NEWS
Performance Report: Insync Global Quality Equity Fund
4 May 2021 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +2.95% in March, taking 12-month performance to +22.69%. Since inception in October 2009, the Fund has risen +13.57% p.a. with an annualised volatility of 10.62%.
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4 May 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 portfolio's top 10 holdings at month-end included PayPal, Walt Disney, Nintendo, S&P Global, Domino's Pizza, Dollar General, Facebook, Visa, Qualcomm and Microsoft. Relative to the MSCI, the portfolio was significantly overweight IT and underweight Industrials. The 'Contactless Economy' and 'Workplace Automation' megatrends had the greatest weighting in the portfolio. Insync noted continued strong performance of cyclical stocks propelled the MSCI benchmark further ahead of the funds overall in March. They continue to see no compelling reason to alter course as this typical and short-lived phenomenon is consistent with past economic periods when coming out of a recession; overly optimistic price outcomes that result drive these types of stocks far higher than others. They point specifically to 2009/10 emerging from the GFC and 2016/17 when Trump was elected with heightened expectations of economic growth. |
| More Information |
Webinar| AIM Quarterly Webinar
3 May 2021 - Aitken Investment Management
We invite you to the next AIM investor webinar to be held via Zoom, Wednesday 12 May 2021 at 11 am. Charlie Aitken and the investment team will briefly cover performance and provide feedback on the 1Q company reporting period. Given the...
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3 May 2021 - Webinar| AIM Quarterly Webinar
By: Aitken Investment Management
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Wednesday, May 12, 2021 11:00 AM AEST Webinar - Where are we Finding New Ideas?
We invite you to the next AIM investor webinar to be held via Zoom, Wednesday 12 May 2021 at 11 am. Charlie and the investment team will briefly cover performance and provide feedback on the 1Q company reporting period. Given the widespread concerns on market valuations, our investment team will discuss how and where we are finding new ideas for the Fund. Q&A will follow. If you would like to request a recording of the Webinar, please do so via info@aimfunds.com.au.
Time: 11:00 AM AEST Date: Wednesday the 12th of May, 2021 Register here: https://zoom.us/webinar/register/WN_X1UJK8f0RJO38KBNPhrE-w
We look forward to speaking with you.
ABOUT AIM AIM was founded in 2015 as an independent investment manager. The firm is structured to manage client investments. Activities not related to delivering this outcome are outsourced to asset management service providers to enable AIM to focus on conducting investment research, managing the portfolio, and engaging with investors. AIM is owned by its directors. They are not incentivised by any third party to sell or recommend any product or service beyond the capital they manage for their investors. In addition to business ownership, all directors are also invested in the AIM Global High Conviction Fund; the same goes for members of the staff. AIM view a significant ownership interest in the Fund as a key component to create alignment between themselves and their investors. AIM believe in their process and portfolio of businesses, and do not try and do better than their clients by investing in businesses they would not own on an investor's behalf. Equally, AIM would not own a business in the Fund that they would not own in their personal capacity. AIM are 100% aligned with their investors. |
Performance Report: Bennelong Twenty20 Australian Equities Fund
3 May 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +1.65% in March, taking 12-month performance to +53.98% vs the ASX200 Accumulation Index's +37.47%. Since inception in November 2009, the Fund has returned +11.12%. p.a. vs the Index's +7.88%.
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3 May 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The Fund has achieved up-capture and down-capture ratios (since inception) of 124% and 96% respectively, demonstrating its ability to outperform in both rising and falling markets. As at the end of March, the portfolio's weightings had been increased in the Discretionary, Communication, REIT's and Financials sectors, and decreased in the IT, Industrials and Health Care sectors. Relative to the ASX300, the Fund is significantly overweight the Discretionary sector (Fund weight: 33.6%, benchmark weight: 8.0%. The Fund's sector exposures will deviate from the benchmark only to the extent that the actively managed investment in ex-20 stocks results in an over or under-weighting position to any particular sector. |
| More Information |
Fund Review: Insync Global Capital Aware Fund March 2021
30 Apr 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 Apr 2021 - Fund Review: Insync Global Capital Aware Fund March 2021
By: Australian Fund Monitors
AFM Fund Review - March 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 - March 2021 (pdf format)
Performance Report: Paragon Australian Long Short Fund
30 Apr 2021 - Australian Fund Monitors
The Paragon Australian Long/Short Fund rose +6.43% over the quarter, outperforming the ASX200 Accumulation Index by +2.17% and taking 12-month performance to +89.83% vs the Index's +37.47. Since inception in March 2013, the Fund has...
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30 Apr 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 74.72% indicates that, on average, the Fund has outperformed during the market's negative months. The Fund returned -6.2% in March. Paragon noted that whilst the major indices continued to rise there was unprecedented turbulence below the surface. Positive contributors for the Fund were Cettire, Betmakers and Chalice, offset by declines in Ionic, Adriatic and other Resources holdings. The Fund ended the month with 32 long positions and 6 short positions. |
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Performance Report: NWQ Fiduciary Fund
30 Apr 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund has risen +14.12% over the past 12 months with a volatility of 5.98%. Since inception in May 2013, the Fund has returned +5.58% p.a. with an annualised volatility of 5.70%.
