NEWS
Performance Report: Quay Global Real Estate Fund
21 Sep 2021 - Australian Fund Monitors
The Quay Global Real Estate Fund rose by +2.6% in August. Over the past 12 months, the fund has risen by +39.2% compared with the index which has returned +30.75%, and since January 2016, the fund has returned +10.55% per annum vs the index's +9.14%.
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21 Sep 2021 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 8.73% vs the index's 16.09%. The annualised volatility of the fund's returns since January 2016 is 11.83% vs the index's 20.64%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's down-capture ratio for returns since January 2016 is 51.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 50.06% over the most recent 60 months to a low of -51.69% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: NWQ Fiduciary Fund
20 Sep 2021 - Australian Fund Monitors
The NWQ Fiduciary Fund rose by +2.69% in August. Over the past 12 months, the fund has risen by +10.58%, and since inception in May 2013 has returned +6.52% per annum with an annualised volatility of 5.75%.
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20 Sep 2021 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 5.2% vs the index's 10.33%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 5.99 for performance over the most recent 12 months to a low of 0.95 over the latest 36 months, and is 1.35 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since May 2013 is 0.72. Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 53% of the time, contributing to a down-capture ratio for returns since inception of 13.25%. Over all other periods, the fund's down-capture ratio has ranged from a high of 30.01% over the most recent 36 months to a low of -8.46% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
20 Sep 2021 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose by +8.72% in August, an outperformance of +6.22% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +39.11%, and since...
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20 Sep 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 9.4% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in January 2009 is 14.94% vs the index's 13.5%. The fund's Sharpe ratio has ranged from a high of 3.59 for performance over the most recent 12 months to a low of 0.86 over the latest 36 months, and is 1.04 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.66. Since inception in January 2009 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 164.56%. Over all other periods, the fund's up-capture ratio has ranged from a high of 154.88% over the most recent 24 months to a low of 126.7% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. |
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Performance Report: Equitable Investors Dragonfly Fund
17 Sep 2021 - Australian Fund Monitors
The Equitable Investors Dragonfly Fund rose by +3.09% in August, an outperformance of +0.59% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +50.53% compared with the index...
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17 Sep 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 all periods since inception, the fund's up-capture ratio has ranged from a high of 167.47% over the most recent 12 months to a low of 74.24% over the latest 48 months (since inception). An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. Equitable Investors noted earnings season was a mixed affair across the ASX; among micro-to-mid caps there were slightly more downgrades than upgrades to consensus revenue, EBITDA and EPS expectations for FY22 (within Dragonfly Fund's portfolio, >80% of companies don't have consensus estimates). Their view is that it's difficult for companies to be bold with guidance but they believe Australia and the world will push through to a 'new normal' where COVID-19 is a manageable part of everyday life and they see great opportunities to capitalise on that view. |
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Performance Report: Bennelong Australian Equities Fund
17 Sep 2021 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose by +8.18% in August, an outperformance of +5.68% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +40.81% vs the index's +28.15%,...
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17 Sep 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 | The fund's Sharpe ratio has ranged from a high of 3.73 for performance over the most recent 12 months to a low of 0.99 over the latest 36 months, and is 0.93 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.66. Since inception in January 2009 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 152.32%. Over all other periods, the fund's up-capture ratio has ranged from a high of 165.75% over the most recent 24 months to a low of 131.56% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 96.02%. Over all other periods, the fund's down-capture ratio has ranged from a high of 97.65% over the most recent 36 months to a low of 50.11% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: Longlead Pan-Asian Absolute Return Fund
16 Sep 2021 - Australian Fund Monitors
The Longlead Pan-Asian Absolute Return Fund generated a net return of +1.85% in August. Longlead noted Pan-Asian markets recorded a small rebound in August but again exhibited elevated divergence by country.
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16 Sep 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Markets such as Taiwan, Australia and Japan performed well in response to generally favourable earnings reports and in the case of Japan a successful experience hosting the Olympics. Conversely, markets such as China, Hong Kong and South Korea saw more tempered performance in response to regulatory concerns and supply chain challenges. Against this backdrop, profits on long positions were partially offset by losses on the short book. By sector, gains were posted in Consumer Staples, Consumer Discretionary and Industrial positions, while holdings in the Healthcare and Materials sectors detracted. Holdings in Australia and Singapore contributed to performance, while losses were experienced in China and Hong Kong. |
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Performance Report: Collins St Value Fund
16 Sep 2021 - Australian Fund Monitors
The Collins St Value Fund rose by +0.24% in July. Over the past 12 months, the fund has risen by +60.6% compared with the index which has returned +28.56%, and since inception in February 2016, the fund has returned +19% per annum, a...
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16 Sep 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 | Since inception in February 2016 in the months where the market was positive, the fund has provided positive returns 85% of the time, contributing to an up-capture ratio for returns since inception of 86.43%. Over all other periods, the fund's up-capture ratio has ranged from a high of 189.49% over the most recent 24 months to a low of 94.92% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 38.29%. Over all other periods, the fund's down-capture ratio has ranged from a high of 80.04% over the most recent 24 months to a low of -72.58% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell. |
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Performance Report: Airlie Australian Share Fund
15 Sep 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose by +3.22% in August, an outperformance of +0.72% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +35.12% compared with the index which...
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15 Sep 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). Maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 10.71% vs the index's 10.33%. The annualised volatility of the fund's returns since inception in June 2018 is 16.28% vs the index's 16.71%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.97% and 16.86% respectively, lower than the index's annualised volatility over both periods; 19.72% (24 months), 17.34% (36 months). Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 112.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 123.44% over the most recent 24 months to a low of 112.28% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund's down-capture ratio for returns since inception is 95.6%. Over all other periods, the fund's down-capture ratio has ranged from a high of 95.6% over the most recent 36 months to a low of 88.36% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: 4D Global Infrastructure Fund
14 Sep 2021 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose by +1.65% in August. Over the past 12 months, the fund has risen by +20.6%, and since inception in March 2016 has returned +10.52% per annum, a difference of +1.75% relative to the index which has...
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14 Sep 2021 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund is managed as a single portfolio 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 fund's returns over the past 12 months have been achieved with a volatility of 11.87% vs the index's 14.03%. The annualised volatility of the fund's returns since inception in March 2016 is 12.26% vs the index's 15.89%. Over all other periods, the fund's returns have been consistently less volatile than the index. The fund's down-capture ratio for returns since inception is 55.14%. Over all other periods, the fund's down-capture ratio has ranged from a high of 61.76% over the most recent 24 months to a low of 46.28% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period. |
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Performance Report: Surrey Australian Equities Fund
14 Sep 2021 - Australian Fund Monitors
The Surrey Australian Equities Fund rose by +6.2% in August, an outperformance of +3.7% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +28.34%, and since inception in June...
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14 Sep 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 6.86 for performance over the most recent 12 months to a low of 0.88 over the latest 36 months, and is 0.89 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since June 2018 is 0.75. Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 83% of the time, contributing to an up-capture ratio for returns since inception of 123.38%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.61% over the most recent 24 months to a low of 92.95% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. |
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