NEWS
Performance Report: Bennelong Australian Equities Fund
13 Sep 2022 - FundMonitors.com
The Bennelong Australian Equities Fund returned -1.7% in August. The fund has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 12.44% compared with the index's...
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13 Sep 2022 - 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 7 months and has outperformed the ASX 200 Total Return Index since inception in February 2009, providing investors with an annualised return of 12.44% compared with the index's return of 9.7% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 13 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -29.91% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -29.91% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has lasted 8 months, reaching its lowest point during June 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 index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.71 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 17% of the time during periods of market decline, contributing to an up-capture ratio since inception of 130% and a down-capture ratio of 99%. |
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Performance Report: Insync Global Capital Aware Fund
12 Sep 2022 - FundMonitors.com
The Insync Global Capital Aware Fund returned -4.61% in August. The fund has underperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 9.6% compared with the index's return of...
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12 Sep 2022 - 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 12 years and 11 months and has underperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 9.6% compared with the index's return of 10.4% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 12 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -27.39% vs the index's -15.77%, and since inception in October 2009 the fund's largest drawdown was -27.39% vs the index's maximum drawdown over the same period of -15.77%. The fund's maximum drawdown began in January 2022 and has lasted 7 months, reaching its lowest point during June 2022. The Manager has delivered these returns with 0.92% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.69 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 60% and a down-capture ratio of 84%. |
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Performance Report: 4D Global Infrastructure Fund (Unhedged)
12 Sep 2022 - FundMonitors.com
The 4D Global Infrastructure Fund (Unhedged) returned -1.08% in August. The fund has delivered an annualised return of 8.75% since inception in March 2016 compared with the index's return of 8.86% over the same period.
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12 Sep 2022 - 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 6 months and has underperformed the S&P Global Infrastructure TR (AUD) Index since inception in March 2016, providing investors with an annualised return of 8.75% compared with the index's return of 8.86% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -5.82% vs the index's -3.91%, 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 0.35% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.69 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 97% and a down-capture ratio of 98%. |
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Performance Report: Quay Global Real Estate Fund (Unhedged)
9 Sep 2022 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) returned -6.4% in August. The Quay Global Real Estate Fund (Unhedged) has a track record of 6 years and 8 months and has outperformed the BBAREIT Index since inception in January 2016, providing...
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9 Sep 2022 - 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 6 years and 8 months and has outperformed the BBAREIT Index since inception in January 2016, providing investors with an annualised return of 6.58% compared with the index's return of 6.15% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -17.1% vs the index's -9.28%, and since inception in January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. The fund's maximum drawdown began in February 2020 and lasted 1 year and 4 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by June 2021. The Manager has delivered these returns with 1.31% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.49 since inception. The fund has provided positive monthly returns 72% of the time in rising markets and 33% of the time during periods of market decline, contributing to an up-capture ratio since inception of 68% and a down-capture ratio of 73%. |
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Performance Report: L1 Capital Long Short Fund (Monthly Class)
8 Sep 2022 - FundMonitors.com
The L1 Capital Long Short Fund (Monthly Class) rose by +5.7% in August, an outperformance of +4.52% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the index since inception in September 2014,...
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8 Sep 2022 - Performance Report: L1 Capital Long Short Fund (Monthly Class)
By: FundMonitors.com
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| Manager Comments | The L1 Capital Long Short Fund (Monthly Class) has a track record of 8 years and has outperformed the ASX 200 Total Return Index since inception in September 2014, providing investors with an annualised return of 20.66% compared with the index's return of 7% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 8 years since its inception. Over the past 12 months, the fund's largest drawdown was -17.4% vs the index's -11.9%, and since inception in September 2014 the fund's largest drawdown was -39.11% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2018 and lasted 2 years and 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 6.63% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.95 since inception. The fund has provided positive monthly returns 78% of the time in rising markets and 64% of the time during periods of market decline, contributing to an up-capture ratio since inception of 87% and a down-capture ratio of 18%. |
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Performance Report: Argonaut Natural Resources Fund
7 Sep 2022 - FundMonitors.com
The Argonaut Natural Resources Fund rose by +9.6% in August, an outperformance of +8.42% compared with the ASX 200 Total Return Index which rose by +1.18%. The fund has outperformed the index since inception in January 2020, providing...
