NEWS
Performance Report: Equitable Investors Dragonfly Fund
24 Aug 2022 - FundMonitors.com
The Equitable Investors Dragonfly Fund rose by +0.48% in July. Equitable noted things were a little slow-moving relative to the bounce seen in indices for smaller stocks in July, thanks in part to the weighting the Fund has in unlisted...
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24 Aug 2022 - Performance Report: Equitable Investors Dragonfly Fund
By: FundMonitors.com
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| Fund Overview | The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers. |
| Manager Comments | Equitable noted positive price action in the shares of home security tech company Scout Security (SCT) was reflective of a general bounce back for illiquid micro-caps that appeared to have suffered from tax loss selling in May and June. Marine propulsion and stabilisation systems maker Veem (VEE) was another to recover with the beginning of a new financial year. On the flip-side, Equitable's holding in NZ-listed trades app developer Geo (GEO:NZ) fell 9% in NZ dollars after cornerstone investor North Ridge Partners distributed some equity in GEO held by its Co-Investor No. 3 PIPE Fund to the underlying investors, as part of the end-of-life wind-up of that fund. Equitable see continuing opportunities both of the transactional variety (recapitalisations etc) and simply of the attractive pricing variety. They noted that while there has been a bounce back in illiquid stocks in July, that recovery hasn't been as broad-based as they might have imagined, with speculative money having another swing at questionable business models in the Buy Now Pay Later (BNPL) space and 'meme' stocks, leaving shares in a company like expense management software company 8Common (8CO) fractionally lower at the end of July than it was at the end of June. |
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Performance Report: Cyan C3G Fund
23 Aug 2022 - FundMonitors.com
The Cyan C3G Fund rose by +11.8% in July, an outperformance of +0.37% compared with the ASX Small Ordinaries Total Return Index which rose by +11.43%. The fund has outperformed the index since inception in August 2014, providing investors...
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23 Aug 2022 - Performance Report: Cyan C3G Fund
By: FundMonitors.com
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that fit one or more of the following criteria: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Cyan C3G Fund has a track record of 8 years and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with an annualised return of 11.96% compared with the index's return of 6.64% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 8 years since its inception. Over the past 12 months, the fund's largest drawdown was -25.43% vs the index's -23.88%, and since inception in August 2014 the fund's largest drawdown was -36.45% vs the index's maximum drawdown over the same period of -29.12%. The fund's maximum drawdown began in October 2019 and lasted 1 year and 4 months, reaching its lowest point during March 2020. The fund had completely recovered its losses by February 2021. The Manager has delivered these returns with 1.03% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.64 since inception. The fund has provided positive monthly returns 86% of the time in rising markets and 38% of the time during periods of market decline, contributing to an up-capture ratio since inception of 65% and a down-capture ratio of 65%. |
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Performance Report: Digital Asset Fund (Digital Opportunities Class)
19 Aug 2022 - FundMonitors.com
The Digital Asset Fund (Digital Opportunities Class) rose by +0.19% in July. The fund has outperformed the S&P Cryptocurrency Broad Digital Market Index since inception in May 2021, providing investors with an annualised return of 44.42%...
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19 Aug 2022 - Performance Report: Digital Asset Fund (Digital Opportunities Class)
By: FundMonitors.com
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| Fund Overview | The Fund offers a choice of three investment classes, each of which adopts a different investment strategy: - The Digital Opportunities Class identifies and trades low risk arbitrage opportunities between different exchanges and a number of digital assets; - The Digital Index Class tracks the performance of a basket of digital assets; - The Bitcoin Index Class tracks the performance of Bitcoin. Digital Opportunities Class: This class appeals to investors seeking an active exposure to the digital asset markets with no directional bias. The Digital Opportunities Class employs a high frequency inspired Market Neutral strategy trading 24/7 which uses a systematic approach designed to offer uncorrelated returns to the underlying highly volatile cryptocurrency markets. The strategy systematically exploits low-risk arbitrage opportunities across the most liquid and active digital asset markets on the most respected exchanges. When appropriate the Fund may obtain leverage, including through borrowing cash, securities and other instruments, and entering into derivative transactions and repurchase agreements. DAFM has a currency hedging policy in place for the Units in the Fund. Units in the Fund will be hedged against exposure to assets denominated in US dollars through a trading account with spot, forwards and options as directed by DAFM. |
| Manager Comments | The Digital Asset Fund (Digital Opportunities Class) has a track record of 1 year and 3 months and therefore comparison over all market conditions and against its peers is limited. However, the fund has outperformed the S&P Cryptocurrency Broad Digital Market Index since inception in May 2021, providing investors with an annualised return of 44.42% compared with the index's return of -46.91% over the same period. Over the past 12 months, the fund hasn't had any negative monthly returns and therefore hasn't experienced a drawdown. Over the same period, the index's largest drawdown was -71.98%. Since inception in May 2021, the fund's largest drawdown was 0% vs the index's maximum drawdown over the same period of -71.98%. The Manager has delivered these returns with 54.96% less volatility than the index, contributing to a Sharpe ratio for performance over the past 12 months of 3.6 and for performance since inception of 1.68. The fund has provided positive monthly returns 100% of the time in rising markets and 100% of the time during periods of market decline, contributing to an up-capture ratio since inception of 6% and a down-capture ratio of -49%. |
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Performance Report: Bennelong Long Short Equity Fund
19 Aug 2022 - FundMonitors.com
The Bennelong Long Short Equity Fund rose by +1.24% in July. The fund has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.68% compared with the index's...
