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Printed: 25 September 2023 11:41 PM


21 Jan 2022 - Performance Report: Glenmore Australian Equities Fund


Report Date21 January 2022
ManagerGlenmore Asset Management
Fund NameGlenmore Australian Equities Fund
StrategyEquity Long
Latest Return DateDecember 2021
Latest Return4.13%
Latest 6 Months20.90%
Latest 12 Months39.08%
Latest 24 Months (pa)25.60%
Annualised Since Inception25.89%
Inception Date06 June 2017
FUM (millions)AU$18.9
Fund OverviewThe Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities.

The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock.
Manager CommentsThe Glenmore Australian Equities Fund rose +4.13% in December, outperforming the ASX200 Total Return Index by +1.38% and taking 12-month performance to +39.08% vs the index's +17.23%.

The Glenmore Australian Equities Fund has a track record of 4 years and 7 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.89%, compared with the index's return of 9.99% over the same time period.

On a calendar basis the fund has never had a negative annual return in the 4 years and 7 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020.

The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 twice and currently sits at 1.15 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 41% of the time when the market was negative, contributing to an up capture ratio since inception of 233% and a down capture ratio of 99%.
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