September, 2023
The Fund outperformed the market in the September quarter. The clear winner was online advertising group carsales.com although gaming machine maker Aristocrat Leisure also did very well. Other positives were Caterpillar dealer Seven Group and not owning global medical device maker Resmed Inc. The only notable detractors for the quarter were mineral sands producer Iluka Resources and airline Qantas.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Sept-23.pdfAugust, 2023
The Fund outperformed nicely in August with a number of decent winners and almost no losers. The best contributors to returns were from a variety of sectors and, pleasingly, came from our larger active weights: online advertising (carsales.com), industrial property (Goodman Group), pallet pooling (Brambles Industries), medical devices (Cochlear), health insurance (Medibank), gaming (Aristocrat Leisure) and building materials (James Hardie). Not owning medical device company (Resmed) or tech company WiseTech also added to returns. The only noticeable detractor was mineral sands producer Iluka Resources.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Aug-23.pdfJuly, 2023
The Fund underperformed in July although there were no individually significant entries on either the positive or negative side. The best contributors to returns were energy generator AGL, packaging company Orora and building materials producer James Hardie; biggest detractors were mineral sands/rare earth miner Iluka, pallet pooler Brambles and supermarket operator Woolworths.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Jul-23.pdfJune, 2023
The Fund performed in line with the market in June, and across the June quarter. The best contributors were global insurer QBE, pallet pooler Brambles, and advertising platform carsales.com; not owning resource giants South32 or Rio Tinto also added some value.
Offsetting these however were holdings of resource giant BHP and medical device maker Fisher & Paykel Healthcare, while not owning high tech companies Xero and WiseTech detracted from returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR_Jun-23.pdfMay, 2023
The Fund lagged the market a little in May, with a holding in respiratory products maker Fisher & Paykel and not holding accounting software provider Xero both detracting from returns. The portfolio benefitted from no exposure to gold miner Newcrest and overweight holdings in Lynas and Viva energy.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-May-23.pdfApril, 2023
The Fund performed essentially in line with the market in April, and there were few companies of note on either side of the ledger; the only meaningful positive contributor was not owning diversified miner Rio Tinto; the only meaningful detractor was owning resource giant BHP.
Despite ongoing macro uncertainty, the portfolio has continued to exhibit better earnings revisions than its benchmark with March quarter updates from Brambles, Medibank Private and Woolworths some of the highlights. Indications of stronger-than-anticipated increases in mobile pricing plans across the telecom sector has also benefitted Telstra.
The mixed news out of China, especially the suggestion that there might be a Government-mandated cap on steel production, has seen weakness across the commodity price complex. The portfolio remains underweight this sector and we trimmed our iron ore exposure somewhat as near term earnings upside has become more limited.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Apr-23.pdfMarch, 2023
The Fund performed a little better than the market over the March Quarter. The material contributors over the period were quite diverse: gaming company Aristocrat Leisure, health insurer Medibank Private, petrol distributor Viva Energy, packaging company Orora and pallet pool operator Brambles, although these were partially offset by our position in National Australia Bank and not owning gold miner Newcrest.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/ALPH-FR-ASF.pdfFebruary, 2023
The Fund outperformed the market nicely in February, helped by strong returns from some of our key positions. The best contributors to overall performance came from health insurer Medibank Private, global insurer QBE, packaging company Orora, pallet mover Brambles Industries, gaming machine maker Aristocrat Leisure and insurance broker Steadfast. The only detractor of note was our position in BHP.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/ALPH-FR-ASF-Feb23.pdfJanuary, 2023
The Fund essentially kept pace with the rampant market in January. The best returns came from rare earths producer Lynas, industrial property developer Goodman Group and not owning registry operator Computershare. On the other side, however, health insurer Medibank Private, pallet pool operator Brambles Industries and insurance broker Steadfast all lagged the very strong market. Not owning lithium producer Pilbara Minerals also hurt a little.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Jan-23.pdfDecember, 2022
The Fund lagged the market slightly this quarter, and performed in line with the market for the year. For the quarter, the best returns came from iron ore miner BHP, insurer QBE, scientific analysis company ALS, affordable retirement village operator Lifestyle Communities and not owning either James Hardie or Pilbara Minerals. On the other side, however, owning hacking victim Medibank Private and gaming machine maker Aristocrat Leisure both cost some performance, as did not owning iron ore exposures Rio Tinto and Fortescue Metals or takeover target Origin Energy.
