September, 2023
Global equity markets were generally weak during September in response to rising bond yields and the benchmark was down 4.0% during the month. The Trust was down 4.4% after fees in September and underperformed by 0.4%.
The absolute and relative performance of the Trust was weaker in the September quarter after strong performance in the June quarter. A significant contributor to relative performance during the month and the quarter was the weak performance of the Healthcare sector, which the Trust is overweight and outperformance of the Energy sector which the Trust is underweight. There has also been some stock specific weakness, particularly in Calix. Despite these short term movements, we remain comfortable with the portfolio and assuming that bond rates do not increase significantly from current levels, our forecasts suggests that the portfolio is well positioned going forward. During the month we used the market weakness to add to positions and have reduced the cash weighting in the portfolio to around 5% which is the lowest level in some time.
Positive held contributors to relative performance during September included EQT Holdings (+2.9%), 3P Learning (+10.4%), Telix Pharmaceuticals (+3.1%) and Genetic Signatures (+17.2%).
Negative contributors to relative performance during the month included Calix (-26.6%), Sims (-11.8%), Alpha HPA (-30.5%) and 4D Medical (-32.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0923_PVESCT.pdfAugust, 2023
The benchmark gave back some of July’s gains during August, finishing down 1.3%. The Trust was down 3.5% after fees in August and underperformed by 2.2%.
The weak performance from the Trust was driven by a range of factors working against the portfolio. We remain comfortable with the positioning of the Trust and are becoming incrementally more positive from a broader market perspective as earnings expectations now seem more realistic after the recent reporting season.
Positive held contributors to relative performance during August included AUB Group (+7.5%), Australian Ethical (+8.7%), EQT Holdings (+3.7%) and G8 Education (+2.7%).
Negative contributors to relative performance during the month included Meridian Energy (-7.1%), PEXA Group (-12.8%), Genetic Signatures (-28.7%) and Iress (-38.3%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0823_PVESCT.pdfJuly, 2023
The benchmark rose very strongly during July, up 3.5% as economic data suggested that the Reserve Bank of Australia may be closer to the end of the current interest rate tightening cycle. The Trust was up 1.1% after fees in July and lagged the rally given the relatively low exposure to cyclical stocks.
It is now over 5 years since the inception of the Trust and over this time the Trust has delivered a 8.1% p.a. return net of fees, outperforming the benchmark by 4.4% p.a.
Positive held contributors to relative performance during July included Australian Ethical (+23.2%), SmartGroup (+14.1%), Genetic Signatures (+16.2%) and Bendigo and Adelaide Bank (+8.8%).
Negative contributors to relative performance during the month included Integral Diagnostics (-7.6%), Sims Ltd (-4.1%), AUB Group (- 2.4%) and KMD Brands (-8.1%).
Australian Ethical delivered a better-than-expected quarterly update.
Smartgroup, which provides novated leases as part of its remuneration packaging business, was higher after comments from a smaller competitor that 36% of all novated leases delivered in 3Q23 and 45% of all novated delivered in June were electric vehicles.
Smartgroup is expected to benefit from similar trends following the introduction of government incentives for novated electric vehicles that was introduced in December 2022. Positively, for the nation’s greenhouse gas emission footprint, this suggests that the proportion of new vehicle sales that are powered by internal combustion engines and fossil fuels should start to decline at a faster rate.
Genetic Signatures delivered a better-than-expected quarterly update and indicated that, following delays, it expects to lodge the application for approval of the company’s next generation enteric (gastrointestinal) test during August.
Integral Diagnostics was weaker after Medicare data suggested that the recovery of diagnostic imaging volumes post-COVID continues to be softer-than-expected. Sims was weaker as global scrap metal prices were lower during the month and KMD announced a much weaker-than-expected trading update as a combination of a weaker consumer and warmer winter impacted sales.
At month end, the portfolio held 44 stocks and cash of 8.3%. At July end, the weighted average Perennial-derived Environmental, Social, Governance and Engagement (“ESGE”) Score of the Trust was 7.3 which is 29% higher than the benchmark ESGE Score of 5.7.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0723_PVESCT.pdfJune, 2023
The Trust was up 2.3% after fees in June, outperforming the benchmark by 2.3%.
