Key Facts

Index Used: Bloomberg AusBond Composite 0+ Yr Index Discretionary/Quantitative: Discretionary
Peer Group: Alternatives FUM (millions): US$ 57m
Investment Style: N/A Fund Inception Date: May 2013
Geographic Mandate: USA Latest Return Date: May 2022
Investor Type: Wholesale Status: Open
Minimum Investment: AU$ 100,000 Investment Frequency: Monthly

Manager Details

Laureola Advisors is specialist investment management firm offering conservative risk mitigated exposure to life settlements. The Laureola Advisors team has transacted over USD 1 billion in face value of life insurance policies.

Laureola Advisors was founded in 2012 by Tony Bremness to take advantage of the opportunities in the Life Settlements asset class. The Principals have invested their own capital in the fund.

Tony Bremness is a Partner, Managing Director, and portfolio manager at Laureola Advisors Inc. Mr Bremness is a frequent speaker at Alternative Investment Conferences, with a focus on Life Settlements. He graduated with an MBA (1985 McGill University, Canada) and has been awarded the CFA accreditation (1991).

Laureola Advisors, Inc. is a BVI Financial Services Commission approved investment manager, Approved Investment Manager number IBR/AIM/15/0124.
Laureola Advisors is specialist investment management firm offering conservative risk mitigated exposure to life settlements. The Laureola Advisors team has transacted over USD 1 billion in face value of life insurance policies.

Laureola Advisors was founded in 2012 by Tony Bremness to take advantage of the opportunities in the Life Settlements asset class. The Principals have invested their own capital in the fund.

Strategy Description

The Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner.

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.
The Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner.

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.

Fund Fees

Management Fee: 2% Performance Fee: 20%
Buy Spread: % Sell spread: %
High Water Mark: Yes Hurdle: 6% net realised

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Company
Share Classes: [email protected]@US$ Trustee/RE: Emerging Manager Platform Ltd
Administrator: Apex Fund Services Prime Broker: N/A
Custodian: Bank of Utah Legal: Conyers Dill & Pearman, Morgan Lewis & Bockius LLPOne

Ratings & Availability

Research Ratings

None.

Platform Availability

OLIVIA123

Performance Review

The Laureola Australia Feeder Fund has a track record of 9 years and 1 month and has outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with an annualised return of 14.15% compared with the index's return of 2.58% over the same period.

The Manager has delivered these returns with 1.83% more volatility than the index, contributing to a Sharpe ratio which has only fallen below 1 once over the past five years and which currently sits at 2.25 since inception. The fund has provided positive monthly returns 97% of the time in rising markets and 89% of the time during periods of market decline, contributing to an up-capture ratio since inception of 160% and a down-capture ratio of -189%.

The Laureola Australia Feeder Fund returned -0.35% in May, an outperformance of +0.54% compared with the Bloomberg AusBond Composite 0+ Yr Index which fell by -0.89%. Over the past 12 months, the fund's best monthly return was +2.12% compared with the index's best return of +2.08%, and its worst monthly return was -2.33% vs the index's worst return over the same period of -3.75%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
2022-0.06-2.330.96-0.02-0.35NANANANANANANA-1.82
20210.010.430.090.370.430.410.422.120.091.030.340.166.04
20200.800.300.350.431.300.692.221.290.390.340.150.939.57
20190.500.700.200.200.200.500.701.600.001.400.401.207.85
20180.701.802.601.602.001.000.800.300.300.000.30-4.906.48
20170.200.300.501.001.200.300.900.801.002.002.002.2013.10
20160.200.400.703.001.601.400.100.100.501.101.004.0014.96
2015-0.306.000.200.100.502.505.900.400.801.307.303.7031.91
20140.401.101.701.701.000.900.702.400.805.800.600.2018.60
2013NANANANA1.906.003.000.603.901.901.903.4024.85

Only seven years of data shown. Click here to view all data.

General Notes

The Laureola Australia Feeder Fund is the localised feeder fund to the Laureola Investment Master Fund and is the AUD hedged class.

Returns shown above are for the Master fund. For the AUD hedged feeder fund's returns, please refer to the latest report

Annual Returns

Over the past 12 months, the fund has risen by +2.74% compared with the index which has fallen -8.54%, for a difference of +11.28%. Since inception in May 2013, the fund has returned +14.15% per annum, a difference of +11.57% relative to the index which has returned +2.58% 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 $332. The same amount invested in the index over the same period would have become $126.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 3.45% vs the index's 6.01%. The annualised volatility of the fund's returns since inception in May 2013 is 5.44% vs the index's 3.61%. Over all other periods, the fund's returns have been consistently less volatile than the index.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 2.31 for performance over the most recent 36 months to a low of 0.77 over the latest 12 months, and is 2.25 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sharpe for performance since May 2013 is 0.35.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in May 2013 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 159.98%. Over all other periods, the fund's up-capture ratio has ranged from a high of 95.1% over the most recent 24 months to a low of 47.37% over the latest 48 months.

Performance in Negative Markets

Since inception in May 2013 in the months where the market was negative, the fund has provided positive returns 89% of the time, contributing to a down-capture ratio for returns since inception of -188.65%. Over all other periods, the fund's down-capture ratio has ranged from a high of 5.61% over the most recent 12 months to a low of -60.94% over the latest 60 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months, and a negative down-capture ratio indicates that, on average, the fund delivered positive returns in the months the market fell.

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 4.37 for performance over the most recent 36 months to a low of 1.09 over the latest 12 months, and is 6.44 for performance since inception. By contrast, the Bloomberg AusBond Composite 0+ Yr Index's Sortino for performance since May 2013 is 0.43.

Drawdown

Over the past 12 months, the fund's largest drawdown was -2.39% vs the index's -10.81%, and since inception in May 2013 the fund's largest drawdown was -4.9% vs the index's maximum drawdown over the same period of -11.09%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Alternatives as of April 2022

The performance of the Laureola Australia Feeder Fund ranked it in the first quintile for all KPIs over 5 & 7 years. Over 3 years the fund ranked in the first quintile for all KPIs except Total Return, while it ranked in the first or second quintile for all KPIs except Total Return and Sortino over 1 year.

Over the past 12 months, the fund has risen by +2.74% compared with the peer group which has returned an average of +7.2%, for a difference of -4.46%.

The fund's returns over the past 12 months have been achieved with a volatility of 3.45% vs the peer group's average volatility of 12.12%. The annualised volatility of the fund's returns since inception in May 2013 is 5.44% vs the peer group's 10.23%. Over all other periods, the fund's returns have been consistently less volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Laureola Australia Feeder Fund
Barclay Hedge Global Macro Index
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.