AFM Fund Profile — Arminius Capital GMMA Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Quantitative
Strategy: Global Macro FUM (millions): AU$5.25m
Style: N/A Fund Inception Date: Since 01 November 2016
Geographic Mandate: Global Latest Return Date: April 2022
Fund Domicile: Australia Investor Type: Retail
Status: Closed Reporting Status: Ceased Reporting

Manager Details and Fund Description

Manager: Arminius Capital Total FUM for all funds: AU$92.7m
Manager Overview:
Arminius Capital Advisory ("ACA") provides a global macro perspective when assessing investment strategies, with a "capital preservation" mandate. ACA performs valuations across all asset classes; global equities, foreign exchange, commodities and bonds via fundamental and econometric methodology. The principals of ACA have worked in the US, Europe and Australia for consulting firms, investment banks, wealth managers and funds. Experience comes from wealth management (research and strategy) and direct funds management roles with portfolios in excess of AUD$11bn, operating across all asset classes. They combine their practical experience in financial markets with a rigorous theoretical approach so as to provide their clients with investment design and risk management services tailored to their individual needs.

Marcel von Pfyffer is the Strategist & CIO - Managing Director. He is responsible for the tactical & strategic asset allocation of investments by using econometric systems to model various asset classes and financial instruments. He has been involved in financial markets since 1996, having held roles including Director of Global Macro Strategy and Equities Strategist with firms such as Banco Santander and Goldman Sachs.

Neill Colledge is the Equities & Strategy Director and has extensive expertise in securities with more than 37 years of using quantitative and qualitative methods to assess companies and industries, in both stockbroking and funds management. He successfully managed an Australian equities fund for Queensland Investment Corporation of up to $11 billion, which outperformed the benchmark S&P/ASX 200 accumulation index over eight years and in seven out of eight years individually. In 2004 Neill took the role of CEO of QIC's Biocapital funds, where he successfully took the $100m portfolio to a fully invested position.
Fund/Strategy Overview:
The Arminius Capital Global Macro Multi Asset (GMMA) Fund, via its investment in the PKF Arminius Core Fund, invests in a diversified portfolio of global asset classes using a market neutral approach. These classes include:

- Deposits at major Australian banks and other Australian ADI's
- Short, medium and long term debt (corporate and sovereign bonds, subordinated debt)
- Domestic and global equities, including ETFs
- Futures (commodities, equities and interest rates)
- Options (exchange traded and OTC)

The aim of the fund is to provide returns with lower volatility and lower risk compared to a concentrated single market/asset class exposure.

Arminius uses a combination of fundamental, momentum and quantitative inputs. The fund takes both long and short positions in all global asset classes in which it invests, with the expected outcome of providing an absolute return at the end of each 3 year period. The fund is not managed with a bias towards any particular investment style such as growth or value; i.e. the fund is managed in a market neutral style. This enables the investment manager to take advantage of market cycles and conditions, irrespective of a particular investment style. The fund effects this strategy through investment in the PKF Arminius Core Fund, which is managed on the same basis.
Other funds operated by manager:
Arminius Capital ALPS Fund

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$5,000 AU$1,000 Weekly
Regular Savings Option: Regular Savings Min. Amount : Regular Savings Max. Amount : Regular Savings Freq.:
Yes AU$250 Monthly 
Redemption Notice: Redemption Frequency: Notes:
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Annually AU$


Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Quay Fund Services
Administrator: Prime Broker: Custodian: Legal:
Apex Fund Services Interactive Brokers AET Structured Finance Services N/A

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
1.26% 10.125% Yes 0.0% (absolute return)
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
% % No

Performance & Risk


Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
April 2022 -0.71% 01 November 2016 -1.92%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
-2.36% -2.20% -2.08% -2.68%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
-1.00% -3.97% -3.29% N/A

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
50.00% -0.15% 0.93% -1.23%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
3.47% -3.93% 10.15% 82.66%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-19.77% 51 months -19.77% 51 months


Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
5.13% 4.19% -0.67 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
-0.76 -0.34 -0.81 -0.52
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Alternatives)

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Arminius Capital GMMA Fund compared to a peer group of funds with a similar strategy and geographic mandate. Each green square places a fund in one quintile (or 20%) of its peer group - five indicating that the fund is in the top (best) quintile for the corresponding KPI.

