September, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.44% in the month of September, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.33%. On a before fees basis the fund returned 0.52% for the month, underperforming the benchmark by 0.26%.
At month end, the Fund had a yield to maturity of 10.66% and running yield of 8.50%, with the credit yield spread increasing by 10 bps to 581 bps during the month. The Fund had an interest rate duration of 0.53 years and credit duration of 2.60 years.
The Fund's three largest industry exposures are 13.9% in Electronics, 10.4% in Healthcare, Education and Childcare and 9.7% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.2% in Polaris Newco, 1.1% in Hub International and 1.0% in Ukg. During the month, the Fund increased its exposure to GTCR W Merger Sub, Ukg and Allegro MicroSystems; with decreased exposures to Acrisure, Cwgs and Vibrantz Technologies.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230930-SLF-Monthly-Report-1.pdfAugust, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.27% in the month of August, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.18%. On a before fees basis the fund returned 1.34% for the month, outperforming the benchmark by 0.25%.
The Fund's three largest industry exposures are 15.0% in Electronics, 10.3% in Healthcare, Education and Childcare and 9.0% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.3% in Polaris Newco, 1.1% in Hub International and 1.1% in Hyland Software. During the month, the Fund increased its exposure to Learning Care Group, AQA Acquisition and Tecta America; with decreased exposures to Flexera Software, CCI Buyer and Packaging Coordinators.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230831-SLF-Monthly-Report.pdfJuly, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.37% in the month of July, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.17%. On a before fees basis the fund returned 1.39% for the month, outperforming the benchmark by 0.19%.
At month end, the Fund had a yield to maturity of 10.11% and running yield of 8.56%, with the credit yield spread decreasing by 26 bps to 564 bps during the month. The Fund had an interest rate duration of 0.54 years and credit duration of 2.87 years.
The Fund's three largest industry exposures are 15.3% in Electronics, 10.9% in Healthcare, Education and Childcare and 8.7% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.0% in Hub International and 1.0% in Hyland Software. During the month, the Fund increased its exposure to Genesee and Wyoming, Ziggo Financing Partnership and AQ Carver Buyer; with decreased exposures to Hornblower Sub, Newfold Digital and Anticimex Global.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230731-SLF-Monthly-Report-1.pdfJune, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.80% in the month of June, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.26%. On a before fees basis the fund returned 1.84% for the month, underperforming the benchmark by 0.23%.
At month end, the Fund had a yield to maturity of 10.42% and running yield of 8.00%, with the credit yield spread decreasing by 25 bps to 590 bps during the month. The Fund had an interest rate duration of 0.51 years and credit duration of 2.84 years.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230630-SLF-Monthly-Report.pdfMay, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of -0.14% in the month of May, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.07%. On a before fees basis the fund returned -0.07% for the month, outperforming the benchmark by 0.14%.
At month end, the Fund had a yield to maturity of 10.35% and running yield of 7.99%, with the credit yield spread increasing by 10 bps to 616 bps during the month. The Fund had an interest rate duration of 0.51 years and credit duration of 2.78 years.
The Fund's three largest industry exposures are 15.7% in Electronics, 10.7% in Healthcare, Education and Childcare and 8.4% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.3% in Polaris Newco, 1.2% in Hub International and 1.1% in Hyland Software. During the month, the Fund increased its exposure to Ufc, Nouryon USA and VS Buyer; with decreased exposures to Diaverum, Irb and Jazz Pharmaceuticals.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230531-SLF-Monthly-Report-1.pdfApril, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.43% in the month of April, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.56%. On a before fees basis the fund returned 1.53% for the month, outperforming the benchmark by 0.66%.
At month end, the Fund had a yield to maturity of 9.88% and running yield of 7.80%, with the credit yield spread increasing by 6 bps to 606 bps during the month. The Fund had an interest rate duration of 0.47 years and credit duration of 2.82 years.
