September, 2023
The Bentham High Yield Fund had a total return (after fees) of -0.90% in the month of September, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.40%. On a before fees basis the fund returned -0.87% for the month, outperforming the benchmark by 0.43%.
For the month, 1 of the 23 industries had positive returns. The top performing industries in September were Wireless Communications, Cable/Wireless Video and Energy with returns (sector performance in USD terms) of 0.00%, -0.36% and - 0.71% respectively. The worst performing industries were Broadcasting, Retail and Housing with returns of -2.49%, -1.85% and -1.80% respectively. The credit yield spread for the Index increased by 19 bps during the month to 400 bps.
The Fund's three largest industry exposures are 10.3% in Diversified/Conglomerate Service, 8.4% in Electronics and 6.7% in Finance. The Fund's top three company exposures are 1.1% in INTL FCStone, 1.1% in Austin and 1.1% in HealthEquity. During the month, the Fund increased its exposure to National Financial Partners, US Foods and Grand Total; with decreased exposures to CCO Holdings LLC, Thor Industries and Macquarie Airfinance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230930-HYF-Monthly-Report-1.pdfAugust, 2023
The Bentham High Yield Fund had a total return (after fees) of 0.20% in the month of August, remaining flat against the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD). On a before fees basis the fund returned 0.25% for the month, outperforming the benchmark by 0.05%.
The Fund's three largest industry exposures are 10.1% in Diversified/Conglomerate Service, 9.9% in Electronics and 6.6% in Oil and Gas. The Fund's top three company exposures are 1.1% in INTL FCStone, 1.1% in Austin and 1.1% in HealthEquity. During the month, the Fund increased its exposure to Shift4 Payments LLC Shift4 Payments Finance Sub, WESCO Distribution and Altice France; with decreased exposures to Science Applications International, New Fortress Energy and Pike.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230831-HYF-Monthly-Report.pdfJuly, 2023
The Bentham High Yield Fund had a total return (after fees) of 1.35% in the month of July, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.03%. On a before fees basis the fund returned 1.41% for the month, outperforming the benchmark by 0.09%.
The Fund's three largest industry exposures are 10.4% in Diversified/Conglomerate Service, 9.7% in Electronics and 7.0% in Oil and Gas. The Fund's top three company exposures are 1.1% in Nfp, 1.1% in INTL FCStone and 1.1% in Austin. During the month, the Fund increased its exposure to Standard Industries Inc NJ, Six Flags Entertainment and Brookfield WEC; with decreased exposures to OI European, Arcosa and Lithia Motors.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230731-HYF-Monthly-Report-1.pdfJune, 2023
The Bentham High Yield Fund had a total return (after fees) of 1.27% in the month of June, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.19%. On a before fees basis the fund returned 1.27% for the month, underperforming the benchmark by 0.19%.
For the month, all industries had positive returns. The top performing industries in June were Broadcasting, Telecommunications and Housing with returns (sector performance in USD terms) of 4.26%, 2.71% and 2.31% respectively. The worst performing industries were Food And Drug, Chemicals and Utility with returns of 0.12%, 0.30% and 0.41% respectively.
The credit yield spread for the Index decreased by 63 bps during the month to 404 bps.
The Fund's three largest industry exposures are 10.0% in Diversified/Conglomerate Service, 9.6% in Electronics and 7.0% in Oil and Gas. The Fund's top three company exposures are 1.1% in Nfp, 1.1% in INTL FCStone and 1.1% in Austin. During the month, the Fund increased its exposure to Messer Industries USA, Telenet Finance Luxembourg Notes and Diamond; with decreased exposures to MasTec, Iqvia and Clarios Global LP Clarios US Finance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230630-HYF-Monthly-Report.pdfMay, 2023
The Bentham High Yield Fund had a total return (after fees) of -0.28% in the month of May, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.84%. On a before fees basis the fund returned -0.22% for the month, outperforming the benchmark by 0.89%.