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7 Sep 2022 - Performance Report: Argonaut Natural Resources Fund
By: FundMonitors.com
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| Fund Overview | At times, ANRF may consider holding higher levels of cash (max 30%) if valuations are full and it is difficult to find attractive investment opportunities. The Fund does not borrow for investment or any other purposes, but it may short sell securities as part of its portfolio protection strategies. |
| Manager Comments | The Argonaut Natural Resources Fund has a track record of 2 years and 8 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in January 2020, providing investors with an annualised return of 46.42% compared with the index's return of 5.23% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.06% vs the index's -11.9%, and since inception in January 2020 the fund's largest drawdown was -19.06% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in April 2022 and has lasted 4 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -11.9%. The Manager has delivered these returns with 4.16% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 1.73 and for performance since inception of 1.75. The fund has provided positive monthly returns 82% of the time in rising markets and 40% of the time during periods of market decline, contributing to an up-capture ratio since inception of 220% and a down-capture ratio of 34%. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund July 2022
30 Aug 2022 - FundMonitors.com
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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30 Aug 2022 - Fund Review: Bennelong Twenty20 Australian Equities Fund July 2022
By: FundMonitors.com
AFM Fund Review - July 2022 (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 - July 2022 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund July 2022
29 Aug 2022 - FundMonitors.com
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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29 Aug 2022 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2022
By: FundMonitors.com
AFM Fund Review - July 2022 (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 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 - July 2022 (pdf format)
Performance Report: Collins St Value Fund
25 Aug 2022 - FundMonitors.com
The Collins St Value Fund rose by +5.23% in July. The fund has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 16.78% compared with the index's return of 9.42%...
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25 Aug 2022 - Performance Report: Collins St Value Fund
By: FundMonitors.com
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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 Collins St Value Fund has a track record of 6 years and 6 months and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 16.78% compared with the index's return of 9.42% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 6 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -11.41% vs the index's -11.9%, and since inception in February 2016 the fund's largest drawdown was -27.46% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in February 2020 and lasted 7 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by September 2020. The Manager has delivered these returns with 3.34% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.92 since inception. The fund has provided positive monthly returns 84% of the time in rising markets and 63% of the time during periods of market decline, contributing to an up-capture ratio since inception of 79% and a down-capture ratio of 42%. |
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Performance Report: Equitable Investors Dragonfly Fund
24 Aug 2022 - FundMonitors.com
The Equitable Investors Dragonfly Fund rose by +0.48% in July. Equitable noted things were a little slow-moving relative to the bounce seen in indices for smaller stocks in July, thanks in part to the weighting the Fund has in unlisted...
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24 Aug 2022 - Performance Report: Equitable Investors Dragonfly Fund
By: FundMonitors.com
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Equitable noted positive price action in the shares of home security tech company Scout Security (SCT) was reflective of a general bounce back for illiquid micro-caps that appeared to have suffered from tax loss selling in May and June. Marine propulsion and stabilisation systems maker Veem (VEE) was another to recover with the beginning of a new financial year. On the flip-side, Equitable's holding in NZ-listed trades app developer Geo (GEO:NZ) fell 9% in NZ dollars after cornerstone investor North Ridge Partners distributed some equity in GEO held by its Co-Investor No. 3 PIPE Fund to the underlying investors, as part of the end-of-life wind-up of that fund. Equitable see continuing opportunities both of the transactional variety (recapitalisations etc) and simply of the attractive pricing variety. They noted that while there has been a bounce back in illiquid stocks in July, that recovery hasn't been as broad-based as they might have imagined, with speculative money having another swing at questionable business models in the Buy Now Pay Later (BNPL) space and 'meme' stocks, leaving shares in a company like expense management software company 8Common (8CO) fractionally lower at the end of July than it was at the end of June. |
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