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Performance Report: Cyan C3G Fund
15 Dec 2021 - FundMonitors.com
The Cyan C3G Fund has returned +10.25% over the past 12 months. The fund has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 15.61%, compared with the index's...
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15 Dec 2021 - Performance Report: Cyan C3G Fund
By: FundMonitors.com
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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 Cyan C3G Fund has a track record of 7 years and 4 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 15.61%, compared with the index's return of 9.47% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 7 years and 4 months since its inception. Its largest drawdown was -36.45% lasting 16 months, occurring between October 2019 and February 2021 when the index fell by a maximum of -29.12%. The Manager has delivered these returns with -0.19% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.91 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 41% of the time when the market was negative, contributing to an up capture ratio since inception of 68% and a down capture ratio of 50%. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
15 Dec 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned -0.05% in November vs the ASX200 Total Return Index's -0.54%. Over the past 12 months, the fund has returned +26.33% vs the Index's +15.48%. The fund has consistently outperformed...
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15 Dec 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Twenty20 Australian Equities Fund has a track record of 12 years and 2 months and has consistently outperformed the ASX 200 Total Return Index since inception in November 2009, providing investors with a return of 11.82%, compared with the index's return of 8.24% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 2 months since its inception. Its largest drawdown was -26.09% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 0.73 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 129% and a down capture ratio of 96%. |
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Performance Report: Bennelong Emerging Companies Fund
14 Dec 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +0.70% in November, outperforming the ASX200 Total Return Index by +1.34% and taking 12-month performance to +33.28% vs the index's +15.48%. Since inception in November 2017, the fund has...
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14 Dec 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Emerging Companies Fund has a track record of 4 years and 1 month and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in November 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 29.92%, compared with the index's return of 9.26% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 4 years and 1 month since its inception. Its largest drawdown was -41.74% lasting 10 months, occurring between December 2019 and October 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 1 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 40% of the time when the market was negative, contributing to an up capture ratio since inception of 321% and a down capture ratio of 117%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
13 Dec 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +0.28% in November, outperforming the ASX200 Total Return Index by +0.82% and taking 12-month performance to +31.84% vs the index's +15.48%. The fund has consistently outperformed...
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13 Dec 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 12 years and 11 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 17.73%, compared with the index's return of 10.38% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 11 months since its inception. Its largest drawdown was -24.11% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.03 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 20% of the time when the market was negative, contributing to an up capture ratio since inception of 165% and a down capture ratio of 91%. |
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Performance Report: Bennelong Australian Equities Fund
10 Dec 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.51% in November, outperforming the ASX200 Total Return Index by +1.05% and taking 12-month performance to +30.92% vs the index's +15.48%. The fund has consistently outperformed the ASX 200...
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10 Dec 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 12 years and 11 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with a return of 15.7%, compared with the index's return of 10.38% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 12 years and 11 months since its inception. Its largest drawdown was -24.32% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 0.93 since inception. The fund has provided positive monthly returns 93% of the time in rising markets, and 18% of the time when the market was negative, contributing to an up capture ratio since inception of 152% and a down capture ratio of 95%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
9 Dec 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -1.20% in November. The fund has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with a return of 8.5%, compared with the index's return of...
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9 Dec 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 Bennelong Kardinia Absolute Return Fund has a track record of 15 years and 9 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with a return of 8.5%, compared with the index's return of 6.53% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 15 years and 9 months since its inception. Its largest drawdown was -11.71% lasting 2 years and 6 months, occurring between June 2018 and December 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -6.53% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.74 since inception. The fund has provided positive monthly returns 87% of the time in rising markets, and 34% of the time when the market was negative, contributing to an up capture ratio since inception of 17% and a down capture ratio of 49%. |
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Performance Report: Bennelong Long Short Equity Fund
8 Dec 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned -1.49% in November. The fund has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.2%, compared with the index's return of...
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8 Dec 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 Bennelong Long Short Equity Fund has a track record of 20 years and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.2%, compared with the index's return of 8.31% over the same time period. On a calendar basis the fund has had 3 negative annual returns in the 20 years since its inception. Its largest drawdown was -23.77% lasting 14 months, occurring between September 2020 and November 2021 when the index fell by a maximum of -15.05%. The Manager has delivered these returns with -0.34% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.84 since inception. The fund has provided positive monthly returns 64% of the time in rising markets, and 63% of the time when the market was negative, contributing to an up capture ratio since inception of 6% and a down capture ratio of -144%. |
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Performance Report: 4D Global Infrastructure Fund
8 Dec 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose by +0.38% in November, outperforming the S&P Global Infrastructure TR Index by +0.43% and taking 12-month performance to +7.20%. The fund has outperformed the index since inception in March 2016,...
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8 Dec 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 4D Global Infrastructure Fund has a track record of 5 years and 9 months and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return of 9.35%, compared with the index's return of 7.74% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -19.77% lasting 1 year and 9 months, occurring between February 2020 and November 2021 when the index fell by a maximum of -24.67%. The Manager has delivered these returns with -0.48% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.72 since inception. The fund has provided positive monthly returns 95% of the time in rising markets, and 14% of the time when the market was negative, contributing to an up capture ratio since inception of 105% and a down capture ratio of 94%. |
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Performance Report: DS Capital Growth Fund
7 Dec 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +0.49% in November, outperforming the ASX200 Total Return Index by +1.03% and taking 12-month performance to +21.60% vs the index's +15.48%. The fund has consistently outperformed the ASX 200 Total Return...
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7 Dec 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 DS Capital Growth Fund has a track record of 9 years and has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.29%, compared with the index's return of 9.55% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 9 years since its inception. Its largest drawdown was -22.53% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -2.29% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 37% of the time when the market was negative, contributing to an up capture ratio since inception of 73% and a down capture ratio of 45%. |
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Performance Report: AIM Global High Conviction Fund
6 Dec 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +3.90% in November, outperforming the Global Equity Index by +0.88% and taking 12-month performance to +26.40% vs the Index's +22.84%. Since inception in July 2019, the Fund has returned +19.44%...
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6 Dec 2021 - Performance Report: AIM Global High Conviction Fund
By: Australian Fund Monitors
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The AIM Global High Conviction Fund has a track record of 2 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2019, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 19.44%, compared with the index's return of 15.71% over the same time period. On a calendar basis the fund has never had a negative annual return in the 2 years and 4 months since its inception. Its largest drawdown was -7.59% lasting 6 months, occurring between February 2020 and August 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.69 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 0% of the time when the market was negative, contributing to an up capture ratio since inception of 110% and a down capture ratio of 83%. |
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