The Fund's three largest industry exposures are 10.7% in Diversified/Conglomerate Service, 10.1% in Electronics and 6.6% in Mining, Steel, Iron and Non-Precious Metals. The Fund's top three company exposures are 1.2% in Nfp, 1.2% in Austin and 1.2% in HealthEquity. During the month, the Fund increased its exposure to Taseko Mines, Synaptics and First Quantum Minerals; with decreased exposures to Six Flags Entertainment, Grifols Escrow Issuer and Home Point Capital.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230531-HYF-Monthly-Report-1.pdfApril, 2023
The Bentham High Yield Fund had a total return (after fees) of 1.18% in the month of April, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.31%. On a before fees basis the fund returned 1.20% for the month, outperforming the benchmark by 0.33%.
For the month, 21 of the 23 industries had positive returns. The top performing industries in April were Diversified Media, Food And Drug and Financial with returns (sector performance in USD terms) of 3.53%, 2.70% and 1.94% respectively. The worst performing industries were Broadcasting, Cable/Wireless Video and Aerospace with returns of -0.37%, -0.18% and 0.00% respectively.
The credit yield spread for the Index decreased by 4 bps during the month to 449 bps.
The Fund's three largest industry exposures are 11.5% in Diversified/Conglomerate Service, 9.8% in Electronics and 7.2% in Buildings and Real Estate. The Fund's top three company exposures are 1.4% in Nfp, 1.2% in Speedway Motorsports and 1.1% in Foundation Building Materials. During the month, the Fund increased its exposure to Six Flags Entertainment, Shift4 Payments LLC and Vertiv; with decreased exposures to Gartner, Bausch Health Cos and Yum Brands.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230430-HYF-Monthly-Report.pdfMarch, 2023
The Bentham High Yield Fund had a total return (after fees) of 1.60% in the month of March, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.60%. On a before fees basis the fund returned 1.66% for the month, outperforming the benchmark by 0.66%.
The Fund's three largest industry exposures are 11.7% in Diversified/Conglomerate Service, 9.9% in Electronics and 7.6% in Buildings and Real Estate. The Fund's top three company exposures are 1.4% in Nfp, 1.2% in Speedway Motorsports and 1.1% in Foundation Building Materials. During the month, the Fund increased its exposure to Vertiv, Encore Capital and Boyne USA; with decreased exposures to Telenet Finance Luxembourg Notes, Ciena and Radiology Partners.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230331-HYF-Monthly-Report.pdfFebruary, 2023
The Bentham High Yield Fund had a total return (after fees) of -0.95% in the month of February, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.51%. On a before fees basis the fund returned -0.90% for the month, outperforming the benchmark by 0.56%.
For the month, 1 of the 23 industries had positive returns. The top performing industries in February were Diversified Media, Transportation and Food And Drug with returns (sector performance in USD terms) of 0.22%, -0.04% and -0.23% respectively. The worst performing industries were Telecommunications, Broadcasting and Cable/Wireless Video with returns of -2.86%, -2.47% and -2.25% respectively.
The credit yield spread for the Index decreased by 8 bps during the month to 418 bps.
The Fund's three largest industry exposures are 11.8% in Diversified/Conglomerate Service, 10.8% in Electronics and 8.0% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.4% in Nfp, 1.2% in Speedway Motorsports and 1.1% in Finastra. During the month, the Fund increased its exposure to INEOS Finance, TriNet and Murphy Oil USA; with decreased exposures to ABG Intermediate Holdings, Central Parent Inc CDK Global and Blackstone Mortgage Trust.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230228-HYF-Monthly-Report.pdfJanuary, 2023
The Bentham High Yield Fund had a total return (after fees) of 3.28% in the month of January, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.32%. On a before fees basis the fund returned 3.33% for the month, underperforming the benchmark by 0.27%.
For the month, all industries had positive returns. The top performing industries in January were Diversified Media, Retail and Manufacturing with returns (sector performance in USD terms) of 4.71%, 4.65% and 4.54% respectively. The worst performing industries were Utility, Food/Tobacco and Consumer Products with returns of 2.39%, 2.57% and 2.99% respectively.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20230131-HYF-Monthly-Report-1.pdfDecember, 2022
The Bentham High Yield Fund had a total return (after fees) of -0.09% in the month of December, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.80%. On a before fees basis the fund returned -0.02% for the month, outperforming the benchmark by 0.86%.
