NEWS
Performance Report: Quay Global Real Estate Fund
28 Apr 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +1.92% in March, taking 12-month performance to +9.04%. Since inception in January 2016, the Fund has returned +7.04% p.a. with an annualised volatility of 11.68%.
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28 Apr 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | Winners from February were a drag in March, including Hysan (Hong Kong diversified), Scentre Group (Australian retail) and Wharf REIC (Hong Kong retail). Not quite offsetting this was Quay's exposure to US residential including Equity Residential, American Homes, and Essex. Quay noted the month was characterised as a tug-of-war between the so called 're-open trade' and 'COVID trade'. They added that while this can be interesting to watch, their focus remains on the long term cashflows and prospects of their investees. There were no changes in the Fund during the month, Quay remain positive in the Fund's outlook and they believe it is well positioned to achieve its medium-term investment target of CPI + 5%. |
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Performance Report: Glenmore Australian Equities Fund
28 Apr 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +1.34% in March, taking 12-month performance to +72.43% vs the ASX200 Accumulation Index's +37.47%. Since inception in June 2017, the Fund has risen +20.90% p.a. vs the Index's +8.68%.
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28 Apr 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The Fund's Sharpe and Sortino ratios (since inception), 0.92 and 1.09 respectively, by contrast with the Index's Sharpe of 0.55 and Sortino of 0.60, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's downside volatility. The Fund has achieved and up-capture ratio (since inception) of 197%, indicating that, on average, it has risen almost twice as much as the market during the market's positive months. Top contributors in March included People Infrastructure, Whitehaven Coal, Moelis Australia, Fiducian Group, Collins Foods and Eagers Automotive. Key detractors included Coronado Global Resources and Alliance Aviation Services. Glenmore noted that, overall, they are very positive on the prospects for equities generally and the portfolio's holdings more specifically. They added that the recent reporting season highlighted a number of interesting stocks across a range of sectors and with a positive backdrop (recovering global growth, low interest rates, increased rollout of the vaccine). Their outlook on the next 12-18 months remains positive. |
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Performance Report: Delft Partners Global High Conviction Strategy
28 Apr 2021 - Australian Fund Monitors
The Delft Global High Conviction Strategy rose +9.22% in March, outperforming AFM's Global Equity Index by +5.06 and taking 12-month performance to +28.75% vs the Index's +24.91%. Since inception in August 2011, the Strategy has returned...
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28 Apr 2021 - Performance Report: Delft Partners Global High Conviction Strategy
By: Australian Fund Monitors
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | Over the quarter, the Strategy rose +17.71% against the Index's +5.90%. Notable performers included KLA, a US metrology equipment manufacturer, Valero, the USA based oil refining company, and Intel. Most Japanese companies in the portfolio marched higher. They took profits from Discovery A, Hong Kong Exchanges, Orix Holdings and Nomura Holdings. Delft noted that while world markets rose over that period, there has been a significant shift in the shape of the US yield curve which has driven significant sectoral rotation globally. Delft anticipated this and remain focussed on companies exposed to industrial activity, productivity enhancing investment and the switch to fiscal policy. Delft added that National Industrial Policy is returning and expect companies and investors will have to adapt to the new supply chains, different regulations and taxation. Delft remain very diversified with underweight positions in European banks and oils generally. They have overweight positions in 'true technology' companies, Industrials and Healthcare. They like Japan and Asia on valuation, fiscal resilience and improving governance. Their view is that the outlook remains poor for European profits notwithstanding the 'cheap' market. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
28 Apr 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +0.83% in March, taking 12-month performance to +50.92% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2009, the Fund has returned +16.65% p.a. vs the Index's +10.16%.
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28 Apr 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 up-capture and down-capture ratios (since inception), 149% and 92% respectively, indicate that, on average, the Fund has outperformed significantly during the market's positive months while not falling further than the market during the market's negative months. As at the end of March, the portfolio's weightings had been increased in the Health Care, Communication, Materials section, and decreased in the Discretionary, IT, Industrials and Financials sectors. Relative to the ASX300, the Fund was significantly overweight the Discretionary sector (Fund weight: 43.7%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.6%, benchmark weight: 29.3%). |
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Performance Report: Premium Asia Fund
27 Apr 2021 - Australian Fund Monitors
The Premium Asia Fund has risen +43.06% against AFM's Asia Pacific ex-Japan Index's +27.05%. Since inception in December 2009, the Fund has returned +12.77% p.a. vs the Index's +6.70%.
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27 Apr 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | Under high demand for electronic components, the Fund's South Korean and Taiwanese hardware manufacturers holdings continued to rally. Premium China noted the global recovery lends upside to demand, benefitting the materials sector. This includes the Fund's chemical manufacturer holding in South Korea. As the pandemic impacts lessened and recovery kicked in, they have been building more positions in Korean equities since the beginning of the year. They remain constructive on the global recovery outlook and continue to favour the market as the earnings upcycle continues. Overall growth in North Asia has higher visibility underpinned by the resilient macro backdrop. Thus, they maintain their overweight in the sub-region over ASEAN. Looking forward, their conviction on Asian equities remains unchanged. They expect fundamentals to stay robust amid the on-going recovery in the region. The change in the inflation environment is being assessed in their bottom-up stock picking process. They remain focused on quality companies that showcase high visibility and sustained earnings growth. |
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Performance Report: Atlantic Pacific Australian Equity Fund
27 Apr 2021 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund has risen +8.08% p.a. with an annualised volatility of 10.16% since inception in June 2013. Over that period, it has had a maximum drawdown of -7.26% vs the ASX200 Accumulation Index's -26.75%...