For the year, the best returns were from BHP Group, gas producers Woodside Energy and Santos, QBE and not owning tech exposures Square or Xero. These were largely offset by positions in industrial property player Goodman Group, Aristocrat, owning Reliance Worldwide and James Hardie for part of the year, and not owning Rio Tinto or Fortescue Metals.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Dec-22.pdfNovember, 2022
The Fund lagged the market a little this month, although it still delivered significantly positive returns. In November it was as much about what we didn’t own rather than what we did. Our biggest contributors were holdings in iron ore miner BHP and advertising platform Carsales.com, followed by not owning James Hardie Industries and being underweight big bank ANZ. Conversely, our positions in Aristocrat Leisure and big bank NAB cost a little, but not owning iron ore exposures Fortescue Metals and Rio Tinto or takeover target Origin Energy cost more.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Nov-22.pdfOctober, 2022
The Fund outperformed the market in October. Positions in big bank National Australia Bank, airline Qantas, lithium producer IGO, gaming machine maker Aristocrat Leisure and security app Life 360 all contributed positively, as did being underweight Rio Tinto and not owning Fortescue Metals. On the other side of the ledger, our holing in hacking victim, health insurer Medibank Private, cost considerably; miner BHP and being underweight ANZ Bank also detracted a little.
Hacking went mainstream this month and everyone relearned just how important – and fragile – cyber security is. It started with telecoms major Optus in the dying days of September but a number of other companies since jumped on board (see BTW on p4). It didn’t hold the market overall back though, with a welcome ~6% bounce-back from September’s drubbing. So far this year there have been six months during which the market (ASX300 including dividends) has moved up or down by more than 3%. While it is still a little below where it started the year, it is up 10% from its nadir in June. With this degree of volatility, it feels like anything could happen the final two months of 2022.
Global markets also did pretty well for the most part. Most were solidly positive, led by Italy and Germany with heroic 11% gains as fears of a gas-less winter dissipated. Most other Euro markets were up by 4% or more, and the UK managed to appreciate 6% despite losing another PM. The US also performed very well with its broad market benchmark S&P500 rising almost 9%. The $A was virtually unchanged over the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Oct-22.pdfSeptember, 2022
The Fund underperformed the market a little in the September quarter. Positions in lithium producer IGO, health insurer Medibank Private, safety app 360; not owning gold producer Newcrest or gas pipeline APA also helped. The main detractors from returns were Goodman Group, Orora, and not owning lithium play Pilbara Resources, coal miner Whitehaven Coal, and diversified resource companies South 32 and Mineral Resources.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Sep-22.pdfAugust, 2022
The Fund outperformed the market strongly in August. Positions in lithium exposure IGO, health insurer Medibank Private, airline Qantas and auto advertiser Carsales.com all added alpha; not owning the stock exchange, ASX also helped. The only things of note that detracted from returns was not owning shares in Oz Minerals, which was bid for, or lithium miner Pilbara Minerals, although both impacts were quite small.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Aug-22.pdfJuly, 2022
The Fund lagged the market somewhat in July. Positions in industrial property developer Goodman Group, major bank National Australia Bank, safety app Life 360, and affordable residential player Lifestyle Communities all added to performance, but were more than outweighed by holdings in resource major BHP, global insurer QBE, petrol distributor Viva Energy, gas producer Woodside Energy and not owning South 32. However it was another month in which macro moves had an out-sized impact on returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Jul-22-1.pdfJune, 2022
The Fund outperformed the market in the June quarter and over the financial year. Positions in petrol distributor Viva Energy, health insurer Medibank Private and global insurer QBE contributed nicely, while not owning financial services company Block Inc (Afterpay) continues to be a boon. On the negative side however was being underweight toll-road company Transurban.
