NEWS
Fund Review: Bennelong Twenty20 Australian Equities Fund August 2021
24 Sep 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.
Read more...
24 Sep 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 - August 2021 (pdf format)
Performance Report: Glenmore Australian Equities Fund
23 Sep 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose by +10.38% in August, an outperformance of +7.88% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +53.69% compared with the index...
Read more...
23 Sep 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 fund's Sharpe ratio has ranged from a high of 3.39 for performance over the most recent 12 months to a low of 0.8 over the latest 24 months, and is 1.14 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2017 is 0.7. Since inception in June 2017 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 231.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 211.43% over the most recent 48 months to a low of 160.09% 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. |
| More Information |
Fund Review: Bennelong Kardinia Absolute Return Fund August 2021
23 Sep 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...
Read more...
23 Sep 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2021
By: Australian Fund Monitors
AFM Fund Review - August 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 8.75% p.a. with a volatility of 7.61%, compared to the ASX200 Accumulation's return of 6.81% p.a. with a volatility of 14.21%.
- 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 - August 2021 (pdf format)
Performance Report: Prime Value Emerging Opportunities Fund
22 Sep 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose by +5.34% in August, an outperformance of +2.84% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +37.15% compared with the...
Read more...
22 Sep 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.32 for performance over the most recent 12 months to a low of 0.94 over the latest 60 months, and is 1.08 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since October 2015 is 0.77. The fund has a down-capture ratio for returns since inception of 45.74%. Over all other periods, the fund's down-capture ratio has ranged from a high of 68.03% over the most recent 36 months to a low of -4.64% 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. |
| More Information |
Performance Report: Bennelong Emerging Companies Fund
22 Sep 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose by +5.7% in August, an outperformance of +3.2% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has outperformed the index by +9.27%, and since...
Read more...
22 Sep 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 3.14 for performance over the most recent 12 months to a low of 0.82 over the latest 24 months, and is 0.98 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since November 2017 is 0.67. 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. |
| More Information |
Performance Report: Premium Asia Fund
21 Sep 2021 - Australian Fund Monitors
The Premium Asia Fund rose by +2.74% in August, an outperformance of +0.43% compared with the MSCI All Country Asia Pacific ex-Japan Index which rose by +2.31%. Over the past 12 months, the fund has risen by +28.41% compared with the index...
Read more...
21 Sep 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | The fund's Sharpe ratio has ranged from a high of 2.36 for performance over the most recent 12 months to a low of 1.04 over the latest 48 months, and is 0.82 for performance since inception. By contrast, the MSCI All Country Asia Pacific ex-Japan Index's Sharpe for performance since December 2009 is 0.43. Since inception in December 2009 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 160.89%. Over all other periods, the fund's up-capture ratio has ranged from a high of 160.25% over the most recent 12 months to a low of 140.92% 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 over the specified period. The fund's down-capture ratio for returns since inception is 90.46%. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
| More Information |
Performance Report: Quay Global Real Estate Fund
21 Sep 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose by +2.6% in August. Over the past 12 months, the fund has risen by +39.2% compared with the index which has returned +30.75%, and since January 2016, the fund has returned +10.55% per annum vs the index's +9.14%.
Read more...
21 Sep 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 fund's returns over the past 12 months have been achieved with a volatility of 8.73% vs the index's 16.09%. The annualised volatility of the fund's returns since January 2016 is 11.83% vs the index's 20.64%. 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 January 2016 is 51.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 50.06% over the most recent 60 months to a low of -51.69% 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. |
| More Information |
Performance Report: NWQ Fiduciary Fund
20 Sep 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund rose by +2.69% in August. Over the past 12 months, the fund has risen by +10.58%, and since inception in May 2013 has returned +6.52% per annum with an annualised volatility of 5.75%.
Read more...
20 Sep 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | The fund's returns over the past 12 months have been achieved with a volatility of 5.2% vs the index's 10.33%. 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 5.99 for performance over the most recent 12 months to a low of 0.95 over the latest 36 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2013 is 0.72. Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 53% of the time, contributing to a down-capture ratio for returns since inception of 13.25%. Over all other periods, the fund's down-capture ratio has ranged from a high of 30.01% over the most recent 36 months to a low of -8.46% 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. |
| More Information |
Performance Report: Bennelong Concentrated Australian Equities Fund
20 Sep 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose by +8.72% in August, an outperformance of +6.22% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +39.11%, and since...
Read more...
20 Sep 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. 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 9.4% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in January 2009 is 14.94% vs the index's 13.5%. The fund's Sharpe ratio has ranged from a high of 3.59 for performance over the most recent 12 months to a low of 0.86 over the latest 36 months, and is 1.04 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.66. Since inception in January 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 154.88% 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. |
| More Information |
Performance Report: Equitable Investors Dragonfly Fund
17 Sep 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund rose by +3.09% in August, an outperformance of +0.59% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +50.53% compared with the index...
Read more...
17 Sep 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | Over all periods since inception, the fund's up-capture ratio has ranged from a high of 167.47% over the most recent 12 months to a low of 74.24% over the latest 48 months (since inception). 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. Equitable Investors noted earnings season was a mixed affair across the ASX; among micro-to-mid caps there were slightly more downgrades than upgrades to consensus revenue, EBITDA and EPS expectations for FY22 (within Dragonfly Fund's portfolio, >80% of companies don't have consensus estimates). Their view is that it's difficult for companies to be bold with guidance but they believe Australia and the world will push through to a 'new normal' where COVID-19 is a manageable part of everyday life and they see great opportunities to capitalise on that view. |
| More Information |
