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Printed: 05 July 2022 10:02 PM


30 Jun 2021 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors

Report Date30 June 2021
ManagerSurrey Asset Management
Fund NameSurrey Australian Equities Fund
StrategyEquity Long
Latest Return DateMay 2021
Latest Return-2.52%
Latest 6 Months10.96%
Latest 12 Months34.00%
Latest 24 Months (pa)18.83%
Annualised Since Inception12.48%
Inception Date01 June 2018
FUM (millions)
Fund OverviewThe Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods.

The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set.

Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies.

Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability.
Manager CommentsThe Surrey Australian Equities Fund returned -2.52% in May. Over the past 12 months the fund has returned +34%, compared with the index, which returned +28.23%, for a difference of +5.76%. Since inception in June 2018, the fund has returned +12.48% per annum, a difference of +2.53% vs the index which has returned +9.95% over the same period.

The fund's Sharpe ratio has ranged from a high of 1.96 over the most recent 12 months, to a low of 0.61 over the past 3 years. Since inception the fund's Sharpe ratio has been 0.61 vs the index which has a Sharpe ratio of 0.6.

The fund's Sortino ratio (which excludes volatility in positive months) vs the index has also ranged from a maximum of 8.06 over the most recent 12 months, to a low of 0.77 over the past 3 years. Since inception the fund's Sortino ratio has been 0.77 vs the index's 0.64.

Since inception in the months when the market was positive the fund provided positive returns 81% of the time. Over all other time periods its best result has been 81% over 3 years. It has an up-capture ratio of 122.7% since inception and 110.09% over the past 12 months. Across all other time periods, it has ranged between 142.28% (2 years) and 122.7% (3 years).
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