NEWS
Performance Report: Bennelong Kardinia Absolute Return Fund
18 Jan 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund rose +2.58% in December, taking 12-month performance to +6.58%. Since inception in May 2006, the Fund has returned +8.63% p.a. with an annualised volatility of 7.57% vs the ASX200 Total Return...
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18 Jan 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. |
| Manager Comments | On a calendar basis the fund has had 2 negative annual returns in the 15 years and 10 months since its inception. Its largest drawdown was -11.71% lasting 2 years and 6 months, occurring between June 2018 and December 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -6.52% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.75 since inception. The fund has provided positive monthly returns 87% of the time in rising markets, and 34% of the time when the market was negative, contributing to an up capture ratio since inception of 17% and a down capture ratio of 49%. |
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Performance Report: Quay Global Real Estate Fund
18 Jan 2022 - FundMonitors.com
The Quay Global Real Estate Fund rose +3.72% in December. Over the past 12 months, the fund has returned +36.70% vs the ASX200 A-REIT Index's +26.15%. The fund has consistently outperformed the index since inception in January 2016,...
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18 Jan 2022 - Performance Report: Quay Global Real Estate Fund
By: FundMonitors.com
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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 Quay Global Real Estate Fund has a track record of 5 years and 11 months and has consistently outperformed the S&P/ASX 200 A-REIT Index since inception in January 2016, providing investors with a return of 10.75%, compared with the index's return of 9.96% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 11 months since its inception. Its largest drawdown was -19.68% lasting 16 months, occurring between February 2020 and June 2021 when the index fell by a maximum of -38.29%. The Manager has delivered these returns with -8.38% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times and currently sits at 0.84 since inception. The fund has provided positive monthly returns 78% of the time in rising markets, and 26% of the time when the market was negative, contributing to an up capture ratio since inception of 45% and a down capture ratio of 56%. |
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Performance Report: Insync Global Capital Aware Fund
17 Jan 2022 - FundMonitors.com
The Insync Global Capital Aware Fund rose +0.34%, taking 12-month performance to +24.43% (after fees and protection) vs the Global Equity Index's +25.41%. The fund has outperformed the index since inception in October 2009, providing...
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17 Jan 2022 - Performance Report: Insync Global Capital Aware Fund
By: FundMonitors.com
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Capital Aware Fund has a track record of 12 years and 4 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with a return of 12.91%, compared with the index's return of 12.24% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 4 months since its inception. Its largest drawdown was -10.98% lasting 7 months, occurring between September 2018 and April 2019 when the index fell by a maximum of -10.57%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.01 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 24% of the time when the market was negative, contributing to an up capture ratio since inception of 59% and a down capture ratio of 66%. |
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Performance Report: Premium Asia Fund
17 Jan 2022 - FundMonitors.com
The Premium Asia Fund rose +0.27% in December, taking 12-month performance to +6.03% vs the MSCI All Country Asia Pacific ex-Japan's +0.77%. The fund has consistently outperformed the index since inception in December 2009, providing...
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17 Jan 2022 - Performance Report: Premium Asia Fund
By: FundMonitors.com
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | The Premium Asia Fund has a track record of 12 years and 2 months and has consistently outperformed the MSCI All Country Asia Pacific ex-Japan Index since inception in December 2009, providing investors with a return of 11.94%, compared with the index's return of 5.78% over the same time period. On a calendar basis the fund has had 2 negative annual returns in the 12 years and 2 months since its inception. Its largest drawdown was -21.41% lasting 1 year and 11 months, occurring between June 2015 and May 2017 when the index fell by a maximum of -19.56%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 0.78 since inception. The fund has provided positive monthly returns 89% of the time in rising markets, and 22% of the time when the market was negative, contributing to an up capture ratio since inception of 161% and a down capture ratio of 91%. |
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Performance Report: Cyan C3G Fund
14 Jan 2022 - FundMonitors.com
The Cyan C3G Fund rose +0.18% in December, taking 12-month performance to +8.94%. The fund has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 15.44%, compared...
