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Performance Report: Airlie Australian Share Fund
23 Jan 2023 - FundMonitors.com
The Airlie Australian Share Fund returned -3.46% in December. The fund has outperformed the ASX 200 Total Return benchmark since inception in June 2018, providing investors with an annualised return of 9.88% compared with the benchmark's...
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23 Jan 2023 - Performance Report: Airlie Australian Share Fund
By: FundMonitors.com
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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 Airlie Australian Share Fund has a track record of 4 years and 7 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return benchmark since inception in June 2018, providing investors with an annualised return of 9.88% compared with the benchmark's return of 7.55% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 4 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -14.49% vs the index's -11.9%, and since inception in June 2018 the fund's largest drawdown was -23.8% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 9 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020. The Manager has delivered these returns with 0.05% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past four years and which currently sits at 0.61 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 110% and a down-capture ratio of 97%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
23 Jan 2023 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund returned -3.1% in December, an outperformance of +0.11% compared with the ASX 200 Total Return benchmark which fell by -3.21%. The fund has outperformed the benchmark since inception in May 2006,...
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23 Jan 2023 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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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 Bennelong Kardinia Absolute Return Fund has a track record of 16 years and 8 months and has outperformed the ASX 200 Total Return benchmark since inception in May 2006, providing investors with an annualised return of 7.65% compared with the benchmark's return of 6.2% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 16 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -5.38% vs the index's -11.9%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. During this period, the index's maximum drawdown was -26.75%. The Manager has delivered these returns with 6.72% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.64 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 32% of the time during periods of market decline, contributing to an up-capture ratio since inception of 14% and a down-capture ratio of 55%. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
23 Jan 2023 - FundMonitors.com
The Bennelong Concentrated Australian Equities Fund returned -6.53% in December. The fund has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 13.04%...
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23 Jan 2023 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Concentrated Australian Equities Fund has a track record of 13 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 13.04% compared with the benchmark's return of 9.66% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 13 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -22.65% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -32.24% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 1 year, reaching its lowest point during December 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.99% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.72 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 18% of the time during periods of market decline, contributing to an up-capture ratio since inception of 131% and a down-capture ratio of 97%. |
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Performance Report: Digital Asset Fund (Digital Opportunities Class)
20 Jan 2023 - FundMonitors.com
The Digital Asset Fund (Digital Opportunities Class) rose by +1.1% in December, an outperformance of +9.87% compared with the S&P Cryptocurrency Broad Digital Market benchmark which fell by -8.77%. The fund has outperformed the benchmark...
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20 Jan 2023 - Performance Report: Digital Asset Fund (Digital Opportunities Class)
By: FundMonitors.com
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| Fund Overview | The Fund offers a choice of three investment classes, each of which adopts a different investment strategy: - The Digital Opportunities Class identifies and trades low risk arbitrage opportunities between different exchanges and a number of digital assets; - The Digital Index Class tracks the performance of a basket of digital assets; - The Bitcoin Index Class tracks the performance of Bitcoin. Digital Opportunities Class: This class appeals to investors seeking an active exposure to the digital asset markets with no directional bias. The Digital Opportunities Class employs a high frequency inspired Market Neutral strategy trading 24/7 which uses a systematic approach designed to offer uncorrelated returns to the underlying highly volatile cryptocurrency markets. The strategy systematically exploits low-risk arbitrage opportunities across the most liquid and active digital asset markets on the most respected exchanges. When appropriate the Fund may obtain leverage, including through borrowing cash, securities and other instruments, and entering into derivative transactions and repurchase agreements. DAFM has a currency hedging policy in place for the Units in the Fund. Units in the Fund will be hedged against exposure to assets denominated in US dollars through a trading account with spot, forwards and options as directed by DAFM. |
| Manager Comments | The Digital Asset Fund (Digital Opportunities Class) has a track record of 1 year and 8 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the S&P Cryptocurrency Broad Digital Market benchmark since inception in May 2021, providing investors with an annualised return of 31.5% compared with the benchmark's return of -50.31% over the same period. Over the past 12 months, the fund's largest drawdown was -1.96% vs the index's -63.76%, and since inception in May 2021 the fund's largest drawdown was -1.96% vs the index's maximum drawdown over the same period of -74.1%. The fund's maximum drawdown began in November 2022 and has so far only lasted 1 month. The Manager has delivered these returns with 49.21% less volatility than the benchmark, contributing to a Sharpe ratio for performance over the past 12 months of 0.55 and for performance since inception of 1.36. The fund has provided positive monthly returns 100% of the time in rising markets and 92% of the time during periods of market decline, contributing to an up-capture ratio since inception of 5% and a down-capture ratio of -45%. |
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Performance Report: Quay Global Real Estate Fund (Unhedged)
20 Jan 2023 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) returned -3.75% in December, an outperformance of +0.25% compared with the FTSE EPRA/ NAREIT Developed NET TR benchmark which fell by -4%. The fund has outperformed the benchmark since inception...