For the month, 5 of the 23 industries had positive returns. The top performing industries in December were Chemicals, Metals/Minerals and Forest Prod/Containers with returns (sector performance in USD terms) of 0.86%, 0.35% and 0.18% respectively. The worst performing industries were Broadcasting, Diversified Media and Cable/Wireless Video with returns of -2.69%, -1.94% and - 1.74% respectively.
The credit yield spread for the Index increased by 27 bps during the month to 477 bps.
The Fund's three largest industry exposures are 11.4% in Electronics, 10.8% in Diversified/Conglomerate Service and 7.5% in Buildings and Real Estate. The Fund's top three company exposures are 1.4% in NFP, 1.1% in Speedway Motorsports and 1.0% in Foundation Building Materials. During the month, the Fund increased its exposure to Hyland Software, Syneos Health and TriMas; with decreased exposures to Lsf11 A5, Nidda Healthcare and APi Group DE.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20221231-HYF-Monthly-Report.pdfNovember, 2022
The Bentham High Yield Fund had a total return (after fees) of 2.06% in the month of November, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.31%. On a before fees basis the fund returned 2.07% for the month, outperforming the benchmark by 0.33%.
For the month, 21 of the 23 industries had positive returns. The top performing industries in November were Retail, Metals/Minerals and Housing with returns (sector performance in USD terms) of 3.44%, 3.26% and 3.17% respectively. The worst performing industries were Diversified Media, Broadcasting and Food And Drug with returns of -2.01%, -1.57% and 0.09% respectively. The credit yield spread for the Index increased by 4 bps during the month to 450 bps.
The Fund's three largest industry exposures are 11.1% in Diversified/Conglomerate Service, 10.9% in Electronics and 7.5% in Buildings and Real Estate. The Fund's top three company exposures are 1.4% in NFP, 1.1% in Speedway Motorsports and 1.0% in Foundation Building Materials. During the month, the Fund increased its exposure to Project Alpha Intermediate, TopBuild and TriMas; with decreased exposures to Stericycle, iStar and Jacobs Entertainment.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20221130-HYF-Monthly-Report.pdfOctober, 2022
The Bentham High Yield Fund had a total return (after fees) of 2.18% in the month of October, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.68%. On a before fees basis the fund returned 2.25% for the month, underperforming the benchmark by 0.61%.
For the month, all industries had positive returns. The top performing industries in October were Cable/Wireless Video, Forest Prod/Containers and Broadcasting with returns (sector performance in USD terms) of 5.13%, 4.11% and 3.59% respectively. The worst performing industries were Diversified Media, Healthcare and Food and Drug with returns of 0.32%, 1.10% and 1.54% respectively.
The credit yield spread for the Index decreased by 77 bps during the month to 446 bps.
The Fund's three largest industry exposures are 10.4% in Electronics, 10.1% in Diversified/Conglomerate Service and 7.9% in Buildings and Real Estate. The Fund's top three company exposures are 1.5% in Nfp, 1.3% in Peninsula Pacific Entertainment and 1.2% in Speedway Motorsports. During the month, the Fund increased its exposure to StoneX, Masonite International and Taseko Mines; with decreased exposures to TriMas, Newell Brands and Vertiv.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20221031-HYF-Monthly-Report.pdfSeptember, 2022
The Bentham High Yield Fund had a total return (after fees) of -4.28% in the month of September, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.04%. On a before fees basis the fund returned -4.18% for the month, outperforming the benchmark by 0.14%.
For the month, none of the 23 industries had positive returns. The top performing industries in September were Wireless Communications, Aerospace and Utility with returns (sector performance in USD terms) of -2.36%, -2.42% and -2.70% respectively. The worst performing industries were Diversified Media, Chemicals and Telecommunications with returns of -5.76%, -5.13% and -5.11% respectively. The credit yield spread for the Index increased by 39 bps during the month to 523 bps.
