NEWS
Performance Report: L1 Capital Long Short Fund
28 Jan 2022 - FundMonitors.com
The L1 Capital Long Short Fund rose +3.59% in December, outperforming the ASX200 Total Return Index by +0.84% and taking 12-month performance to +30.64% vs the index's +17.23%. The fund has consistently outperformed the index since...
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28 Jan 2022 - Performance Report: L1 Capital Long Short Fund
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 has a track record of 7 years and 4 months and has consistently outperformed the ASX 200 Total Return Index since inception in September 2014, providing investors with a return of 22.62%, compared with the index's return of 8.2% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 7 years and 4 months since its inception. Its largest drawdown was -39.11% lasting 2 years and 9 months, occurring between February 2018 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 1.03 since inception. The fund has provided positive monthly returns 79% of the time in rising markets, and 63% of the time when the market was negative, contributing to an up capture ratio since inception of 94% and a down capture ratio of 7%. |
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Fund Review: Bennelong Kardinia Absolute Return Fund December 2021
28 Jan 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...
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28 Jan 2022 - Fund Review: Bennelong Kardinia Absolute Return Fund December 2021
By: FundMonitors.com
AFM Fund Review - December 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.63% p.a. with a volatility of 7.57%, compared to the ASX200 Accumulation's return of 6.68% p.a. with a volatility of 14.09%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - December 2021 (pdf format)
Fund Review: Bennelong Long Short Equity Fund December 2021
27 Jan 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...
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27 Jan 2022 - Fund Review: Bennelong Long Short Equity Fund December 2021
By: FundMonitors.com
AFM Fund Review - December 2021 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 19-years' track record and an annualised return of 14.22%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.84 and 1.33 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - December 2021 (pdf format)
Performance Report: Bennelong Twenty20 Australian Equities Fund
27 Jan 2022 - FundMonitors.com
The Bennelong Twenty20 Australian Equities Fund has risen +22.92% over the past 12 months, outperforming the ASX200 Total Return Index by +5.69%. The fund has consistently outperformed the index since inception in November 2009, providing...
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27 Jan 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 consistently outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with a return of 11.72%, compared with the index's return of 8.42% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 3 months since its inception. Its largest drawdown was -26.09% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 0.73 since inception. The fund has provided positive monthly returns 96% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 125% and a down capture ratio of 96%. |
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Performance Report: Equitable Investors Dragonfly Fund
25 Jan 2022 - FundMonitors.com
The Equitable Investors Dragonfly Fund has risen +24.83% over the past 12 months, outperforming the ASX200 Total Return Index by +7.6%. Equitable Investors noted they are excited about the year ahead for their core, high conviction...
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25 Jan 2022 - Performance Report: Equitable Investors Dragonfly Fund
By: FundMonitors.com
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| Fund Overview | 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 | In December the fund returned -3.18%. NZ-listed tradie app developer Geo Limited (GEO:NZ) was sold down on light volume in during the month, causing >70% of the decline in NAV for the month before bouncing straight back in the first few weeks of January 2022. GEO has been a key contributor to performance of the Fund over CY2021. The investments that contributed the most to the 25% advance in NAV were a pair of businesses not listed on the ASX (NZ-listed GEO and unlisted digital diagnostics company Ellume) and a pair of takeover situations (IT consulting business Empired and traffic monitoring business Redflex). Equitable Investors noted they are excited about the year ahead for their core, high conviction investments. They continue to focus on the value catalysts and growth opportunities for the fund's individual investments. |
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Performance Report: Surrey Australian Equities Fund
25 Jan 2022 - FundMonitors.com
The Surrey Australian Equities Fund rose +4.32% in December, outperforming the ASX200 Total Return Index by 1.57% and taking 12-month performance to +14.71%. Since inception in June 2018, the fund has outperformed the index, providing...
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25 Jan 2022 - Performance Report: Surrey Australian Equities Fund
By: FundMonitors.com
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Surrey Australian Equities Fund has a track record of 3 years and 7 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 12.14%, compared with the index's return of 10.09% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 7 months since its inception. Its largest drawdown was -26.75% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 0.63 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 126% and a down capture ratio of 110%. |
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Performance Report: Bennelong Emerging Companies Fund
25 Jan 2022 - FundMonitors.com
The Bennelong Emerging Companies Fund has risen +26.93% over the past 12 months vs the ASX200 Total Return Index's +17.23%. Since inception in November 2017, the fund has outperformed the index, providing investors with an annualised...
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25 Jan 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 2 months 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 28.44%, compared with the index's return of 9.77% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years and 2 months 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 three times and currently sits at 0.97 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 40% of the time when the market was negative, contributing to an up capture ratio since inception of 298% and a down capture ratio of 117%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
24 Jan 2022 - FundMonitors.com
The Bennelong Concentrated Australian Equities Fund has risen +27.27%, outperforming the ASX200 Total Return Index by +10.04%. The fund has consistently outperformed the index since inception in February 2009, providing investors with a...
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24 Jan 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 consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 17.44%, compared with the index's return of 10.54% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 13 years 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 1.02 since inception. The fund has provided positive monthly returns 91% 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 157% and a down capture ratio of 91%. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
21 Jan 2022 - FundMonitors.com
The Longlead Absolute Return Fund (Master Fund) returned +1.42% in December, taking 12-month performance to +7.36%. The The Longlead Pan-Asian Absolute Return Fund (Feeder Fund) rose +1.62% in December. Since inception in July 2017, the...
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21 Jan 2022 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: FundMonitors.com
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| Manager Comments | The Longlead Absolute Return Fund has a track record of 4 years and 6 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2017, the fund has outperformed the Asia Pacific Index, providing investors with an annualised return of 22.94%, compared with the index's return of 8.26% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years and 6 months since its inception. Its largest drawdown was -14.88% lasting 13 months, occurring between January 2019 and February 2020 when the index fell by a maximum of -7.32%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 1.45 since inception. The fund has provided positive monthly returns 63% of the time in rising markets, and 63% of the time when the market was negative, contributing to an up capture ratio since inception of 74% and a down capture ratio of -84%. |
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Performance Report: Glenmore Australian Equities Fund
21 Jan 2022 - FundMonitors.com
The Glenmore Australian Equities Fund rose +4.13% in December, outperforming the ASX200 Total Return Index by +1.38% and taking 12-month performance to +39.08% vs the index's +17.23%. Since inception in June 2017, the fund has outperformed...
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21 Jan 2022 - Performance Report: Glenmore Australian Equities Fund
By: FundMonitors.com
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| Fund Overview | 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 has a track record of 4 years and 7 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.89%, compared with the index's return of 9.99% over the same time period. On a calendar basis the fund has never had a negative annual return in the 4 years and 7 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020. 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 1.15 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 41% of the time when the market was negative, contributing to an up capture ratio since inception of 233% and a down capture ratio of 99%. |
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