Collins St Value Fund
31 August 2023
Key Facts
| Index Used: | ASX 200 Total Return | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Large Cap - Australia | FUM (millions): | AU$ 180.9m |
| Investment Style: | Value | Fund Inception Date: | February 2016 |
| Geographic Mandate: | Australia | Latest Return Date: | August 2023 |
| Investor Type: | Wholesale | Status: | Open |
| Minimum Investment: | AU$ 250,000 | Investment Frequency: | Monthly |
Manager Details
Vasilios is a founder, Executive Director and Investment Manager for the Collins Street Value Fund. Prior to founding the fund, Vas managed equity portfolios for wholesale clients at a boutique wealth manager in Melbourne - where he was a Portfolio Manager from 2010 to 2014. Additionally, Vas has managed a private equity portfolio for over 10 years. Vasilios is RG146 certified in securities and margin lending and is certified to provide financial advice by the Investment Banking Institute.
Michael is a founder, Executive Director and Investment Manager of the fund. Prior to founding the fund, Michael was a senior portfolio manager at a Melbourne based boutique wealth manager. While in his previous role, Michael was the lead portfolio adviser to some of Australia's largest family offices and high net worth individuals. Michael studied Banking & Finance, and Management at Monash University (2003), is RG146 compliant in Securities, Superannuation, and Geared Investments, and is certified to provide financial advice.
Strategy Description
The Manager aims to create and maintain a concentrated portfolio of ASX listed companies that they have researched and which they consider are undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the Manager forms a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment.
If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves.
Fund Fees
| Management Fee: | 0% | Performance Fee: | 25% |
| Buy Spread: | 0.5% | Sell spread: | 0.5% |
| High Water Mark: | Yes | Hurdle: | 10 Year Australian Government Bond Rate (cumulative, reset every 2 years) |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Collins St Asset Management Pty Ltd |
| Administrator: | Apex | Prime Broker: | |
| Custodian: | Sandhurst | Legal: | Hall & Wilcox, Axial Advisory. |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Collins St Value Fund has a track record of 7 years and 7 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2016, providing investors with an annualised return of 13.2% compared with the benchmark's return of 9.5% over the same period.
The Manager has delivered these returns with 3.45% 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 0.72 since inception. The fund has provided positive monthly returns 84% of the time in rising markets and 58% of the time during periods of market decline, contributing to an up-capture ratio since inception of 70% and a down-capture ratio of 61%.
The Collins St Value Fund returned -0.3% in August, an outperformance of +0.43% compared with the ASX 200 Total Return benchmark which fell by -0.73%. Over the past 12 months, the fund's best monthly return was +6.49% compared with the benchmark's best return of +6.58%, and its worst monthly return was -12.59% vs the benchmark's worst return over the same period of -6.17%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 1.36 | -2.10 | 0.38 | 0.42 | -6.11 | 1.10 | 6.49 | -0.30 | NA | NA | NA | NA | 0.81 |
| 2022 | 1.67 | 1.32 | 3.39 | 0.36 | -3.66 | -8.04 | 5.23 | -2.13 | -12.59 | 4.36 | 3.82 | 0.00 | -7.64 |
| 2021 | 3.33 | 1.02 | 1.29 | 1.10 | 4.66 | 5.96 | 0.24 | -1.51 | 6.87 | 1.69 | -5.40 | 4.36 | 25.55 |
| 2020 | 5.83 | -13.80 | -15.85 | 12.87 | 12.62 | -2.44 | 2.85 | 6.73 | 2.66 | 0.96 | 10.77 | 10.30 | 32.34 |
| 2019 | 4.30 | -1.51 | 10.88 | 0.75 | -5.84 | 3.12 | 1.29 | 0.39 | 8.24 | 4.34 | 3.85 | -5.48 | 25.62 |
| 2018 | 1.70 | -4.40 | 1.66 | -1.24 | 0.42 | 1.53 | 1.69 | 1.56 | -1.96 | -10.58 | 6.68 | 4.31 | 0.27 |
| 2017 | 0.57 | 0.46 | 1.75 | 0.12 | -7.07 | 6.13 | 4.72 | 0.12 | 1.83 | -4.95 | -0.27 | 2.21 | 5.00 |
| 2016 | NA | 2.09 | 1.06 | 0.73 | 1.88 | -2.00 | 6.86 | 4.74 | 1.16 | 5.06 | 0.51 | 0.89 | 25.14 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -4.53% compared with the benchmark which has returned +9.56%, for a difference of -14.09%. Since inception in February 2016, the fund has returned +13.2% per annum, a difference of +3.7% relative to the benchmark which has returned +9.5% 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 $256. The same amount invested in the benchmark over the same period would have become $198.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 16.69% vs the index's 13.65%. The annualised volatility of the fund's returns since inception in February 2016 is 17.54% vs the index's 14.09%. 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 0.82 for performance over the most recent 36 months to a low of -0.39 over the latest 12 months, and is 0.72 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2016 is 0.63.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in February 2016 in the months where the market was positive, the fund has provided positive returns 84% of the time, contributing to an up-capture ratio for returns since inception of 70.09%. Over all other periods, the fund's up-capture ratio has ranged from a high of 123.8% over the most recent 48 months to a low of 62.78% over the latest 24 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 February 2016 in the months where the market was negative, the fund has provided positive returns 58% of the time, contributing to a down-capture ratio for returns since inception of 60.75%. Over all other periods, the fund's down-capture ratio has ranged from a high of 135.92% over the most recent 12 months to a low of 69.18% over the latest 36 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 1.14 for performance over the most recent 36 months to a low of -0.55 over the latest 12 months, and is 0.94 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2016 is 0.76.
Drawdown
Over the past 12 months, the fund's largest drawdown was -7.34% vs the index's -3.31%, and since inception in February 2016 the fund's largest drawdown was -27.46% vs the index's maximum drawdown over the same period of -26.75%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of August 2023
The performance of the Collins St Value Fund ranked it in the first quintile for Total Return over 3, 5 & 7 years, and in the first quintile for Sharpe and Sortino over 5 & 7 years, while over 3 years the fund ranked in the second quintile for Sharpe.
Over the past 12 months, the fund has returned -4.53% compared with the peer group which has returned an average of +13.05%, for a difference of -17.58%.
The fund's returns over the past 12 months have been achieved with a volatility of 16.69% vs the peer group's average volatility of 12.82%. The annualised volatility of the fund's returns since inception in February 2016 is 17.54% vs the peer group's 14.08%. Over all other periods, the fund's returns have been more volatile than the peer group.