Fund Type: | Single | Discretionary/Quantitative: | Discretionary |
Strategy: | Equity Long/Short | FUM (millions): | AU$88m |
Style: | Blend | Fund Inception Date: | Since 01 May 2019 |
Geographic Mandate: | Australia | Latest Return Date: | August 2023 |
Fund Domicile: | Australia | Investor Type: | Wholesale & Retail |
Status: | Open | Reporting Status: | Ceased Reporting |
Manager: | Watermark Funds Management | Total FUM for all funds: | AU$88m |
Manager Overview:
Watermark is an active, high conviction fund manager investing in Australian public companies. Established in 2004 by Justin Braitling, who has over 20 years experience managing portfolios of Australian and International shares, Watermark comprises a team of experienced investment professionals based in Sydney.
The Fund's Portfolio will be managed by Watermark Funds Management Pty Limited (Manager), a licensed financial services provider owned by an entity associated with Justin Braitling. The Fund provides investors with the opportunity to invest in an actively managed portfolio and gain access to the investment experience and expertise of the Manager. |
Fund/Strategy Overview:
The Fund employs a Long/Short (variable beta) equity strategy, seeking to provide positive absolute returns, in excess of the benchmark, with a focus on capital preservation. A variable beta strategy exploits opportunities to take positions (either Long or Short) in mispriced securities while taking advantage of the natural hedge between the Long and Short Portfolios. By varying the amount of hedging in place at any given time, the Investment Manager has an additional means of creating value and protecting the Fund's capital.
The Portfolio will be constructed across the full size-spectrum of companies. Watermark categorises the securities market by company size (larger companies, smaller companies and micro-cap companies). The Fund is expected to hold between 40-70% of its gross exposure in the shares of the 100 largest companies listed on the ASX, with the balance in smaller companies. Watermark will aim to have a balance in terms of Long/Short exposures to large and small companies, to ensure there is no material size bias in the overall portfolio structure. |
Minimum Investment: | Minimum Additional Investment: | Minimum Term: | Investment Frequency: |
AU$50,000 | AU$5,000 | Monthly | |
Regular Savings Option: | Regular Savings Min. Amount : | Regular Savings Max. Amount : | Regular Savings Freq.: |
No | N/A | ||
Redemption Notice: | Redemption Frequency: | Notes: | |
Monthly |
|||
Distributions: | Distribution Frequency: | Last Distribution Date: | Last Distribution Amount: |
Yes | 6 Monthly | AU$ |
Offshore/Onshore: | Fund Structure: | Share Classes: | Trustee/Responsible Entity: |
Onshore | Unit Trust | AU$ | Equity Trustees Ltd |
Administrator: | Prime Broker: | Custodian: | Legal: |
APEX | UBS AG, Australia Branch | UBS Nominees Pty Limited | N/A |
Management Fee: | Performance Fee: | High Water Mark: | Hurdle: |
1.3% | % | Yes | RBA Cash Rate |
Buy Spread: | Sell spread: | Early Redemption Fee: | Fees Notes: |
0.300% | 0.300% | No |
Latest Return Date: | Latest Result: | Fund Inception Date: | Annualised Return: |
August 2023 | 0.20% | 01 May 2019 | 0.95% |
Latest 3 Months: | Latest 6 Months: | Latest 12 Months: | Latest 2 Years p.a.: |
-2.99% | -4.43% | -7.16% | -2.11% |
Latest 3 Years p.a.: | Latest 4 Years p.a.: | Latest 5 Years p.a.: | Latest 7 Years p.a.: |
0.49% | 0.07% | N/A | N/A |
% Positive Months (S.I.): | Average Return: | Average +ve Return: | Average -ve Return: |
51.92% | 0.09% | 1.06% | -0.96% |
Best Month: | Worst Month: | Up Capture Ratio (S.I.): | Down Capture Ratio (S.I.): |
3.85% | -2.42% | 0.42% | -6.20% |
Largest Drawdown (S.I.): | Longest Drawdown (S.I.): | Current Drawdown (%): | Current Drawdown (Months): |
-9.01% | 14 months | -8.83% | 14 months |
Annualised Standard Deviation (S.I.): | Downside Deviation (S.I.): | Sortino Ratio (S.I.): | - |
4.47% | 3.10% | -0.05 | - |
Sharpe Ratio (12 months): | Sharpe Ratio (3 years): | Sharpe Ratio (5 years): | Sharpe Ratio (S.I.): |
-3.11 | -0.15 | N/A | -0.01 |
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate |
AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Watermark Absolute Return 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.
No Quintile data found for peer group benchmark ASX200 Total Return
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 % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2023 | -1.90 | 1.10 | -0.80 | -0.20 | -0.50 | -2.30 | -0.90 | 0.20 | N/R | N/R | N/R | N/R | -5.22 |
2022 | -0.24 | 0.15 | 0.41 | -0.08 | 0.20 | 0.22 | -0.97 | -0.83 | -1.31 | -0.57 | -1.17 | 1.00 | -3.17 |
2021 | 0.78 | 3.85 | -1.14 | 0.96 | -0.52 | -2.42 | 0.68 | 0.48 | 0.02 | 2.86 | 1.11 | 0.37 | 7.10 |
2020 | 0.75 | -1.11 | -2.42 | 0.86 | -0.66 | -1.25 | 1.06 | 1.09 | 0.13 | 1.42 | 2.76 | -1.08 | 1.43 |
2019 | N/R | N/R | N/R | N/R | -0.70 | 0.94 | 2.09 | 1.54 | -0.49 | 1.59 | -0.42 | -0.10 | 4.49 |
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 % |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2023/2024 | -0.90 | 0.20 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.70 |
2022/2023 | -0.97 | -0.83 | -1.31 | -0.57 | -1.17 | 1.00 | -1.90 | 1.10 | -0.80 | -0.20 | -0.50 | -2.30 | -8.18 |
2021/2022 | 0.68 | 0.48 | 0.02 | 2.86 | 1.11 | 0.37 | -0.24 | 0.15 | 0.41 | -0.08 | 0.20 | 0.22 | 6.32 |
2020/2021 | 1.06 | 1.09 | 0.13 | 1.42 | 2.76 | -1.08 | 0.78 | 3.85 | -1.14 | 0.96 | -0.52 | -2.42 | 6.94 |
2019/2020 | 2.09 | 1.54 | -0.49 | 1.59 | -0.42 | -0.10 | 0.75 | -1.11 | -2.42 | 0.86 | -0.66 | -1.25 | 0.27 |
2018/2019 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.70 | 0.94 | 0.23 |