The Fund's three largest industry exposures are 11.1% in Electronics, 9.7% in Diversified/Conglomerate Service and 8.0% in Buildings and Real Estate. The Fund's top three company exposures are 1.4% in Nfp, 1.2% in Speedway Motorsports and 1.1% in Finastra. During the month, the Fund increased its exposure to Kbr, Twilio and CNX Resources; with decreased exposures to Kaixo Bondco Telecom, Sirius XM Radio and W&T Offshore.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220930-HYF-Monthly-Report.pdfAugust, 2022
The Bentham High Yield Fund had a total return (after fees) of -1.85% in the month of August, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.67%. On a before fees basis the fund returned -1.85% for the month, outperforming the benchmark by 0.66%.
High Yield Market
For the month, none of the 23 industries had positive returns. The top performing industries in August were Metals/Minerals, Manufacturing and Chemicals with returns (sector performance in USD terms) of -0.07%, -0.75% and -0.80% respectively. The worst performing industries were Healthcare, Cable/Wireless Video and Telecommunications with returns of -3.92%, -3.69% and -3.20% respectively.
The credit yield spread for the Index increased by 17 bps during the month to 484 bps.
Portfolio Exposures
The Fund's three largest industry exposures are 10.2% in Electronics, 9.7% in Diversified/Conglomerate Service and 7.9% in Buildings and Real Estate. The Fund's top three company exposures are 1.3% in Nfp, 1.1% in Speedway Motorsports and 1.1% in Finastra. During the month, the Fund increased its exposure to Valvoline, SeaWorld Parks & Entertainment and Taseko Mines; with decreased exposures to Fertitta Entertainment LLC, Acrisure and AG TTMT Escrow Issuer.
July, 2022
The Fund's three largest industry exposures are 10.0% in Electronics, 9.6% in Diversified/Conglomerate Service and 7.5% in Buildings and Real Estate. The Fund's top three company exposures are 1.3% in Nfp, 1.1% in Speedway Motorsports and 1.1% in Lorca Telecom Bondco SAU. During the month, the Fund increased its exposure to Radiology Partners, Blackstone Mortgage Trust and Northern Oil and Gas; with decreased exposures to CDK Global, Epicor Software and VICI Properties LP VICI Note.
For the month, all industries had positive returns. The top performing industries in July were Cable/Wireless Video, Housing and Aerospace with returns (sector performance in USD terms) of 7.55%, 7.42% and 7.40% respectively. The worst performing industries were Wireless Communications, Manufacturing and Forest Prod/Containers with returns of 4.24%, 4.57% and 4.83% respectively.
The credit yield spread for the Index decreased by 104 bps during the month to 467 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220731-HYF-Monthly-Report.pdfJune, 2022
The Bentham High Yield Fund had a total return (after fees) of -6.36% in the month of June, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.79%. On a before fees basis the fund returned -6.26% for the month, outperforming the benchmark by 0.89%.
For the month, none of the 23 industries had positive returns. The top performing industries in June were Wireless Communications, Manufacturing and Forest Prod/Containers with returns (sector performance in USD terms) of -4.68%, -5.03% and -5.05% respectively. The worst performing industries were Broadcasting, Housing and Telecommunications with returns of -9.20%, -8.92% and -7.63% respectively.The credit yield spread for the Index increased by 163 bps during the month to 571 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220630-HYF-Monthly-Report-1.pdfMay, 2022
The Bentham High Yield Fund had a total return (after fees) of -0.11% in the month of May, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.34%. On a before fees basis the fund returned -0.02% for the month, underperforming the benchmark by 0.25%.
For the month, 18 of the 23 industries had positive returns. The top performing industries in May were Wireless Communications, Cable/Wireless Video and Aerospace with returns (sector performance in USD terms) of 2.14%, 1.34% and 1.33% respectively. The worst performing industries were Retail, Diversified Media and Consumer Products with returns of -2.39%, -2.21% and -0.82% respectively. The credit yield spread for the Index increased by 21 bps during the month to 408 bps.
The Fund's three largest industry exposures are 10.7% in Electronics, 9.9% in Diversified/Conglomerate Service and 7.2% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Nfp, 1.2% in SeaWorld Entertainment and 1.1% in Lorca Telecom Bondco SAU. During the month, the Fund increased its exposure to Foundation Building Materials, ZoomInfo Technologies LLC ZoomInfo Finance and Synaptics; with decreased exposures to Newmark, Hess Midstream Operations and Jazz Securities DAC.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220531-HYF-Monthly-Report.pdfApril, 2022
The Bentham High Yield Fund had a total return (after fees) of -3.48% in the month of April, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.40%. On a before fees basis the fund returned -3.42% for the month, outperforming the benchmark by 0.46%.
