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12 Nov 2021 - Performance Report: Airlie Australian Share Fund

By: Australian Fund Monitors

Report Date12 November 2021
ManagerAirlie Funds Management
Fund NameAirlie Australian Share Fund
StrategyEquity Long
Latest Return DateOctober 2021
Latest Return1.93%
Latest 6 Months13.72%
Latest 12 Months39.39%
Latest 24 Months (pa)17.01%
Annualised Since Inception14.05%
Inception Date01 June 2018
FUM (millions)AU$212.59
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 rose +1.93% in October, outperforming the ASX200 Total Return Index by +2.03% and taking 12-month performance to +39.39% vs the Index's +27.96%.

The Airlie Australian Share Fund has a track record of 3 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 14.05%, compared with the index's return of 9.91% over the same time period.

On a calendar basis the fund has had 1 negative annual return in the 3 years and 5 months since its inception. Its largest drawdown was -23.8% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%.

The Manager has delivered these returns with -0.45% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 0.87 since inception. The fund has provided positive monthly returns 100% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 113% and a down capture ratio of 92%.
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