NEWS
Performance Report: Collins St Value Fund
16 Sep 2021 - Australian Fund Monitors
The Collins St Value Fund rose by +0.24% in July. Over the past 12 months, the fund has risen by +60.6% compared with the index which has returned +28.56%, and since inception in February 2016, the fund has returned +19% per annum, a...
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16 Sep 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 | Since inception in February 2016 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 86.43%. Over all other periods, the fund's up-capture ratio has ranged from a high of 189.49% over the most recent 24 months to a low of 94.92% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 38.29%. Over all other periods, the fund's down-capture ratio has ranged from a high of 80.04% over the most recent 24 months to a low of -72.58% 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. |
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Performance Report: Airlie Australian Share Fund
15 Sep 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose by +3.22% in August, an outperformance of +0.72% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +35.12% compared with the index which...
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15 Sep 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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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). 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 fund's returns over the past 12 months have been achieved with a volatility of 10.71% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in June 2018 is 16.28% vs the index's 16.71%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.97% and 16.86% respectively, lower than the index's annualised volatility over both periods; 19.72% (24 months), 17.34% (36 months). Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 112.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 123.44% over the most recent 24 months to a low of 112.28% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 95.6%. Over all other periods, the fund's down-capture ratio has ranged from a high of 95.6% over the most recent 36 months to a low of 88.36% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: 4D Global Infrastructure Fund
14 Sep 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose by +1.65% in August. Over the past 12 months, the fund has risen by +20.6%, and since inception in March 2016 has returned +10.52% per annum, a difference of +1.75% relative to the index which has...
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14 Sep 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 fund's returns over the past 12 months have been achieved with a volatility of 11.87% vs the index's 14.03%. The annualised volatility of the fund's returns since inception in March 2016 is 12.26% vs the index's 15.89%. 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 inception is 55.14%. Over all other periods, the fund's down-capture ratio has ranged from a high of 61.76% over the most recent 24 months to a low of 46.28% 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. |
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Performance Report: Surrey Australian Equities Fund
14 Sep 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund rose by +6.2% in August, an outperformance of +3.7% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +28.34%, and since inception in June...
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14 Sep 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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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 fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 6.86 for performance over the most recent 12 months to a low of 0.88 over the latest 36 months, and is 0.89 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since June 2018 is 0.75. Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 83% of the time, contributing to an up-capture ratio for returns since inception of 123.38%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.61% over the most recent 24 months to a low of 92.95% 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. |
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Performance Report: Cyan C3G Fund
13 Sep 2021 - Australian Fund Monitors
The Cyan C3G Fund rose by +0.8% in August. Over the past 12 months, the fund has risen by +10.22%, and since inception in July 2014 has returned +15.52% per annum, a difference of +5.46% relative to the ASX Small Ordinaries Total Return...
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13 Sep 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 (which excludes volatility in positive months) has ranged from a high of 1.38 for performance over the most recent 12 months to a low of 0.28 over the latest 36 months, and is 1.25 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sortino for performance since August 2014 is 0.72. The fund's down-capture ratio for returns since inception is 51.75%. Over all other periods, the fund's down-capture ratio has ranged from a high of 123.68% over the most recent 12 months to a low of 79.59% over the latest 60 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. |
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Performance Report: DS Capital Growth Fund
13 Sep 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.68% in August, an outperformance of +0.18% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +30.93% compared with the index which has...
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13 Sep 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 returns over the past 12 months have been achieved with a volatility of 6.85% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in January 2013 is 11.12% vs the index's 13.55%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sharpe ratio has ranged from a high of 3.99 for performance over the most recent 12 months to a low of 1.01 over the latest 60 months, and is 1.33 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.67. Since inception in January 2013 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 73.67%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.64% over the most recent 24 months to a low of 87.73% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 45%. Over all other periods, the fund's down-capture ratio has ranged from a high of 73.41% over the most recent 36 months to a low of 15.64% 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. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
10 Sep 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose by +2.35% in August. Since inception in May 2006, the fund has returned +8.75% per annum, a difference of +1.94% relative to the index which has returned +6.81% on an annualised basis over...
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10 Sep 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | The annualised volatility of the fund's returns since inception in May 2006 is 7.61% vs the index's 14.21% and 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 1.13 for performance over the most recent 12 months to a low of 0.23 over the latest 36 months, and is 1.26 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2006 is 0.34. The fund's down-capture ratio for returns since inception is 48.66%. 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. |
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Performance Report: AIM Global High Conviction Fund
10 Sep 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +2.09% in August. Over the past 12 months, the fund has risen by +27.61%, and since inception in July 2019, the fund has returned +20.19% per annum, a difference of +3.09% relative to the index...
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10 Sep 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 fund's Sharpe ratio is 2.55 for performance over the past 12 months, and over the past 24 months is 1.87. Since inception, the fund's Sharpe ratio is 1.78 vs the Global Equity Index's Sharpe of 1.5. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio since inception of 102.88%. For performance over the past 12 month, the fund's up-capture ratio is 97.76%, and is 106.38% over the past 24 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 since inception of 74.34% indicates that, on average, it has fallen less than the market during the market's negative months. |
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Performance Report: Bennelong Long Short Equity Fund
9 Sep 2021 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose by +1.19% in August. Since February 2002, the fund has returned +14.79% per annum, a difference of +6.23% relative to the index which has returned +8.56% on an annualised basis over the same period.
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9 Sep 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 Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.29 for performance over the most recent 24 months to a low of -0.77 over the latest 12 months, and is 1.42 for performance since February 2002. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2002 is 0.49. 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 -12.6% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: Paragon Australian Long Short Fund
8 Sep 2021 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose by +23.7% in August, an outperformance of +21.2% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +39.91% compared with the index...
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8 Sep 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 | Since inception in February 2013 in the months where the market was positive, the fund has provided positive returns 69% of the time, contributing to an up-capture ratio for returns since inception of 112.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 243.32% over the most recent 24 months to a low of 125.59% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio for returns since inception of 74.72%, demonstrating its capacity to outperform when markets fall. |
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