For the financial year, the biggest contributor was not owning Block, followed by good returns from energy exposures Viva (petrol) and Woodside (gas). Miner Lynas Rare Earths also did well, as did QBE. The negatives were much smaller in magnitude, the only meaningful one being not owning Sydney Airport, which was subject to a takeover bid late last year
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Jun-22-1.pdfMay, 2022
The Fund outperformed the market in May. Our positions in major miners BHP and South 32, Rare Earth producer Lynas and wine maker Treasury Wine Estates all added value. On the negative side however were a number of companies which have de-rated largely because of macro forces rather than because of earnings downgrades: property developer and owner Goodman Group, building materials producer CSR and job advertiser Seek.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-May-22-1.pdfApril, 2022
The portfolio continues to exhibit positive earnings revisions ahead of the overall market. Although the current macro uncertainty has created an unusually large amount of share price volatility, we believe earnings will ultimately drive share price performance. We still see the risk of further compression of the premium the market is willing to pay for high growth stocks and remain underweight these companies in aggregate, although we have selectively added to some names where we expect upside to earnings expectations in the short to medium term and whose valuations now look more reasonable. We recently added to our position in CSL. There may still be some risk to earnings over the next 12 months due to last year’s plasma collection challenges, but with collection volumes now similar to pre Covid levels and poised to surpass historical levels in the year ahead, we perceive CSL to be well positioned to deliver better earnings growth over time.
On the more cyclical side we remain overweight in Energy where price expectations continue to look too low, especially for LNG. The opportunity in Resources has been complicated by the Covid situation in China as well as a reduced gap between consensus price expectations and spot prices. However, with covid cases in Shanghai now falling, the opportunity for the Chinese Government to deliver on its stimulus plans should support prices and potentially offset some of the negative demand impacts from slower global growth.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Apr-22.pdfFebruary, 2022
The Fund performed in line with the market in February. The largest contributors were its holdings in diversified resource company South 32, petrol distributor Viva Energy, gas producer Woodside Petroleum, and not owning either tech exposure Xero or iron ore miner Fortescue Metals. Counting against were holdings in tech company Life 360, gaming machine maker Aristocrat Leisure, plumbing products maker Reliance Worldwide, and being underweight major bank Westpac.
Over the last few months, the Fund’s outperformance has largely been driven by its underweight to the expensive IT sector and its positions in the Resource and Energy sectors. Strong stock selection in Resource companies has contributed solidly, but rising bond yields and close to record-high commodity prices across the board (i.e. global macro factors) explain a large part of the outperformance. While the macro environment remains fluid we expect it to continue to be supportive of the portfolio in the near future. In the case of the IT sector, higher bond yields may have been the catalyst but the underperformance has also been a timely reminder that share prices are ultimately driven by share prices and the Australian IT sector, with some exceptions, either has no earnings or has struggled to deliver on the market’s expectations.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR_Feb-22.pdfJanuary, 2022
The Fund outperformed the soft market nicely in January. Its holding in BHP was the biggest contributor to performance, followed by gas producer Santos and mineral sands company Iluka; not owning tech exposures Afterpay/ Square Inc/ Block Inc or Xero also helped. Counting against were holdings in medical tester Sonic Healthcare, building exposures Reliance Worldwide and James Hardie. Being underweight iron ore miners Rio Tinto and Fortescue also detracted.
