| Report Date | 20 December 2019 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | November 2019 |
| Latest Return | -1.65% |
| Latest 6 Months | 12.27% |
| Latest 12 Months | 38.02% |
| Latest 24 Months (pa) | 22.20% |
| Annualised Since Inception | 27.95% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$8.8 |
| 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 has risen +42.67% CYTD versus the ASX200 Accumulation Index's +26.13%. Since inception in June 2017, the Fund has returned +27.95% p.a. against the Index's +12.09%. The Fund's Sharpe and Sortino ratios, 1.86 and 3.58 respectively, by contrast with the Index's Sharpe of 1.22 and Sortino of 1.95, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst protecting investor capital from the market's downside volatility. The Fund's capacity to significantly outperform in both rising and falling markets is demonstrated by its up-capture and down-capture ratios of 187.94% and 70.99% respectively for performance since inception.
The Fund returned -1.65% in November. Top contributors included NRW Holdings (+32.4%) and Bravura Solutions (+20.7%). Key detractors included Polynovo (-20.8%) and AP Eagers (-20.1%).
In Glenmore's view, the progress being made between the US and China on a trade deal and the view that monetary policy globally will remain favourable for the foreseeable future drove strength on the NASDAQ and other indices during the month. In Australia, Glenmore believe weak earnings trends and capital raisings were to blame for the banks' underperformance and, in the case of Westpac, they noted the beginning of AUSTRAC's civil proceedings impacted sentiment. |
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