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Printed: 07 July 2022 10:47 PM

News

25 Oct 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors

Report Date25 October 2021
ManagerFrazis Capital Partners
Fund NameFrazis Fund
StrategyEquity Long/Short
Latest Return DateSeptember 2021
Latest Return7.50%
Latest 6 Months19.38%
Latest 12 Months71.21%
Latest 24 Months (pa)69.88%
Annualised Since Inception31.73%
Inception Date01 July 2018
FUM (millions)AU$87
Fund OverviewThe Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile.

The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies:

1) Growth stocks that are really value stocks;
2) Traditional deep value;
3) The life sciences;
4) Miners and drillers expanding production into supply deficits;
5) Global special situations;

The manager uses a macro overlay to manage exposure, hedging in three ways:

1) Direct shorts
2) Upside exposure to the VIX index
3) Index optionality
Manager CommentsThe Frazis Fund rose by +7.5% in September, an outperformance of +10.54% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the fund has risen by +71.21% vs the Index's +25.99%, and since inception in July 2018, the fund has returned +31.73% per annum vs the Index's +13.87%.

Since inception in July 2018 in the months where the market was positive, the fund has provided positive returns 80% of the time, contributing to an up-capture ratio for returns since inception of 217.49%. Over all other periods, the fund's up-capture ratio has ranged from a high of 398.65% over the most recent 24 months to a low of 145.19% over the latest 12 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 104.06%, indicating that it has typically not fallen significantly more than the market during the market's negative months.
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