DRAFT
Fund Review
Skerryvore Global Emerging Markets All-Cap Equity Fund
Performance as at Aug 2026
Skerryvore Asset Management LLP is a boutique asset manager based in Edinburgh, Scotland, partly owned by team members and BennBridge, a subsidiary of Australia's Bennelong Funds Management. The management team, handling portfolio management and trading, includes Lead Portfolio Manager Glen Finegan, Portfolio Managers Ian Tabberer, Michael Cahoon, Nicholas Cowley, and Ronan Kelleher, along with Head of Investment Services Karen Lumsden. BennBridge manages regulatory activities.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | 2.31% | 5.32% | 3.88% | N/A | 4.47% |
| Peer Group1 | 11.09% | 11.97% | 6.76% | N/A | 7.50% | |
| Index2 | 27.17% | 19.15% | 8.61% | N/A | 9.14% | |
| Volatility | Fund | 9.29% | 7.78% | 8.40% | N/A | 8.43% |
| Peer Group1 | 12.00% | 8.82% | 9.07% | N/A | 9.13% | |
| Index2 | 18.40% | 13.02% | 13.16% | N/A | 13.10% | |
| 1Equity Emerging Markets, 2MSCI Emerging Markets (MMEF) AUD, 3Annualised, 4Aug 2021 | ||||||
Strategy Description
The strategy aims to generate long-term returns by investing in companies listed globally that are connected to emerging markets transitioning to modern economies. It employs an index-unaware approach, focusing on business quality. The Skerryvore investment team selects stocks without regard to benchmark composition, reflecting an active, bottom-up investment approach in country and sector allocations. The Fund also invests in companies from developed markets with exposure to emerging markets. This may lead to significant differences in allocation against any emerging markets index.Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | BFL3229AU | Status: | Open |
| Peer Group: | Equity Emerging Markets | Inception Date: | Aug 2021 |
| Strategy: | Equity Long | Style: | Blend |
| Geography: | Emerging Markets | Domicile: | Australia |
| Investors: | Retail | Distributions: | 6 Monthly |
| Fund Size: | AU$ 518.42m | Manager FUM: | AU$ 1,784.5m |
| Applications: | Daily, Initial: AU$ 5,000 | Redemptions: | Daily |
| Management Fee: | 1.10% (PG avg: 1.02%) | Performance Fee: | 0.00% (PG avg: 8.93%) |
| Buy/Sell Spread: | 0.3%/0.3% (PG avg: 0.24%/0.24%) | Hurdle: | N/A |
| Early Redemption Fee | No | High Water Mark: | N/A |
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Skerryvore Global Emerging Markets All-Cap Equity Fund
Performance vs Equity Emerging Markets and MSCI Emerging Markets (MMEF) AUD
Since Aug 2021, the Fund has returned 4.47% p.a. vs the Peer Group's return over the same period of 7.5%. Over the past 12 months, the Fund has returned 2.31% vs the Peer Group's 11.09%. For the 3 and 5 year periods, the Fund has returned 5.32% and 3.88% respectively vs the Peer Group's returns of 11.97% and 6.76% respectively. Since Aug 2021, the Fund's returns have been delivered with a volatility of 8.43% p.a. vs the Peer Group's 9.13%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.55 | 2.32 | -6.61 | -0.04 | 1.37 | 3.41 | 1.82 | 1.04 | NA | NA | NA | NA | 0.39 |
| 2025 | 0.19 | 0.97 | 1.88 | 3.73 | -0.60 | -0.94 | -1.96 | 0.76 | -1.50 | 2.95 | 1.36 | -0.85 | 5.96 |
| 2024 | 0.46 | 3.50 | 2.08 | -0.39 | -1.24 | -0.36 | 3.83 | -1.61 | 1.44 | 1.36 | -3.05 | 3.19 | 9.31 |
| 2023 | 2.63 | 1.25 | 3.37 | 2.77 | 0.85 | 0.82 | 0.85 | 1.07 | -3.28 | -0.21 | 1.94 | 2.12 | 14.97 |
| 2022 | 0.60 | -4.57 | -3.36 | 0.56 | -1.70 | -4.71 | 1.58 | 1.27 | -0.68 | 1.66 | 5.60 | -0.90 | -5.01 |
| 2021 | NA | NA | NA | NA | NA | NA | NA | 3.25 | -2.88 | -5.25 | 2.35 | 1.15 | -1.64 |
Notes:
Skerryvore is the Fund's investment manager. Skerryvore Asset Management's global emerging markets investment team is assigned to carry out investment management services.
