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22 Nov 2021 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date22 November 2021
ManagerFrazis Capital Partners
Fund NameFrazis Fund
StrategyEquity Long/Short
Latest Return DateOctober 2021
Latest Return1.30%
Latest 6 Months19.50%
Latest 12 Months71.04%
Latest 24 Months (pa)64.83%
Annualised Since Inception31.34%
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 Fund invests in what Frazis believe to be the fastest growing and most loved companies on the planet, across technology and the life sciences. 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 +1.30% in October, rising in line with the Global Equity Index and taking 12-month performance to +71.04% vs the Index's +28.20%.

The Frazis Fund has a track record of 3 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2018, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 31.34%, compared with the index's return of 13.9% over the same time period.

On a calendar basis the fund has had 1 negative annual return in the 3 years and 4 months since its inception. Its largest drawdown was -32.28% lasting 4 months, occurring between February 2020 and June 2020 when the index fell by a maximum of -13.19%.

The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 0.94 since inception. The fund has provided positive monthly returns 81% of the time in rising markets, and 36% of the time when the market was negative, contributing to an up capture ratio since inception of 217% and a down capture ratio of 104%.
More Information

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