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Performance Report: Bennelong Long Short Equity Fund
16 Mar 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund has a track record of 20 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 13.11% compared with the...
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16 Mar 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 1 month and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 13.11% compared with the index's return of 8.1% over the same period. Over the past 12 months, the fund's largest drawdown was -20.36% vs the index's -6.35%, and since inception in February 2002 the fund's largest drawdown was -27.86% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has lasted 1 year and 5 months, reaching its lowest point during February 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.09% 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 0.76 since inception. The fund has provided positive monthly returns 64% 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 5% and a down-capture ratio of -128%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
15 Mar 2022 - FundMonitors.com
The Bennelong Twenty20 Australian Equities Fund returned -1.86% in February, a difference of -4% compared with the ASX 200 Total Return Index which rose by +2.14%. The fund has outperformed the index since inception in November 2009,...
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15 Mar 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 4 months and has outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with an annualised return of 10.64% compared with the index's return of 7.91% over the same period. Over the past 12 months, the fund's largest drawdown was -10.54% 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 0.55% 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 0.65 since inception. The fund has provided positive monthly returns 95% 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 120% and a down-capture ratio of 97%. |
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Performance Report: Surrey Australian Equities Fund
14 Mar 2022 - FundMonitors.com
The Surrey Australian Equities Fund has a track record of 3 years and 9 months and has provided investors with an annualised return of 6.98% since its inception in June 2018. Since inception in the months where the market was positive, the...
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14 Mar 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 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has underperformed the ASX 200 Total Return Index since inception in June 2018, providing investors with an annualised return of 6.98% compared with the index's return of 8.33% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 3 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -15.32% vs the index's -6.35%, and since inception in June 2018 the fund's largest drawdown was -26.75% 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 fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 4.87% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past three years and which currently sits at 0.4 since inception. The fund has provided positive monthly returns 81% 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 110% and a down-capture ratio of 112%. |
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Performance Report: Bennelong Emerging Companies Fund
14 Mar 2022 - FundMonitors.com
The Bennelong Emerging Companies Fund returned -0.49% in February, a difference of -2.63% compared with the ASX 200 Total Return Index which rose by +2.14%. The fund has outperformed the index since inception in November 2017, providing...
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14 Mar 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 4 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 24.45% compared with the index's return of 8.27% 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 4 months since its inception. Over the past 12 months, the fund's largest drawdown was -11.38% 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 fund had completely recovered its losses by October 2020. The Manager has delivered these returns with 14.98% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.86 since inception. The fund has provided positive monthly returns 81% 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 286% and a down-capture ratio of 117%. |
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Performance Report: ASCF High Yield Fund
11 Mar 2022 - FundMonitors.com
The ASCF High Yield Fund rose by +0.5% in February, an outperformance of +1.71% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -1.21%. The fund has outperformed the index since inception in March 2017, providing...
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11 Mar 2022 - Performance Report: ASCF High Yield Fund
By: FundMonitors.com
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| Fund Overview | Does not require full valuations on loans <65% LVR. Borrowing rates are from 12% per annum on 1st mortgage loans and 16% per annum on 2nd mortgage/caveat loans. Pays investors between 5.55% - 6.25% per annum depending on their investment term. |
| Manager Comments | The ASCF High Yield Fund has a track record of 5 years and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in March 2017, providing investors with an annualised return of 8.73% compared with the index's return of 2.73% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years since its inception. The fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Since the fund's inception, the index's largest drawdown was -5.39%. The Manager has delivered these returns with 3.37% less 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 23.78 since inception. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 87% and a down-capture ratio of -92%. |
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Performance Report: Airlie Australian Share Fund
11 Mar 2022 - FundMonitors.com
Over the past 12 months, the Airlie Australian Share Fund has risen by +19.37% compared with the ASX 200 Total Return Index which has returned +10.19%, for a difference of +9.18%. The fund has outperformed the index since inception in June...
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11 Mar 2022 - Performance Report: Airlie Australian Share Fund
By: FundMonitors.com
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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 Airlie Australian Share Fund has a track record of 3 years and 9 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 2018, providing investors with an annualised return of 11.71% compared with the index's return of 8.33% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 3 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -6.79% vs the index's -6.35%, and since inception in June 2018 the fund's largest drawdown was -23.8% 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 0.35% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 two times over the past three years and which currently sits at 0.75 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 109% and a down-capture ratio of 92%. |
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Performance Report: 4D Global Infrastructure Fund
11 Mar 2022 - FundMonitors.com
The 4D Global Infrastructure Fund returned -1.76% in February, a difference of -0.56% compared with the S&P Global Infrastructure TR (AUD) Index which fell by -1.2%. The fund has outperformed the index since inception in March 2016,...
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11 Mar 2022 - Performance Report: 4D Global Infrastructure Fund
By: FundMonitors.com
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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 4D Global Infrastructure Fund has a track record of 6 years and has outperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 9.33% compared with the index's return of 8.3% 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 its inception. Over the past 12 months, the fund's largest drawdown was -3.9% vs the index's -1.2%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and has lasted 2 years, reaching its lowest point during September 2020. The Manager has delivered these returns with 0.53% 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 0.73 since inception. The fund has provided positive monthly returns 95% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 101% and a down-capture ratio of 95%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
10 Mar 2022 - FundMonitors.com
Over the past 12 months, the Bennelong Concentrated Australian Equities Fund has risen by +3.15%. The fund has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of...
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10 Mar 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 1 month and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 15.6% compared with the index's return of 10.02% over the same period. The Manager has delivered these returns with 1.8% 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 0.89 since inception. The fund has provided positive monthly returns 90% 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 143% and a down-capture ratio of 93%. |
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Performance Report: L1 Capital Long Short Fund (Monthly Class)
9 Mar 2022 - FundMonitors.com
The L1 Capital Long Short Fund (Monthly Class) rose by +7% in February, an outperformance of +4.86% compared with the ASX 200 Total Return Index which rose by +2.14%. The fund has outperformed the index since inception in September 2014,...
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9 Mar 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 6 months and has outperformed the ASX 200 Total Return Index since inception in September 2014, providing investors with an annualised return of 23.61% compared with the index's return of 7.37% over the same period. 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 6.7% 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 1.07 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 100% and a down-capture ratio of 3%. |
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Performance Report: Bennelong Australian Equities Fund
9 Mar 2022 - FundMonitors.com
The Bennelong Australian Equities Fund has a track record of 13 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 13.85% compared with...
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9 Mar 2022 - Performance Report: Bennelong Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 13 years and 1 month and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 13.85% compared with the index's return of 10.02% over the same period. Over the past 12 months, the fund's largest drawdown was -15.96% vs the index's -6.35%, and since inception in February 2009 the fund's largest drawdown was -24.32% 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 fund had completely recovered its losses by August 2020. The Manager has delivered these returns with 1.34% 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 0.81 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 18% of the time during periods of market decline, contributing to an up-capture ratio since inception of 135% and a down-capture ratio of 97%. |
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