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Printed: 02 July 2022 2:48 AM

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27 Sep 2021 - Performance Report: Delft Partners Global High Conviction Strategy
By: Australian Fund Monitors

Report Date27 September 2021
ManagerDelft Partners
Fund NameDelft Partners Global High Conviction Strategy
StrategyEquity Long
Latest Return DateAugust 2021
Latest Return2.07%
Latest 6 Months16.06%
Latest 12 Months35.67%
Latest 24 Months (pa)16.95%
Annualised Since Inception16.19%
Inception Date15 July 2011
FUM (millions)AU$11.2
Fund OverviewThe Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index.

The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated.

The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy.
Manager CommentsThe Delft Partners Global High Conviction Strategy rose by +2.07% in August. Over the past 12 months, the strategy has risen by +35.67% compared with the index which has returned +29.51%, and since inception in August 2011 has returned +16.19% per annum vs the index's +15.1%.

The strategy's Sharpe ratio has ranged from a high of 2.82 for performance over the most recent 12 months to a low of 0.81 over the latest 36 months, and is 1.18 for performance since inception. Its Sortino ratio (which excludes volatility in positive months) is 2.23 for performance since inception.

Since inception in August 2011 in the months where the market was positive, the strategy has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 101.25%. Over all other periods, the strategy's up-capture ratio has ranged from a high of 116.64% over the most recent 12 months to a low of 85.62% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the strategy has outperformed in the market's positive months over the specified period.

The strategy's down-capture ratio for returns since inception is 93.69%. A down-capture ratio less than 100% indicates that, on average, the strategy has outperformed in the market's negative months.
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