The Fund’s focus on companies exhibiting earnings leadership, by which we mean companies for which investors’ earnings expectations are increasing but where we also see potential for further earnings upgrades, has proved its value over the long term, and importantly also more recently. This, and our relatively low exposure to companies most at risk from tighter monetary conditions, has also worked well since the start of 2022. Broader market conditions, so far at least, look quite different to those of the past two years and have the potential to be the inflection point following a decade of falling interest rates. With individual company earnings back in focus over the course of the February reporting season, we expect there will be the usual mix of positive and negative results and outlook statements. This will no doubt cause us to review the investment cases of some positions as well as possibly identifying some new opportunities. Overall, however, we don’t see that the economic environment has shifted materially, and expect recent earnings trends to persist. Given the Fund’s overall skew to stocks with positive earnings momentum, we feel that the fund is well positioned for what may be a tougher year for the equity market as a whole
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Jan-22.pdfDecember, 2021
The Fund outperformed the market in the December quarter and for the whole of 2021. The best contributors were miner Lynas Rare Earths, industrial property developer Goodman Group, global asset manager Macquarie Group, and plumbing products manufacturer Reliance Worldwide. Being underweight Westpac and not owning credit provider Afterpay also helped returns substantially. The only meaningful detractors were gas exploration company Santos and not owning iron ore miner Fortescue Metals Group. The most significant positive contributor to performance in 2021 was from not owning consumer finance company Afterpay; not owning dairy company A2 Milk also helped. Aside from those were contributions from Macquarie Group, safety app Life 360, Reliance Worldwide, fast food operator Domino’s Pizza Enterprises, building products firm James Hardie, Goodman Group and Lynas Rare Earths. The only one detractor of note over the year was gaming machine maker Aristocrat Leisure.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR_Dec-21.pdfNovember, 2021
The Fund outperformed the market in November. The best contributors were industrial property specialist Goodman Group, rare earth miner Lynus, diversified resource company BHP, building materials producer James Hardie Industries and plumbing products manufacturer Reliance Worldwide. Being underweight Westpac and not owning credit provider Afterpay also helped returns. The only meaningful detractors were gas exploration company Santos and from not owning iron ore miner Fortescue Metals Group.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Nov-21-1.pdfOctober, 2021
The Fund performed in line with the market in October with few big movers to note. The most material positive contributors were global investment bank and asset manager Macquarie Group, plumbing products manufacturer Reliance Worldwide and safety app Life 360. The only meaningful detractor was health insurer Medibank Private.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR-Oct-21.pdfSeptember, 2021
The Fund outperformed the market in the September quarter. The best contributors were petrol distributor Viva Energy, global investment bank and asset manager Macquarie Group, health insurer Medibank Private, security app Life 360 and comfort food provider Domino’s Pizza Enterprises. Not owning iron ore miner Fortescue Metals Group helped too, although this was largely offset by our position in diversified miner BHP Group. Not owning takeover target Sydney Airport and logistics technology company WiseTech Global both detracted from returns.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/AASF_FR_Sep-21.pdfAugust, 2021
Fund performed a little below the market in August. Afterpay was a big detractor, hopefully for the last time, but BHP was bigger after it was hit by the sharp fall in Iron Ore prices. Other detractors were from owning auto spare parts distributor Bapcor and from not owning logistics tech company WiseTech. On the positive side, not owning iron ore miner Fortescue Metals almost offset the drag from BHP, while positions in building materials company James Hardie, fast food provider Domino’s Pizza, and insurance exposures Steadfast and QBE all made solid contributions to return.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/179145013.pdfJuly, 2021
With vaccine penetration running at high levels in some countries, much of the Western world thought that Covid was almost done with and life was on its way back to normal. Then came the highly infectious Delta variant and a resurgence in case rates across Europe, the US and the UK. Although the numbers remain relatively low in Australia, our relatively lower vaccination rate meant another round of lock-downs in July, including in some of our biggest cities. The local market however (ASX300 including dividends) seemed relatively unperturbed, rising a further 1% and finishing the month at another all-time high. The month was bookended by corporate activity: a bid for Sydney Airport started the month and a bid for Oilsearch finished it.
We did lag some of the major offshore markets in July however, whose returns were boosted by the $A which fell 1.5% against the $US and Euro, 2.3% against the UK Pound and almost 3% relative to the Japanese Yen. In $A terms our share market did better than some of the bigger Asian markets: Hong Kong and China (Shanghai) fell 8% and 3% respectively; Korea and Japan both fell a bit over 2%, but Australia’s 1% lagged pretty much everywhere else.
