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Printed: 05 July 2022 11:43 PM

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17 Sep 2021 - Performance Report: Equitable Investors Dragonfly Fund
By: Australian Fund Monitors

Report Date17 September 2021
ManagerEquitable Investors
Fund NameEquitable Investors Dragonfly Fund
StrategyEquity Long
Latest Return DateAugust 2021
Latest Return3.09%
Latest 6 Months2.29%
Latest 12 Months50.53%
Latest 24 Months (pa)20.16%
Annualised Since Inception3.25%
Inception Date01 September 2017
FUM (millions)
Fund OverviewThe Equitable Investors Dragonfly Fund aims to deliver a total return greater than the annual five year government bond rate + 5% pa over the medium-to-long term.

The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk.

Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers.
Manager CommentsThe Equitable Investors Dragonfly Fund rose by +3.09% in August, an outperformance of +0.59% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +50.53% compared with the index which has returned +28.15%, for a difference of +22.38%.

Over all periods since inception, the fund's up-capture ratio has ranged from a high of 167.47% over the most recent 12 months to a low of 74.24% over the latest 48 months (since inception). An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period.

Equitable Investors noted earnings season was a mixed affair across the ASX; among micro-to-mid caps there were slightly more downgrades than upgrades to consensus revenue, EBITDA and EPS expectations for FY22 (within Dragonfly Fund's portfolio, >80% of companies don't have consensus estimates). Their view is that it's difficult for companies to be bold with guidance but they believe Australia and the world will push through to a 'new normal' where COVID-19 is a manageable part of everyday life and they see great opportunities to capitalise on that view.
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