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Printed: 25 September 2023 11:49 PM


15 Oct 2021 - Performance Report: Airlie Australian Share Fund

By: Australian Fund Monitors

Report Date15 October 2021
ManagerAirlie Funds Management
Fund NameAirlie Australian Share Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return-1.14%
Latest 6 Months16.55%
Latest 12 Months38.32%
Latest 24 Months (pa)15.87%
Annualised Since Inception13.77%
Inception Date01 June 2018
FUM (millions)AU$186.91
Fund OverviewThe Fund aims to provide investors with long-term capital growth and regular income through investment in Australian equities.

The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). The fund has a maximum cash holding of 10% with an aim to be fully invested.

Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price.

It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities.
Manager CommentsThe Airlie Australian Share Fund returned -1.14% in September, an outperformance of +0.71% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +38.32% compared with the index which has returned +30.56%, and since inception in June 2018, the fund has returned +13.77% per annum vs the Index's +10.2%.

The fund's returns over the past 12 months have been achieved with a volatility of 9.59% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in June 2018 is 16.13% vs the index's 16.57%. Over the past 24 and 36 month periods, the fund's returns have had an annualised volatility of 18.99% and 16.82% respectively, lower than the index's annualised volatility over both periods; 19.81% (24 months), 17.37% (36 months).

Since inception in June 2018 in the months where the market was positive, the fund has provided positive returns 100% of the time, contributing to an up-capture ratio for returns since inception of 112.96%. Over all other periods, the fund's up-capture ratio has ranged from a high of 120.85% over the most recent 12 months to a low of 112.28% over the latest 36 months. 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.

The fund has a down-capture ratio for returns since inception of 94.69%, indicating that it typically hasn't fallen further than the market in the market's negative months.
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