NEWS
Performance Report: Airlie Australian Share Fund
15 Oct 2021 - Australian Fund Monitors
The Airlie Australian Share Fund returned -1.14% in September, an outperformance of +0.71% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +38.32% compared with the index...
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15 Oct 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). The fund has a 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 9.59% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in June 2018 is 16.13% vs the index's 16.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.99% and 16.82% respectively, lower than the index's annualised volatility over both periods; 19.81% (24 months), 17.37% (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 120.85% over the most recent 12 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 over the specified period. The fund has a down-capture ratio for returns since inception of 94.69%, indicating that it typically hasn't fallen further than the market in the market's negative months. |
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Performance Report: 4D Global Infrastructure Fund
15 Oct 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned -2.51% in September. Over the past 12 months, the fund has risen by +19.9%, and since inception in March 2016, the fund has returned +9.85% per annum, a difference of +1.79% relative to the S&P...
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15 Oct 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 12.05% vs the index's 9.5%. The annualised volatility of the fund's returns since inception in March 2016 is 12.25% vs the index's 12.76%. 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 4.34 for performance over the most recent 12 months to a low of 0.11 over the latest 24 months, and is 1 for performance since inception. By contrast, the S&P Global Infrastructure TR (AUD) Index's Sortino for performance since March 2016 is 0.71. Since inception in March 2016 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 104.84%. Over all other periods, the fund's up-capture ratio has ranged from a high of 113.07% over the most recent 12 months to a low of 97.66% over the latest 48 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 93.51%, indicating that, on average, it hasn't fallen further than the market during the market's negative months. |
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Performance Report: Bennelong Emerging Companies Fund
15 Oct 2021 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose by +4.06% in September, an outperformance of +5.91% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +46.51% compared with the...
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15 Oct 2021 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in companies expected to be listed on the ASX within 12 months, and may also invest in companies listed, or expected to be listed, on other exchanged where they relate to ASX-listed securities. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 8.91% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2017 is 31.15% vs the index's 15.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 36.65% and 33.97% respectively, higher than the index's annualised volatility over each of those periods; 19.81% (24 months), 17.37% (36 months). Since inception in November 2017 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 321.13%. Over all other periods, the fund's up-capture ratio has ranged from a high of 276.99% over the most recent 36 months to a low of 123.55% 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 over the specified period. |
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SMSFs: seek new investments or accept a possible humble retirement
15 Oct 2021 - John Swallow, Laureola Advisors
The low (and even negative) interest rate environment brought around by a combination of the residual effects of the Global Financial Crisis and the current COVID-19 pandemic have resulted in SMSFs seeking alternate investment...
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15 Oct 2021 - SMSFs: seek new investments or accept a possible humble retirement
By: John Swallow, Laureola Advisors
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SMSFs: Seek new investments or accept a possible humble retirement John Swallow, Laureola Advisors 11 October 2021 The low (and even negative) interest rate environment brought around by a combination of the residual effects of the Global Financial Crisis and the current COVID-19 pandemic have resulted in SMSFs seeking alternate investment opportunities to maintain their target returns. Historically, SMSFs gravitate towards either cash and term deposits or listed Australian shares and ignore other asset classes. In our view the Australian share market might be close to full valuation and continues to be susceptible to pandemic and geopolitical risks. Most SMSF portfolios might be seeking alternatives to equities risk. With interest rates close to zero, cash and term deposits might be limited in compensating for potential losses in listed Australian shares. So where should SMSFs look to spread the investment risk of their portfolios? The key is uncorrelated investments - SMSFs can improve their portfolio returns by investing part of their portfolios in assets that are uncorrelated with the rest of the portfolio. An uncorrelated asset is one that responds differently to market forces compared to the rest of the portfolio. For a SMSF, an uncorrelated asset would generate returns in its own way and does not react to the market forces impacting on, say, Australian equities. Traditionally this role has been played by instruments such as bonds. However, bonds have been shown to be more correlated with equities over short periods, especially where interest rates are at record lows. Moreover, investors in longer-dated bonds might also be subject to capital losses should interest rates rise. Life settlements are