For the month, none of the 23 industries had positive returns. The top performing industries in April were Energy, Metals/Minerals and Food/Tobacco with returns (sector performance in USD terms) of -2.25%, -2.54% and -2.71% respectively. The worst performing industries were Cable/Wireless Video, Housing and Telecommunications with returns of -4.89%, -4.61% and -4.25% respectively. The credit yield spread for the Index increased by 54 bps during the month to 387 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220430-HYF-Monthly-Report.pdfMarch, 2022
For the month, 1 of the 23 industries had positive returns. The top performing industries in March were Energy, Broadcasting and Service with returns (sector performance in USD terms) of 0.58%, -0.28% and -0.30% respectively. The worst performing industries were Chemicals, Transportation and Food/Tobacco with returns of -2.23%, -2.16% and -2.03% respectively.
The Fund's three largest industry exposures are 10.2% in Diversified/Conglomerate Service, 8.4% in Electronics and 8.0% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Nfp, 1.1% in SeaWorld Entertainment and 1.1% in Lorca Telecom Bondco SAU. During the month, the Fund increased its exposure to Foundation Building Materials, Yum Brands and Twilio; with decreased exposures to Hyland Software, VICI Properties LP and Chesapeake Energy.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220331-HYF-Monthly-Report.pdfFebruary, 2022
The Bentham High Yield Fund had a total return (after fees) of -1.12% in the month of February, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.23%. On a before fees basis the fund returned -1.07% for the month, underperforming the benchmark by 0.18%. For the month, 2 of the 23 industries had positive returns. The top performing industries in February were Gaming/Leisure, Aerospace and Diversified Media with returns (sector performance in USD terms) of 0.18%, 0.06% and -0.20% respectively.
The worst performing industries were Cable/Wireless Video, Housing and Telecommunications with returns of -1.66%, -1.64% and -1.58% respectively. The credit yield spread for the Index increased by 14 bps during the month to 369 bps. The Fund's three largest industry exposures are 10.2% in Diversified/Conglomerate Service, 9.0% in Healthcare, Education and Childcare and 8.8% in Electronics.
The Fund's top three company exposures are 1.1% in SeaWorld Entertainment, 1.1% in Lorca Telecom Bondco SAU and 1.1% in Nfp. During the month, the Fund increased its exposure to Pmhc, ON Semiconductor and AG Issuer; with decreased exposures to Blackstone Mortgage Trust, CCO Holdings LLC CCO Holdings Capital and StoneX.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220228-HYF-Monthly-Report.pdfJanuary, 2022
The Bentham High Yield Fund had a total return (after fees) of -2.11% in the month of January, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.73%. On a before fees basis the fund returned -2.06% for the month, outperforming the benchmark by 0.78%.
The Fund's three largest industry exposures are 10.7% in Diversified/Conglomerate Service, 9.3% in Healthcare, Education and Childcare and 8.1% in Electronics. The Fund's top three company exposures are 1.2% in Lorca Telecom Bondco SAU, 1.2% in Nfp and 1.2% in SeaWorld Entertainment. During the month, the Fund increased its exposure to National Financial Partners, CommerceHub and SeaWorld Parks & Entertainment; with decreased exposures to Owens & Minor, Midcontinent Communications Midcontinent Finance and Builders FirstSource.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20220131-HYF-Monthly-Report.pdfDecember, 2021
Portfolio and Market Returns
The Bentham High Yield Fund had a total return (after fees) of 1.52% in the month of December, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.31%. On a before fees basis the fund returned 1.61% for the month, underperforming the benchmark by 0.21%.
High Yield Market
For the month, all industries had positive returns. The top performing industries in December were Broadcasting, Energy and Service with returns (sector performance in USD terms) of 3.17%, 2.81% and 2.04% respectively. The worst performing industries were Wireless Communications, Consumer Products and Forest Prod/Containers with returns of 1.33%, 1.58% and 1.60% respectively. The credit yield spread for the Index decreased by 59 bps during the month to 302 bps.
