NEWS
Performance Report: Frazis Fund
23 Feb 2021 - Australian Fund Monitors
The Frazis Fund rose +12.10% in January, outperforming AFM's Global Equity Index by +11.90% and taking 12-month performance to +109.74% (after fees) vs the Index's +2.59%. Since inception in July 2018, the Fund has returned +35.74% p.a. vs...
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23 Feb 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Frazis noted January's performance was broad-based. The Fund ended the month with 50 positions. Frazis continue to spot new opportunities, with many of the portfolio's best performers of late being positions made in recent weeks and months. Frazis discuss some of these companies in their latest report. Frazis believe there is a strong level of optimism in financial markets which they say is somewhat justified as $1.9 trillion of US Government spending is about to wash through markets while interest rates are unlikely to increase any time soon. |
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Performance Report: Quay Global Real Estate Fund
23 Feb 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund has risen +6.00% p.a. with an annualised volatility of 11.75% since inception in January 2016. The Fund ended January relatively flat (-0.35%), supported by a +0.5% currency gain.
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23 Feb 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 | Positive contributors during the month included Safestore (European Storage), Coresite (US Data), and Mid America Apartments (US apartments). Safestore posted strong operating metrics during the month, supporting Quay's long-term secular European storage demand thesis. The Fund's retail exposure also contributed significantly. The Fund's exposure to German residential, triple net leasing and US healthcare detracted in January. Quay noted that as reporting season approaches, early indications suggest the leakage of occupancy across the Fund's senior housing exposure is accelerating during the US winter. They believe this will continue to add pressure to short-term earnings, however, Quay noted they have strong conviction in the positive long-term demographic tailwinds for the sector. During the month, Quay exited their position in Camden Property Trust (US Apartments). They initiated their position in April 2020 and exited with a +56% total return. Quay used the proceeds to increase their exposure to existing investees, in particular US single-family housing. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund January 2021
23 Feb 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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23 Feb 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund January 2021
By: Australian Fund Monitors
AFM Fund Review - January 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2021 (pdf format)
Performance Report: Bennelong Concentrated Australian Equities Fund
22 Feb 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +2.93% in January, outperforming the ASX200 Accumulation Index by +2.62% and taking 12-month performance to +13.47% vs the Index's -3.11%. Since inception in January 2009, the Fund...
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22 Feb 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 | As at the end of January, the portfolio's weightings had been increased in the Discretionary, IT, Communication and Industrials sectors, and decreased in the Health Care, Consumer Staples, REIT's, Materials and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 42.4%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.9%, benchmark weight: 27.6%). |
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Performance Report: Cyan C3G Fund
22 Feb 2021 - Australian Fund Monitors
The Cyan C3G Fund rose +1.5% in January, outperforming the ASX200 Accumulation Index by +1.19% and taking 12-month performance to +9.84% vs the Index's -3.11%. Since inception in August 2014, the Fund has returned +16.53% p.a. vs the Index's +6.81%.
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22 Feb 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 Sharpe and Sortino ratios (since inceptino), 0.92 and 1.28 respectively, by comparison with Index's Sharpe of 0.43 and Sortino of 0.47, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's down-side volatility. The Fund's up-capture and down-capture ratios (since inception), 104.1% and 58.2% respectively, indicate that, on average ,the Fund has outperformed in both the market's positive and negative months. Two stocks succumbed to double digit percentage falls during the month: Readcloud (-15%) and Playside Studios (-17%). However, this was offset by strong results from Raiz and Alcidion. Cyan's view is that, while it can feel challenging to invest through periods of acute volatility, this volatility provides a number of opportunities which likely wouldn't be available in quieter market periods. They noted that, not only has the corporate window opened wide in January but Cyan's key holdings continue to post promising numbers and outlooks. There are more than three IPOs in Cyan's sights along with the pleasing results from their existing exposures. Cyan are confident about 2021 and noted that, at the time of writing their latest monthly report, February has seen a further positive momentum in the Fund's unit price. |
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Performance Report: Bennelong Australian Equities Fund
19 Feb 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +2.69% in January, outperforming the ASX200 Accumulation Index by +2.38% and taking 12-month performance to +19.54% vs the Index's -3.11%. Since inception in February 2009, the Fund has returned...
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19 Feb 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | As at the end of January, the portfolio's weightings had been increased in the Discretionary, IT, Communication and Industrials sectors, and decreased in the Health Care, REIT's and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 44.0%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 8.2%, benchmark weight: 27.6%). |
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Performance Report: 4D Global Infrastructure Fund
19 Feb 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund has returned +8.62% p.a. with an annualised volatility of 12.62% since inception in March 2016.
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19 Feb 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities 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 strongest performer in January was Chinese port operator, China Merchants Port Holdings, up +14% as throughput numbers beat expectations and improving signs of demand recovery with the company talking up the outlook for yields. The weakest performer was Spanish conglomerate, Ferrovial, down -12.4% as restrictions imposed as a result of the second wave of COVID shut down economies and reduced movement across their infrastructure assets. 4D believe the stock has been oversold and is positioned well to capitalise on the recovery phase. 4D continue to position the portfolio for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalise on the opportunities currently on offer. |
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Performance Report: Collins St Value Fund
19 Feb 2021 - Australian Fund Monitors
The Collins St Value Fund rose +3.33% in January, outperforming the ASX200 Accumulation Index by +3.02% and taking 12-month performance to +29.21% vs the Index's -3.11%. Since inception in February 2016, the Fund has returned +17.75% p.a....
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19 Feb 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 capacity to outperform during falling and volatile markets is highlighted by its Sortino ratio (since inception) of 1.25 vs the Index's 0.77 and down-capture ratio (since inception) of 38.29%. The Fund has outperformed the market in 6 out of 10 of the market's worst months since the Fund's inception, notably outperforming by +4.9% during March 2020 when the Index fell -20.7%. |
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Fund Review: Bennelong Kardinia Absolute Return Fund January 2021
18 Feb 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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18 Feb 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund January 2021
By: Australian Fund Monitors
AFM Fund Review - January 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 8.74% p.a. with a volatility of 7.64%, compared to the ASX200 Accumulation's return of 5.98% p.a. with a volatility of 14.44%.
- 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 - January 2021 (pdf format)
Performance Report: Montgomery Small Companies Fund
17 Feb 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund has risen +20.99% over the past 12 months vs the ASX200 Accumulation Index's -3.11%. Since inception in October 2019, the Fund has returned +17.83% p.a. vs the Index's +1.80%.
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17 Feb 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The Fund returned -1.08% in January. The largest positive contributors included Bingo Industries, Sezzle and Uniti Group. Key detractors included Aeris Resources, Centuria Capital Group and Western Areas. The portfolio's top completed holdings (i.e. those that the Fund holds but which Montgomery aren't actively buying or selling at the time of writing their Jan 2021 report) included Alliance Aviation Services, City Chic Collective, Ingenia Communities Group, Macquarie Telecom Group and Uniti Group. Relative to the Fund's benchmark (ASX Small Ordinaries Accumulation Index), the portfolio ended the month overweight Industrials, Communication Services, IT, Consumer Discretionary and Real Estate, and underweight Energy, Materials, Consumer Staples, Financials and Health Care. By market capitalisation, the portfolio had greatest exposure to companies with a market cap greater than $1bn. |
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