| Report Date | 02 December 2019 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | October 2019 |
| Latest Return | -1.07% |
| Latest 6 Months | 17.05% |
| Latest 12 Months | 37.45% |
| Latest 24 Months (pa) | 25.55% |
| Annualised Since Inception | 29.93% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$8.4 |
| 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 +37.45% over the past 12 month against the ASX200 Accumulation Index's +19.29%. Since inception in June 2017, the Fund has returned +29.93% p.a. versus the Index's +11.05%. The Fund's up-capture and down-capture ratios for performance since inception, 212.5% and 71.0% respectively, highlight the Fund's capacity to significantly outperform in both rising and falling markets.
The Fund returned -1.07% in October. Top contributors included Opticomm and Alliance Aviation Services. Key detractors included Stanmore Coal and Phoslock Environmental Technologies. Glenmore continue to have a positive outlook on each of the Fund's holdings.
Glenmore noted valuations on the ASX remain elevated, however, they are continuing to find undervalued stocks that fit their criteria in terms of business quality and earnings growth. |
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