non-correlated to markets One candidate for the uncorrelated asset might be life settlements. The life settlement asset is structurally non-correlated to the share market, the bond market or property price movements. A well-managed exposure to life settlements can provide potential returns comparable to that of equities over longer time periods, but with less volatility and with no correlation to equities or other investible assets. To obtain exposure, SMSFs can consider investing in life settlement funds which invest in resold life insurance policies in the United States. The asset class has been gaining attention worldwide as investors seek uncorrelated returns in a low interest rate environment. The Laureola Investment Fund is one such professionally managed fund investing in life settlements - it targets total returns of 7-11% p.a. in AUD hedged terms, has assets with excellent credit ratings, and does not depend on the economy to generate returns. The fund manager distinguishes itself from other life settlement managers by its focus on realised cash returns, rather than accounting valuation gains. A well-managed portfolio of life settlements will keep its diversification characteristics in difficult times. The Laureola Investment Fund has delivered the desired diversification; it makes money uncorrelated to whether other strategies are successful or not. The result is an investment that has no correlation with or dependence upon the usual crisis triggers: declines in share prices, interest rate hikes, economic instability, or geopolitical surprises. Funds operated by this manager: |
Performance Report: Delft Partners Global High Conviction Strategy
14 Oct 2021 - Australian Fund Monitors
The Delft Partners Global High Conviction Strategy returned -2.34% in September, an outperformance of +0.7% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the strategy has risen by +32.88% compared...
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14 Oct 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 | Since inception in August 2011 in the months where the market was positive, the strategy has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 101.25%. Over all other periods, the strategy's up-capture ratio has ranged from a high of 116.64% over the most recent 12 months to a low of 85.62% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the strategy has outperformed in the market's positive months. The strategy's down-capture ratio for returns since inception is 93.48%. Over all other periods, the strategy's down-capture ratio has ranged from a high of 109.85% over the most recent 36 months to a low of 61.22% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the strategy has outperformed in the market's negative months. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
14 Oct 2021 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -1.08% in September, an outperformance of +0.77% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +13.33%, and since...
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14 Oct 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.29% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in May 2006 is 7.6% vs the index's 14.18%. 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 49.23%. Over all other periods, the fund's down-capture ratio has ranged from a high of 62.37% over the most recent 48 months to a low of 45.61% 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 over the specified period. |
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Webinar Recording | Paragon
14 Oct 2021 - Paragon Funds Management
Register to watch Paragon's latest webinar, presenting the fund Performance Update & the Fund Manager's Outlook.
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14 Oct 2021 - Webinar Recording | Paragon
By: Paragon Funds Management
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Webinar recording: Performance Update & Outlook
Funds operated by this manager: |
Sic Parvis Magna: Great Things from Small Beginnings
14 Oct 2021 - AIM (Aitken Investment Management)
Would you get out of bed for a daily return of 0.073%? It does not sound like it is worth the effort, but a daily return of 0.073% over roughly 250 trading days in a year equates to an annual return of 20%.
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14 Oct 2021 - Sic Parvis Magna: Great Things from Small Beginnings
By: AIM (Aitken Investment Management)
Performance Report: DS Capital Growth Fund
13 Oct 2021 - Australian Fund Monitors
The DS Capital Growth Fund rose by +2.63% in September, an outperformance of +4.48% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +35.15% compared with the index which has...
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13 Oct 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, generally avoiding 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 down-capture ratio for returns since inception is 41.96%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.66% over the most recent 36 months to a low of -141.82% 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. The fund's Sharpe ratio has ranged from a high of 4.96 for performance over the most recent 12 months to a low of 1.04 over the latest 60 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since January 2013 is 0.65. |
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Webinar | Premium China Funds Management
13 Oct 2021 - Premium China Funds Management
Frank Tsui (Head Of ESG Investment) from Value Partners will provide an update on our current approach of utilising ESG to find the best opportunities in these volatile markets. Joining Frank will be Jonathan Wu (Executive Director and...
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13 Oct 2021 - Webinar | Premium China Funds Management
By: Premium China Funds Management
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Premium China Funds Management: ESG and Asia - Oxymoron?
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