The Fund's three largest industry exposures are 14.7% in Electronics, 11.6% in Healthcare, Education and Childcare and 9.4% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.1% in Hub International and 1.0% in Hornblower. During the month, the Fund increased its exposure to Garrett Motion, Topgolf Callaway Brands and Clarios Global; with decreased exposures to Polaris Newco, Peraton and Quest Software US.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230430-SLF-Monthly-Report.pdfMarch, 2023
At month end, the Fund had a yield to maturity of 9.90% and running yield of 7.61%, with the credit yield spread decreasing by 9 bps to 600 bps during the month. The Fund had an interest rate duration of 0.46 years and credit duration of 2.79 years.
The Fund's three largest industry exposures are 14.4% in Electronics, 11.2% in Healthcare, Education and Childcare and 9.3% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.5% in Polaris Newco, 1.0% in ABG Intermediate Holdings and 1.0% in Hornblower. During the month, the Fund increased its exposure to ABG Intermediate Holdings, AIP RD Buyer and Griffon; with decreased exposures to RealPage, Kindercare and CommerceHub.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230331-SLF-Monthly-Report.pdfJanuary, 2023
The Bentham Syndicated Loan Fund had a total return (after fees) of 2.21% in the month of January, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.14%. On a before fees basis the fund returned 2.28% for the month, underperforming the benchmark by 0.07%.
At month end, the Fund had a yield to maturity of 9.91% and running yield of 7.38%, with the credit yield spread decreasing by 44 bps to 571 bps during the month. The Fund had an interest rate duration of 0.44 years and credit duration of 2.93 years.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20230131-SLF-Monthly-Report.pdfDecember, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.37% in the month of December, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.11%. On a before fees basis the fund returned 0.43% for the month, outperforming the benchmark by 0.17%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20221231-SLF-Monthly-Report.pdfNovember, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.54% in the month of November, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.45%. On a before fees basis the fund returned 0.55% for the month, underperforming the benchmark by 0.43%.
At month end, the Fund had a yield to maturity of 10.62% and running yield of 7.60%, with the credit yield spread increasing by 1 bps to 630 bps during the month. The Fund had an interest rate duration of 0.39 years and credit duration of 2.88 years.
The Fund's three largest industry exposures are 14.7% in Electronics, 12.3% in Healthcare, Education and Childcare and 8.0% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.6% in Polaris Newco, 1.0% in Open Text and 1.0% in Hornblower. During the month, the Fund increased its exposure to Open Text, Hyland Software and Sedgwick Claims Management Services; with decreased exposures to UKG, Flexera Software and MajorDrive.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20221130-SLF-Monthly-Report.pdfOctober, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.87% in the month of October, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.05%. On a before fees basis the fund returned 1.03% for the month, outperforming the benchmark by 0.21%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20221031-SLF-Monthly-Report.pdfSeptember, 2022
The Bentham Syndicated Loan Fund NZD had a total return (after fees) of -2.68% in the month of September, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into NZD) by 0.39%. On a before fees basis the fund returned -2.58% for the month, underperforming the benchmark by 0.29%.
At month end, the Fund had a yield to maturity of 11.54% and running yield of 7.78%, with the credit yield spread increasing by 96 bps to 685 bps during the month. The Fund had an interest rate duration of 0.33 years and credit duration of 2.60 years.
The Fund's three largest industry exposures are 14.5% in Electronics, 12.5% in Healthcare, Education and Childcare and 7.6% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.6% in Polaris Newco, 1.1% in Finastra and 1.1% in Hornblower. During the month, the Fund increased its exposure to Crown Finance US, Cubic and Pmhc; with decreased exposures to Tech 6, Schenectady International and Tecta America.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220930-SLF-NZ-Monthly-Report.pdfAugust, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.46% in the month of August, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.04%. On a before fees basis the fund returned 1.45% for the month, underperforming the benchmark by 0.05%.
Fund Statistics
At month end, the Fund had a yield to maturity of 9.83% and running yield of 6.78%, with the credit yield spread decreasing by 18 bps to 589 bps during the month. The Fund had an interest rate duration of 0.64 years and credit duration of 2.96 years.
