| Report Date | 25 October 2018 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | September 2018 |
| Latest Return | -0.46% |
| Latest 6 Months | 16.41% |
| Latest 12 Months | 32.29% |
| Latest 24 Months | |
| Annualised Since Inception | 35.56% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$5.96 |
| Fund Overview | The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities.
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 Glenmore Australian Equities Fund has risen +32.29% over the past 12 month versus the ASX200 Accumulation Index's +13.97%. Since inception in June 2017, the Fund has returned +35.56% p.a. versus the Index's +11.01%. The Fund's Sharpe and Sortino ratios, 3.33 and 11.24 respectively, by contrast with the Index's Sharpe of 1.41 and Sortino of 2.49 for performance over the same period, highlights the Fund's ability to achieve significantly superior risk-adjusted returns whilst ensuring investor capital is protected in negative markets. This is supported by the Fund's up-capture and down-capture ratios since inception of +200.74% and -87.12% respectively, indicating that the Fund, on average, has significantly outperformed in both rising and falling markets.
The Fund returned -0.47% in September, outperforming the Index by +0.79%. Top contributors included Mastermyne (+18.6%) and Alliance Aviation (+10.7%). Other positive contributors included Jumbo Interactive, Pinnacle Investments and Bravura Solutions. Key detractors included Navigator Global Investments (-7.6%) and Emeco Holdings (-5.5%).
Following reporting season, Glenmore continue to meet with the management teams of a large number of potential investments for the Fund and remain very optimistic that any volatility in equities markets in the future will create some attractive buying opportunities. Currently the portfolio comprises approximately 16% cash and is therefore well positioned. |
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