It is now over 5 years since the inception of the Trust and over this time the Trust has delivered a +8.0% p.a. return net of fees, outperforming the benchmark by 4.9% p.a.
Positive contributors to relative performance during June included AUB Group (+16.3%), Limeade (+229.2%), Sims Ltd (+10.9%) and Impedimed (+28.6%). Negative contributors to relative performance during the month included Pacific Edge (-79.7%), KMD Brands (-9.3%), 4D Medical (- 13.0%) and Telix Pharmaceuticals (-4.1%).
AUB was stronger after upgrading earnings and raising capital on attractive terms during May.
Limeade, which provides customised employee well-being programs to customers globally, received a takeover offer at a significant premium. This was a reasonable outcome for what has, in general, been a disappointing investment.
Impedimed made a number of significant announcements. The company’s SOZO device which is used to assess the risk of breast cancer survivors suffering from lymphoedema has achieved a number of key milestones in securing reimbursement from US health plans for SOZO tests. The process for securing reimbursement is necessarily fragmented given the large number of health plans in the US. The company has been seeking to secure reimbursement for several years and is now making significant headway after the process was mandated by the US National Cancer Care Network Survivorship guidelines in March. The most significant update during the month is that now over 80% of Michigan’s insured population has access to coverage for SOZO testing for lymphoedema. During the month, the company also announced the first published medical policy by Florida Blue, a significant insurer in the key state of Florida. Pacific Edge announced that US Medicare coverage of the company’s Cxbladder diagnostic tests is expected to cease in July. While it is not clear that the reasoning behind this administrative decision was made on a fully informed basis, the outcome was significantly worse than expected and will have a significant impact on the company’s business in the US in the short term. The impact on the portfolio was limited by the small position size. 4D Medical and Telix Pharmaceuticals gave up some of their recent gains.
At month end, the portfolio held 43 stocks and cash of 7.7%. At June end, the weighted average Perennial-derived Environmental, Social, Governance and Engagement (“ESGE”) Score of the Trust was 7.4 which is 29% higher than the benchmark ESGE Score of 5.7.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0623_PVESCT.pdfMay, 2023
The benchmark was down 3.3% in May, giving up some of the recent gains. The Trust was down 2.5% after fees, outperforming the benchmark by 0.8%.
Positive contributors to relative performance during May included Telix Pharmaceuticals (+15.3%), Immutep (+13.2%), NIB Holdings (+9.5%) and Integral Diagnostics (+5.7%).
Negative contributors to relative performance during the month included G8 Education ( -14.3%), Impedimed (-24.3%), IDP Education ( -22.5%) and Sims (-9.3%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0523_PVESCT.pdfApril, 2023
The Trust was up 6.4% after fees during the month, outperforming the benchmark by 3.6%.
The benchmark finished 2.8% higher in April. Positive contributors to relative performance during April included Telix Pharmaceuticals (+47.1%), Impedimed (+76.2%), 4D Medical (+165.0%) and NIB Holdings (+9.5%).
Negative contributors to relative performance during the month included not held positions in Blackmores, Corporate Travel and Strike Energy, and our holding in PEXA (-1.6%).
File:March, 2023
During the month portfolio holding Janison announced that it had successfully delivered the nationwide NAPLAN (“National Assessment Program – Literacy & Numeracy) assessment. The assessment was delivered fully online across 9,300 participating primary and high schools across Australia. Janison has developed the online assessment platform for NAPLAN over the last seven years in partnership with Education Services Australia and Microsoft.
Janison’s platform delivered 4.4 million tests for 1.3 million students over a week. In a peak day, Janison delivered over 1 million tests and 0.3 million students sitting the exam simultaneously on Janison’s platform without issue. Janison also announced that it had been awarded a global agreement with Oxford University Press (“OUP”) to develop and deliver a range of new and existing assessment products globally. This follows the announcement last year that it had entered into a global partnership with Cambridge University Press & Assessment. OUP is the education publishing arm of Oxford University.
