NEWS
Performance Report: Bennelong Long Short Equity Fund
18 Oct 2021 - Australian Fund Monitors
Since inception in February 2002, the Bennelong Long Short Equity Fund has returned +14.26% per annum, a difference of +5.85% relative to the ASX200 Accumulation Index which has returned +8.41% on an annualised basis over the same period....
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18 Oct 2021 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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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 fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 0.73 for performance over the most recent 24 months to a low of -0.99 over the latest 12 months, and is 1.32 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2002 is 0.48. Since inception in February 2002 in the months where the market was negative, the fund has provided positive returns 63% of the time, contributing to a down-capture ratio for returns since inception of -141.19%. Over all other periods, the fund's down-capture ratio has ranged from a high of 415.24% over the most recent 12 months to a low of 12.52% over the latest 24 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. |
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Performance Report: Cyan C3G Fund
15 Oct 2021 - Australian Fund Monitors
The Cyan C3G Fund rose by +3.4% in September, an outperformance of +5.54% compared with the ASX Small Ordinaries Total Return Index which fell by -2.14%. Over the past 12 months, the fund has risen by +20.19%, and since inception in August...
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15 Oct 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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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 fund's returns over the past 12 months have been achieved with a volatility of 13.13% vs the index's 10.86%. The annualised volatility of the fund's returns since inception in August 2014 is 16.24% vs the index's 16.49%. Over all other periods, the fund's returns have been more volatile than the index. The fund's down-capture ratio for returns since inception is 47.87%. Over all other periods, the fund's down-capture ratio has ranged from a high of 98.85% over the most recent 24 months to a low of -206.53% 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. |
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Performance Report: Airlie Australian Share Fund
15 Oct 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned -1.14% in September, an outperformance of +0.71% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +38.32% compared with the index...
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15 Oct 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). The fund has a maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.59% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in June 2018 is 16.13% vs the index's 16.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.99% and 16.82% respectively, lower than the index's annualised volatility over both periods; 19.81% (24 months), 17.37% (36 months). Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 112.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.85% over the most recent 12 months to a low of 112.28% over the latest 36 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. The fund has a down-capture ratio for returns since inception of 94.69%, indicating that it typically hasn't fallen further than the market in the market's negative months. |
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Performance Report: 4D Global Infrastructure Fund
15 Oct 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned -2.51% in September. Over the past 12 months, the fund has risen by +19.9%, and since inception in March 2016, the fund has returned +9.85% per annum, a difference of +1.79% relative to the S&P...
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15 Oct 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 12.05% vs the index's 9.5%. The annualised volatility of the fund's returns since inception in March 2016 is 12.25% vs the index's 12.76%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 4.34 for performance over the most recent 12 months to a low of 0.11 over the latest 24 months, and is 1 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 0.71. Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 104.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.07% over the most recent 12 months to a low of 97.66% over the latest 48 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 93.51%, indicating that, on average, it hasn't fallen further than the market during the market's negative months. |
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Performance Report: Bennelong Emerging Companies Fund
15 Oct 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose by +4.06% in September, an outperformance of +5.91% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +46.51% compared with the...
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15 Oct 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in companies expected to be listed on the ASX within 12 months, and may also invest in companies listed, or expected to be listed, on other exchanged where they relate to ASX-listed securities. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 8.91% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2017 is 31.15% vs the index's 15.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 36.65% and 33.97% respectively, higher than the index's annualised volatility over each of those periods; 19.81% (24 months), 17.37% (36 months). Since inception in November 2017 in the months where the market was positive, the fund has provided positive returns 85% of the time, contributing to an up-capture ratio for returns since inception of 321.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 276.99% over the most recent 36 months to a low of 123.55% 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: Delft Partners Global High Conviction Strategy
14 Oct 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy returned -2.34% in September, an outperformance of +0.7% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the strategy has risen by +32.88% compared...
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14 Oct 2021 - Performance Report: Delft Partners Global High Conviction Strategy
By: Australian Fund Monitors
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| Fund Overview | 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 | 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. The strategy's down-capture ratio for returns since inception is 93.48%. Over all other periods, the strategy's down-capture ratio has ranged from a high of 109.85% over the most recent 36 months to a low of 61.22% over the latest 12 months. 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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Performance Report: Bennelong Kardinia Absolute Return Fund
14 Oct 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -1.08% in September, an outperformance of +0.77% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +13.33%, and since...
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14 Oct 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.29% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in May 2006 is 7.6% vs the index's 14.18%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's down-capture ratio for returns since inception is 49.23%. Over all other periods, the fund's down-capture ratio has ranged from a high of 62.37% over the most recent 48 months to a low of 45.61% over the latest 24 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. |
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Performance Report: DS Capital Growth Fund
13 Oct 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.63% in September, an outperformance of +4.48% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +35.15% compared with the index which has...
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13 Oct 2021 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand, generally avoiding large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | The fund's down-capture ratio for returns since inception is 41.96%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.66% over the most recent 36 months to a low of -141.82% 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 Sharpe ratio has ranged from a high of 4.96 for performance over the most recent 12 months to a low of 1.04 over the latest 60 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.65. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
12 Oct 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned -1.26% in September, an outperformance of +0.59% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +40.05%...
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12 Oct 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.08% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in February 2009 is 14.91% vs the index's 13.48%. Over all other periods, the fund's returns have been more volatile than the index. Since inception in February 2009 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 164.56%. Over all other periods, the fund's up-capture ratio has ranged from a high of 154.9% over the most recent 24 months to a low of 126.7% 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: 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...
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11 Oct 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | 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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