DRAFT
Fund Review
Victor Smorgon Partners Resources Gold Fund
Performance as at Aug 2026
Victor Smorgon Partners, an Australian investment manager in South Yarra, is an authorised representative of Como Services. The firm manages the Victor Smorgon Partners Resources Gold Fund and leverages the Victor Smorgon Group's investment history in resources and gold. Co-founders Peter Edwards and David Leeton established the firm. The investment style focuses on domestic and global companies with management quality and value, considering market conditions and the gold sector.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | 42.17% | 48.35% | 29.30% | N/A | 21.95% |
| Peer Group1 | 14.41% | 13.78% | 8.90% | N/A | 12.26% | |
| Index2 | 9.75% | 15.63% | 10.90% | N/A | 14.14% | |
| Volatility | Fund | 39.86% | 30.26% | 31.48% | N/A | 30.09% |
| Peer Group1 | 9.12% | 7.21% | 6.95% | N/A | 6.77% | |
| Index2 | 12.17% | 10.63% | 11.08% | N/A | 10.51% | |
| 1Equity Alternative - Global, 2All Countries World Index (AUD), 3Annualised, 4May 2020 | ||||||
Strategy Description
The Victor Smorgon Partners Resources Gold Fund seeks to invest in gold and other precious metals through a concentrated long/short portfolio, including Australian and globally listed precious-metal companies, physical metals, ETFs, and indirect gold investments. From 1 January 2024, it will focus on companies in Tier 1 jurisdictions and maintain at least 50% of funds in gold equities and physical gold, with up to 10% in physical precious metals. Gold derivatives may manage risk, and short selling can hedge or leverage expected declines. The discretionary process evaluates company management, value, growth potential, and market conditions, with active hedging of foreign currency exposure.Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | GCL4573AU | Status: | Open |
| Peer Group: | Equity Alternative - Global | Inception Date: | May 2020 |
| Strategy: | Equity Long/Short | Style: | Blend |
| Geography: | Australia/Global | Domicile: | Australia |
| Investors: | Wholesale | Distributions: | Annually |
| Fund Size: | Undisclosed | Manager FUM: | Undisclosed |
| Applications: | Monthly, Initial: AU$ 100,000 | Redemptions: | Monthly |
| Management Fee: | 1.00% (PG avg: 1.45%) | Performance Fee: | 20.00% (PG avg: 13.92%) |
| Buy/Sell Spread: | 0.3%/0.3% (PG avg: 0.13%/0.13%) | Hurdle: | 8% p.a. |
| Early Redemption Fee | N/A | High Water Mark: | Yes |
Please view https://fundmonitors.com/disclaimer.php for the full disclaimer. The content is updated monthly and only the current version should be used.
Victor Smorgon Partners Resources Gold Fund
Performance vs Equity Alternative - Global and All Countries World Index (AUD)
Since May 2020, the Fund has returned 21.95% p.a. vs the Peer Group's return over the same period of 12.26%. Over the past 12 months, the Fund has returned 42.17% vs the Peer Group's 14.41%. For the 3 and 5 year periods, the Fund has returned 48.35% and 29.3% respectively vs the Peer Group's returns of 13.78% and 8.9% respectively. The Fund's returns have been delivered with a volatility of 30.09% p.a. vs the Peer Group's 6.77%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.50 | 8.90 | -15.00 | -1.50 | -0.40 | -11.30 | -1.46 | 26.00 | NA | NA | NA | NA | 3.51 |
| 2025 | 13.40 | 3.70 | 9.80 | 2.60 | 3.70 | -4.20 | -1.60 | 18.00 | 21.60 | -2.80 | 11.20 | 4.50 | 109.89 |
| 2024 | -4.80 | -3.70 | 14.70 | 6.50 | -0.10 | -5.70 | 6.50 | 4.80 | 3.80 | 10.30 | -4.40 | -4.00 | 23.73 |
| 2023 | 8.10 | -14.70 | 16.10 | 8.20 | -6.40 | 1.30 | 0.80 | 5.00 | -1.90 | 14.10 | 9.50 | -0.90 | 41.19 |
| 2022 | -8.50 | 11.30 | 4.10 | -3.10 | -6.50 | -24.30 | 11.80 | -5.30 | -8.40 | -0.40 | 9.90 | 5.20 | -18.80 |
| 2021 | -4.40 | -10.80 | -3.60 | 12.20 | 5.90 | -9.40 | 0.80 | -2.70 | -2.50 | 13.70 | 1.90 | 3.80 | 1.77 |
| 2020 | NA | NA | NA | NA | 6.50 | 5.00 | 11.20 | -3.10 | -0.40 | -0.60 | -7.90 | 2.00 | 12.07 |
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | 42.17% | 48.35% | 29.30% | N/A | 21.95% |
| Peer Group | 14.41% | 13.78% | 8.90% | N/A | 12.26% | |
| Index2 | 9.75% | 15.63% | 10.90% | N/A | 14.14% | |
| Volatility | Fund | 39.86% | 30.26% | 31.48% | N/A | 30.09% |
| Peer Group | 9.12% | 7.21% | 6.95% | N/A | 6.77% | |
| Index | 12.17% | 10.63% | 11.08% | N/A | 10.51% | |
| Sharpe | Fund | 0.99 | 1.33 | 0.88 | N/A | 0.73 |
| Peer Group | 1.10 | 1.27 | 0.82 | N/A | 1.37 | |
| Index | 0.51 | 1.05 | 0.71 | N/A | 1.08 | |
| Sortino | Fund | 1.61 | 2.69 | 1.26 | N/A | 0.99 |
| Peer Group | 1.50 | 1.96 | 1.19 | N/A | 2.26 | |
| Index | 0.67 | 1.64 | 1.05 | N/A | 1.76 | |
| Largest Drawdown | Fund | -27.11% | -27.11% | -33.75% | N/A | -35.58% |
| Peer Group | -5.26% | -5.26% | -10.19% | N/A | -10.19% | |
| Index | -9.70% | -9.70% | -16.02% | N/A | -16.02% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
Victor Smorgon Partners Resources Gold Fund - Annualised Return vs. Standard Deviation
Please view https://fundmonitors.com/disclaimer.php for the full disclaimer. The content is updated monthly and only the current version should be used.
Victor Smorgon Partners Resources Gold Fund
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | Como Services |
| Custodian: | One Managed Investment Funds |
| Administrator: | Unity Fund Services |
| Auditor: | N/A |
| Legal: | DLA Piper; Mills Oakley |
| Prime Broker: | N/A |
Available on Investment Platforms
No Data.
Key Staff
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.