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Printed: 17 June 2024 3:32 AM


18 Jan 2023 - Performance Report: Glenmore Australian Equities Fund


Report Date18 January 2023
ManagerGlenmore Asset Management
Fund NameGlenmore Australian Equities Fund
StrategyEquity Long
Latest Return DateDecember 2022
Latest Return-2.93%
Latest 6 Months12.50%
Latest 12 Months-0.11%
Latest 24 Months (pa)17.86%
Annualised Since Inception20.78%
Inception Date06 June 2017
FUM (millions)AU$19
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 returned -2.93% in December, an outperformance of +0.28% compared with the ASX 200 Total Return benchmark which fell by -3.21%.

The Glenmore Australian Equities Fund has a track record of 5 years and 7 months and has outperformed the ASX 200 Total Return benchmark since inception in June 2017, providing investors with an annualised return of 20.78% compared with the benchmark's return of 7.92% over the same period.

On a calendar year basis, the fund has only experienced a negative annual return once in the 5 years and 7 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 7.12% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.93 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 35% of the time during periods of market decline, contributing to an up-capture ratio since inception of 233% and a down-capture ratio of 103%.
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