Leveraged Loan Market
The discount margin (3 year) for the Index decreased by 38 bps during the month to 564 bps. The top performing leveraged loan industries in August were Retail, Housing and Consumer Non-Durables with returns (sector performance in USD terms) of 2.86%, 2.59% and 2.13% respectively. The worst performing loan industries were Consumer Durables, Financial and Healthcare with returns of 0.97%, 1.09% and 1.19% respectively.
Portfolio Exposures
The Fund's three largest industry exposures are 14.5% in Electronics, 12.4% in Healthcare, Education and Childcare and 7.9% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.6% in Polaris Newco, 1.6% in Technicolor and 1.1% in Finastra. During the month, the Fund increased its exposure to Patagonia, Corporation Service Company and Ankura Consulting; with decreased exposures to DexKo Global, Symplr Software and Auris Luxembourg.
July, 2022
The Fund's three largest industry exposures are 14.9% in Electronics, 11.7% in Healthcare, Education and Childcare and 7.9% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.5% in Polaris Newco, 1.1% in Technicolor and 1.0% in Finastra. During the month, the Fund increased its exposure to Cornerstone Building Brands, Premier Dental Services and Flexsys Holdings; with decreased exposures to Deerfield Dakota, Usi and HUB International.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220731-SLF-Monthly-Report.pdfJune, 2022
The Fund's three largest industry exposures are 14.6% in Electronics, 10.9% in Healthcare, Education and Childcare and 7.6% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.1% in Technicolor and 1.0% in Finastra. During the month, the Fund increased its exposure to Astra Acquisition, Oscar Acquisitionco and Doncasters US Finance; with decreased exposures to Mister Car Wash, William Morris Endeavor Entertainment and Allied Universal.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220630-SLF-Monthly-Report.pdfMay, 2022
At month end, the Fund had a yield to maturity of 8.22% and running yield of 4.69%, with the credit yield spread increasing by 45 bps to 499 bps during the month. The Fund had an interest rate duration of 0.54 years and credit duration of 3.27 years.
The Fund's three largest industry exposures are 14.2% in Electronics, 10.6% in Healthcare, Education and Childcare and 8.3% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.3% in Polaris Newco, 1.0% in Technicolor and 0.9% in Allied Universal. During the month, the Fund increased its exposure to Azz, Oscar Acquisitionco and Odyssey Logistics And Technology; with decreased exposures to Ufc, Sherwood Financing and LSF10 XL Bidco SCA.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220531-SLF-Monthly-Report.pdfApril, 2022
The Fund's three largest industry exposures are 15.3% in Electronics, 12.7% in Healthcare, Education and Childcare and 9.4% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.3% in Polaris Newco, 1.1% in Finastra and 0.9% in Allied Universal. During the month, the Fund increased its exposure to RealPage, Topgolf International and Caesars Resort Collection; with decreased exposures to Alliant Holdings Intermediate, Brookfield WEC and Seren.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220430-SLF-Monthly-Report.pdfMarch, 2022
The Fund's three largest industry exposures are 13.6% in Electronics, 11.4% in Healthcare, Education and Childcare and 9.2% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.3% in Polaris Newco, 1.0% in Finastra and 0.9% in Alliant. During the month, the Fund increased its exposure to Diamond Sports Group, SS&C European and Quest Software US; with decreased exposures to Hyland Software, Alkermes and Ukg.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220331-SLF-Monthly-Report.pdfFebruary, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of -0.33% in the month of February, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.16%. On a before fees basis the fund returned -0.23% for the month, outperforming the benchmark by 0.26% At month end, the Fund had a yield to maturity of 5.98% and running yield of 4.14%, with the credit yield spread increasing by 5 bps to 419 bps during the month. The Fund had an interest rate duration of 0.56 years and credit duration of 3.71 years.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220228-SLF-Monthly-Report.pdfJanuary, 2022
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.20% in the month of January, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.16%. On a before fees basis the fund returned 0.23% for the month, underperforming the benchmark by 0.13%.
