DMX Capital Partners Limited
31 March 2024
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Small/Mid Cap - Australia | FUM (millions): | AU$ 23m |
| Investment Style: | Value | Fund Inception Date: | April 2015 |
| Geographic Mandate: | Australia | Latest Return Date: | March 2024 |
| Investor Type: | Retail | Status: | Open |
| Minimum Investment: | AU$ 10,000 | Investment Frequency: | Monthly |
Manager Details
DMXAM is a subsidiary of DMX Corporation Limited (DMX), an unlisted public company. DMX Corp is a profitable, strategic investment company, focused on undertaking high quality value investments. The directors and staff of DMX Corp own the majority of the shares in DMX Corp, and are significant investors in DMXAM's flagship fund, DMX Capital Partners Ltd.
DMXAM comprises an experienced investment team of fundamental value based asset managers. The team includes Roger Collinson, Steven McCarthy, John Welsh and Simon Turner. Collectively, the team has over 50 years' experience in areas such as funds management, corporate finance, business valuation and advisory services.
DMXAM is a subsidiary of DMX Corporation Limited (DMX), an unlisted public company. DMX Corp is a profitable, strategic investment company, focused on undertaking high quality value investments. The directors and staff of DMX Corp own the majority of the shares in DMX Corp, and are significant investors in DMXAM's flagship fund, DMX Capital Partners Ltd.
Strategy Description
The manager's investment process utilises extensive due diligence and fundamental analysis coupled with strict value based investment criteria to invest in companies with high quality earnings and/or assets, and which are believed have the potential to add meaningful value over time. DMXCP can also participate in capital raising, restructurings and recapitalisations of high quality small companies which many investors may not have the opportunity to access or participate in.
DMXCP is not focused on any particular industry, will only invest in companies listed on the ASX, and has a preference for companies which have an established business, and will tend to invest in companies which have low leverage or positive cash holdings.
Each investment is expected, at the time of investment, to have a market capitalisation of between $1m and $500m. No single investment is expected to comprise more than 20% of DMXCP's gross assets.
The investment process utilises extensive due diligence and fundamental analysis coupled with strict value based investment criteria to invest in companies with high quality earnings and/or assets, and which are believed have the potential to add meaningful value over time.
Fund Fees
| Management Fee: | 1% | Performance Fee: | 15% |
| Buy Spread: | 0.25% | Sell spread: | 0.25% |
| High Water Mark: | Yes | Hurdle: | Cumulative 30 day Bank Bill Swap Rate |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Company |
| Share Classes: | AU$ | Trustee/RE: | N/A |
| Administrator: | N/A | Prime Broker: | N/A |
| Custodian: | N/A | Legal: | Addisons Lawyers |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The DMX Capital Partners Limited has a track record of 9 years and has outperformed the ASX 200 Total Return benchmark since inception in April 2015, providing investors with an annualised return of 16.07% compared with the benchmark's return of 7.64% over the same period.
The Manager has delivered these returns with 0.43% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 four times over the past five years and which currently sits at 0.99 since inception. The fund has provided positive monthly returns 82% of the time in rising markets and 56% of the time during periods of market decline, contributing to an up-capture ratio since inception of 68% and a down-capture ratio of 39%.
