Premium Asia Property Fund
31 March 2021
Key Facts
| Index Used: | MSCI All Country Asia Pacific ex-Japan | Discretionary/Quantitative: | Discretionary |
| Peer Group: | Equity Long - Asia | FUM (millions): | AU$ 3.74m |
| Investment Style: | Value | Fund Inception Date: | June 2008 |
| Geographic Mandate: | Asia ex Japan | Latest Return Date: | March 2021 |
| Investor Type: | Wholesale & Retail | Status: | Closed |
| Minimum Investment: | AU$ 25,000 | Investment Frequency: | Daily |
Manager Details
The business team is comprised of six key individuals - Simon Wu (Executive Chairman & Chief Investment Strategist), Dean Groundwater (Director), Jonathan Wu (Executive Director & Head of Distribution and Operations), Derek Paas (Asia Investment Specialist), Clayton Coplestone (Investment Specialist - New Zealand) and Kevin Hu (Manager - Operations and Research).
Strategy Description
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.
In addition to direct investment in the securities of Asian property or property-related companies, the Fund may also invest in listed equities (including depositary receipts), listed China A shares, 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, cash and cash equivalents, and foreign exchange contracts.
Fund Fees
| Management Fee: | 2.1% | Performance Fee: | 20% |
| Buy Spread: | 0.25% | Sell spread: | 0.25% |
| High Water Mark: | Yes | Hurdle: | 10% p.a. |
Fund Structure
| Offshore/Onshore: | Onshore | Fund Structure: | Unit Trust |
| Share Classes: | AU$ | Trustee/RE: | Equity Trustees Limited |
| Administrator: | Link Fund Solutions Pty Ltd | Prime Broker: | N/A |
| Custodian: | Link Fund Solutions Pty Ltd | Legal: | Equity Trustees Limited; Hall & Wilcox |
Ratings & Availability
Research Ratings
Platform Availability
Performance Review
The Premium Asia Property Fund has a track record of 12 years and 10 months and has outperformed the MSCI All Country Asia Pacific ex-Japan benchmark since inception in June 2008, providing investors with an annualised return of 9.98% compared with the benchmark's return of 4.57% over the same period.
The Manager has delivered these returns with 4.97% 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 0.49 since inception. The fund has provided positive monthly returns 73% of the time in rising markets and 36% of the time during periods of market decline, contributing to an up-capture ratio since inception of 116% and a down-capture ratio of 87%.
The Premium Asia Property Fund returned -2.55% in March, a difference of -1.65% compared with the MSCI All Country Asia Pacific ex-Japan benchmark which fell by -0.9%. Over the past 12 months, the fund's best monthly return was +5.92% compared with the benchmark's best return of +4.34%, and its worst monthly return was -5.47% vs the benchmark's worst return over the same period of -2.88%.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | -2.44 | 5.92 | -2.55 | NA | NA | NA | NA | NA | NA | NA | NA | NA | 0.70 |
| 2020 | -4.24 | 3.17 | -9.93 | -1.21 | -5.47 | -0.14 | -0.07 | 0.61 | -2.92 | -3.41 | 5.08 | -4.53 | -21.53 |
| 2019 | 6.39 | 1.23 | 8.98 | -1.50 | -3.50 | 3.69 | -0.54 | -4.63 | 0.42 | 2.86 | 1.29 | 3.92 | 19.30 |
| 2018 | 12.52 | -6.66 | 2.06 | -0.16 | -0.46 | -3.79 | 0.37 | 0.03 | -2.40 | -5.41 | 4.21 | 2.45 | 1.42 |
| 2017 | 1.18 | 3.43 | 2.68 | 4.45 | 3.34 | 0.61 | 3.23 | 1.75 | 0.41 | 2.00 | 2.19 | 1.48 | 30.17 |
| 2016 | -11.70 | -0.98 | -0.25 | 0.48 | 1.17 | -0.34 | 3.30 | 5.30 | -1.27 | -4.18 | -0.41 | -3.66 | -12.75 |
| 2015 | 3.43 | 1.18 | 3.92 | 9.59 | -2.53 | -2.44 | -9.22 | -8.76 | 5.41 | 6.96 | -1.29 | 4.58 | 9.26 |
