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Printed: 07 July 2022 8:00 PM

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11 Oct 2021 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors

Report Date11 October 2021
ManagerCollins St Asset Management
Fund NameCollins St Value Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return6.87%
Latest 6 Months18.29%
Latest 12 Months54.27%
Latest 24 Months (pa)30.20%
Annualised Since Inception19.46%
Inception Date05 February 2016
FUM (millions)AU$141.7
Fund OverviewThe Collins Street Value Fund is an index unaware fund which seeks to create strong investment returns over the medium and long term with capital preservation a priority.

The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment.

If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves.
Manager CommentsThe Collins St Value Fund rose by +6.87% in September, an outperformance of +8.72% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54.27% compared with the index which has returned +30.56%, and since inception in February 2016, the fund has returned +19.46% per annum, a difference of +8.04% relative to the index which has returned +11.42% on an annualised basis over the same period.

Since inception in February 2016 in the months where the market was negative, the fund has provided positive returns 67% of the time, contributing to a down-capture ratio for returns since inception of 26.11%. Over all other periods, the fund's down-capture ratio has ranged from a high of 66.25% over the most recent 24 months to a low of -370.51% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months over the specified period, and negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.

The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 28.96 for performance over the most recent 12 months to a low of 1.28 over the latest 48 months, and is 1.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2016 is 0.95.
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