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19 Aug 2022 - Performance Report: Bennelong Long Short Equity Fund
By: FundMonitors.com
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX. |
| Manager Comments | The Bennelong Long Short Equity Fund has a track record of 20 years and 6 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with an annualised return of 12.68% compared with the index's return of 7.91% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 3 occasions in the 20 years and 6 months since its inception. Over the past 12 months, the fund's largest drawdown was -23.38% vs the index's -11.9%, and since inception in February 2002 the fund's largest drawdown was -30.59% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in September 2020 and has lasted 1 year and 10 months, reaching its lowest point during June 2022. During this period, the index's maximum drawdown was -15.05%. The Manager has delivered these returns with 0.36% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.74 since inception. The fund has provided positive monthly returns 64% of the time in rising markets and 60% of the time during periods of market decline, contributing to an up-capture ratio since inception of 4% and a down-capture ratio of -121%. |
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Performance Report: Glenmore Australian Equities Fund
18 Aug 2022 - FundMonitors.com
The Glenmore Australian Equities Fund rose by +9.78% in July, an outperformance of +4.03% compared with the ASX 200 Total Return Index which rose by +5.75%. The fund has outperformed the index since inception in June 2017, providing...
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18 Aug 2022 - Performance Report: Glenmore Australian Equities Fund
By: FundMonitors.com
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| Fund Overview | 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 Comments | The Glenmore Australian Equities Fund has a track record of 5 years and 2 months and has outperformed the ASX 200 Total Return Index since inception in June 2017, providing investors with an annualised return of 22.05% compared with the index's return of 7.79% over the same period. On a calendar year basis, the fund hasn't experienced any negative annual returns in the 5 years and 2 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 7.53% 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 0.97 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 38% of the time during periods of market decline, contributing to an up-capture ratio since inception of 239% and a down-capture ratio of 102%. |
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Performance Report: Delft Partners Global High Conviction Strategy
18 Aug 2022 - FundMonitors.com
The Delft Partners Global High Conviction Strategy rose by +2.08% in July. The strategy has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.27% compared with the...
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18 Aug 2022 - Performance Report: Delft Partners Global High Conviction Strategy
By: FundMonitors.com
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The Delft Partners Global High Conviction Strategy has a track record of 11 years and has outperformed the Global Equity Index since inception in August 2011, providing investors with an annualised return of 14.27% compared with the index's return of 12.88% over the same period. On a calendar year basis, the strategy has experienced a negative annual return on 2 occasions in the 11 years since its inception. Over the past 12 months, the strategy's largest drawdown was -8.81% vs the index's -15.77%, and since inception in August 2011 the strategy's largest drawdown was -13.33% vs the index's maximum drawdown over the same period of -15.77%. The strategy's maximum drawdown began in February 2020 and lasted 1 year, reaching its lowest point during July 2020. The strategy had completely recovered its losses by February 2021. During this period, the index's maximum drawdown was -13.19%. The Manager has delivered these returns with 1.15% 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 1.06 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets and 14% of the time during periods of market decline, contributing to an up-capture ratio since inception of 96% and a down-capture ratio of 90%. |
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Performance Report: Quay Global Real Estate Fund (Unhedged)
18 Aug 2022 - FundMonitors.com
The Quay Global Real Estate Fund (Unhedged) rose by +6.76% in July, an outperformance of +4.57% compared with the BBAREIT Index which rose by +2.19%. The fund has outperformed the index since inception in January 2016, providing investors...
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18 Aug 2022 - Performance Report: Quay Global Real Estate Fund (Unhedged)
By: FundMonitors.com
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | The Quay Global Real Estate Fund (Unhedged) has a track record of 6 years and 7 months and has outperformed the BBAREIT Index since inception in January 2016, providing investors with an annualised return of 7.75% compared with the index's return of 6.44% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 6 years and 7 months since its inception. Over the past 12 months, the fund's largest drawdown was -17.04% vs the index's -12.05%, and since inception in January 2016 the fund's largest drawdown was -19.68% vs the index's maximum drawdown over the same period of -23.56%. The fund's maximum drawdown began in February 2020 and lasted 1 year and 4 months, reaching its lowest point during September 2020. The fund had completely recovered its losses by June 2021. The Manager has delivered these returns with 1.05% 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 0.59 since inception. The fund has provided positive monthly returns 72% of the time in rising markets and 34% of the time during periods of market decline, contributing to an up-capture ratio since inception of 68% and a down-capture ratio of 66%. |
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Performance Report: Insync Global Quality Equity Fund
17 Aug 2022 - FundMonitors.com
The Insync Global Quality Equity Fund rose by +7.67% in July, an outperformance of +1.96% compared with the Global Equity Index which rose by +5.71%. The fund has outperformed the Global Equity Index since inception in October 2009,...