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | 2.31% | 5.32% | 3.88% | N/A | 4.47% |
| Peer Group | 11.09% | 11.97% | 6.76% | N/A | 7.50% | |
| Index2 | 27.17% | 19.15% | 8.61% | N/A | 9.14% | |
| Volatility | Fund | 9.29% | 7.78% | 8.40% | N/A | 8.43% |
| Peer Group | 12.00% | 8.82% | 9.07% | N/A | 9.13% | |
| Index | 18.40% | 13.02% | 13.16% | N/A | 13.10% | |
| Sharpe | Fund | -0.13 | 0.19 | 0.12 | N/A | 0.19 |
| Peer Group | 0.62 | 0.87 | 0.43 | N/A | 0.50 | |
| Index | 1.20 | 1.11 | 0.46 | N/A | 0.50 | |
| Sortino | Fund | -0.21 | 0.20 | 0.10 | N/A | 0.20 |
| Peer Group | 0.75 | 1.23 | 0.53 | N/A | 0.66 | |
| Index | 1.80 | 1.80 | 0.63 | N/A | 0.70 | |
| Largest Drawdown | Fund | -7.70% | -7.73% | -14.27% | N/A | -16.74% |
| Peer Group | -8.40% | -8.40% | -13.90% | N/A | -14.87% | |
| Index | -9.54% | -9.54% | -21.32% | N/A | -23.55% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
Skerryvore Global Emerging Markets All-Cap Equity Fund - Annualised Return vs. Standard Deviation
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Skerryvore Global Emerging Markets All-Cap Equity Fund
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | Bennelong Funds Management Ltd |
| Custodian: | Citigroup Pty Limited |
| Administrator: | Citigroup Pty Limited |
| Auditor: | Deloitte Touche & Tohmatsu |
| Legal: | Cleveland & Co. |
| Prime Broker: | N/A |
Available on Investment Platforms
North, BT Panorama, Colonial FirstChoice, HUB24, Macquarie Wrap, Mason Stevens, Netwealth, Praemium
Key Staff
Glen Finegan
Lead Portfolio Manager
Years in industry: 26, Years at Firm: 7
Ian Tabberer
Portfolio Manager
Years in industry: 26, Years at Firm: 7
Michael Cahoon
Portfolio Manager
Years in industry: 16, Years at Firm: 7
Nicholas Cowley
Portfolio Manager
Years in industry: 29, Years at Firm: 7
Ronan Kelleher
Portfolio Manager
Years in industry: 16, Years at Firm: 7
Stephen Deane
Portfolio Manager
Years in industry: 19, Years at Firm: 7
About AFM's Fund Reviews and Star Ratings
AFM's proprietary Star Rating system provides a quantitative ranking of performance and risk of funds in its peer group relative to similar funds. Funds must have a minimum 1 year track record.
Star Ratings for Performance reflects annualised return. Risk is a combination of downside deviation, maximum drawdown and longest drawdown, which are allocated in reverse.
| AFM Star Rating | Relative performance band compared to funds in the same Peer Group |
|---|---|
| ★ ★ ★ ★ ★ | Premium: The fund is in the top 10% of all funds in its peer group. |
| ★ ★ ★ ★ ☆ | Top Quartile: The fund ranges between 75 and 90% of all funds in its peer group. |
| ★ ★ ★ ☆ ☆ | Second Quartile: The fund ranges between 50 and 75% of all funds in its peer group. |
| ★ ★ ☆ ☆ ☆ | Third Quartile: The fund ranges between 25 and 50% of all funds in its peer group. |
| ★ ☆ ☆ ☆ ☆ | Fourth Quartile: The fund is in the lowest 25% of all funds in its peer group. |
All performances, rankings and Star Ratings are updated monthly. Past performance does not guarantee future performance.
Copyright
This report is produced and owned by Australian Fund Monitors Pty Ltd and the contents are Copyright 2025. Distribution is limited to those parties with a current Distribution Licence.
Disclaimer
The information in this report, including financial returns, strategies, and other content (collectively referred to as "Content") has been prepared and issued by Australian Fund Monitors Pty Limited (A.C.N. 122 226 724, AFSL 324476) otherwise referred to as AFM. The information and content herein is designed for holders of an Australian Financial Services Licence or for Wholesale or Sophisticated investors, and does not constitute personal financial advice, and is for general information purposes only. Users of this report or any Content of AFM's websites (the "Websites") should not act or make any financial decision without first seeking professional advice. Whilst the Content has been prepared with all reasonable care from sources which we believe are reliable, no responsibility or liability is accepted by AFM for any errors or omissions or misstatements contained herein.