NEWS
Performance Report: Bennelong Long Short Equity Fund
9 Aug 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose by +1.33% in July, a difference of +0.23% compared with the ASX 200 Total Return Index which rose by +1.1%. Since inception in January 2003, the fund has returned +14.79% per annum, a difference of...
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9 Aug 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 returns over the past 12 months have been achieved with a volatility of 19.21% vs the index's 10.35%. The annualised volatility of the fund's returns since February 2002 is 12.84% vs the index's 13.34%. Over all other periods, the fund's volatility relative to the index has been varied. Since February 2002 in the months where the market was negative, the fund has provided positive returns 64% of the time, contributing to a down-capture ratio for returns since February 2002 of -162%. Over all other periods, the fund's down-capture ratio has ranged from a high of 88.83% over the most recent 12 months to a low of -4.03% over the latest 24 months. Since February 2002 the fund's largest drawdown was -23.77% vs the index's maximum drawdown over the same period of -47.19%. |
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Fund Review: Insync Global Capital Aware Fund June 2021
30 Jul 2021 - Australian Fund Monitors
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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30 Jul 2021 - Fund Review: Insync Global Capital Aware Fund June 2021
By: Australian Fund Monitors
AFM Fund Review - June 2021 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2021 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
30 Jul 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund returned +1.75% in June, a difference of -0.51% compared with the ASX 200 Total Return index, which rose by +2.26%. Since inception in November, 2017, the fund has returned +28.86% per annum, a...
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30 Jul 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| 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 | Over the past 12 months, the fund's volatility has been 14.9% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 32.15% vs the index's volatility of 16.01%. Since inception in the months when the market was positive the fund provided positive returns 84% of the time. It has an up-capture ratio of 309.01% since inception and 151.15 over the past 12 months. |
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Performance Report: Vantage Private Equity Growth
29 Jul 2021 - Australian Fund Monitors
Prior Vantage Funds continue to perform well with June seeing a composite performance of +2.42%. Quarterly performance was +8.64% and 12 month performance +58.73%. Vantage noted this strong performance was achieved as a result of strong...
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29 Jul 2021 - Performance Report: Vantage Private Equity Growth
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy is focused exclusively on lower to mid-market Growth Private Equity. This segment of Private Equity focuses on investments into profitable businesses with proven products and services. These businesses typically have a strong market position and generate strong cash flows, which will allow the Fund to generate strong consistent returns to investors, while significantly reducing the risk of a loss within the portfolio. The Fund will invest in Private Equity funds based in Australia, along with Permitted Co-investments, to create a well diversified portfolio of Private Equity investments. These investments will be made by the Fund, by making Commitments to the Private Equity funds of the best performing Private Equity fund managers, that in turn make investments into profitable companies requiring Later Expansion and Buyout capital to accelerate their growth and enhance their value. Distributions are paid as distributions are received from underlying funds. |
| Manager Comments | Vantage continued to build out the VPEG4 portfolio with approval to commit $20m to Advent Capital Partners 3 Fund continuing their successful relationship with the manager who is one of Australia's leading mid-market buyout firms. This commitment comes on top of their decision to commit another $10m in capital to the CPE 9 fund taking their total commitment to $20m. Investors in VPEG4 will now gain access to four managers and 6 portfolio companies with a number of new commitments to be made before the end of 2021. VPEG3 investors benefited from the recent listing of Best and Less (ASX:BST) which was a $60m IPO completed in July. Best and Less Group comprising of much-loved retail brands Best & Less in Australia and Postie in New Zealand, is a leading value speciality retailer with a focus on baby and kids' apparel. Best and Less was part of an acquisition by Allegro Fund III in November 2019 of Value Retail Group. Through a combination of repositioning its product range towards the value apparel market, focussing on e-commerce business, store network expansion and ongoing cost reductions net profits have grown from $13.8m in 2019 to a forecast $40m in 2021 in spite of the challenging conditions presented by COVID related temporary store closures. Vantage expect this exit will result in another pleasing result for VPEG3 investors and continues the series of excellent exits achieved for VPEG investors in the June quarter. |
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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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