and lasted 1 year and 4 months, reaching its lowest point during March 2021. The fund had completely recovered its losses by January 2022. The Manager has delivered these returns with 0.34% less 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 0.81 since inception. The fund has provided positive monthly returns 65% of the time in rising markets and 62% of the time during periods of market decline, contributing to an up-capture ratio since inception of 6% and a down-capture ratio of -128%. |
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Performance Report: Quay Global Real Estate Fund
16 Feb 2022 - FundMonitors.com
Over the past 12 months, the Quay Global Real Estate Fund has risen by +32.4% compared with the ASX200 A-REIT Index which has returned +18.97%, for a difference of +13.43%. The fund has outperformed the index since inception in January...
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16 Feb 2022 - Performance Report: Quay Global Real Estate Fund
By: FundMonitors.com
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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 6 years and has outperformed the S&P/ASX 200 A-REIT Index since inception in January 2016, providing investors with an annualised return of 9.95% compared with the index's return of 8.03% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 6 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -4.67% vs the index's -9.52%, and since inception in January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -38.29%. The fund's maximum drawdown began in February 2020 and lasted 1 year and 4 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by June 2021. The Manager has delivered these returns with 8.63% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.77 since inception. The fund has provided positive monthly returns 78% of the time in rising markets and 25% of the time during periods of market decline, contributing to an up-capture ratio since inception of 45% and a down-capture ratio of 56%. |
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Performance Report: Cyan C3G Fund
15 Feb 2022 - FundMonitors.com
The Cyan C3G Fund has a track record of 7 years and 6 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with an annualised return of 13.69% compared with the index's...
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15 Feb 2022 - Performance Report: Cyan C3G Fund
By: FundMonitors.com
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Cyan C3G Fund has a track record of 7 years and 6 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with an annualised return of 13.69% compared with the index's return of 8.08% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 7 years and 6 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -11.61% vs the index's -9.14%, and since inception in August 2014 the fund's largest drawdown was -36.45% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 4 months, reaching its lowest point during March 2020. The Manager has delivered these returns with 0.07% less 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 0.79 since inception. The fund has provided positive monthly returns 85% of the time in rising markets and 40% of the time during periods of market decline, contributing to an up-capture ratio since inception of 67% and a down-capture ratio of 57%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
15 Feb 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Twenty20 Australian Equities Fund has risen by +10.08% compared with the ASX 200 Total Return Index which has returned +9.44%, for a difference of +0.64%. The fund has outperformed the index since...
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15 Feb 2022 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 12 years and 3 months and has outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with an annualised return of 10.88% compared with the index's return of 7.78% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 12 years and 3 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -8.84% vs the index's -6.35%, and since inception in November 2009 the fund's largest drawdown was -26.09% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.53% 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 0.67 since inception. The fund has provided positive monthly returns 96% of the time in rising markets and 7% of the time during periods of market decline, contributing to an up-capture ratio since inception of 125% and a down-capture ratio of 97%. |
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Performance Report: Bennelong Emerging Companies Fund
14 Feb 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Emerging Companies Fund has risen by +11.98% compared with the ASX 200 Total Return Index which has returned +9.44%, for a difference of +2.54%. The fund has outperformed the index since inception in...
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14 Feb 2022 - Performance Report: Bennelong Emerging Companies Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 4 years and 3 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 November 2017, providing investors with an annualised return of 25.13% compared with the index's return of 7.89% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 4 years and 3 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -10.95% vs the index's -6.35%, and since inception in November 2017 the fund's largest drawdown was -41.74% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2019 and lasted 10 months, reaching its lowest point during March 2020. The Manager has delivered these returns with 15.1% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past four years and which currently sits at 0.88 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 38% of the time during periods of market decline, contributing to an up-capture ratio since inception of 298% and a down-capture ratio of 117%. |
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Performance Report: L1 Capital Long Short Fund (Monthly Class)
11 Feb 2022 - FundMonitors.com
The L1 Capital Long Short Fund (Monthly Class) rose by +2.74% in January, an outperformance of +9.09% compared with the ASX 200 Total Return Index which fell by -6.35%. The fund has outperformed the index since inception in September 2014,...
