AFM Fund Profile — Lennox Australian Small Companies Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Equity Long FUM (millions): AU$219.84m
Style: Growth Fund Inception Date: Since 28 April 2017
Geographic Mandate: Australia/NZ Latest Return Date: March 2024
Fund Domicile: Australia Investor Type: Wholesale & Retail
Status: Open Reporting Status: Current

Manager Details and Fund Description

Manager: Lennox Capital Partners Total FUM for all funds: AU$1,119m
Manager Overview:
Lennox is an active, boutique equities investment manager based in Sydney and majority owned by its Principals and Portfolio Managers. Lennox invests with a fundamental, bottom-up focus specialising in small and microcap companies. Lennox's philosophy and process capitalises on the inefficiencies in the small and microcap segment of the market, aiming to identify at an early stage those companies who are the beneficiaries of change.
 Fund/Strategy Overview:
Lennox is an active, bottom-up stock picker. Their deep-dive, fundamental approach to investing is style-agnostic and utilises an effective yet structured process. Lennox identify mispriced opportunities, apply a rigorous qualitative screen to those opportunities, and then independently forecast earnings for any investment candidates. Ultimately Lennox invests in companies that have medium term valuation upside that will not disappoint in the short term.
Other funds operated by manager:
Lennox Australian Microcap Fund

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$100 Monthly 
Redemption Notice: Redemption Frequency: Notes:
5 Days Monthly
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes 6 Monthly AU$

Structure

Offshore/Onshore: Fund Structure: Share Classes: Trustee/Responsible Entity:
Onshore Unit Trust AU$ Fidante Partners Limited
Administrator: Prime Broker: Custodian: Legal:
Fidante Partners Limited N/A Citibank Challenger Limited Legal Counsel

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
1.1% 15% No S&P/ASX Small Ordinaries Accumulation Index
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.390% 0.390% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
March 2024 2.29% 28 April 2017 10.43%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
10.44% 18.69% 26.32% 6.28%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
5.09% 18.48% 7.71% N/A

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
61.45% 1.01% 4.07% -3.87%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
20.04% -28.55% 100.96% 91.65%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-33.37% 29 months 0.00% N/A

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
20.24% 14.19% 0.60 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
1.42 0.25 0.38 0.53
Please note, Sharpe and Sortino ratios are calculated using the Australian Risk Free Rate

Ranking, Research & Availability

Fund Quintile in its Peer Group (Equity Long - Small/Mid Cap - Australia) as at March 2024

AFM's Quintile Rankings show performance and Key Performance Indicators (KPI's) of Lennox Australian Small Companies 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
Lennox Australian Small Companies Fund
ASX200 Total Return

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

Morningstar Star Rating: Yes, contact Morningstar
Morningstar Analyst Rating: Bronze
Lonsec: Highly Recommended, August 2020
Zenith: Highly Recommended

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
HUB24, Macquarie Wrap, OneVue, Netwealth, Powerwrap, Asgard, IOOF, MLC Wrap, AMP MyNorth, BT Panorama, MLC Navigator, Ausmaq, Mason Stevens, Praemium

News & Insights

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 %
2024 1.59 6.28 2.29 N/R N/R N/R N/R N/R N/R N/R N/R N/R 10.44
2023 8.36 -0.41 -1.23 2.99 -3.02 1.44 8.17 1.02 -3.87 -5.20 7.23 5.73 21.93
2022 -9.46 0.91 0.35 -3.03 -6.21 -11.06 9.43 -0.34 -9.21 6.71 1.67 -3.46 -23.09
2021 0.70 2.85 -1.28 6.75 -1.07 3.42 -2.39 6.51 2.13 -1.95 -1.73 0.29 14.60
2020 3.33 -5.05 -28.55 20.04 8.53 1.32 4.46 12.56 -0.70 0.75 5.53 1.35 16.42
2019 4.06 8.39 0.28 8.43 -1.43 -0.90 2.51 -1.78 3.21 0.30 -1.96 -3.05 18.68
2018 -0.09 0.48 -1.33 1.09 7.02 1.26 -0.17 1.92 -1.26 -7.84 -0.65 -4.07 -4.24
2017 N/R N/R N/R N/R 0.86 3.34 0.75 4.13 2.33 5.92 3.74 2.89 26.52

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 8.17 1.02 -3.87 -5.20 7.23 5.73 1.59 6.28 2.29 N/A N/A N/A 24.68
2022/2023 9.43 -0.34 -9.21 6.71 1.67 -3.46 8.36 -0.41 -1.23 2.99 -3.02 1.44 11.99
2021/2022 -2.39 6.51 2.13 -1.95 -1.73 0.29 -9.46 0.91 0.35 -3.03 -6.21 -11.06 -23.90
2020/2021 4.46 12.56 -0.70 0.75 5.53 1.35 0.70 2.85 -1.28 6.75 -1.07 3.42 40.50
2019/2020 2.51 -1.78 3.21 0.30 -1.96 -3.05 3.33 -5.05 -28.55 20.04 8.53 1.32 -8.33
2018/2019 -0.17 1.92 -1.26 -7.84 -0.65 -4.07 4.06 8.39 0.28 8.43 -1.43 -0.90 5.73
2017/2018 0.75 4.13 2.33 5.92 3.74 2.89 -0.09 0.48 -1.33 1.09 7.02 1.26 31.71
2016/2017 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.86 3.34 4.24