| Report Date | 26 June 2019 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | May 2019 |
| Latest Return | 2.54% |
| Latest 6 Months | 22.94% |
| Latest 12 Months | 22.20% |
| Latest 24 Months (pa) | 28.43% |
| Annualised Since Inception | 28.43% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$6.5 |
| 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 +2.54% in May, outperforming the ASX200 Accumulation Index by +0.83% and taking annualised performance since inception in June 2017 to +28.43% versus the Index's +10.35%. The Fund's Sharpe and Sortino ratios of 1.85 and 3.31 respectively, by contrast with the Index's Sharpe of 1.00 and Sortino of 1.52, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios indicate that, on average, the Fund has significantly outperformed in both rising and falling markets since inception.
Top contributors included Phoslock, Dicker Data, AP Eagers, Polynovo, Auckland International Airport and People Infrastructure. Detractors included Pinnacle Investment, NRW Holdings and Arena REIT. |
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