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26 Jul 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors

Report Date21 July 2021
ManagerLaureola Advisors
Fund NameLaureola Australia Feeder Fund
StrategyLife Settlements
Latest Return DateJune 2021
Latest Return0.41%
Latest 6 Months1.76%
Latest 12 Months7.28%
Latest 24 Months (pa)8.41%
Annualised Since Inception15.53%
Inception Date01 May 2013
FUM (millions)US$69
Fund OverviewThe Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner.

Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company.

Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design.
Manager CommentsThe Laureola (Bermuda Feeder) Fund returned 0.41% for June. Returns for the month were driven by the maturity of four smaller policies with a total $1.45 ml of death benefits. Laureola noted there were more maturities than expected last month but less total proceeds, reflecting the fact that the average size of the policies matured was about half the size of the average policy in the portfolio.

The AUD feeder fund returned +0.2% in June and is up +0.9% CYTD.

Laureola noted the past six months has been quieter than usual at the Fund with performance below expectations over this period. They encourage investors to use multiple time frames when analysing Life Settlements, with a focus on the medium to longer term. Over the past 12 months the Fund has returned 7.28% net to investors and has averaged 8.41% p.a. net over the past 24 months.

The portfolio now holds 187 policies, including 22 large face, several with very short Life Expectancies.
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