NEWS
Webinar| Laureola Review: Q1 2021
26 Apr 2021 - Laureola Advisors
Laureola Advisors, a specialist Life Settlements fund manager, would like to invite you to our quarterly review for an in-depth discussion of the Laureola portfolio. Life Settlements is an attractive asset class for its expected 7-11% p.a....
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26 Apr 2021 - Webinar| Laureola Review: Q1 2021
By: Laureola Advisors
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Wed, Apr 28, 2021 5:00 PM - 6:00 PM AEST Please join us for our quarterly webinar where we will discuss the following: 1. Introduction: Laureola Advisors 2. Q1 2021 performance review 3. Analysis of current portfolio and where we are now 4. Upcoming developments 5. Q&A
ABOUT LAUREOLA ADVISORS Laureola Advisors was founded with the belief that investors deserve access to the unique benefits of Life Settlements, with the advantages of a specialist and focused asset manager. The best feature of the asset class is the genuine non-correlation with stocks, bonds, real estate, or hedge funds. Life Settlement investors will make money when others can't. Like many asset classes, Life Settlements provides experienced and competent boutique managers like Laureola with significant advantages over larger institutional players. In Life Settlements, the boutique manager can identify and close more opportunities in a cost effective manner, can move quickly when necessary, and can instantly adapt when opportunities dry up in one segment but appear in another. Larger investors are restricted not only by their size and natural inertia, but by self-imposed rules and criteria, which are typically designed by committees. The Laureola Advisors team has transacted over $1 billion (US dollars) in face value of life insurance policies. |
Performance Report: Collins St Value Fund
26 Apr 2021 - Australian Fund Monitors
The Collins St Value Fund rose +1.29% in March, taking 12-month performance to +82.26% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2016, the Fund has returned +17.65% p.a. vs the Index's +10.51%.
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26 Apr 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | The Fund has achieved up-capture and down-capture ratios over the past 36 months of 126.86% and -71.73%. This indicates that, on average, the Fund has risen more than the index during the market's positive months while falling approximately 70% as much as the market during the market's negative months. In the past 3 months the fund has made a number of major changes to the portfolio. These include increasing their position in National Tyre & Wheel, becoming a substantial shareholder in Retail Food Group, taking a substantial position in Redflex Holdings and reducing their exposure to Uranium. |
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Performance Report: Prime Value Emerging Opportunities Fund
23 Apr 2021 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund rose +1.44% in March, taking 12-month performance to +63.25% vs the ASX200 Accumulation Index's +37.47%. Since inception in October 2015, the Fund has risen +14.92% p.a. vs the Index's +9.97%.
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23 Apr 2021 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Key positive contributors for the month were Mortgage Choice (+64.1%), News Corp (+9.2%) and United Malt Group (+11.5%). Key detractors were EQT Holdings (-7.4%), Oceania Healthcare (-9.8%) and Chorus (-14.2%). Prime Value noted style rotation remained a dominant theme through the first quarter of 2021. A strong rebound in cyclical earnings, a steepening yield curve, optimism around the reopening of economies and expansionary fiscal policy are supporting cyclicals over growth stocks. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund March 2021
22 Apr 2021 - Australian Fund Monitors
The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.
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22 Apr 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2021
By: Australian Fund Monitors
AFM Fund Review - March 2021 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2021 (pdf format)
Performance Report: Montgomery Small Companies Fund
22 Apr 2021 - Australian Fund Monitors
The Montgomery Small Companies Fund's 12-month performance remains strong with the fund returning to +66.84% vs the Index's +37.47%. Since inception in October 2019, the Fund has risen +18.99% p.a. vs the Index's +4.25%.
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22 Apr 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The largest positive contributors for February included Airtasker (ASX:ART), Ramelius Resources (ASX:RMS) and Uniti Group (ASX:UWL). The largest detractors from performance included Aeris Resources (ASX:AIS), Alliance Aviation Services (ASX:AQZ) and Cashrewards (ASX:CRW). Montgomery remains active and pragmatic and are positioning the portfolio to benefit from a number of attractive themes, some of which are structural in nature and therefore expected to play out over the next five to seven years, while others are more tactical with a shorter duration. These themes include Cloud, Sustainable Income, Strength and Stimulus and De-Carbonisation. |
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Performance Report: Bennelong Australian Equities Fund
21 Apr 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +0.62% in March, taking 12-month performance to +60.23% vs the ASX200 Accumulation Index's +37.47%. Since inception in February 2009, the Fund has returned +14.64% p.a. vs the Index's +10.16%.