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20 Jan 2023 - Performance Report: Quay Global Real Estate Fund (Unhedged)
By: FundMonitors.com
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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 | The Quay Global Real Estate Fund (Unhedged) has a track record of 7 years and has outperformed the FTSE EPRA/ NAREIT Developed NET TR benchmark since inception in January 2016, providing investors with an annualised return of 5.46% compared with the benchmark's return of 2.85% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 7 years since its inception. Over the past 12 months, the fund's largest drawdown was -19.65% vs the index's -18.49%, and since inception in January 2016 the fund's largest drawdown was -22.45% vs the index's maximum drawdown over the same period of -26.61%. The fund's maximum drawdown began in January 2022 and has so far lasted 11 months, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -20.72%. The Manager has delivered these returns with 0.54% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.4 since inception. The fund has provided positive monthly returns 92% of the time in rising markets and 11% of the time during periods of market decline, contributing to an up-capture ratio since inception of 106% and a down-capture ratio of 93%. |
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Performance Report: Bennelong Australian Equities Fund
20 Jan 2023 - FundMonitors.com
The Bennelong Australian Equities Fund returned -6.51% in December. The fund has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 11.47% compared with the...
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20 Jan 2023 - Performance Report: Bennelong Australian Equities Fund
By: FundMonitors.com
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| Manager Comments | The Bennelong Australian Equities Fund has a track record of 13 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 11.47% compared with the benchmark's return of 9.66% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -20.87% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -30.31% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 1 year, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 1.53% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.65 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 16% of the time during periods of market decline, contributing to an up-capture ratio since inception of 123% and a down-capture ratio of 100%. |
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Performance Report: Bennelong Long Short Equity Fund
20 Jan 2023 - FundMonitors.com
The Bennelong Long Short Equity Fund returned -2.27% in December, an outperformance of +0.94% compared with the ASX 200 Total Return benchmark which fell by -3.21%. The fund has outperformed the benchmark since inception in February 2002,...
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20 Jan 2023 - Performance Report: Bennelong Long Short Equity Fund
By: FundMonitors.com
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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 Bennelong Long Short Equity Fund has a track record of 20 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2002, providing investors with an annualised return of 12.49% compared with the benchmark's return of 7.94% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 4 occasions in the 20 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -13.62% vs the index's -11.9%, and since inception in February 2002 the fund's largest drawdown was -30.59% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has so far lasted 2 years and 3 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.5% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.73 since inception. The fund has provided positive monthly returns 65% of the time in rising markets and 59% of the time during periods of market decline, contributing to an up-capture ratio since inception of 4% and a down-capture ratio of -108%. |
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Performance Report: Insync Global Quality Equity Fund
20 Jan 2023 - FundMonitors.com
The Insync Global Quality Equity Fund returned -5.38% in December. The fund has outperformed the benchmark since inception in October 2009, providing investors with an annualised return of 11.26% compared with the benchmark's return of...
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20 Jan 2023 - Performance Report: Insync Global Quality Equity Fund
By: FundMonitors.com
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Quality Equity Fund has a track record of 13 years and 3 months and has outperformed the All Countries World Index benchmark since inception in October 2009, providing investors with an annualised return of 11.26% compared with the benchmark's return of 10.01% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -23.21% vs the index's -14.06%, and since inception in October 2009 the fund's largest drawdown was -28.54% vs the index's maximum drawdown over the same period of -16.02%. The fund's maximum drawdown began in January 2022 and has so far lasted 11 months, reaching its lowest point during September 2022. The Manager has delivered these returns with 1.7% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.77 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 19% of the time during periods of market decline, contributing to an up-capture ratio since inception of 89% and a down-capture ratio of 91%. |
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Performance Report: 4D Global Infrastructure Fund (Unhedged)
18 Jan 2023 - FundMonitors.com
The 4D Global Infrastructure Fund (Unhedged) returned -2.25% in December, an outperformance of +1.24% compared with the S&P Global Infrastructure TR (AUD) benchmark which fell by -3.49%. The fund has outperformed the benchmark since...
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18 Jan 2023 - Performance Report: 4D Global Infrastructure Fund (Unhedged)
By: FundMonitors.com
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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 4D Global Infrastructure Fund (Unhedged) has a track record of 6 years and 10 months and has outperformed the S&P Global Infrastructure TR (AUD) benchmark since inception in March 2016, providing investors with an annualised return of 8.23% compared with the benchmark's return of 8.15% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 6 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.99% vs the index's -6.34%, and since inception in March 2016 the fund's largest drawdown was -19.77% vs the index's maximum drawdown over the same period of -24.67%. The fund's maximum drawdown began in February 2020 and lasted 2 years and 2 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by April 2022. The Manager has delivered these returns with 0.28% less volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.63 since inception. The fund has provided positive monthly returns 94% of the time in rising markets and 13% of the time during periods of market decline, contributing to an up-capture ratio since inception of 98% and a down-capture ratio of 98%. |
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Performance Report: Insync Global Capital Aware Fund
18 Jan 2023 - FundMonitors.com
The Insync Global Capital Aware Fund returned -5.41% in December. Since inception in October 2009, the fund has returned +9.31% per annum with an annualised volatility of 11.45%.
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18 Jan 2023 - Performance Report: Insync Global Capital Aware Fund
By: FundMonitors.com
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Capital Aware Fund has a track record of 13 years and 3 months and has underperformed the All Countries World Index benchmark since inception in October 2009, providing investors with an annualised return of 9.31% compared with the benchmark's return of 10.01% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 13 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -24.34% vs the index's -14.06%, and since inception in October 2009 the fund's largest drawdown was -29.45% vs the index's maximum drawdown over the same period of -16.02%. The fund's maximum drawdown began in January 2022 and has so far lasted 11 months, reaching its lowest point during September 2022. The Manager has delivered these returns with 1.03% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.65 since inception. The fund has provided positive monthly returns 81% of the time in rising markets and 21% of the time during periods of market decline, contributing to an up-capture ratio since inception of 63% and a down-capture ratio of 87%. |
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