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30 Nov 2022 - Performance Report: Glenmore Australian Equities Fund


Report Date30 November 2022
ManagerGlenmore Asset Management
Fund NameGlenmore Australian Equities Fund
StrategyEquity Long
Latest Return DateOctober 2022
Latest Return5.57%
Latest 6 Months-6.25%
Latest 12 Months3.95%
Latest 24 Months (pa)25.89%
Annualised Since Inception21.35%
Inception Date06 June 2017
FUM (millions)AU$18.3
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 by +5.57% in October, a difference of -0.47% compared with the ASX 200 Total Return Index which rose by +6.04%.

The Glenmore Australian Equities Fund has a track record of 5 years and 5 months and has outperformed the ASX 200 Total Return Index since inception in June 2017, providing investors with an annualised return of 21.35% compared with the index's return of 7.55% over the same period.

On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 5 months since its inception. Over the past 12 months, the fund's largest drawdown was -16.18% vs the index's -11.9%, and since inception in June 2017 the fund's largest drawdown was -36.91% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 1 month, reaching its lowest point during March 2020. The fund had completely recovered its losses by November 2020.

The Manager has delivered these returns with 7.41% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.94 since inception. The fund has provided positive monthly returns 91% 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 244% and a down-capture ratio of 104%.
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