AFM Fund Profile — Bentham Syndicated Loan Fund

Fund & Manager Details

Key Facts

Fund Type: Single Discretionary/Quantitative: Discretionary
Strategy: Private Debt/Mortgage FUM (millions): AU$2,060.68m
Style: N/A Fund Inception Date: Since 16 August 2004
Geographic Mandate: USA Latest Return Date: March 2024
Fund Domicile: Australia Investor Type: Wholesale
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 Wholesale Syndicated Loan Fund aims to achieve investment returns above the Credit Suisse Leveraged Loan Index (hedged into AUD) over 3 year periods.

The Fund is actively managed and aims to provide exposure to high yielding investments primarily through the US syndicated loan market (non-investment grade securities) with limited exposure to US corporate debt securities that are rated below investment grade (high yield bonds) and collateralised debt obligations. The Fund seeks to add value through loan selection and industry rotation, while maintain a highly diversified portfolio.

The Fund uses a bottom-up analysis to select individual investments and employs a conservative approach to credit selection emphasising preservation of principal. Investments are made in different industries, issuers and geographies. Loans are managed on the belief that returns above benchmark are driven by a strong credit culture and a systematic investment process. Security selection is based on relative value within the capital structure of comparable companies and industries. The preservation of principal and protection against downside risk plays an important role in the investment process. The Fund has a high level of industry and issuer diversification.

The Fund typically invests in the senior syndicated loan market but may have limited exposure to other credit investments including, but not limited to senior loans, second lien loans, high yield bonds, credit default swaps and collateralised debt obligations.
Other funds operated by manager:
Bentham Asset Backed Securities Fund, Bentham Global Income Fund, Bentham Global Income Fund (NZD), Bentham High Yield 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:
Daily
Distributions: Distribution Frequency: Last Distribution Date: Last Distribution Amount:
Yes Monthly 30 June 2014 AU$0.0048

Structure

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

Fund Fees

Management Fee: Performance Fee: High Water Mark: Hurdle:
0.77% 0% N/A N/A
Buy Spread: Sell spread: Early Redemption Fee: Fees Notes:
0.350% 0.350% No

Performance & Risk

Returns

Latest Return Date: Latest Result: Fund Inception Date: Annualised Return:
March 2024 0.65% 16 August 2004 6.59%
Latest 3 Months: Latest 6 Months: Latest 12 Months: Latest 2 Years p.a.:
2.61% 4.93% 11.57% 5.19%
Latest 3 Years p.a.: Latest 4 Years p.a.: Latest 5 Years p.a.: Latest 7 Years p.a.:
4.47% 8.31% 3.76% 3.80%

Performance Statistics

% Positive Months (S.I.): Average Return: Average +ve Return: Average -ve Return:
82.20% 0.56% 1.09% -1.96%
Best Month: Worst Month: Up Capture Ratio (S.I.): Down Capture Ratio (S.I.):
8.46% -14.68% 42.06% -115.64%
Largest Drawdown (S.I.): Longest Drawdown (S.I.): Current Drawdown (%): Current Drawdown (Months):
-29.73% 14 months 0.00% N/A

Risk

Annualised Standard Deviation (S.I.): Downside Deviation (S.I.): Sortino Ratio (S.I.): -
7.17% 5.86% 0.56 -
Sharpe Ratio (12 months): Sharpe Ratio (3 years): Sharpe Ratio (5 years): Sharpe Ratio (S.I.):
3.48 0.67 0.33 0.49
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 Syndicated Loan 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 Syndicated Loan Fund
RBA Cash Rate + 5%

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

Lonsec: Yes, contact Lonsec., October 2017
Zenith: Recommended, March 2018

Availability:As reported by each Fund Manager.

Available on Investment Platforms:
BT Wrap, Colonial FirstChoice, HUB24, Macquarie Wrap, Netwealth, Powerwrap, Asgard, MLC Wrap, AMP MyNorth, BT Panorama, mFund, Colonial FirstWrap, MLC Navigator, Oasis, OnePath