The Fund's three largest industry exposures are 13.7% in Healthcare, Education and Childcare, 12.7% in Electronics and 8.8% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.5% in AthenaHealth, 1.3% in Polaris Newco and 1.0% in Finastra. During the month, the Fund increased its exposure to athenahealth, Medline Borrower and VFH Parent; with decreased exposures to Cushman & Wakefield U S Borrower, Foundation Building Materials and Chariot Buyer.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20220131-SLF-Monthly-Report.pdfDecember, 2021
At month end, the Fund had a yield to maturity of 5.42% and running yield of 4.06%, with the credit yield spread decreasing by 8 bps to 400 bps during the month. The Fund had an interest rate duration of 0.76 years and credit duration of 3.71 years.
The Fund's three largest industry exposures are 12.3% in Electronics, 11.7% in Healthcare, Education and Childcare and 8.9% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.2% in Polaris Newco, 1.0% in Finastra and 0.9% in Allied Universal. During the month, the Fund increased its exposure to DexKo Global, Newport and Change Healthcare; with decreased exposures to Epicor Software, Schenectady International and Polaris Newco
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20211231-SLF-Monthly-Report.pdfNovember, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of -0.09% in the month of October, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.31%. On a before fees basis the fund returned -0.05% for the month, underperforming the benchmark by 0.27%.
At month end, the Fund had a yield to maturity of 5.50% and running yield of 4.06%, with the credit yield spread increasing by 15 bps to 408 bps during the month. The Fund had an interest rate duration of 0.96 years and credit duration of 3.84 years.
The Fund's three largest industry exposures are 13.5% in Electronics, 12.3% in Healthcare, Education and Childcare and 8.9% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.2% in Finastra and 1.0% in Deerfield Dakota. During the month, the Fund increased its exposure to MedAssets Software Intermediate, MH Sub and Trans Union; with decreased exposures to RealPage, Weber-Stephen Products and Cushman & Wakefield U S Borrower
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20211130-SLF-Monthly-Report.pdfOctober, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of -0.09% in the month of October, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.31%. On a before fees basis the fund returned -0.05% for the month, underperforming the benchmark by 0.27%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20211031-SLF-Monthly-Report.pdfSeptember, 2021
At month end, the Fund had a yield to maturity of 4.71% and running yield of 3.96%, with the credit yield spread decreasing by 7 bps to 379 bps during the month. The Fund had an interest rate duration of 1.16 years and credit duration of 3.80 years
The Fund's three largest industry exposures are 13.6% in Electronics, 11.1% in Healthcare, Education and Childcare and 7.4% in Chemicals, Plastics and Rubber. The Fund's top three company exposures are 1.5% in Polaris Newco, 1.0% in Deerfield Dakota and 1.0% in Finastra. During the month, the Fund increased its exposure to Arcosa, PACTIV Evergreen and Materis Paints; with decreased exposures to Ppd, Eg and Ziggo Secured Finance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20210930-SLF-Monthly-Report.pdfJuly, 2021
At month end, the Fund had a yield to maturity of 4.53% and running yield of 3.95%, with the credit yield spread decreasing by 12 bps to 383 bps during the month. The Fund had an interest rate duration of 1.50 years and credit duration of 3.95 years
The Fund's three largest industry exposures are 12.6% in Healthcare, Education and Childcare, 12.0% in Electronics and 8.1% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.0% in Burger King and 0.9% in Finastra. During the month, the Fund increased its exposure to Park River, Claudius Finance and Whatabrands; with decreased exposures to Illuminate Buyer, Corelogic and INEOS Finance.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20210731-SLF-Monthly-Report.pdfJune, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.17% in the month of June, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.24%. On a before fees basis the fund returned 0.24% for the month, underperforming the benchmark by 0.18%
The Fund's three largest industry exposures are 12.5% in Healthcare, Education and Childcare, 12.3% in Electronics and 8.3% in Diversified/Conglomerate Service. The Fund's top three company exposures are 1.4% in Polaris Newco, 1.0% in Burger King and 0.9% in Finastra. During the month, the Fund increased its exposure to Polaris Newco, Proofpoint and ICON Luxembourg; with decreased exposures to Installed Building Products, PriSo Acquisition and Wilsonart.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/SLF-Monthly-Report.pdfMay, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.69% in the month of May, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.18%. On a before fees basis the fund returned 0.74% for the month, outperforming the benchmark by 0.22%.