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14 Jan 2022 - Performance Report: Cyan C3G Fund
By: FundMonitors.com
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Cyan C3G Fund has a track record of 7 years and 5 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 15.44%, compared with the index's return of 9.56% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 7 years and 5 months since its inception. Its largest drawdown was -36.45% lasting 16 months, occurring between October 2019 and February 2021 when the index fell by a maximum of -29.12%. The Manager has delivered these returns with -0.18% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.9 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 41% of the time when the market was negative, contributing to an up capture ratio since inception of 67% and a down capture ratio of 50%. |
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Performance Report: Paragon Australian Long Short Fund
14 Jan 2022 - FundMonitors.com
The Paragon Australian Long Short Fund rose +0.50% in December, taking 12-month performance to +44.11% vs the ASX200 Total Return Index's +17.23%. The fund has outperformed the index since inception in March 2013, providing investors with...
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14 Jan 2022 - Performance Report: Paragon Australian Long Short Fund
By: FundMonitors.com
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Paragon Australian Long Short Fund has a track record of 8 years and 11 months and has outperformed the ASX 200 Total Return Index since inception in March 2013, providing investors with a return of 15.19%, compared with the index's return of 8.74% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 8 years and 11 months since its inception. Its largest drawdown was -45.11% lasting 2 years and 7 months, occurring between January 2018 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 five times and currently sits at 0.65 since inception. The fund has provided positive monthly returns 69% of the time in rising markets, and 47% of the time when the market was negative, contributing to an up capture ratio since inception of 110% and a down capture ratio of 76%. |
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Performance Report: Collins St Value Fund
13 Jan 2022 - FundMonitors.com
The Collins St Value Fund rose +4.36% vs the ASX200 Total Return Index's +2.75%. Over the past 12 months, the fund has outperformed the index by +8.32%. The fund has consistently outperformed the ASX 200 Total Return Index since inception...
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13 Jan 2022 - Performance Report: Collins St Value Fund
By: FundMonitors.com
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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 Collins St Value Fund has a track record of 5 years and 11 months and has consistently outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with a return of 18.65%, compared with the index's return of 11.3% over the same time period. On a calendar basis the fund has never had a negative annual return in the 5 years and 11 months since its inception. Its largest drawdown was -27.46% lasting 7 months, occurring between February 2020 and September 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 1 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 65% of the time when the market was negative, contributing to an up capture ratio since inception of 84% and a down capture ratio of 33%. |
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Performance Report: AIM Global High Conviction Fund
13 Jan 2022 - FundMonitors.com
The AIM Global High Conviction Fund rose +3.04%, outperforming the ASX200 Total Return Index by +1.07% and taking performance over CY21 to +31.17% vs the Index's +25.41%. Since inception in July 2019, the fund has outperformed the Global...
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13 Jan 2022 - Performance Report: AIM Global High Conviction Fund
By: FundMonitors.com
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The AIM Global High Conviction Fund has a track record of 2 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2019, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 20.17%, compared with the index's return of 16.05% over the same time period. On a calendar basis the fund has never had a negative annual return in the 2 years and 5 months since its inception. Its largest drawdown was -7.59% lasting 6 months, occurring between February 2020 and August 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.77 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 0% of the time when the market was negative, contributing to an up capture ratio since inception of 112% and a down capture ratio of 83%. |
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Fund Review: Insync Global Capital Aware Fund November 2021
11 Jan 2022 - FundMonitors.com
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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11 Jan 2022 - Fund Review: Insync Global Capital Aware Fund November 2021
By: FundMonitors.com
AFM Fund Review - November 2021 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - November 2021 (pdf format)
Performance Report: Frazis Fund
22 Dec 2021 - FundMonitors.com
The Frazis Fund has risen +26.91% over the past 12 months vs the Global Equity Index's +22.84%. Since inception in July 2018, the fund has outperformed the index, providing investors with an annualised return of 27.56%, compared with the...
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22 Dec 2021 - Performance Report: Frazis Fund
By: FundMonitors.com
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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 a track record of 3 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2018, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 27.56%, compared with the index's return of 14.53% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 5 months since its inception. Its largest drawdown was -32.28% lasting 4 months, occurring between February 2020 and June 2020 when the index fell by a maximum of -13.19%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 0.85 since inception. The fund has provided positive monthly returns 78% of the time in rising markets, and 36% of the time when the market was negative, contributing to an up capture ratio since inception of 184% and a down capture ratio of 104%. |
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