Portfolio Exposures
The Fund's three largest industry exposures are 10.5% in Diversified/Conglomerate Service, 9.0% in Healthcare, Education and Childcare and 7.9% in Electronics. The Fund's top three company exposures are 1.2% in Lorca Telecom Bondco SAU, 1.0% in Finastra and 1.0% in Allied Universal. During the month, the Fund increased its exposure to TriMas, Flex Acquisition and Altice France SA France; with decreased exposures to Presidio, Entegris and Boise Cascade.
November, 2021
The Bentham High Yield Fund had a total return (after fees) of -0.44% in the month of November, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.68%. On a before fees basis the fund returned -0.38% for the month, outperforming the benchmark by 0.73%.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20211130-HYF-Monthly-Report.pdfOctober, 2021
The Bentham High Yield Fund had a total return (after fees) of -0.60% in the month of October, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.42%. On a before fees basis the fund returned -0.54% for the month, underperforming the benchmark by 0.36%
For the month, 6 of the 23 industries had positive returns. The top performing industries in October were Energy, Aerospace and Utility with returns (sector performance in USD terms) of 0.34%, 0.33% and 0.21% respectively. The worst performing industries were Broadcasting, Telecommunications and Retail with returns of -2.36%, -1.32% and -0.73% respectively
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20211031-HYF-Monthly-Report.pdfSeptember, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.02% in the month of September, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.02%. On a before fees basis the fund returned 0.08% for the month, outperforming the benchmark by 0.07%.
The Fund's three largest industry exposures are 10.7% in Diversified/Conglomerate Service, 9.3% in Electronics and 8.6% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.0% in Finastra, 1.0% in Blackstone Mortgage Trust and 1.0% in SeaWorld Entertainment. During the month, the Fund increased its exposure to Blackstone Mortgage Trust, PGT Innovations and Cheniere Energy Partners; with decreased exposures to ON Semiconductor, TransDigm and Qualitytech LP QTS Finance
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210930-HYF-Monthly-Report.pdfAugust, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.62% in the month of August, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.08%. On a before fees basis the fund returned 0.68% for the month, outperforming the benchmark by 0.14%.
The Fund's three largest industry exposures are 10.7% in Diversified/Conglomerate Service, 9.7% in Electronics and 8.2% in Buildings and Real Estate. The Fund's top three company exposures are 1.0% in Finastra, 0.9% in SeaWorld Entertainment and 0.9% in Plastipak. During the month, the Fund increased its exposure to CommScope, Taseko Mines and Granite Merger Sub 2; with decreased exposures to NGL Energy Operating LLC NGL Energy Finance, Iqvia and Cinemark USA
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210831-HYF-Monthly-Report.pdfJuly, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.23% in the month of July, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.13%. On a before fees basis the fund returned 0.29% for the month, underperforming the benchmark by 0.07%.
The Fund's three largest industry exposures are 10.6% in Diversified/Conglomerate Service, 9.2% in Electronics and 8.3% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Altice Financing, 1.0% in Lithia Motors and 0.9% in Plastipak. During the month, the Fund increased its exposure to Plastipak, Peraton and Novelis; with decreased exposures to EnerSys, Advisor and Levi Strauss & Co.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210731-HYF-Monthly-Report.pdfJune, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.94% in the month of June, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.44%. On a before fees basis the fund returned 1.02% for the month, underperforming the benchmark by 0.37%.
For the month, 22 of the 23 industries had positive returns. The top performing industries in June were Energy, Chemicals and Food/Tobacco with returns (sector performance in USD terms) of 2.06%, 2.04% and 1.63% respectively. The worst performing industries were Broadcasting, Utility and Wireless Communications with returns of -0.73%, 0.61% and 0.64% respectively. The credit yield spread for the Index decreased by 30 bps during the month to 300 bps.
The Fund's three largest industry exposures are 11.0% in Diversified/Conglomerate Service, 9.5% in Electronics and 8.4% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Altice Financing, 1.0% in Lithia Motors and 0.9% in Stars. During the month, the Fund increased its exposure to Granite Merger Sub 2, TopBuild and iStar; with decreased exposures to Bba Us, Nesco and News.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/HYF-Monthly-Report.pdfMay, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.33% in the month of May, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.07%. On a before fees basis the fund returned 0.35% for the month, outperforming the benchmark by 0.09%.