| 2014 | -2.54 | -3.12 | 0.53 | 0.77 | 1.67 | -0.92 | 13.83 | -2.62 | -2.11 | 3.11 | 9.11 | 12.14 | 31.89 |
| 2013 | 2.62 | -0.30 | -3.65 | 4.08 | 3.43 | -6.12 | 0.69 | -0.73 | -2.98 | 0.02 | -0.20 | -2.71 | -6.16 |
| 2012 | 7.27 | 7.56 | -1.45 | 3.30 | -1.30 | 0.61 | 2.45 | 2.38 | 6.19 | 2.77 | 8.95 | 3.59 | 50.67 |
| 2011 | 0.86 | -4.25 | 2.19 | 1.19 | 1.15 | -5.24 | 3.30 | -10.79 | -15.08 | 9.25 | -7.40 | 4.46 | -20.84 |
| 2010 | -7.34 | 2.35 | 3.00 | -3.67 | 0.88 | 2.78 | 3.99 | 1.37 | 4.36 | 2.03 | 0.29 | -0.90 | 8.84 |
| 2009 | 5.31 | -6.82 | 14.20 | 11.04 | 16.08 | 6.00 | 3.04 | -8.51 | 8.71 | 0.51 | 3.85 | -3.45 | 58.13 |
| 2008 | NA | NA | NA | NA | NA | -2.26 | -0.65 | -0.35 | 0.89 | 1.20 | 5.63 | 7.79 | 12.48 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -11.18% compared with the benchmark which has returned +25.43%, for a difference of -36.61%. Since inception in June 2008, the fund has returned +9.98% per annum, a difference of +5.41% relative to the benchmark which has returned +4.57% 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 $339. The same amount invested in the benchmark over the same period would have become $177.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 11.64% vs the index's 8.07%. The annualised volatility of the fund's returns since inception in June 2008 is 17.26% vs the index's 12.29%. 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 0.31 for performance over the most recent 60 months to a low of -0.97 over the latest 12 months, and is 0.49 for performance since inception. By contrast, the MSCI All Country Asia Pacific ex-Japan Index's Sharpe for performance since June 2008 is 0.22.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in June 2008 in the months where the market was positive, the fund has provided positive returns 73% of the time, contributing to an up-capture ratio for returns since inception of 115.94%. Over all other periods, the fund's up-capture ratio has ranged from a high of 59.12% over the most recent 48 months to a low of -11.83% over the latest 12 months.
Performance in Negative Markets
Since inception in June 2008 in the months where the market was negative, the fund has provided positive returns 36% of the time, contributing to a down-capture ratio for returns since inception of 87.11%. Over all other periods, the fund's down-capture ratio has ranged from a high of 209.5% over the most recent 12 months to a low of 90.89% 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 0.37 for performance over the most recent 60 months to a low of -1.3 over the latest 12 months, and is 0.64 for performance since inception. By contrast, the MSCI All Country Asia Pacific ex-Japan Index's Sortino for performance since June 2008 is 0.21.
Drawdown
Over the past 12 months, the fund's largest drawdown was -12.9% vs the index's -2.88%, and since inception in June 2008 the fund's largest drawdown was -25.84% vs the index's maximum drawdown over the same period of -33.41%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Asia as of
The Premium Asia Property Fund is not ranked in the first or second quintile for any KPI.
Over the past 12 months, the fund has returned -11.18% compared with the peer group which has returned an average of +7.16%, for a difference of -18.34%.
The fund's returns over the past 12 months have been achieved with a volatility of 11.64% vs the peer group's average volatility of 7.55%. The annualised volatility of the fund's returns since inception in June 2008 is 17.26% vs the peer group's 11.29%. Over all other periods, the fund's returns have been more volatile than the peer group.
Quintile data is pending for Premium Asia Property Fund.