NEWS
Performance Report: Cyan C3G Fund
12 Nov 2021 - Australian Fund Monitors
The Cyan C3G Fund rose +3.14% in October, outperforming the ASX200 Total Return Index by +3.24% and taking 12-month performance to +26.49%. Since inception in August 2014 it has outperformed the ASX Small Ordinaries Total Return Index,...
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12 Nov 2021 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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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 are one or more of: 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 the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The Cyan C3G Fund has a track record of 7 years and 3 months and has outperformed the ASX Small Ordinaries Total Return Index since inception in August 2014, providing investors with a return of 16.15%, compared with the index's return of 9.63% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 7 years and 3 months since its inception. Its largest drawdown was -36.45% lasting 16 months, occurring between October 2019 and February 2021 when the index fell by a maximum of -29.12%. The Manager has delivered these returns with -0.24% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.94 since inception. The fund has provided positive monthly returns 85% of the time in rising markets, and 42% of the time when the market was negative, contributing to an up capture ratio since inception of 68% and a down capture ratio of 48%. |
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Performance Report: Airlie Australian Share Fund
12 Nov 2021 - Australian Fund Monitors
The Airlie Australian Share Fund rose +1.93% in October, outperforming the ASX200 Total Return Index by +2.03% and taking 12-month performance to +39.39% vs the Index's +27.96%. Since inception in June 0218, the fund has outperformed the...
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12 Nov 2021 - Performance Report: Airlie Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). The fund has a maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities. |
| Manager Comments | The Airlie Australian Share Fund has a track record of 3 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 14.05%, compared with the index's return of 9.91% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 5 months since its inception. Its largest drawdown was -23.8% lasting 9 months, occurring between February 2020 and November 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -0.45% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 0.87 since inception. The fund has provided positive monthly returns 100% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 113% and a down capture ratio of 92%. |
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Performance Report: AIM Global High Conviction Fund
8 Nov 2021 - Australian Fund Monitors
The AIM Global High Conviction Fund rose by +3.26% in October, an outperformance of +2.09% compared with the Global Equity Index which rose by +1.17%. Since inception in July 2019, the fund has returned +18.25% per annum, a difference of...
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8 Nov 2021 - Performance Report: AIM Global High Conviction Fund
By: Australian Fund Monitors
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| Fund Overview | AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors. |
| Manager Comments | The fund's Sharpe ratio is 2.37 for performance over the past 12 months, and over the past 24 months is 1.77. Since inception, the fund's Sharpe ratio is 1.58 vs the Global Equity Index's Sharpe of 1.32. Since inception in July 2019 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio since inception of 107.99%. For performance over the past 12 month, the fund's up-capture ratio is 106.23%, and is 119.83% over the past 24 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months. The fund has a down-capture ratio since inception of 82.83%. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: Laureola Australia Feeder Fund
29 Oct 2021 - Australian Fund Monitors
The Laureola Master Fund rose +0.09% in September and is up +5.94% over the past 12 months. Since inception in May 2013, it has returned +15.40% p.a. with an annualised volatility of 5.44%.
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29 Oct 2021 - Performance Report: Laureola Australia Feeder Fund
By: Australian Fund Monitors
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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The portfolio now holds 184 policies with a combined $127 ml of Face value; The average Life Expectancy is 74 mos. 35% of the insureds have a Life Expectancy of less than 4 years, including the insureds of several larger policies. 22 insureds are more than 90 years old, including the insureds of several larger policies. In their latest report, Laureola noted there are growing indications that we are entering a difficult period for the traditional markets and for the global economy. They believe Laureola investors can be confident that their investment in the Laureola Fund is well sheltered from the coming storms. The fund has a low correlation to all major indices. |
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Fund Review: Insync Global Capital Aware Fund September 2021
29 Oct 2021 - Australian Fund Monitors
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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29 Oct 2021 - Fund Review: Insync Global Capital Aware Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund September 2021
28 Oct 2021 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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28 Oct 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2021
By: Australian Fund Monitors
AFM Fund Review - September 2021 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.63% p.a. with a volatility of 7.60%, compared to the ASX200 Accumulation's return of 6.65% p.a. with a volatility of 14.18%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2021 (pdf format)
Performance Report: Glenmore Australian Equities Fund
27 Oct 2021 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose by +0.74% in September, an outperformance of +2.59% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +54% compared with the index...
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27 Oct 2021 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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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 fund's Sharpe ratio has ranged from a high of 3.42 for performance over the most recent 12 months to a low of 0.77 over the latest 24 months, and is 1.13 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since June 2017 is 0.66. Since inception in June 2017 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 231.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 211.43% over the most recent 48 months to a low of 160.09% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. |
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Performance Report: Premium Asia Fund
26 Oct 2021 - Australian Fund Monitors
The Premium Asia Fund returned -1.54% in September, an outperformance of +2.06% compared with the MSCI All Country Asia Pacific ex-Japan Index which fell by -3.6%. Over the past 12 months, the fund has risen by +23.47% compared with the...
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26 Oct 2021 - Performance Report: Premium Asia Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | Since inception in December 2009 in the months where the market was positive, the fund has provided positive returns 89% of the time, contributing to an up-capture ratio for returns since inception of 160.89%. Over all other periods, the fund's up-capture ratio has ranged from a high of 151.55% over the most recent 36 months to a low of 139.5% over the latest 48 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund has a down-capture ratio for returns since inception of 90.03%. Over all other periods, the fund's down-capture ratio has ranged from a high of 101.21% over the most recent 12 months to a low of 79.83% over the latest 24 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
26 Oct 2021 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund returned -0.92% in September, an outperformance of +0.93% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +42.36% compared...
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26 Oct 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The fund's returns over the past 12 months have been achieved with a volatility of 7.86% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in November 2009 is 13.67% vs the index's 13.2%. Over all other periods, the fund's returns have been more volatile than the index. Since inception in November 2009 in the months where the market was positive, the fund has provided positive returns 97% of the time, contributing to an up-capture ratio for returns since inception of 128.82%. Over all other periods, the fund's up-capture ratio has ranged from a high of 142.43% over the most recent 24 months to a low of 125.68% over the latest 60 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund's down-capture ratio for returns since inception is 96.16%. |
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Performance Report: Frazis Fund
25 Oct 2021 - Australian Fund Monitors
The Frazis Fund rose by +7.5% in September, an outperformance of +10.54% compared with the Global Equity Index which fell by -3.04%. Over the past 12 months, the fund has risen by +71.21% vs the Index's +25.99%, and since inception in July...
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25 Oct 2021 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | Since inception in July 2018 in the months where the market was positive, the fund has provided positive returns 80% of the time, contributing to an up-capture ratio for returns since inception of 217.49%. Over all other periods, the fund's up-capture ratio has ranged from a high of 398.65% over the most recent 24 months to a low of 145.19% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period. The fund has a down-capture ratio for returns since inception of 104.06%, indicating that it has typically not fallen significantly more than the market during the market's negative months. |
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