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11 Feb 2022 - Performance Report: L1 Capital Long Short Fund (Monthly Class)
By: FundMonitors.com
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| Fund Overview | L1 Capital uses a combination of discretionary and quantitative methods to identify securities with the potential to provide attractive risk-adjusted returns. The discretionary element of the investment process entails regular meetings with company management and other stakeholders as well as frequent reading and analysis of annual reports and other relevant publications and communications. The quantitative element of the investment process makes use of bottom-up research to maintain financial models such as the Discounted Cashflow model (DCF) which is used as a means of assessing the intrinsic value of a given security. Stocks with the best combination of qualitative factors and valuation upside are used as the basis for portfolio construction. The process is iterative and as business trends, industry structure, management quality or valuation changes, stock weights are adjusted accordingly. |
| Manager Comments | The L1 Capital Long Short Fund (Monthly Class) has a track record of 7 years and 5 months and has outperformed the ASX 200 Total Return Index since inception in September 2014, providing investors with an annualised return of 22.78% compared with the index's return of 7.15% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 7 years and 5 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -7.21% vs the index's -6.35%, and since inception in September 2014 the fund's largest drawdown was -39.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2018 and lasted 2 years and 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 6.66% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 1.04 since inception. The fund has provided positive monthly returns 79% of the time in rising markets and 64% of the time during periods of market decline, contributing to an up-capture ratio since inception of 94% and a down-capture ratio of 3%. |
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Performance Report: DS Capital Growth Fund
11 Feb 2022 - FundMonitors.com
Over the past 12 months, the DS Capital Growth Fund has risen by +9.61% compared with the ASX 200 Total Return Index which has returned +9.44%. The fund has outperformed the index since inception in January 2013, providing investors with...
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11 Feb 2022 - Performance Report: DS Capital Growth Fund
By: FundMonitors.com
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand, generally avoiding large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | The DS Capital Growth Fund has a track record of 9 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with an annualised return of 15.16% compared with the index's return of 8.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 9 years and 1 month since the start of its track record. Over the past 12 months, the fund's largest drawdown was -7.43% vs the index's -6.35%, and since inception in January 2013 the fund's largest drawdown was -22.53% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The Manager has delivered these returns with 2.12% less 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 1.18 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 72% and a down-capture ratio of 51%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
11 Feb 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Concentrated Australian Equities Fund has risen by +10.28% compared with the ASX 200 Total Return Index which has returned +9.44%, for a difference of +0.84%. The fund has outperformed the index since...
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11 Feb 2022 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 13 years and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 16.29% compared with the index's return of 9.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -12.4% vs the index's -6.35%, and since inception in February 2009 the fund's largest drawdown was -24.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 6 months, reaching its lowest point during March 2020. The Manager has delivered these returns with 1.66% 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 0.93 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 20% of the time during periods of market decline, contributing to an up-capture ratio since inception of 157% and a down-capture ratio of 93%. |
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Performance Report: Collins St Value Fund
10 Feb 2022 - FundMonitors.com
The Collins St Value Fund rose by +1.67% in January, a difference of +8.02% compared with the ASX 200 Total Return Index which fell by -6.35%. The fund has outperformed the Index since inception in February 2016, providing investors with...
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10 Feb 2022 - Performance Report: Collins St Value Fund
By: FundMonitors.com
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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 6 years and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 18.69% compared with the index's return of 9.93% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 6 years since the start of its track record. Over the past 12 months, the fund's largest drawdown was -5.4% vs the index's -6.35%, and since inception in February 2016 the fund's largest drawdown was -27.46% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by September 2020. The Manager has delivered these returns with 3.84% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past five years and which currently sits at 1.01 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 67% of the time during periods of market decline, contributing to an up-capture ratio since inception of 84% and a down-capture ratio of 28%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
10 Feb 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund outperformed the ASX 200 Total Return Index by +0.91% in January. The fund has outperformed the Index since inception in May 2006, providing investors with an annualised return of 8.2% compared...
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10 Feb 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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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 9 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 8.2% compared with the index's return of 6.2% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 15 years and 9 months since the start of its track record. Over the past 12 months, the fund's largest drawdown was -5.44% vs the index's -6.35%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. The Manager has delivered these returns with 6.45% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 times over the past five years and which currently sits at 0.69 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 17% and a down-capture ratio of 52%. |
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