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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 1.22 0.72 0.65 N/R N/R N/R N/R N/R N/R N/R N/R N/R 2.61
2023 2.21 0.55 -0.64 1.43 -0.14 1.80 1.37 1.27 0.44 -0.07 1.18 1.14 11.04
2022 0.20 -0.33 0.06 -0.20 -2.21 -2.58 1.60 1.46 -2.65 0.87 0.54 0.37 -2.96
2021 1.26 0.35 0.35 0.60 0.69 0.17 0.03 0.47 0.36 -0.09 0.15 0.69 5.18
2020 0.43 -1.31 -14.68 3.10 3.59 1.89 1.60 2.10 0.40 0.61 2.48 1.28 0.08
2019 1.69 1.22 -0.13 1.52 -0.44 0.10 0.42 -0.23 0.39 -0.29 0.62 1.22 6.23
2018 0.99 0.05 0.23 0.58 0.11 0.15 0.50 0.40 0.85 -0.21 -0.85 -2.44 0.31
2017 1.05 0.64 0.21 0.96 0.73 0.00 0.48 0.16 1.00 0.78 0.18 0.32 6.70
2016 -1.40 -0.74 2.93 2.09 1.17 0.11 1.58 1.23 0.74 1.08 0.72 1.38 11.37
2015 0.59 1.76 0.65 1.39 0.61 -0.12 0.39 -0.76 -0.86 0.21 -0.53 -0.95 2.36
2014 1.15 0.48 0.51 0.42 0.76 0.68 0.16 0.43 -0.17 0.44 0.44 -0.90 4.48
2013 1.66 0.76 1.01 1.00 0.59 -0.29 1.10 0.53 0.51 1.01 0.61 0.94 9.84
2012 2.26 1.12 1.15 0.99 0.11 0.84 1.05 1.30 1.55 1.22 0.85 0.86 14.13
2011 2.51 1.46 0.70 0.82 1.22 0.20 0.21 -2.84 -0.27 2.31 0.17 0.89 7.52
2010 2.57 0.91 1.72 1.83 -0.81 0.25 1.30 1.06 1.12 2.05 0.71 1.56 15.19
2009 7.17 1.61 1.95 8.46 5.28 5.65 3.96 2.96 3.53 1.95 0.82 2.17 55.86
2008 -2.13 -1.89 -0.17 2.80 1.90 0.37 0.03 0.50 -3.23 -14.55 -10.13 -5.44 -28.80
2007 1.21 0.61 0.89 0.99 0.70 0.43 -1.67 -0.35 0.74 1.10 -0.57 0.84 4.99
2006 0.88 0.82 0.73 0.75 0.52 0.41 0.66 0.67 0.65 1.01 0.26 0.92 8.60
2005 0.74 0.64 0.53 0.13 0.48 1.08 0.97 0.65 0.58 0.40 0.55 0.54 7.54
2004 N/R N/R N/R N/R N/R N/R N/R 0.58 1.21 0.90 1.34 1.19 5.33

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 1.37 1.27 0.44 -0.07 1.18 1.14 1.22 0.72 0.65 N/A N/A N/A 8.20
2022/2023 1.60 1.46 -2.65 0.87 0.54 0.37 2.21 0.55 -0.64 1.43 -0.14 1.80 7.55
2021/2022 0.03 0.47 0.36 -0.09 0.15 0.69 0.20 -0.33 0.06 -0.20 -2.21 -2.58 -3.44
2020/2021 1.60 2.10 0.40 0.61 2.48 1.28 1.26 0.35 0.35 0.60 0.69 0.17 12.53
2019/2020 0.42 -0.23 0.39 -0.29 0.62 1.22 0.43 -1.31 -14.68 3.10 3.59 1.89 -6.00
2018/2019 0.50 0.40 0.85 -0.21 -0.85 -2.44 1.69 1.22 -0.13 1.52 -0.44 0.10 2.16
2017/2018 0.48 0.16 1.00 0.78 0.18 0.32 0.99 0.05 0.23 0.58 0.11 0.15 5.14
2016/2017 1.58 1.23 0.74 1.08 0.72 1.38 1.05 0.64 0.21 0.96 0.73 0.00 10.81
2015/2016 0.39 -0.76 -0.86 0.21 -0.53 -0.95 -1.40 -0.74 2.93 2.09 1.17 0.11 1.58
2014/2015 0.16 0.43 -0.17 0.44 0.44 -0.90 0.59 1.76 0.65 1.39 0.61 -0.12 5.38
2013/2014 1.10 0.53 0.51 1.01 0.61 0.94 1.15 0.48 0.51 0.42 0.76 0.68 9.05
2012/2013 1.05 1.30 1.55 1.22 0.85 0.86 1.66 0.76 1.01 1.00 0.59 -0.29 12.18
2011/2012 0.21 -2.84 -0.27 2.31 0.17 0.89 2.26 1.12 1.15 0.99 0.11 0.84 7.06
2010/2011 1.30 1.06 1.12 2.05 0.71 1.56 2.51 1.46 0.70 0.82 1.22 0.20 15.72
2009/2010 3.96 2.96 3.53 1.95 0.82 2.17 2.57 0.91 1.72 1.83 -0.81 0.25 24.06
2008/2009 0.03 0.50 -3.23 -14.55 -10.13 -5.44 7.17 1.61 1.95 8.46 5.28 5.65 -5.39
2007/2008 -1.67 -0.35 0.74 1.10 -0.57 0.84 -2.13 -1.89 -0.17 2.80 1.90 0.37 0.85
2006/2007 0.66 0.67 0.65 1.01 0.26 0.92 1.21 0.61 0.89 0.99 0.70 0.43 9.38
2005/2006 0.97 0.65 0.58 0.40 0.55 0.54 0.88 0.82 0.73 0.75 0.52 0.41 8.08
2004/2005 N/A 0.58 1.21 0.90 1.34 1.19 0.74 0.64 0.53 0.13 0.48 1.08 9.17