At month end, the Fund had a yield to maturity of 4.78% and running yield of 4.21%, with the credit yield spread decreasing by 2 bps to 401 bps during the month. The Fund had an interest rate duration of 1.46 years and credit duration of 4.08 years.
The Fund's three largest industry exposures are 12.1% in Healthcare, Education and Childcare, 10.8% in Electronics and 7.9% in Diversified/Conglomerate Service. The Fund's top three company exposures are 0.9% in Burger King, 0.9% in Finastra and 0.9% in Deerfield Dakota. During the month, the Fund increased its exposure to Atkore International, Allied Universal and Blackstone CQP; with decreased exposures to Zayo, Cable One and Lumen Technologies.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20210531-SLF-Monthly-Report.pdfApril, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.60% in the month of April, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.11%. On a before fees basis the fund returned 0.67% for the month, outperforming the benchmark by 0.18%.
At month end, the Fund had a yield to maturity of 4.81% and running yield of 4.14%, with the credit yield spread decreasing by 6 bps to 402 bps during the month. The Fund had an interest rate duration of 1.37 years and credit duration of 4.14 years.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20210430-SLF-Monthly-Report.pdfMarch, 2021
At month end, the Fund had a yield to maturity of 4.92% and running yield of 4.06%, with the credit yield spread decreasing by 12 bps to 408 bps during the month. The Fund had an interest rate duration of 1.27 years and credit duration of 4.04 years
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20210331-SLF-Monthly-Report.pdfFebruary, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.35% in the
month of February, underperforming the benchmark (Credit Suisse Leveraged Loan
Index hedged into AUD) by 0.30%. On a before fees basis the fund returned 0.38%
for the month, underperforming the benchmark by 0.28%.
January, 2021
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.26% in the
month of January, remaining flat against the benchmark (Credit Suisse Leveraged
Loan Index hedged into AUD). On a before fees basis the fund returned 1.27% for
the month, outperforming the benchmark by 0.01%.
December, 2020
The Bentham Syndicated Loan Fund had a total return (after fees) of 1.28% in the month of December, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.06%. On a before fees basis the fund returned 1.28% for the month, outperforming the benchmark by 0.06%.
At month end, the Fund had a yield to maturity of 4.65% and running yield of 3.99%, with the credit yield spread decreasing by 29 bps to 431 bps during the month. The Fund had an interest rate duration of 1.52 years and credit duration of 3.76 years.
The discount margin (3 year) for the Index decreased by 36 bps during the month to 486 bps.
The top performing leveraged loan industries in December were Energy, Metals/Minerals and Aerospace with returns (sector performance in USD terms) of 3.31%, 3.30% and 2.33% respectively. The worst performing loan industries were Utility, Retail and Food And Drug with returns of 0.37%, 0.39% and 0.68% respectively
The Fund's three largest industry exposures are 9.7% in Electronics, 9.2% in Healthcare, Education and Childcare and 7.6% in Chemicals, Plastics and Rubber. The Fund's top three company exposures are 0.9% in Numericable, 0.8% in IRB and 0.8% in Jaguar. During the month, the Fund increased its exposure to Flexera Software, Insurity and Zaxby; with decreased exposures to Yum!, Oryx and Zodiac Pool Solutions.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20201231-SLF-Monthly-Report.pdfNovember, 2020
Portfolio and Market Returns
The Bentham Syndicated Loan Fund had a total return (after fees) of 2.48% in the month of November, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.46%. On a before fees basis the fund returned 2.49% for the month, outperforming the benchmark by 0.48%. Fund Statistics At month end, the Fund had a yield to maturity of 4.91% and running yield of 4.12%, with the credit yield spread decreasing by 68 bps to 460 bps during the month. The Fund had an interest rate duration of 1.51 years and credit duration of 3.75 years.
