| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Surrey Australian Equities Fund has a track record of 3 years and 6 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2018, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 11.1%, compared with the index's return of 9.49% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 3 years and 6 months since its inception. Its largest drawdown was -26.75% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 three times and currently sits at 0.58 since inception. The fund has provided positive monthly returns 83% of the time in rising markets, and 8% of the time when the market was negative, contributing to an up capture ratio since inception of 123% and a down capture ratio of 110%. |
| More Information |
