Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Discretionary
Peer Group: Equity Long - Large Cap - Australia FUM (millions): AU$ 198.4m
Investment Style: Value Fund Inception Date: February 2016
Geographic Mandate: Australia Latest Return Date: August 2022
Investor Type: Wholesale Status: Open
Minimum Investment: AU$ 250,000 Investment Frequency: Monthly

Manager Details

Collins St Asset Management (CSAM) is a boutique funds management business that places strong emphasis on identifying value investment opportunities. The directors of CSAM are Vasilios Piperoglou and Michael Goldberg.

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.
Collins St Asset Management (CSAM) is a boutique funds management business that places strong emphasis on identifying value investment opportunities. The directors of CSAM are Vasilios Piperoglou and Michael Goldberg.

Strategy Description

The Collins Street Value Fund is an index unaware fund which seeks to create strong investment returns over the medium and long term with capital preservation a priority.

The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be 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 managers form 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.
The Collins Street Value Fund is an index unaware fund which seeks to create strong investment returns over the medium and long term with capital preservation a priority. The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be 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.

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

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: JP Morgan Legal: N/A

Ratings & Availability

Research Ratings

Morningstar Star Rating5 stars (01 Jul 2021)

Platform Availability

OLIVIA123, HUB24, Netwealth, Powerwrap

Performance Review

The Collins St Value Fund has a track record of 6 years and 7 months and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 16.17% compared with the index's return of 9.49% over the same period.

The Manager has delivered these returns with 3.38% more volatility than the index, contributing to a Sharpe ratio which has fallen below 1 three times over the past five years and which currently sits at 0.89 since inception. The fund has provided positive monthly returns 83% of the time in rising markets and 63% of the time during periods of market decline, contributing to an up-capture ratio since inception of 76% and a down-capture ratio of 42%.

The Collins St Value Fund returned -2.13% in August, a difference of -3.31% compared with the ASX 200 Total Return Index which rose by +1.18%. Over the past 12 months, the fund's best monthly return was +6.87% compared with the index's best return of +6.89%, and its worst monthly return was -8.04% vs the index's worst return over the same period of -8.77%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20221.671.323.390.36-3.66-8.045.23-2.13NANANANA-2.47
20213.331.021.291.104.665.960.24-1.516.871.69-5.404.3625.55
20205.83-13.80-15.8512.8712.62-2.442.856.732.660.9610.7710.3032.34
20194.30-1.5110.880.75-5.843.121.290.398.244.343.85-5.4825.62
20181.70-4.401.66-1.240.421.531.691.56-1.96-10.586.684.310.27
20170.570.461.750.12-7.076.134.720.121.83-4.95-0.272.215.00
2016NA2.091.060.731.88-2.006.864.741.165.060.510.8925.15

Annual Returns

Over the past 12 months, the fund has risen by +4.63% compared with the index which has fallen -3.44%, for a difference of +8.07%. Since inception in February 2016, the fund has returned +16.17% per annum, a difference of +6.68% relative to the index which has returned +9.49% 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 $268. The same amount invested in the index over the same period would have become $181.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 14.89% vs the index's 14.9%. The annualised volatility of the fund's returns since inception in February 2016 is 17.54% vs the index's 14.16%. Over all other periods, the fund's returns have been more volatile than the index.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 1.54 for performance over the most recent 24 months to a low of 0.35 over the latest 12 months, and is 0.89 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2016 is 0.65.

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 83% of the time, contributing to an up-capture ratio for returns since inception of 75.8%. Over all other periods, the fund's up-capture ratio has ranged from a high of 145.46% over the most recent 36 months to a low of 62.9% 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.

Performance in Negative Markets

Since inception in February 2016 in the months where the market was negative, the fund has provided positive returns 63% of the time, contributing to a down-capture ratio for returns since inception of 41.52%. Over all other periods, the fund's down-capture ratio has ranged from a high of 71.12% over the most recent 36 months to a low of 20.45% 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.

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 2.87 for performance over the most recent 24 months to a low of 0.38 over the latest 12 months, and is 1.23 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since February 2016 is 0.77.

Drawdown

Over the past 12 months, the fund's largest drawdown was -11.41% vs the index's -11.9%, 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%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of August 2022

The performance of the Collins St Value Fund ranked it in the first quintile for Total Return over 1, 3 & 5 years, and in the first quintile for Sharpe and Sortino over 3 & 5 years, while over 1 year the fund ranked in the first or second quintile for all other KPIs except Volatility.

Over the past 12 months, the fund has risen by +4.63% compared with the peer group which has fallen an average of -8.75%, for a difference of +13.38%.

The fund's returns over the past 12 months have been achieved with a volatility of 14.89% vs the peer group's average volatility of 14.38%. The annualised volatility of the fund's returns since inception in February 2016 is 17.54% vs the peer group's 11.53%. Over all other periods, the fund's returns have been more volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Collins St Value Fund
ASX200 Total Return
Quintile Rankings display Key Performance Indicators (KPI's) against the fund's Peer Group. Each green square ranks the fund in one quintile (or 20%) of its peer group - five green squares indicate the fund is in the best quintile for each KPI. The performance of the peer group's underlying index is shown by a red dot.