Leveraged Loan Market
The discount margin (3 year) for the Index decreased by 61 bps during the month to 522 bps. The top performing leveraged loan industries in November were Gaming/Leisure, Aerospace and Energy with returns (sector performance in USD terms) of 4.82%, 4.41% and 3.52% respectively. The worst performing loan industries were Financial, Chemicals and Food And Drug with returns of 1.24%, 1.33% and 1.35% respectively.
Portfolio Exposures
The Fund's three largest industry exposures are 9.2% in Electronics, 9.2% in Healthcare, Education and Childcare and 7.3% in Chemicals, Plastics and Rubber. The Fund's top three company exposures are 0.9% in Numericable, 0.9% in Jaguar and 0.9% in IRB. During the month, the Fund increased its exposure to IRB, HUB International and Orchid Orthopedic Solutions; with decreased exposures to American Airlines, SkyMiles and BCP Raptor
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20201130-SLF-Monthly-Report.pdfOctober, 2020
The Bentham Syndicated Loan Fund had a total return (after fees) of 0.61% in the month of October, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.43%. On a before fees basis the fund returned 0.63% for the month, outperforming the benchmark by 0.46%.
At month end, the Fund had a yield to maturity of 5.61% and running yield of 4.39%, with the credit yield spread increasing by 5 bps to 528 bps during the month. The Fund had an interest rate duration of 1.57 years and credit duration of 3.86 years.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20200930-SLF-Monthly-Report.pdfSeptember, 2020
Portfolio and Market Returns The Bentham Syndicated Loan Fund had a total return (after fees) of 0.40% in the month of September, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.30%. On a before fees basis the fund returned 0.39% for the month, underperforming the benchmark by 0.31%. Fund Statistics At month end, the Fund had a yield to maturity of 5.52% and running yield of 4.36%, with the credit yield spread increasing by 19 bps to 523 bps during the month. The Fund had an interest rate duration of 1.59 years and credit duration of 3.96 years. Leveraged Loan Market The discount margin (3 year) for the Index decreased by 10 bps during the month to 579 bps. The top performing leveraged loan industries in September were Retail, Consumer Durables and Consumer Non-Durables with returns (sector performance in USD terms) of 2.28%, 1.98% and 1.88% respectively. The worst performing loan industries were Media/Telecommunications, Utility and Healthcare with returns of 0.03%, 0.23% and 0.32% respectively. Portfolio Exposures The Fund's three largest industry exposures are 10.0% in Electronics, 8.8% in Healthcare, Education and Childcare and 7.2% in Chemicals, Plastics and Rubber. The Fund's top three company exposures are 0.9% in Numericable, 0.9% in Level 3 Communications and 0.8% in Epicor Software. During the month, the Fund increased its exposure to Reynolds, Garrett Motion and Camelot; with decreased exposures to VFH, HB Fuller and Diamond Sports.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/20200930-SLF-Monthly-Report.pdfticker: CSA0046AU
commentary_block: Array
factsheet_url:
https://www.benthamam.com/funds-and-performance/fund-reports/
In the PDF grab all in : “Portfolio and Market Returns”, “Fund Statistics”, and “Portfolio Exposures”.
release_schedule: Monthly
fund_features:
Bentham Syndicated Loan Fund is actively managed and focused on generating stable investment income. The Fund aims to provide investors with exposure to high-yielding investments primarily through the US syndicated loan market, with an active allocation to investments in different industries, issuers and geographies.
- Access to senior secured syndicated loans which are not generally available to direct retail investors.
- Monthly income distributions.
- High running yield with low interest rate risk.
- Australian domiciled trust with more than 14 year’s track record.
- Loans are valued to market prices daily – with daily unit pricing.
- Access to a global investment universe.
manager_contact_details: Array
asset_class: Fixed Income
asset_category: High Yield Credit
peer_benchmark: Fixed Income - High Yield Credit Index
broad_market_index: Global High Yield Credit Hdg Index
structure: Managed Fund