The products will be rolled out from 2024 and include tests for years 6 and 9 globally and using the same core Janison technology that has delivered NAPLAN.
File:February, 2023
The benchmark fell 3.7% during February and gave back some of its gains from January as interest rate expectations increased following better than expected economic data. The fund was down 0.9% after fees, outperforming the benchmark by 2.8%. It is now over 5 years since inception of the Trust and over this time the Trust has delivered a +7.6% p.a. return net of fees, outperforming the benchmark by 4.1% p.a. Positive contributors to relative performance this month included AUB Group (+17.4%), Steadfast Group (+11.3%), Alpha HPA (+17.6%), Smartgroup (+13.1%) and Sims (+4.7%). The key negative contributors to relative performance this month were Immutep (-18.6%), Integral Diagnostics (-14.1%) and Pexa Group (-2.5%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0223_PVESCT.pdfJanuary, 2023
The benchmark rose a very strong 6.6% during January as earnings preannouncements were generally better than feared and the market pursued cyclical stocks. The fund was up 3.0% after fees, underperforming the benchmark by 3.6%. Key contributors to the relative underperformance were our underweight position in cyclical exposures, including resources, while a number of our defensive holdings lagged the rally. It is now 5 years since inception of the Trust and over this time the Trust has delivered a +7.9% p.a. return net of fees, outperforming the benchmark by 3.5% p.a. Positive contributors to relative performance this month included Sims Ltd (+16.6%), G8 Education (+13.6%), Calix Ltd (+24.2%) and Charter Hall (+14.9%). The key negative contributors to relative performance this month were Spark NZ (-4.4%), Meridian Energy (-1.4%), Telix Pharmaceuticals (-2.5%) and Steadfast Group (-4.2%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0123_PVESCT.pdfDecember, 2022
The benchmark fell 3.7% in December as markets were concerned that central banks may continue to raise interest rates given economic data remains generally better than expected. The Trust finished the month down 1.2% after fees, outperforming the benchmark by 2.5%. Positive contributors to relative performance this month included Meridian Energy (+10.3%), G8 Education (+13.3%), Integral Diagnostics (+5.8%) and Spark New Zealand (+5.0%). Negative contributors this month included Immutep (-25.7%), PEXA Group (-17.9%), APM Human Services (-24.0%) and Charter Hall (-14.1.%)
File:November, 2022
The benchmark rose 4.9% in November as economic data suggested the medium-term interest rate outlook may be better than expected. The Trust finished the month up 3.9% after fees, underperforming the benchmark by 1.0%. Positive contributors to relative performance this month included Immutep (+27.6%), Alpha HPA (+42.9%), Janison Education (+26.9%) and Fisher & Paykel Healthcare (+22.8%). Negative contributors this month included PEXA Group (-5.9%), 4D Medical (-25.6%), IPH Ltd (-8.4%) and City Chic Collective (-39.1%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/1122_PVESCT.pdfOctober, 2022
The benchmark rose 6.5% in October as global markets rallied as the US market third quarter reporting season was better than feared. The Trust finished the month up 5.1% after fees, underperforming the benchmark by 1.4%. Positive contributors to relative performance this month included Telix Pharmaceuticals (+46.5%), Chorus (+15.5%), Immutep (+18.4%), and Arena REIT (+18.0%). Negative contributors this month included Calix (-29.6%), Sims (-8.7%), NIB Holdings (-10.2%) and Genetic Signatures (-21.0%). Portfolio holding Nitro Software (+29.2%) has received two takeover proposals with bidders interested in Nitro’s global enterprise PDF productivity and e-signing businesses. During the month, Nitro announced that it had received a formal takeover offer from Potentia Capital. It also announced that it had received a conditional counter proposal from Alludo to acquire Nitro for $2.00 cash per share which is an 11% premium to the Potentia bid.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/192853620.pdfSeptember, 2022