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21 Apr 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | As at the end of March, the portfolio's weightings had been increased in the Discretionary, Communication and REITs sectors, and decreased in the IT, Industrials, Materials and Financials sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 46.9%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.7%, benchmark weight: 29.3%). |
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Performance Report: 4D Global Infrastructure Fund
20 Apr 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +6.37% in March, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +5.80% and taking 12-month performance to +10.85%. Since inception in March 2016, the Fund has risen +9.37% p.a. with an...
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20 Apr 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The strongest performer for March was Brazilian Utility TAESA up 27.4% on the back of news that one of its controlling block is looking to exit with their stake to be sold by way of auction. The weakest performer in March was Chinese toll road operator Yuexiu Transport down 11.7% as it missed consensus forecasts for the FY and indicators suggest traffic remains under pressure from government mandated restrictions. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalize on the raft of opportunities currently on offer. |
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Fund Review: Bennelong Kardinia Absolute Return Fund March 2021
20 Apr 2021 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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20 Apr 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2021
By: Australian Fund Monitors
AFM Fund Review - March 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.75% p.a. with a volatility of 7.61%, compared to the ASX200 Accumulation's return of 6.19% p.a. with a volatility of 14.36%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2021 (pdf format)
Performance Report: Frazis Fund
19 Apr 2021 - Australian Fund Monitors
The Frazis Fund has risen +188.55% over the past 12 months vs AFM's Global Equity Index's +24.91%. Since inception in July 2018, the Fund has returned +29.86% p.a. vs the Index's +12.10%.
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19 Apr 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | The Frazis Fund has risen +188.55% over the past 12 months vs AFM's Global Equity Index's +24.91%. Since inception in July 2018, the Fund has returned +29.86% p.a. vs the Index's +12.10%. The Fund has achieved an up-capture ratio since inception of 247%, indicating that, on average, the Fund has risen more than twice as much as the market during the market's positive months. The Fund has achieved a 12-month up-capture ratio of 499.1%. The Fund returned -9.1% in March. In their latest report, Frazis look back at what they wrote this time 12 months ago. At the time they said that they were highly optimistic. They wrote that if they'd been asked to describe a perfect situation for equities, their response would have been: '- a temporary shock, with early signs that the temporary shock was abating, - A 30-40% decline across major indices, with low quality small caps and cyclicals down twice as much, - A total derisking/move to cash/increase in short interest by both retail and professional investors alike, - Enormous fiscal and monetary easing, rates at zero, cash transfers to businesses and citizens around the world, with a dramatic increase in payments to the unemployed.' Looking forward, Frazis' view is that there is a lot going on under the surface. They believe the regime shift that began in April 2020 may have come to an end in February, and that the sharp change in spending patterns triggered last year when travel and dining budgets were cut to zero and consumer spending exploded will at least partly reverse. They also highlight the arrival of inflation and noted that they believe it will have unpredictable consequences. |
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Performance Report: Equitable Investors Dragonfly Fund
19 Apr 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund has risen +96.14% over the past 12 months vs the ASX200 Accumulation Index's +37.47%. The Fund has achieved up-capture and down-capture ratios over that period of 239.7% and 83.9% respectively,...
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19 Apr 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Over the quarter the Fund returned +19.45% vs the Index's +4.26%. Throughout the quarter the Fund's greatest returns were made away from the ASX. There was the revaluation of the Fund's unlisted holding in digital diagnostics company Ellume, and also a surge in the price of NZ-listed tradie and field services app developer Geo (NZ: GEO). Back on the ASX, traffic monitoring group Redflex (RDF) did well for the Fund early in the quarter thanks to a takeover offer. The Fund returned -1.94% in March. March was a month in which most Fund investments made gains or held steady but three of the Fund's top nine holdings ticked backwards - despite positive developments that Equitable Investors elaborate upon in their latest report. Equitable Investors consider the current state of investment markets to be such that it is more important than ever to have an awareness of who the other shareholders are in any company and how they are likely to act. They believe that if the marginal buyers don't know what they are doing, they won't have the conviction to hold for the medium-to-longer term. |
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