NEWS
Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
17 Jun 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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17 Jun 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 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 8.69% p.a. with a volatility of 7.65%, compared to the ASX200 Accumulation's return of 6.52% p.a. with a volatility of 14.31%.
- 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 - May 2021 (pdf format)
Performance Report: Collins St Value Fund
17 Jun 2021 - Australian Fund Monitors
The Collins St Value Fund rose +4.66% in May, taking 12-month performance to +51.72% vs the ASX200 Accumulation Index's +28.23%. Since inception in February 2016, the Fund has returned +18.30% p.a. vs the Index's +11.36%.
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17 Jun 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | The Fund's Sharpe ratio (since inception) of 0.96 vs the Index's 0.76 demonstrates its capacity to achieve superior risk-adjusted returns over the long-term. The Fund has achieved up-capture ratios greater than 100% over the past 12, 24, 36 and 48 months, indicating that the Fund has typically outperformed during the market's positive months over those periods. The Fund's Sortino ratio (since inception) of 1.34 vs the Index's 0.91, in conjunction with its down-capture ratio (since inception) of 38.29%, highlights its capacity to outperform in falling and volatile markets. The Fund has achieved down-capture ratios of less than 81% over all time periods since inception. Notably, the Fund's 12-month down-capture ratio of -72.6% indicates that, on average, it had risen during the market's negative months over that period. |
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Fund Review: Bennelong Long Short Equity Fund May 2021
16 Jun 2021 - Australian Fund Monitors
Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...
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16 Jun 2021 - Fund Review: Bennelong Long Short Equity Fund May 2021
By: Australian Fund Monitors
AFM Fund Review - May 2021 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 19-years' track record and an annualised returns of 14.28%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.85 and 1.34 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
16 Jun 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose +0.46% in May, taking 12-month performance to +65.01% vs the ASX200 Accumulation Index's +28.23%. Since inception in March 2013, the Fund has returned +15.13% p.a. vs the Index's +8.59%.
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16 Jun 2021 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Fund's down-capture ratio (since inception) of 75% indicates that the Fund has typically outperformed during the market's negative months. The Fund has achieved up-capture ratios ranging from 106.23% (since inception) to 246.76% (past 12 months), highlighting its capacity to significantly outperform when markets rise. Positive contributors for the Fund in May were Chalice, Cettire, Caspin and Adriatic, offset by declines in Ionic, Betmakers and our base metals holdings. The Fund remains highly liquid, with a median market cap of $923m for our top 15 holdings. |
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Performance Report: DS Capital Growth Fund
15 Jun 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose +2.48% in May, outperforming the ASX200 Accumulation Index's +2.34% and taking 12-month performance to +34.13% vs the Index's +28.23%. Since inception in January 2013, the Fund has returned +16.43% p.a. with...
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15 Jun 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; they generally avoid 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 Fund's Sharpe and Sortino ratios (since inception), 1.27 and 1.92 respectively, by contrast with the Index's Sharpe of 0.63 and Sortino of 0.77, demonstrates its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund has achieved a down-capture ratio (since inception) of 45%, indicating that, on average, it has fallen less than half as much as the market during the market's negative months. The Fund has achieved down-capture ratios over the past 12, 24, 36, 48 and 60 months of 15.64%, 66.57%, 73.41%, 68.06% and 66.67% respectively. The Fund has outperformed the Index in all 10 of the Index's worst months since the Fund's inception. |
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Performance Report: Cyan C3G Fund
11 Jun 2021 - Australian Fund Monitors
The Cyan C3G Fund has risen +30.59% over the past 12 months against the ASX200 Accumulation Index's +28.23%. Since inception in August 2014, the Fund has returned +15.45% p.a. vs the Index's +7.97%.
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11 Jun 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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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 Fund's Sortino ratio (since inception) of 1.22 vs the Index's 0.59, in conjunction with its down-capture ratio of 58.2%, highlights its capacity to outperform in falling and volatile markets over the long-term. The Fund returned -2.82% in May. There was significant dispersion in individual stock returns, with a handful of strong Fund performances being outweighed by the falls. Top contributors included Alcidion, Big River, Maggie Beer and Vita Group. Key detractors included Raiz, Mighty Craft, Swift Media, Quickstep, Schrole and Singular Health. |
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Performance Report: Bennelong Long Short Equity Fund
11 Jun 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned 0.12% in May, taking annualised performance since inception in January 2003 to +14.28% vs the ASX200 Accumulation Index's +9.13%.