Most European markets were up between 2% and 5%, and Sweden was a stand-out at 6.4%. The broad S&P500 index in the US rose 4.5% but tech-focused Nasdaq was up by less, about 3%. We know it’s not a race but our market is now up 14% for 2021 to date, placing us in the middle of a pack that stretched from -10% (Turkey) to +27% (Sweden)
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/175927694.pdfJune, 2021
With most of the positive earnings growth surprise potential still concentrated in Resource companies, we retain a solid exposure to the sector. Within that however, we have further skewed the positions towards diversified miners BHP and Rio Tinto, as we see in them the greatest potential for further earnings upgrades in addition to healthy dividend payments in coming months. Copper miner Oz Minerals has been a favourite company of ours and management has hardly put a foot wrong over the last several years.
However, with consensus copper price expectations now close to the spot price (which is up 60% over the last 12 months) and the company’s growth projects largely reflected in the share price, which has doubled in the same period, we continued to reduce our position
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/175052046.pdfMay, 2021
There’s an old adage in the share market: “Sell in May and go away, come back on St Ledger’s Day” (September 15). Like most of these little pieces of wisdom, it works every time except for when it doesn’t. Last year it would have been a poor move: between 1st May and 15th September the local market was up by more than 12%. Will it work this year? We’ll let you know on St Ledger’s Day. Originating in England, it was possibly also aimed at giving people in the City a clear run at the summer social and sporting calendar – Ascot, Lords, Wimbledon, Cannes and so on – without that little bother of the markets to worry about. Those fixtures were largely absent last year thanks to the plague; we are not sure how it will pan out in 2021. The UK is bravely trying to get back to normal with plans to progressively remove restrictions from its citizens in June, new Covid strains notwithstanding.
The Australian share market (ASX300 including dividends) edged higher by 2.3% in May, bringing the rise for the five months so far of 2021 to 10.5%. May was a bit like a mini-reporting season with a number of conferences and results from companies with odd balance dates providing a lot of noise for the market. Our market lagged some of its major western peers a little: most European markets rose by between 3 and 6% and Canada by 5%, although it outperformed the US. The broad S&P500 was up only 0.7% and the tech-focused Nasdaq fell 1.5% as some heat came out from some of the high-flyers. Japan fell slightly as another wave of the virus took hold there.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/173428132.pdfFebruary, 2021
The Fund outperformed the market nicely in February. It benefitted from holdings in resource exposures BHP, Oz Minerals and Santos, global insurer QBE and airline Qantas. Not owning consumer finance provider Afterpay, supermarket Coles Group or gold producer Northern Star also helped. Major detractors from performance were IT security company Nuix, industrial property developer Goodman Group, auto parts distributor Bapcor and being underweight resource company Rio Tinto and major bank Westpac.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/168016112.pdfJanuary, 2021
The Fund lagged the market a little in January. It benefitted from holdings in retail and industrial conglomerate Wesfarmers and retailer Super Retail Group, while not owning Sydney Airport or accounting software company Xero also helped. Against those however were holdings in industrial property developer Goodman Group and airline Qantas, and not owning consumer credit innovator Afterpay.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/165418019.pdfDecember, 2020
The market put on almost 14% in the December quarter, much of it in November when Covid vaccines were announced.
The Fund underperformed this slightly but still delivered a strong absolute return for the quarter. It benefitted primarily from holdings in resource plays Fortescue Metals and Oz Minerals and not owning infant formula maker A2 Milk or the stock exchange, ASX. On the negative side, the biggest detractors were from gold producer Newcrest, blood fractionator CSL, hospital operator Ramsay Health and global insurer QBE; not owning consumer credit provider Afterpay also hurt performance somewhat.