As a reference point the equivalent "quintile" performance of the peer group's underlying market index is also indicated by the red dot.

Quintile data is pending for Arminius Capital GMMA Fund.

External Research and Ratings: As reported by each Fund Manager.

No external fund ratings provided

Availability:As reported by each Fund Manager.

No investment platforms supplied

News & Insights

Sitting On The Mountain, Watching The Tigers Fight
21 Jan 2022 - Arminius Capital
According to the Chinese zodiac, 2022 is the Year of the Tiger. Tigers are bold, powerful and dangerous, but in Chinese astrology they are also impulsive, short-tempered, and have difficulty getting on with others. There is an old Chinese...
Australian Big Banks are Back!
26 Nov 2021 - Arminius Capital
FY2021 results for ANZ, National Australia and Westpac indicate that the banking sector has mostly recovered from the COVID-19 crisis. But organic growth is hard to find - most of the earnings recovery was due to the writeback of $820m of...
Japan Edges Closer to Confronting China
16 Nov 2021 - Arminius Capital
A change of Prime Minister usually doesn't result in much change in Japanese policies, because almost all Prime Ministers are created by the Liberal Democratic Party machine, which pursues power rather than policies. But the new PM, the...

Fund Documents

Manager's Report

Product disclosure/IM

Target Market Determination

Fund Performance

Historical Performance (all figures shown here are net of fees unless otherwise stated)

Year Jan % Feb % Mar % Apr % May % Jun % Jul % Aug % Sep % Oct % Nov % Dec % YTD %
2022 -0.61 -1.05 -0.62 -0.71 N/R N/R N/R N/R N/R N/R N/R N/R -2.96
2021 -0.48 0.41 0.35 0.38 -0.34 -0.83 0.82 1.02 -0.79 0.26 -0.73 1.52 1.57
2020 1.35 1.09 2.74 -2.32 -1.43 -0.83 -0.12 0.19 -0.18 -0.31 -0.66 -0.62 -1.19
2019 0.06 0.10 0.34 -0.24 1.22 0.18 0.57 1.41 -2.74 0.25 0.68 -1.87 -0.12
2018 3.47 -2.66 -3.50 0.46 0.22 -0.58 -1.80 0.87 -1.95 -3.93 -3.75 -2.32 -14.66
2017 -0.02 -0.14 3.14 0.02 0.06 0.94 -0.08 1.07 -1.15 1.47 -1.36 0.99 4.97
2016 N/R N/R N/R N/R N/R N/R N/R N/R N/R N/R 0.08 3.06 3.14

Historical Financial Year Performance (all figures shown here are are percentage per month net of fees unless otherwise stated)

Year Jul % Aug % Sep % Oct % Nov % Dec % Jan % Feb % Mar % Apr % May % Jun % FYTD %
2021/2022 0.82 1.02 -0.79 0.26 -0.73 1.52 -0.61 -1.05 -0.62 -0.71 N/A N/A -0.92
2020/2021 -0.12 0.19 -0.18 -0.31 -0.66 -0.62 -0.48 0.41 0.35 0.38 -0.34 -0.83 -2.20
2019/2020 0.57 1.41 -2.74 0.25 0.68 -1.87 1.35 1.09 2.74 -2.32 -1.43 -0.83 -1.26
2018/2019 -1.80 0.87 -1.95 -3.93 -3.75 -2.32 0.06 0.10 0.34 -0.24 1.22 0.18 -10.82
2017/2018 -0.08 1.07 -1.15 1.47 -1.36 0.99 3.47 -2.66 -3.50 0.46 0.22 -0.58 -1.83
2016/2017 N/A N/A N/A N/A 0.08 3.06 -0.02 -0.14 3.14 0.02 0.06 0.94 7.30