| Report Date | 16 September 2019 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | August 2019 |
| Latest Return | -0.76% |
| Latest 6 Months | 26.60% |
| Latest 12 Months | 23.06% |
| Latest 24 Months (pa) | 29.82% |
| Annualised Since Inception | 31.60% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$7.8 |
| 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 returned -0.76% in August, outperforming the ASX200 Accumulation Index by +1.6% and taking annualised performance since inception in June 2017 to +31.60% versus the Index's +11.18%. The Fund's Sharpe and Sortino ratios, 2.03 and 3.88 respectively, by contrast with the Index's Sharpe of 1.08 and Sortino of 1.69, highlight the Fund's capacity to achieved superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios since inception, 213.5% and 66.1%, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets since inception.
Glenmore noted August was dominated by ASX company results. The Fund didn't have any companies that had results below Glenmore's expectations, and generally the outlook statements were positive. During the month, they met with a large number of the management teams of portfolio stocks which they say was very beneficial in allowing them to better understand the earnings outlook and key catalysts over the next 12-18 months.
Top contributors in August included Polynovo, Jumbo Interactive and AP Eagers. Key detractors included Magellan Financial Group and Phoslock Environment Technologies. |
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