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Printed: 29 May 2024 5:12 AM


7 Oct 2022 - Performance Report: Argonaut Natural Resources Fund


Report Date07 October 2022
ManagerArgonaut Funds Management
Fund NameArgonaut Natural Resources Fund
StrategyEquity Long/Short
Latest Return DateSeptember 2022
Latest Return-3.30%
Latest 6 Months-8.89%
Latest 12 Months37.76%
Latest 24 Months (pa)49.46%
Annualised Since Inception42.98%
Inception Date21 January 2020
FUM (millions)AU$14.89
Fund OverviewArgonaut Natural Resources Fund ('ANRF') is an actively managed wholesale fund investing in listed resource and mining service companies. ANRF seeks to create a diversified portfolio of investments which will generate absolute returns in excess of the S&P ASX 300 Resources Index. The Fund typically holds between 10 and 25 separate equity investments. Its portfolio is built around a rigorous investment process that assesses Market conditions and Macro economic influences, then conducts detailed Micro stock specific analysis.

At times, ANRF may consider holding higher levels of cash (max 30%) if valuations are full and it is difficult to find attractive investment opportunities. The Fund does not borrow for investment or any other purposes, but it may short sell securities as part of its portfolio protection strategies.
Manager CommentsThe Argonaut Natural Resources Fund returned -3.3% in September, an outperformance of +2.87% compared with the ASX 200 Total Return Index which fell by -6.17%.

The Argonaut Natural Resources Fund has a track record of 2 years and 9 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the ASX 200 Total Return Index since inception in January 2020, providing investors with an annualised return of 42.98% compared with the index's return of 2.66% over the same period.

On a calendar year basis, the fund hasn't experienced any negative annual returns in the 2 years and 9 months since its inception. Over the past 12 months, the fund's largest drawdown was -19.06% vs the index's -11.9%, and since inception in January 2020 the fund's largest drawdown was -19.06% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in April 2022 and has lasted 5 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -11.9%.

The Manager has delivered these returns with 4.03% more volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 1.38 and for performance since inception of 1.65. The fund has provided positive monthly returns 82% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 220% and a down-capture ratio of 37%.
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