NEWS
Performance Report: Equitable Investors Dragonfly Fund
29 Jul 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund has risen +74.33% over the past 12 months vs the ASX200 Accumulation Index's +27.80%. Equitable Investors noted that, after a catalyst rich run for the fund earlier in FY21, the June quarter was a...
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29 Jul 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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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 | The Fund's 12-month up-capture and down-capture ratios, 245% and 84% respectively, indicate that, on average, it has outperformed during both the market's positive and negative months over that period. The Fund returned -5.29% over the June quarter. Top contributors included Geo (NZX: GEO) and iSelect (ISU). Key detractors included Scout Security (SCT) and 8Common (8CO). Equitable Investors noted that, after a catalyst rich run for the fund earlier in FY21, the June quarter was a quiet one as the Fund's big movers (both up and down) didn't have any significant news to drive them. Value catalysts are what Equitable Investors are looking for and they hope to see triggers for re-ratings across a number of key holdings in the December half. Stepping back from the individual investments to the broader market, they've observed a wide gap between the valuation multiples of larger and smaller stocks. They expect investors will be enticed to look at smaller stocks in a world where large caps are priced at extreme levels based on a number of measures. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund June 2021
29 Jul 2021 - Australian Fund Monitors
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.
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29 Jul 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2021 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund June 2021
28 Jul 2021 - Australian Fund Monitors
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 Jul 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 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 8.57% p.a. with a volatility of 7.64%, compared to the ASX200 Accumulation's return of 6.64% p.a. with a volatility of 14.28%.
- 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 - June 2021 (pdf format)
Performance Report: Insync Global Quality Equity Fund
28 Jul 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund returned +9.61% in June, a difference of +5.07% compared with the Global Equity index, which rose by +4.54%. Since inception in July, 2018, the fund has returned +14.59% per annum, a difference of...
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28 Jul 2021 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 13.11% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 10.89% vs the index's volatility of 10.19%. The fund's Sharpe ratio has ranged from a high of 1.82 over the most recent 12 months, to a low of 1.1 since inception. Its Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 4.69 over the most recent 12 months, to a low of 2.12 since inception. Since inception in the months when the market was positive the fund provided positive returns 81% of the time. |
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Performance Report: NWQ Fiduciary Fund
27 Jul 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund returned +1.05% in June. Over the past 12 months the fund has returned +14.11%. Since inception in May, 2013, the fund has returned +6.17% per annum. Since inception the fund's volatility has been 5.76% vs the ASX200...
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27 Jul 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 6.49% compared with the ASX200 Accumulation Index's volatility of 10.42%. Since inception the fund's volatility has been 5.76% vs the index's volatility of 13.67%, and over all other time periods the fund's volatility has been lower than the ASX 200 Total Return index. The fund's Sharpe and Sortino ratios (since inception) are 0.8 and 1.23. Since inception in the months when the market was positive the fund provided positive returns 72% of the time, and in months when the market fell, the fund has returned a positive return 53% of the time. It has a down-capture ratio of 13.25% since inception, and ranging between 30.01% (3 years) and -8.46% (12 months) over all other time periods. |
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Performance Report: 4D Global Infrastructure Fund
27 Jul 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned +0.55% in June, a difference of +2.27% compared with the S&P Global Infrastructure index, which fell by --1.72%. Over the past 12 months the fund has returned +11.73%. Since inception in March,...
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27 Jul 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities 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 | Over the past 12 months, the fund's volatility has been 12.72% compared with the index's volatility of 14.06%. Since inception the fund's volatility has been 12.43% vs the index's volatility of 16.13%, and over all other time periods the fund's volatility has been lower than the S&P Global Infrastructure Index index. It has a down-capture ratio of 55.14% since inception, and ranging between 59.08% (5 years) and 46.28% (12 months). |
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Performance Report: Laureola Australia Feeder Fund
26 Jul 2021 - Australian Fund Monitors
The Laureola (Bermuda Feeder) Fund returned 0.41% for June. Returns for the month were driven by the maturity of four smaller policies with a total $1.45 ml of death benefits. Laureola noted there were more maturities than expected last...
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26 Jul 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| Fund Overview | 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 AUD feeder fund returned +0.2% in June and is up +0.9% CYTD. Laureola noted the past six months has been quieter than usual at the Fund with performance below expectations over this period. They encourage investors to use multiple time frames when analysing Life Settlements, with a focus on the medium to longer term. Over the past 12 months the Fund has returned 7.28% net to investors and has averaged 8.41% p.a. net over the past 24 months. The portfolio now holds 187 policies, including 22 large face, several with very short Life Expectancies. |
| More Information |
Performance Report: Frazis Fund
26 Jul 2021 - Australian Fund Monitors
The Frazis Fund returned +14.3% in June, a difference of +9.76% compared with the Global Equity index, which rose by +4.54%. Over the past 12 months the fund has returned +93%, compared with the index, which returned +28.22%. Since...
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26 Jul 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Over the past 12 months, the fund's volatility has been 31.48% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 36.66% vs the index's volatility of 11.81%. Since inception in the months when the market was positive the fund provided positive returns 83% of the time. It has an up-capture ratio of 241.31% since inception and 262.09% over the past 12 months. Across all other time periods, it has ranged between 349.4% (2 years) and 241.31% (3 years). |
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Performance Report: Insync Global Capital Aware Fund
26 Jul 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund returned +9.56% in June, a difference of +5.02% compared with the Global Equity index, which rose by +4.54%. Since inception in October, 2009, the fund has returned +12.58% per annum, a difference of...
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26 Jul 2021 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | Over the past 12 months, the fund's volatility has been 12.89% compared with the index's volatility of 7.95%. Since inception the fund's volatility has been 10.18% vs the index's volatility of 10.19%. Since inception in the months when the market was positive the fund provided positive returns 80% of the time. The fund has a down-capture ratio of 61.74% since inception, and ranging between 280.24% (12 months) and 55.08% (2 years). Its Sortino ratio (which excludes volatility in positive months) vs its index has ranged from a maximum of 4.03 over the most recent 12 months, to a low of 1.92 since inception. Collectively, this highlights the fund's capacity to protect investors' capital in falling and volatile markets over the long-term. |
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Performance Report: Delft Partners Global High Conviction Strategy
23 Jul 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy returned +1.55% in June. Since inception in July 2011, the strategy has returned +15.98% per annum
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23 Jul 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 | The strategy's Sharpe and Sortino ratios since inception are 1.16 and 2.18 respectively, highlighting its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. Since inception in the months when the market was positive the strategy provided positive returns 88% of the time.It has an up-capture ratio of 102.6% since inception and 104.16 over the past 12 months. |
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