For the month, 19 of the 23 industries had positive returns. The top performing industries in May were Energy, Broadcasting and Metals/Minerals with returns (sector performance in USD terms) of 0.96%, 0.74% and 0.73% respectively. The worst performing industries were Telecommunications, Utility and Healthcare with returns of -0.56%, -0.46% and -0.04% respectively. The credit yield spread for the Index increased by 7 bps during the month to 330 bps.
The Fund's three largest industry exposures are 10.1% in Diversified/Conglomerate Service, 9.6% in Electronics and 8.1% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Altice Financing, 0.9% in Lithia Motors and 0.9% in Stars. During the month, the Fund increased its exposure to Park River, Endurance Acquisition Merger and Penske Automotive; with decreased exposures to Gateway Casinos & Entertainment, Hyatt Hotels and Constantin Investissement.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210531-HYF-Monthly-Report.pdfApril, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.83% in the month of April, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.23%. On a before fees basis the fund returned 0.89% for the month, underperforming the benchmark by 0.17%.
For the month, all industries had positive returns. The top performing industries in April were Energy, Telecommunications and Chemicals with returns (sector performance in USD terms) of 2.36%, 1.37% and 1.26% respectively. The worst performing industries were Forest Prod/Containers, Healthcare and Wireless Communications with returns of 0.37%, 0.40% and 0.47% respectively. The credit yield spread for the Index decreased by 8 bps during the month to 323 bps.
The Fund's three largest industry exposures are 9.8% in Electronics, 9.3% in Diversified/Conglomerate Service and 8.6% in Healthcare, Education and Childcare. The Fund's top three company exposures are 1.2% in Altice, 0.9% in Stars Group and 0.8% in Finastra. During the month, the Fund increased its exposure to Gyp, Altice and Synaptics; with decreased exposures to Boyne, DaVita and CDW Finance
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210430-HYF-Monthly-Report-1.pdfJanuary, 2021
The Bentham High Yield Fund had a total return (after fees) of 0.56% in the month of January, outperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.28%. On a before fees basis the fund returned 0.62% for the month, outperforming the benchmark by 0.33%. For the month, 17 of the 23 industries had positive returns.
The top performing industries in January were Financial, Energy and Diversified Media with returns (sector performance in USD terms) of 2.15%, 2.04% and 1.44% respectively. The worst performing industries were Food/Tobacco, Gaming/Leisure and Forest Prod/Containers with returns of -0.50%, -0.45% and -0.29% respectively. The credit yield spread for the Index decreased by 2 bps during the month to 378 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20210131-HYF-Monthly-Report.pdfDecember, 2020
The Bentham High Yield Fund had a total return (after fees) of 1.46% in the month of December, underperforming the benchmark ICE BofAML US Cash Pay High Yield Constrained Index3 (hedged into AUD) by 0.33%. On a before fees basis the fund returned 1.48% for the month, underperforming the benchmark by 0.32%.
For the month, all industries had positive returns. The top performing industries in December were Energy, Aerospace and Metals/Minerals with returns (sector performance in USD terms) of 5.01%, 3.48% and 2.38% respectively. The worst performing industries were Cable/Wireless Video, Forest Prod/Containers and Wireless Communications with returns of 0.57%, 0.77% and 0.97% respectively. The credit yield spread for the Index decreased by 48 bps during the month to 380 bps.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/20201231-HYF-Monthly-Report.pdfasset_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
manager_contact_details: Array
ticker: CSA0102AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.benthamam.com.au/funds-and-performance/high-yield-fund/overview/
Report -> select the related month and year
fund_features:
Bentham Wholesale High Yield aims to outperform its benchmark Merrill Lynch High Yield Cash Pay Constrained Index (hedged to AUD) over the suggested minimum investment timeframe. The Fund is actively managed and aims to provide higher returns than traditional fixed income investments through investing in a diversified portfolio of US corporate debt securities which are rated below investment grade (high yield bonds).
structure: Managed Fund