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11 Jun 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 Sharpe ratio has ranged from a high of 0.85 since inception, to a low of -0.21 over the past 12 months. Its Sortino ratio (which excludes volatility in positive months) vs the index has ranged from a maximum of 1.34 vs. the index's 0.5 since inception to -0.4 vs. the index's 6.77 over the past 12 months. In May, individual pair contribution was generally modest. The number of negative pairs exceeded positive pairs. Ongoing rotation into lower rated companies was a headwind for the fund, offset by some excellent company results. ALQ/AZJ was the Fund's top pair, with ALQ reporting a strong full year result. All segments are growing and the company has dealt with the difficult environment of the last year very well. ALL/SGR was the Fund's second-best pair with Aristocrat reporting a strong result, well ahead of market forecasts. Bennelong noted Aristocrat is enjoying the payoff from years of consistent and productive investment in both its land based and digital divisions. |
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Performance Report: Vantage Private Equity Growth 4
3 Jun 2021 - Australian Fund Monitors
Prior Vantage Funds continue to perform well with March seeing a composite performance of +2.80%. Quarterly performance was +14.23% and 12 month performance +60.23%. This strong performance was achieved as a result of the sale or IPO / ASX...
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3 Jun 2021 - Performance Report: Vantage Private Equity Growth 4
By: Australian Fund Monitors
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| Fund Overview | 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. |
| Manager Comments | VPEG4 portfolio managers continued to build upon their successful prior acquisitions of Alpha-H and Independent Living Specialists ('ILS'). Australian owned and operated, Alpha-H develops and manufactures corrective and preventative skincare products and is a global phenomenon, stocked in over 40 countries including prestige clinics, exclusive day spas, TV shopping networks, cosmetic giant Sephora, department stores Marks & Spencer, Myer and Harvey Nichols and a selection of premium airlines. Alpha-H's expansion into the US market continues to deliver positive signs with strong Direct-to- Customer sales emerging from Alpha-H's Online Channel. ILS is a leading Australian supplier and registered NDIS provider of hospital and home-care equipment. Founded in 2004, ILS has accelerated its growth in recent years by taking advantage of favourable market and government funding conditions to expand both its retail and clinical services divisions. During the period ILS completed the acquisition of Complete Mobility, the second add-on investment since acquisition. Complete Mobility reinforces ILS's presence in Far North Queensland with three regional sites, increases scale in complex rehabilitation and offers both supply and cost synergies to ILS. This acquisition adds to the geographic coverage and product range for this key segment of the market. Vantage's pipeline of Private Equity investment opportunities remains strong and expects the VPEG4 portfolio to continue to grow in value across 2021. Please note that performance for the Vantage Private Equity Funds composite is updated quarterly. |
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Performance Report: Insync Global Quality Equity Fund
1 Jun 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +5.59% in April, outperforming AFM's Global Equity Index by +2.85% and taking 12-month performance to +22.05%. Since inception in October 2009, the Fund has returned +14.00% p.a. with an...
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1 Jun 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 | The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 2.00 vs the Index's 1.45 and down-capture ratio of 69.16%. At month-end, the portfolio's top 10 holdings included PayPal, Qorvo Inc, Domino's Pizza, Walt Disney, S&P Global, Nvidia, Facebook, Accenture, Visa and Qualcomm. The portfolio was most heavily weighted towards the 'Contactless Economy' and 'Workplace Automation' megatrends. By sector, the portfolio was significantly overweight the IT sector relative to the MSCI. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
28 May 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +5.45% in April, outperforming the ASX200 Accumulation Index by +1.98% and taking 12-month performance to +42.03% vs the Index's +30.76%. Since inception in February 2009, the Fund...
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28 May 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| 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 Sharpe and Sortino ratios (since inception), 0.97 and 1.42 respectively, by contrast with the Index's Sharpe of 0.62 and Sortino of 0.79, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios (since inception), 151.55% and 91.58% respectively, indicate that, on average, it has significantly outperformed during the market's positive months while typically not falling further than the market during the market's negative months. The Fund has achieved up-capture ratios greater than 120% and down-capture ratios less than 100% over the past 12, 24, 36, 48 and 60 months. The portfolio ended the month significantly overweight the Discretionary sector (Fund weight: 43.0%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.7%, benchmark weight: 29.2%). |
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