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27 Apr 2021 - Performance Report: Atlantic Pacific Australian Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | The Fund returned -3.78% in March. Top contributors included Computershare (long), Sonic Healthcare (long), Telstra (long), and Whitehaven Coal (long). Key detractors included Mesoblast (long), Norwood Systems (long), SPI Futures (long), and Terracom (long). APSEC noted valuation remain elevated and believe this should be considered in light of the rising bond environment. They emphasise that they don't see the Fund's strategy as a 'market mirror' as was witnessed last year, instead they see it as a satellite portfolio to smooth out returns over the long-run. They have seen drawdowns like this in the past and expect to iron them out over the coming year. |
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Performance Report: The Airlie Australian Share Fund
27 Apr 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +3.90% in March outperforming the ASX 200 Total Return Index by +1.46%. This took 12-month performance to +43.56% vs the ASX200 Accumulation Index's +37.47%.
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27 Apr 2021 - Performance Report: The 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 12-month up-capture and down-capture ratios, 114% and 93% respectively, indicate that, on average, it has outperformed during the market's positive and negative months. The Fund has maintained an up-capture ratio of above 100% over all time periods, highlighting its capacity to outperform in positive markets. At month-end, the portfolio's top positions included Commonwealth Bank of Australia, BHP Group, CSL, National Australia Bank and Wesfarmers. By sector, the portfolio was most heavily weighted towards the Financials, Consumer Discretionary and Materials sectors. |
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Webinar| Laureola Review: Q1 2021
26 Apr 2021 - Laureola Advisors
Laureola Advisors, a specialist Life Settlements fund manager, would like to invite you to our quarterly review for an in-depth discussion of the Laureola portfolio. Life Settlements is an attractive asset class for its expected 7-11% p.a....
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26 Apr 2021 - Webinar| Laureola Review: Q1 2021
By: Laureola Advisors
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Wed, Apr 28, 2021 5:00 PM - 6:00 PM AEST Please join us for our quarterly webinar where we will discuss the following: 1. Introduction: Laureola Advisors 2. Q1 2021 performance review 3. Analysis of current portfolio and where we are now 4. Upcoming developments 5. Q&A
ABOUT LAUREOLA ADVISORS Laureola Advisors was founded with the belief that investors deserve access to the unique benefits of Life Settlements, with the advantages of a specialist and focused asset manager. The best feature of the asset class is the genuine non-correlation with stocks, bonds, real estate, or hedge funds. Life Settlement investors will make money when others can't. Like many asset classes, Life Settlements provides experienced and competent boutique managers like Laureola with significant advantages over larger institutional players. In Life Settlements, the boutique manager can identify and close more opportunities in a cost effective manner, can move quickly when necessary, and can instantly adapt when opportunities dry up in one segment but appear in another. Larger investors are restricted not only by their size and natural inertia, but by self-imposed rules and criteria, which are typically designed by committees. The Laureola Advisors team has transacted over $1 billion (US dollars) in face value of life insurance policies. |
Performance Report: Collins St Value Fund
26 Apr 2021 - Australian Fund Monitors
The Collins St Value Fund rose +1.29% in March, taking 12-month performance to +82.26% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2016, the Fund has returned +17.65% p.a. vs the Index's +10.51%.
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26 Apr 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 has achieved up-capture and down-capture ratios over the past 36 months of 126.86% and -71.73%. This indicates that, on average, the Fund has risen more than the index during the market's positive months while falling approximately 70% as much as the market during the market's negative months. In the past 3 months the fund has made a number of major changes to the portfolio. These include increasing their position in National Tyre & Wheel, becoming a substantial shareholder in Retail Food Group, taking a substantial position in Redflex Holdings and reducing their exposure to Uranium. |
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Performance Report: Prime Value Emerging Opportunities Fund
23 Apr 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose +1.44% in March, taking 12-month performance to +63.25% vs the ASX200 Accumulation Index's +37.47%. Since inception in October 2015, the Fund has risen +14.92% p.a. vs the Index's +9.97%.
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23 Apr 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Key positive contributors for the month were Mortgage Choice (+64.1%), News Corp (+9.2%) and United Malt Group (+11.5%). Key detractors were EQT Holdings (-7.4%), Oceania Healthcare (-9.8%) and Chorus (-14.2%). Prime Value noted style rotation remained a dominant theme through the first quarter of 2021. A strong rebound in cyclical earnings, a steepening yield curve, optimism around the reopening of economies and expansionary fiscal policy are supporting cyclicals over growth stocks. |
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