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30 Apr 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 | The Fund's largest drawdown since inception of -8.77% vs the Index's -26.75%, in conjunction with its down-capture ratio (since inception) of 13.25%, demonstrates its ability to protect investors' capital when markets fall. The Fund has achieved a down-capture ratio over the past 12 months of -8.5% which indicates that, on average, the Fund rose during the market's negative months. The Fund underperformed in March as the short portfolio outperformed the long portfolio. NWQ noted this was largely due to the rotation in the market from defensive/growth companies (typically favoured for long portfolio) and into value/cyclical companies (typically favoured for short portfolio). The Fund continues to be a portfolio diversifier and an alternative to the traditional balanced fund for investors concerned about current equity and bond market valuations. |
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Performance Report: Bennelong Emerging Companies Fund
30 Apr 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund has risen +105.99% over the past 12 months vs the ASX200 Accumulation Index's +37.47%. Since inception in November 2017, the Fund has returned +29.45% p.a. vs the Index's +8.26%.
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30 Apr 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 | Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across setor and risk-return drivers. |
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Performance Report: Laureola Australia Feeder Fund
29 Apr 2021 - Australian Fund Monitors
The Laureola Master Fund rose +0.09% in March, taking 12-month performance to +8.57% with a volatility of 2.14%. Since inception in May 2013, the Fund has returned +15.88% p.a. with an annualised volatility of 5.56%.
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29 Apr 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The AUD hedged feeder fund was flat in March. CYTD, it has risen +0.1%. The Fund's largest drawdown since inception of -4.90% vs the Index's -19.60%, in conjunction with its down-capture (since inception) ratio of -37.45%, demonstrates its capacity to significantly outperform in falling markets and emphasises the Fund's non-correlated nature. During the month, Life Settlement markets were relatively stable with transaction prices averaging in the 12% to 14% IRR range (gross, projected IRR) and the usual wide dispersion around this average. One small policy matured and 4 polices were added to the portfolio. The portfolio now has 188 policies with an average face of $710k. 37% of the policies have a Life Expectancy of 48 months or less. Maturities have been below expectation in Q1 but Laureola expect them to pick up for the rest of 2021. Laureola noted the impact of Covid 19 on the Life Settlement markets has been twofold: 1) increased mortality and 2) decreased supply of policies. They added that there is no exact measurement of the deaths caused by Covid but most reputable estimates centre around the 10% mark - i.e. there were 10% more deaths in 2020 than expected. Laureola believe Covid's effect is likely to decline in 2021 due to better treatment and the Vaccine rollout. 25% of Americans are fully vaccinated as of 17 April, the CDC estimates that it will be 50% by June 6 and 85% by August 15. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
29 Apr 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund rose +4% over the March quarter which was in line with AFM's Asia Pacific Index.
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29 Apr 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Longlead noted the market backdrop was a generally favourable one for much of the quarter, with an economic recovery following the pandemic, supported by ongoing stimulus from governments globally, providing a good environment for stock picking. However, they added that the picture was far from uniform, with markets such as China and Hong Kong experiencing a material pullback from the middle of the quarter in response to concerns over domestic policy normalisation and a rotation in market leadership from growth to value names, particularly in March. Gains in the long book in the quarter were partially offset by losses in the short book. Positions in the Communications Services, Health Care and Consumer Staples sectors posted gains, while losses were experienced in Information Technology and the hedge book. By country, the Fund saw positive performance in Singapore, Taiwan and Hong Kong, and negative performance in the United States and Japan. |
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Performance Report: Insync Global Capital Aware Fund
29 Apr 2021 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +2.39% in March, taking 12-month performance to +18.64%. Since inception in October 2009, the Fund has risen +11.57% p.a. with an annualised volatility of 9.87%.
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29 Apr 2021 - Performance Report: Insync Global Capital Aware 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 of typically 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. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The portfolio's top 10 holdings at month-end included PayPal, Walt Disney, Nintendo, S&P Global, Domino's Pizza, Dollar General, Facebook, Visa, Qualcomm and Microsoft. Relative to the MSCI, the portfolio was significantly overweight IT and underweight Industrials. The 'Contactless Economy' and 'Workplace Automation' megatrends had the greatest weighting in the portfolio. Insync noted continued strong performance of cyclical stocks propelled the MSCI benchmark further ahead of the funds overall in March. They continue to see no compelling reason to alter course as this typical and short-lived phenomenon is consistent with past economic periods when coming out of a recession; overly optimistic price outcomes that result drive these types of stocks far higher than others. They point specifically to 2009/10 emerging from the GFC and 2016/17 when Trump was elected with heightened expectations of economic growth. |
| More Information |