The benchmark fell 11.2% in September as markets gave back the gains in July and August due to concerns over global growth as central banks continued to increase interest rates. The Trust finished the month down 8.6% after fees, outperforming the benchmark by 2.6%. It is over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a +6.1% p.a. return net of fees, outperforming the benchmark by +4.4% p.a. Positive contributors to relative performance this month included Meridian Energy (+0.2%), Micro-X (+37.5%), APM Human Services (+0.6%) and EQT Holdings (-2.7%). Negative contributors this month included Telix Pharmaceuticals (-23.7%), HealthCo Healthcare & Wellness REIT (-21.7%), Iress (-21.1%) and Arena REIT (-20.7%). Micro-X, which has developed an innovative X-ray nanotube technology, announced that it had formed a strategic relationship with Varex Imaging Corporation, the largest independent manufacturer of x-ray components globally. Micro-X agreed to provide an exclusive global licence to Varex to use Micro-X’s technology in multi-beam x-ray tubes for $7.5m. This is an application of the technology that is not used in the company’s existing products or development plan. In addition, Varex agreed to take a 9.9% equity stake in Micro-X at a 10% premium to the pre-transaction price. Later in the month, Micro-X announced that it had been awarded an extension on its development contract with the US Department of Homeland Security (“DHS”) for a Miniature Baggage Scanner and that DHS had also exercised the option to continue with the associated Passenger Self-Screening Checkpoint into a detailed prototype design phase.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/0922_PVESCT.pdfAugust, 2022
The benchmark rose by 0.6% in August, consolidating the bounce in July. The Trust finished the month down 2.8%, underperforming the benchmark by 3.4%. The underperformance was impacted by our positioning in the current environment. During August, the Resources component of the benchmark - which we are underweight – performed strongly, while the Healthcare component of the benchmark – which we are overweight - was weak.
The Resources component of the benchmark finished up 6.0%, while the Healthcare component finished down 6.3%. We are comfortable with our position given the medium-term prospects of the stocks in these sectors, however, it held us back in August. Positive contributors to relative performance this month included Nitro Software (+37.4%), AUB Group (+14.7%), Spark NZ (+6.6%) and NIB Holdings (+13.0%). Negative contributors this month included Telix Pharmaceuticals (-16.1%), Immutep (-16.2%), Bendigo Bank (-12.2%), Smartgroup (-13.7%) and Pacific Edge (-39.4%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/190936823.pdfJuly, 2022
The benchmark rebounded in July as concerns around higher inflation and interest rates abated. The Trust finished the month up 9.9%, underperforming the benchmark by 1.5%. It is over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a +9.1% p.a. return net of fees, outperforming the benchmark by +4.8% p.a.
Positive contributors to relative performance this month included Telix Pharmaceuticals (+63.1%), Next Science (+50.0%) and Healthco Healthcare & Wellness REIT (25.5%). Negative contributors this month included KMD Brands (-0.5%) Integral Diagnostics (+2.0%) and Nitro Software (-14.2%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/189909831.pdfJune, 2022
The benchmark was very weak in June with the market concerned about the growth impacts of higher global interest rates. The Trust finished the month down 10.2%, outperforming the benchmark by 2.9%.
It is over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a +7.0% p.a. return net of fees, outperforming the benchmark by +5.1% p.a.
Positive contributors to relative performance this month included Meridian Energy (-3.0%), Iress (+9.9%) and Spark NZ (-1.8%). Negative contributors this month included Immutep (-31.0%), Smartgroup (-27.2%) and Janison Education (-35.6%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/189094354.pdfMay, 2022
The benchmark was weaker in May with the market concerned about the growth impacts of COVID-19 related lockdowns in China and higher global interest rates. The Trust finished the month down 5.4%, outperforming the benchmark by 1.6%.
It is over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a +9.8% p.a. return net of fees, outperforming the benchmark by +4.5% p.a.
Positive contributors to relative performance this month included Immutep (+23.5%), Opthea (+34.5%) and NIB Health (+4.4%). Negative contributors this month included Kathmandu (-12.7%), Sims (-15.1%) and Integral Diagnostics (-10.4%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/188011303.pdfApril, 2022
The market was weaker in April with the market concerned about the growth impacts of COVID-19 related lockdowns in China and higher global interest rates. The Trust finished the month down 1.5%, in line with the benchmark.
It is over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a +11.5% p.a. return net of fees, outperforming the benchmark by +4.3% p.a.
