29 Jul 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 July 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	1.43%
Latest 6 Months	-14.47%
Latest 12 Months	-10.26%
Latest 24 Months (pa)	5.32%
Annualised Since Inception	15.45%
Inception Date	06 June 2017
FUM (millions)	AU$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 rose +1.43% in June, taking quarterly performance to +29.70% versus the ASX200 Accumulation Index's +16.48%. Over the quarter the Fund outperformed the Index by +13.22%. Since inception in June 2017, the Fund has returned +15.45% p.a. against the Index's annualised return of +5.10%. The Fund's up-capture ratio for performance since inception of 192.33% indicates that, on average, the Fund has risen almost twice as much as the market during the market's positive months. Top contributors during the month included Collins Foods (+17.8%), Alliance Aviation Services (+14.3%) and Opticomm (+6.3%). The most notable detractor was VGI Partners which fell -18.3% as they announced Douglas Tynan, a senior executive at the firm, would be leaving for undisclosed reasons. Glenmore noted that, while VGI Partners is a relatively small position for the Fund, they will continue to monitor the situation.
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Fund Monitors Pty Ltd

29 Jul 2020 - Performance Report: Glenmore Australian Equities Fund