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17 Aug 2022 - Performance Report: Insync Global Quality Equity Fund
By: FundMonitors.com
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Quality Equity Fund has a track record of 12 years and 10 months and has outperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 12.04% compared with the index's return of 10.65% over the same period. On a calendar year basis, the fund has only experienced a negative annual return once in the 12 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -27.21% vs the index's -15.77%, and since inception in October 2009 the fund's largest drawdown was -27.21% vs the index's maximum drawdown over the same period of -15.77%. The fund's maximum drawdown began in January 2022 and has lasted 6 months, reaching its lowest point during June 2022. The Manager has delivered these returns with 1.53% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.84 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 20% of the time during periods of market decline, contributing to an up-capture ratio since inception of 85% and a down-capture ratio of 87%. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
17 Aug 2022 - FundMonitors.com
The Bennelong Kardinia Absolute Return Fund rose by +1.16% in July. The fund has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.64% compared with the index's...
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17 Aug 2022 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: FundMonitors.com
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| Fund Overview | There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. |
| Manager Comments | The Bennelong Kardinia Absolute Return Fund has a track record of 16 years and 3 months and has outperformed the ASX 200 Total Return Index since inception in May 2006, providing investors with an annualised return of 7.64% compared with the index's return of 6.11% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 16 years and 3 months since its inception. Over the past 12 months, the fund's largest drawdown was -10.52% vs the index's -11.9%, and since inception in May 2006 the fund's largest drawdown was -11.71% vs the index's maximum drawdown over the same period of -47.19%. The fund's maximum drawdown began in June 2018 and lasted 2 years and 6 months, reaching its lowest point during December 2018. The fund had completely recovered its losses by December 2020. During this period, the index's maximum drawdown was -26.75%. The Manager has delivered these returns with 6.61% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.64 since inception. The fund has provided positive monthly returns 87% of the time in rising markets and 32% of the time during periods of market decline, contributing to an up-capture ratio since inception of 15% and a down-capture ratio of 55%. |
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Performance Report: Insync Global Capital Aware Fund
16 Aug 2022 - FundMonitors.com
The Insync Global Capital Aware Fund rose by +7.02% in July, an outperformance of +1.31% compared with the Global Equity Index which rose by +5.71%. The fund has underperformed the index since inception in October 2009, providing investors...
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16 Aug 2022 - Performance Report: Insync Global Capital Aware Fund
By: FundMonitors.com
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| Fund Overview | Insync invests in a concentrated portfolio of high quality companies that possess long 'runways' of future growth benefitting from Megatrends. Megatrends are multiyear structural and disruptive changes that transform the way we live our daily lives and result from a convergence of different underlying trends including innovation, politics, demographics, social attitudes and lifestyles. They provide important tailwinds to individual stocks and sectors, that reside within them. Insync believe this delivers exponential earnings growth ahead of market expectations. The fund uses Put Options to help buffer the depth and duration that sharp, severe negative market impacts would otherwide have on the value of the fund during these events. Insync screens the universe of 40,000 listed global companies to just 150 that it views as superior. This includes profitability, balance sheet performance, shareholder focus and valuations. 20-40 companies are then chosen for the portfolio. These reflect the best outcomes from further analysis using a proprietary DCF valuation, implied growth modelling, and free cash flow yield; alongside management, competitor, and industry scrutiny. The Fund may hold some cash (maximum of 5%), derivatives, currency contracts for hedging purposes, and American and/or Global Depository Receipts. It is however, for all intents and purposes, a 'long-only' fund, remaining fully invested irrespective of market cycles. |
| Manager Comments | The Insync Global Capital Aware Fund has a track record of 12 years and 10 months and has underperformed the Global Equity Index since inception in October 2009, providing investors with an annualised return of 10.11% compared with the index's return of 10.65% over the same period. On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 12 years and 10 months since its inception. Over the past 12 months, the fund's largest drawdown was -27.39% vs the index's -15.77%, and since inception in October 2009 the fund's largest drawdown was -27.39% vs the index's maximum drawdown over the same period of -15.77%. The fund's maximum drawdown began in January 2022 and has lasted 6 months, reaching its lowest point during June 2022. The Manager has delivered these returns with 0.88% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.73 since inception. The fund has provided positive monthly returns 81% of the time in rising markets and 22% of the time during periods of market decline, contributing to an up-capture ratio since inception of 60% and a down-capture ratio of 82%. |
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