Key Facts

Index Used: All Countries World Index (AUD) Discretionary/Quantitative: Combination
Peer Group: Equity Long - Large Cap - Global FUM (millions): AU$ 115.9m
Investment Style: Growth Fund Inception Date: May 2015
Geographic Mandate: Global Latest Return Date: February 2024
Investor Type: Wholesale & Retail Status: Open
Minimum Investment: AU$ 25,000 Investment Frequency: Daily

Manager Details

Bell Asset Management is boutique investment firm focused on delivering consistent performance outcomes and high quality service to our clients. They are an independently owned investment management company. Employees participate in both direct equity and profit share of the business.

The firm has two distinct business units - Active Equities Management & Fund Administration.

The Active Equities business is where company research and management of client portfolios is undertaken by the Bell Asset Management investment team. Total assets under management as at 30 June 2018 are AUD$1.64bn. They have been a SEC registered Investment Advisor since 2008. Strategies managed are global and local equities. CIO, Ned Bell, was hired in 2000 and took over responsibility of the equity strategies in January 2003.

They offer clients either segregated accounts or access to our stand alone US and Australian Pooled Trusts.
Bell Asset Management is boutique investment firm focused on delivering consistent performance outcomes and high quality service to our clients. We are an independently owned investment management company. Employees participate in both direct equity and profit share of the business.

Strategy Description

The Bell Global Equities Fund invests in a globally diversified portfolio of listed shares.

The Fund employs a long only investment strategy with a fundamental bottom up approach to stock picking. The Fund invests in a portfolio of global equity securities and aims to generally follow a strategic asset allocation guideline of 0 to 10% in cash and 90 to 100% in global equity securities. The Fund may hold derivatives if the RE considers doing so the most appropriate way to gain an exposure to underlying securities.

The Bell Global Equities Fund invests in a globally diversified portfolio of listed shares. The Fund employs a long only investment strategy with a fundamental bottom up approach to stock picking. The Fund invests in a portfolio of global equity securities and aims to generally follow a strategic asset allocation guideline of 0 to 10% in cash and 90 to 100% in global equity securities. The Fund may hold derivatives if the RE considers doing so the most appropriate way to gain an exposure to underlying securities.

Fund Fees

Management Fee: 0.76% Performance Fee: 0%
Buy Spread: 0.14% Sell spread: 14%
High Water Mark: Hurdle: N/A

Fund Structure

Offshore/Onshore: Onshore Fund Structure: Unit Trust
Share Classes: AU$ Trustee/RE: Bell Asset Management
Administrator: Bell Asset Management Prime Broker: N/A
Custodian: National Australia Bank Limited Legal: N/A

Ratings & Availability

Research Ratings

LonsecRecommended (1 Mar 2018)

Platform Availability

HUB24, Macquarie Wrap, OneVue, Netwealth, mFund, Ausmaq, Beacon

Performance Review

The Bell Global Equities Fund (Platform Class) has a track record of 7 years and 8 months and has underperformed the All Countries World (AUD) benchmark since inception in July 2016, providing investors with an annualised return of 12.31% compared with the benchmark's return of 12.7% over the same period.

The Manager has delivered these returns with 0.74% 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 0.95 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 17% of the time during periods of market decline, contributing to an up-capture ratio since inception of 99% and a down-capture ratio of 101%.

The Bell Global Equities Fund (Platform Class) rose by +3.91% in February, a difference of -1.41% compared with the All Countries World (AUD) benchmark which rose by +5.32%. Over the past 12 months, the fund's best monthly return was +5.07% compared with the benchmark's best return of +5.32%, and its worst monthly return was -4.37% vs the benchmark's worst return over the same period of -3.27%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20243.753.91NANANANANANANANANANA7.81
20232.800.325.073.62-0.522.070.121.97-4.37-1.873.222.0215.02
2022-4.14-5.45-2.18-2.62-1.79-2.617.68-4.35-3.597.213.53-4.77-13.33
2021-1.78-0.016.874.870.544.906.732.70-4.342.143.602.8732.50
20205.06-3.82-7.103.774.11-2.342.430.470.98-1.805.38-0.655.82
20193.375.593.023.81-2.424.672.421.800.59-0.404.68-1.7428.10
20181.62-0.340.162.240.743.762.265.000.55-5.10-0.56-3.176.95
2017-2.122.182.224.513.62-3.86-2.510.631.993.574.40-1.5213.41
2016NANANANANANA2.56-0.11-3.23-2.974.353.583.99

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

Annual Returns

Over the past 12 months, the fund has risen by +20.24% compared with the benchmark which has returned +27.56%, for a difference of -7.32%. Since inception in July 2016, the fund has returned +12.31% per annum, a difference of -0.39% relative to the benchmark which has returned +12.7% 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 $243. The same amount invested in the benchmark over the same period would have become $250.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 9.14% vs the index's 9.78%. The annualised volatility of the fund's returns since inception in July 2016 is 11.51% vs the index's 10.77%. 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 1.64 for performance over the most recent 12 months to a low of 0.52 over the latest 24 months, and is 0.95 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since July 2016 is 1.04.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in July 2016 in the months where the market was positive, the fund has provided positive returns 91% of the time, contributing to an up-capture ratio for returns since inception of 98.79%. Over all other periods, the fund's up-capture ratio has ranged from a high of 110.39% over the most recent 36 months to a low of 71.23% 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 July 2016 in the months where the market was negative, the fund has provided positive returns 17% of the time, contributing to a down-capture ratio for returns since inception of 101.32%. Over all other periods, the fund's down-capture ratio has ranged from a high of 110.42% over the most recent 36 months to a low of 69.31% over the latest 12 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 2.77 for performance over the most recent 12 months to a low of 0.76 over the latest 24 months, and is 1.5 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since July 2016 is 1.62.

Drawdown

Over the past 12 months, the fund's largest drawdown was -6.16% vs the index's -6.22%, and since inception in July 2016 the fund's largest drawdown was -18% vs the index's maximum drawdown over the same period of -16.02%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Global as of February 2024

The performance of the Bell Global Equities Fund (Platform Class) ranked it in the first or second quintile for all KPIs over 3 & 7 years. Over 5 years the fund ranked in the second quintile for all KPIs except Total Return, while it ranked in the second quintile for Volatility, Sortino and Downside Deviation over 1 year.

Over the past 12 months, the fund has risen by +20.24% compared with the peer group which has returned an average of +23.03%, for a difference of -2.79%.

The fund's returns over the past 12 months have been achieved with a volatility of 9.14% vs the peer group's average volatility of 9.64%. The annualised volatility of the fund's returns since inception in July 2016 is 11.51% vs the peer group's 11.58%. Over all other periods, the fund's volatility relative to the peer group has been varied.

1 Year
3 Year
5 Year
7 Year
Bell Global Equities Fund (Platform Class)
All Countries World Index (AUD)
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.