The DMX Capital Partners Limited rose by +1% in March, a difference of -2.27% compared with the ASX 200 Total Return benchmark which rose by +3.27%. Over the past 12 months, the fund's best monthly return was +8.5% compared with the benchmark's best return of +7.26%, and its worst monthly return was -4.9% vs the benchmark's worst return over the same period of -3.78%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 3.30 | 0.77 | 1.00 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 5.14 |
| 2023 | 1.10 | -5.20 | -4.50 | 0.50 | -3.90 | -2.30 | 8.50 | -0.90 | 2.60 | -4.90 | 4.10 | 0.70 | -5.01 |
| 2022 | -2.48 | -2.93 | -0.51 | -2.04 | -5.50 | -10.60 | 8.72 | 1.20 | -5.90 | 4.52 | 4.50 | 1.00 | -10.98 |
| 2021 | 1.02 | 3.32 | 1.17 | 3.23 | 1.10 | 0.69 | 3.96 | 2.12 | 3.80 | 5.51 | -0.84 | 0.04 | 27.99 |
| 2020 | 2.33 | -8.42 | -17.91 | 8.53 | 4.53 | 6.21 | 10.09 | 8.67 | 6.52 | 11.10 | 7.86 | 2.24 | 44.72 |
| 2019 | 0.12 | -0.01 | -1.62 | 3.75 | 3.01 | 0.42 | 7.48 | -0.89 | 3.28 | 4.57 | 3.00 | 0.14 | 25.43 |
| 2018 | 0.45 | -1.63 | 0.01 | -1.17 | 0.31 | -0.21 | 1.02 | 4.11 | 1.60 | -3.44 | -2.83 | 2.47 | 0.44 |
| 2017 | 0.89 | -0.82 | 1.79 | -0.74 | -1.99 | 0.21 | 1.07 | 1.21 | 0.82 | 3.49 | -0.27 | -0.06 | 5.64 |
| 2016 | -3.59 | 1.32 | 2.05 | 2.05 | 2.14 | 0.02 | 5.39 | 7.06 | 2.16 | 1.06 | 1.52 | 0.32 | 23.29 |
| 2015 | NA | NA | NA | 0.20 | 9.45 | 1.10 | 6.52 | 1.97 | 9.71 | 0.96 | 3.57 | 2.47 | 41.57 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +9.11% compared with the benchmark which has returned +14.45%, for a difference of -5.34%. Since inception in April 2015, the fund has returned +16.07% per annum, a difference of +8.43% relative to the benchmark which has returned +7.64% on an annualised basis over the same period.
Cumulative Returns
On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $382. The same amount invested in the benchmark over the same period would have become $193.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 12.12% vs the index's 10.87%. The annualised volatility of the fund's returns since inception in April 2015 is 14.6% vs the index's 14.17%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.17 for performance over the most recent 48 months to a low of -0.3 over the latest 24 months, and is 0.99 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since April 2015 is 0.49.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in April 2015 in the months where the market was positive, the fund has provided positive returns 82% of the time, contributing to an up-capture ratio for returns since inception of 67.79%. Over all other periods, the fund's up-capture ratio has ranged from a high of 100.69% over the most recent 60 months to a low of 51.4% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.
Performance in Negative Markets
Since inception in April 2015 in the months where the market was negative, the fund has provided positive returns 56% of the time, contributing to a down-capture ratio for returns since inception of 38.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 114.65% over the most recent 24 months to a low of 66.75% over the latest 48 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
Average Return in +ve Market %
Average Return in -ve Market %
Sortino Ratio
The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 2 for performance over the most recent 48 months to a low of -0.49 over the latest 24 months, and is 1.47 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since April 2015 is 0.56.
Drawdown
Over the past 12 months, the fund's largest drawdown was -6.11% vs the index's -7.19%, and since inception in April 2015 the fund's largest drawdown was -24.82% vs the index's maximum drawdown over the same period of -26.75%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of March 2024
The performance of the DMX Capital Partners Limited ranked it in the first or second quintile for all KPIs over 5 & 7 years. Over 3 years the fund ranked in the first quintile for Volatility and second quintile for Downside Deviation, while it ranked in the first quintile for Largest Drawdown and second quintile for Volatility over 1 year.
Over the past 12 months, the fund has risen by +9.11% compared with the peer group which has returned an average of +14.75%, for a difference of -5.64%.
The fund's returns over the past 12 months have been achieved with a volatility of 12.12% vs the peer group's average volatility of 11.14%. The annualised volatility of the fund's returns since inception in April 2015 is 14.6% vs the peer group's 14.53%. Over all other periods, the fund's volatility relative to the peer group has been varied.