25 Mar 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	25 March 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	February 2019
Latest Return	9.77%
Latest 6 Months	-2.80%
Latest 12 Months	10.50%
Latest 24 Months
Annualised Since Inception	24.39%
Inception Date	06 June 2017
FUM (millions)	AU$5.6
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 rose +9.77% in February, outperforming the ASX200 Accumulation Index by +3.79% and taking annualised performance since inception in June 2017 to +24.39% versus the Index's +8.91%. The Fund's Sharpe and Sortino ratios, 1.56 and 2.67 respectively, by contrast with the Index's Sharpe of 0.81 and Sortino of 1.20 highlight the Fund's capacity to achieve superior risk-adjusted returns. In addition, the Fund's up-capture ratio of 182.6% and down-capture of 71.1% indicate that, on average, the Fund has outperformed in both rising and falling markets. Glenmore noted reporting season proved to be very positive for the Fund as investors' focus was brought back to fundamental factors such as earnings delivery and business quality. Many of the Fund's key investments subsequently saw strong gains due to better than expected profit results. Glenmore are also pleased many stocks which had been sold off materially in the last quarter of 2018 rebounded strongly in 2019. Top contributors included Fiducian Group (+32.3%), Jumbo Interactive (+32.0%), Magellan Financial Group (+24.7%), Stanmore Coal (+25.7%), NRW Holdings (+23.6%), Bravura Solutions (+21.9%), Alliance Aviation (+14.3%), Dicker Data (+12.2%), Pinnacle Investment Management (+10.9%), Sydney Airport (+9.8%), Atlas Arteria (+7.1%) and Auckland International Airport (+6.5). The sole detractor was childcare and healthcare property trust Arena REIT (-3.0%).
More Information	Fund Profile Manager's Report

Fund Monitors Pty Ltd

25 Mar 2019 - Performance Report: Glenmore Australian Equities Fund