AFM Fund Profile — Bentham Asset Backed Securities Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Credit FUM (millions): AU$74.56m
Style: N/A Fund Inception Date: Since 31 October 2016
Geographic Mandate: Australia/Global Latest Return Date: March 2024
Fund Domicile: Australia Investor Type: Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

Manager: Fidante Partners Total FUM for all funds: AU$5,731.71m
Manager Overview:
Bentham Asset Management is a specialist global credit investment manager. Their investment philosophy is based on a strong credit culture and systematic investment process. Through diversified exposure to the global credit market and active management, their approach seeks to provide more investment opportunities when compared with managers that focus only on domestic fixed income markets.
 Fund/Strategy Overview:
The Bentham Asset Backed Securities Fund (Fund) is focused on generating income while preserving capital by investing in highly rated global asset backed securities ("ABS"). The Fund is actively managed, with individual investments made across different global ABS subsectors.

The Fund's strategic positioning is based on a top down assessment of macro economic and investment market conditions. Active allocations to different global asset backed security sectors are made according to quarterly forecasts of prospective risk adjusted returns.

The Fund uses bottom-up analysis to select individual investments and employs a conservative approach to credit selection, emphasising preservation of principal.
Other funds operated by manager:
Bentham Global Income Fund, Bentham Global Income Fund (NZD), Bentham High Yield Fund, Bentham Syndicated Loan Fund, Bentham Syndicated Loan Fund (NZD)

Investment Details

Investment Terms

Minimum Investment: Minimum Additional Investment: Minimum Term: Investment Frequency:
AU$10,000 AU$1,000 Daily
Regular Savings Option: Regular Savings Min. Amount : Regular Savings Max. Amount : Regular Savings Freq.:
Yes AU$100 Monthly 
Redemption Notice: Redemption Frequency: Notes:
1 Days Daily
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Monthly AU$

Structure

Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Fidante Partners
Administrator: Prime Broker: Custodian: Legal:
Fidante Partners N/A Citi External advisers appointed as required

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
0.35% 0% No N/A
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.090% 0.090% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
March 2024 1.30% 31 October 2016 3.00%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
1.68% 7.20% 6.94% 5.27%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
3.68% 5.40% 3.19% N/A

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
77.03% 0.26% 0.66% -1.08%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
3.62% -7.84% 57.37% 33.54%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-7.84% 11 months 0.00% N/A

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
4.60% 3.57% 0.42 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
0.57 0.41 0.36 0.35
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Fixed Income - Debt) as at March 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Bentham Asset Backed Securities 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.

1 Year
3 Year
5 Year
7 Year
Bentham Asset Backed Securities Fund
RBA Cash Rate + 5%

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

Lonsec: Recommended, September 2021
Zenith: Recommended, March 2021

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
BT Wrap, HUB24, Netwealth, Asgard, BT Panorama

News & Insights

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ESG in 10: Episode 15 - The disproportionate impact of modern slavery on women...
21 Mar 2024 - Fidante Partners
In this episode, we delve deep into this crucial topic with Melissa Stewart, a member of the Alphinity Sustainable Share Fund and Alphinity Global Sustainable Equity Fund (Managed Fund) compliance committees.
Read more...
What is AMR and why is it important for Investors?
1 Dec 2023 - Fidante Partners
In this episode, Charlotte is joined by Moana Nottage from Alphinity Investment Management to discuss her research into Antimicrobial Resistance (AMR) and the importance of integrating AMR as a factor into the investment and stewardship process.
Read more...
ESG in 10: Episode 9- The Australian Green Bond Program, with Ardea
11 Aug 2023 - Fidante Partners
Fidante sat down with Head of Research at Ardea Investment Management, Dr Laura Ryan and Portfolio Manager, Tamar Hamlyn to discuss the role of government bonds in an equity heavy portfolio.
Read more...

Fund Documents

Manager's Report

Product disclosure/IM



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 %
2024 0.49 -0.11 1.30 N/R N/R N/R N/R N/R N/R N/R N/R N/R 1.68
2023 2.70 -0.55 2.03 0.72 -0.60 -1.73 0.88 1.14 -0.63 -0.77 3.00 3.15 9.59
2022 0.08 -0.13 -0.42 0.21 -0.86 -1.56 -0.17 0.86 -1.66 0.89 2.31 -0.53 -1.02
2021 0.45 0.20 0.34 0.16 0.27 0.05 0.14 0.17 0.12 -0.11 0.18 0.06 2.03
2020 0.19 0.14 -7.84 1.44 3.62 0.70 0.69 0.70 0.59 0.35 0.64 0.61 1.41
2019 0.56 0.45 0.38 0.36 0.51 0.27 0.13 0.13 0.38 0.09 0.35 0.29 3.95
2018 N/R 0.01 0.14 0.27 0.33 0.10 -0.02 0.16 0.41 0.34 0.16 -0.74 1.16

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 0.88 1.14 -0.63 -0.77 3.00 3.15 0.49 -0.11 1.30 N/A N/A N/A 8.70
2022/2023 -0.17 0.86 -1.66 0.89 2.31 -0.53 2.70 -0.55 2.03 0.72 -0.60 -1.73 4.24
2021/2022 0.14 0.17 0.12 -0.11 0.18 0.06 0.08 -0.13 -0.42 0.21 -0.86 -1.56 -2.12
2020/2021 0.69 0.70 0.59 0.35 0.64 0.61 0.45 0.20 0.34 0.16 0.27 0.05 5.14
2019/2020 0.13 0.13 0.38 0.09 0.35 0.29 0.19 0.14 -7.84 1.44 3.62 0.70 -0.80
2018/2019 -0.02 0.16 0.41 0.34 0.16 -0.74 0.56 0.45 0.38 0.36 0.51 0.27 2.86
2017/2018 N/A N/A N/A N/A N/A N/A N/A 0.01 0.14 0.27 0.33 0.10 0.85