Positive contributors to relative performance this month included Calix Ltd (18.4%), NIB Holdings (+11.3%) and Telix Pharmaceuticals (+10.3%).Negative contributors this month included Janison Education (-17.3%), Immutep (-11.7%) and Meridian Energy (-9.6%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/187078180.pdfMarch, 2022
The market was stronger in March and while the strength was more broad-based than in recent months, it continued to be driven by a stronger resources sector due to disruptions caused by the war in Ukraine and associated sanctions. The Trust finished the month up 3.9% underperforming the index by 1.4%.
It is now over four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance tradeoff to invest for shaping a better future. Since inception, the Trust has delivered a +12.1% p.a. return net of fees, outperforming the benchmark by +4.4% p.a.
Positive contributors to relative performance this month included Calix Ltd (29.1%), Alpha HPA (+23.3%) and Sims Ltd (+18.4%). Negative contributors this month included Telix Pharmaceuticals (-15.4%), City Chic Collective (-13.0%) and Fisher & Paykel Healthcare (-12.5%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/186224701-3.pdfJanuary, 2022
The market was weak in January with the benchmark down 9.0%. Atypically for a month of weakness the resources sector (which we are underweight) outperformed strongly while more traditional defensive sectors such as healthcare (which we are overweight) were weak. The Better Future Trust finished down 9.6%, underperforming the benchmark by 0.6%.
It is now four years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception, the Trust has delivered a 12.3% p.a. return net of fees, outperforming the benchmark by 5.6% p.a. Positive contributors to relative performance this month include Alpha HPA (+11.7%), Janison Education (-4.9%.) and G8 Education (+0.0%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/183910424.pdfDecember, 2021
The Better Future Trust was up 2.4% net of fees in December, outperforming the benchmark return by 1.0%.The Trust has been running for almost 4 years. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception in February 2018, the Trust has delivered a 15.5% p.a. return net of fees, outperforming the benchmark by 6.1% p.a.
Positive contributors this month include Genetic Signatures (+36.1%), Telix Pharmaceuticals (+17.4%) and 3P Learning (+17.4%). Negative contributors this month include Nitro Software (-29.8%), Janison Education (-5.7%) and Imricor (-14.8%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/182658787.pdfNovember, 2021
The Better Future Trust was up 0.1% net of fees in November, outperforming the benchmark return by 0.4%.
The Trust has been running for almost 4 years. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception in February 2018, the Trust has delivered a 15.2% p.a. return net of fees, outperforming the benchmark by 6.0% p.a.
Positive contributors this month included Calix (+33.1%), Janison Education (+19.7%) and Telix Pharmaceuticals (+16.2%). Negative contributors this month included Doctor Care Anywhere (- 22.5%), Immutep (-16.7%) and Imricor (-12.6%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/181789498.pdfOctober, 2021
The Better Future Trust was up 0.4% net of fees in September, outperforming the benchmark return by 2.5%.
The Trust has been running for more than three and a half years. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception in February 2018, the Trust has delivered a 16.2% p.a. return net of fees, outperforming the benchmark by 6.7% p.a.
Positive contributors this month included Calix (+34.8%), Janison Education (+18.3%) and Smartgroup (+21.8%). Negative contributors this month included Iress (-20.4%), Limeade (- 22.4%) and Sims Ltd (-11.1%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/179817430-1.pdfSeptember, 2021
The Better Future Trust was up 0.4% net of fees in September, outperforming the benchmark return by 2.5%.
The Trust has been running for more than three and a half years. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest for shaping a better future. Since inception in February 2018, the Trust has delivered a 16.2% p.a. return net of fees, outperforming the benchmark by 6.7% p.a.Positive contributors this month included Calix (+34.8%), Janison Education (+18.3%) and Smartgroup (+21.8%). Negative contributors this month included Iress (-20.4%), Limeade (- 22.4%) and Sims Ltd (-11.1%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/179817430.pdfAugust, 2021
The Better Future Trust was down 0.3% net of fees in July, underperforming the benchmark return by 1.0%.