The Fund outperformed over the year, best contributors again being Fortescue, Oz Minerals and CSL as well as BHP, industrial property developer Goodman Group, data annotator Appen and building products maker James Hardie. The key detractors were QBE, gas producer Santos, Newcrest, airline Qantas, property developer Mirvac and not owning Afterpay or accounting software provider Xero.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/163383781.pdfNovember, 2020
The Fund rose nicely in November but lagged the extremely strong market somewhat. It was a month during which companies which had underperformed sharply at the start of the pandemic hit had large bounces, regardless of any investment merit. The best contributions came from holdings in gas producer Santos, global insurer QBE, airline Qantas, major bank NAB and not owning Coles, Afterpay Touch, or gold exposure Northern Star. Positions in domestic retailer Super Retail Group, gold producer Newcrest, auto parts wholesaler Bapcor industrial property developer Goodman Group, supermarket Woolworths and medical exposure Sonic Health all detracted, as did not owning Woodside Petroleum.
File: https://commentary.quantreports.net/wp-content/uploads/2020/11/161873252.pdfOctober, 2020
The Fund performed roughly in line with the market in October and there were a surprisingly small number of contributors and detractors. It benefitted primarily from holdings in insurance broker Steadfast and auto parts wholesaler Bapcor. Not owning Brambles also helped. On the negative side was exposure to diversified resource company BHP, gold miner Newcrest and tech company Megaport; not owning ANZ Bank or consumer credit provider Afterpay Touch also held back returns.
Large swings in macro sentiment related to the US election, potential positive or negative vaccine news and geopolitical tension are likely to continue to pose some challenges for a bottom-up stock selection process like ours. However, we are encouraged by a solid couple of months of earnings upgrades, driven by a diverse range of factors, for a number of our positions. For example, cyclical stocks such as OzMinerals, Fortescue Metals and BlueScope Steel are benefitting from the global recovery, and especially from China being largely back to its normal level of economic growth.
Some positions exhibiting strong upgrades have an element of Covid tailwinds behind them, and we need to be mindful of how long these will last, but we remain comfortable owning well-managed businesses with an underlying growth thematic such as James Hardie, Reliance Worldwide, Burson Group, Woolworths and Goodman Group. These are just a few of the portfolio holdings in this category that have seen recent positive earnings changes.
Our largest sector overweight at present is Healthcare. The Australian Healthcare sector is typically a defensive sector with stable but above GDP earnings growth. However, in this highly atypical year the sector has seen companies such Sonic Healthcare and Fisher & Paykel Health strongly benefit from Covid, while others like Ramsay Healthcare, Cochlear and CSL have been negatively impacted due to a combination of lockdown restrictions and fear of infections.
We still see a number of opportunities in the sector. We think the market is still underestimating the size and durability of earnings for Sonic and Fisher & Paykel. We are also more positive than the market about the speed of the earnings recovery for Cochlear and CSL. CSL is benefiting not only from a gradual normalisation in US plasma collection volumes but also from significant price increases for its plasma derived IG products – these price rises should be sticky even as supply and demand normalises over time.
Ramsay’s recovery should be well underway in Australia ex-Victoria (soon there too), although its European hospitals are having a setback to their recovery from the second wave of Covid infections in the region. However, that demand is delayed rather than destroyed, as we can see from building elective surgery waiting times. While some patience therefore might be required the earnings recovery should be strong, making the wait worthwhile.
ticker: PAM0001AU
commentary_block: Array
factsheet_url:
https://www.alphinity.com.au/our-thoughts/fund-reports/2021-2/
Select the related fund name and the month.
In the PDF gram the “Portfolio Comment”.
release_schedule: Monthly
fund_features:
Alphinity Australian Share Fund aims to deliver consistent incremental outperformance at comfortable levels of volatility.
- The Fund is a diversified portfolio of 35-55 stocks selected based on their quantitative score and the fundamental analysis by the investment team.
- Alpha delivered from stock selection with minimal sector biases, and it is using the S&P/ASX 300 Accumulation Index as the benchmark.
- The combination of fundamental and quantitative research results in a strong buy and sell discipline.
manager_contact_details: Array
asset_class: Domestic Equity
asset_category: Australia Large Growth
peer_benchmark: Domestic Equity - Large Growth Index
broad_market_index: ASX Index 200 Index
structure: Managed Fund