• It is over three years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on shaping a better future. Since inception in February 2018, the Trust has delivered a 15.2% p.a. return net of fees, outperforming the benchmark by 6.1% p.a.
• Positive contributors this month included 4D Medical (+25.7%), MedAdvisor (+16.7%), Genetic Signatures (+13.6%) and Calix (+4.1%).
• Negative contributors this month included Immutep (-12.7%), Kathmandu (-10.6%), Janison Education (-7.9%) and Imricor Medical Systems (-14.8%)
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/177775368.pdfJuly, 2021
The Better Future Trust was down 0.3% net of fees in July, underperforming the benchmark return by 1.0%.
• It is over three years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on shaping a better future. Since inception in February 2018, the Trust has delivered a 15.2% p.a. return net of fees, outperforming the benchmark by 6.1% p.a.
• Positive contributors this month included 4D Medical (+25.7%), MedAdvisor (+16.7%), Genetic Signatures (+13.6%) and Calix (+4.1%).
• Negative contributors this month included Immutep (-12.7%), Kathmandu (-10.6%), Janison Education (-7.9%) and Imricor Medical Systems (-14.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/176579838.pdfJune, 2021
The Better Future Trust was up 4.4% net of fees in June, outperforming the benchmark return by 1.3%.
• It is over three years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on shaping a better future. Since inception in February 2018, the Trust has delivered a 15.7% p.a. return net of fees, outperforming the benchmark by 6.5% p.a.
• Positive contributors this month included Telix (+33.9%), Control Bionics (+20.9%), Resmed (+20.9%) and Iress (+20.8%).
• Negative contributors this month included Next Science (-24.2%), Immutep (-17.4%) and Doctor Care Anywhere
The Better Future Trust was up 4.4% net of fees in June, outperforming the benchmark return by 1.3%.
It is over three years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on shaping a better future. Since inception in February 2018, the Trust has delivered a 15.7% p.a. return net of fees, outperforming the benchmark by 6.5% p.a.
Positive contributors this month included Telix (+33.9%), Control Bionics (+20.9%), Resmed (+20.9%) and Iress (+20.8%). Negative contributors this month included Next Science (-24.2%), Immutep (-17.4%) and Doctor Care Anywhere (-19.8%). (-19.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/174172604.pdfApril, 2021
The Better Future Trust was up 5.2% net of fees in April, outperforming the benchmark return by 0.2%.
• It is over three years since the inception of the Trust. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on shaping a better future. Since inception in February 2018, the Trust has delivered a 14.7% p.a. return net of fees, outperforming the benchmark by 6.2% p.a.
• Positive contributors this month included EROAD (+29.3%), Calix (+24.1%) and Next Science (+27.4%).
• Negative contributors this month included Telix (-12.6%), Genetic Signatures (-11.5%) and MedAdvisor (-10.0%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/171136519.pdfDecember, 2020
The Sustainable Future Trust was up 5.3% net of fees, outperforming the benchmark return by 2.5%. It is a key goal of the Trust to demonstrate that there is no performance trade-off to invest with a focus on sustainability and ESG. Since inception in February 2018, the Trust has delivered a 15.7% p.a. return net of fees, outperforming the benchmark by 8.7% p.a.
Positive contributors this month included recently acquired stocks Doctor Care Anywhere (up 50% from IPO price), Control Bionics (up 56.6% from IPO price) and Immutep (up 53.7%).Negative contributors this month included included Fluence (-30.8%), Limeade (-13.4%) and Imricor (-7.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/163382124.pdfticker: WPC5600AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://perennial.net.au/our-trusts/better-future/
asset_class: Domestic Equity
asset_category: Australian Micro Cap
peer_benchmark: Domestic Equity - Micro Cap Index
broad_market_index: ASX Index Small Ordinaries Index
structure: Managed Fund
manager_contact_details: Array
fund_features:
Perennial Smaller Companies Sustainable Future Trust aims to outperform the benchmark over the long term after fees and expenses, by investing in a diversified portfolio of smaller companies that conduct business taking into consideration environmental, social and governance (‘ESG’) criteria and/or conduct business in industries which have favourable characteristics having regard to ESG criteria.