Acadian Wholesale Australian Equity Performance Review | News

What is the Acadian Wholesale Australian Equity fund?

The Acadian Wholesale Australian Equity Fund (the Fund) uses quantitative modelling and fundamental insights to unearth undervalued stocks and deliver compelling returns for investors. The investment approach is both multi-faceted and highly adaptable, which allows Acadian to take advantage of attractive stocks opportunities as they arise. Acadian casts a wide net to discover mis-priced stocks, analysing more than 1,000 stocks daily to find the most attractive investment opportunities for inclusion in the portfolio.

Invest in a fund that uses systematic expertise to unearth undervalued stocks and deliver compelling long-term returns.
Analyses more than 1,000 stocks daily to uncover opportunities and find hidden value.
Systematic, bottom-up analysis converts insights into risk return forecast.
Aims to outperform the S&P/ASX 300 Accumulation Index over rolling four-year periods before fees and taxes.

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Growth of $1000 Investment Over Time

Performance Report

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Latest News & Updates For Acadian Wholesale Australian Equity

Acadian Wholesale Australian Equity Fund Commentary June 30, 2023

The Portfolio returned -0.22%, 13.41%, 6.96% and 9.04% net of fees for the quarterly, 1-,5-, and 10-year periods, versus returns of 0.99%, 14.40%, 7.11% and 8.54% for the S&P/ASX 300 Accumulation Index. Stock selection detracted from returns, while sector allocations were positive.

Key sources of negative active return included a combination of stock selection and an overweight position in materials, stock selection in energy, and a combination of stock selection and an underweight position in real estate. Leading declines within these sectors respectively included a position in South32, a holding in Santos, and an investment in Goodman Group. Contributors included stock selection in consumer discretionary, an overweight position in information technology, and stock selection in health care. Leading advances within these sectors in turn included a lack of exposure to IDP Education, a holding in WiseTech Global, and an investment in Ramsay Health Care.*

Key Holdings

Positive
Our overweight to McMillan Shakespeare Ltd, a provider of automotive salary packaging, leasing services, fleet and asset management and financing services, was rewarded with 15 basis points of active return as share prices gained 25% over the quarter. The company has been benefiting from steady growth in novated lease orders and sales, salary packages under management, as well as the number of Plan and Support Services customers.

Negative
Our overweight to South32 Ltd, a diversified metals and mining company, cost the portfolio 11 basis points of active return as share prices slumped 11.7% in the period. The company continues to be impacted by high interest rates, sticky inflation, and growing concerns of a global recession.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

Performance Review
Product Overview
Peer Comparison
Product Details

Performance Review

Fund Name	Last Month ? Returns after fees in the most recent (last) month).	3 Months Return ? Returns after fees in the most recent 3 months.	1 Year Return ? Trailing 12 month returns.	3 Years Average Return ? Average Annual returns from the last 3 years.	Since Inc. Average Return ? Average (annualised) returns since inception	1 Year Std. Dev. (Annual) ? The standard deviation (or annual volatility) of the last 12 months.	3 Years Std. Dev. (Annual) ? The average standard deviation (or annual volatility) from the last 3 years.	Since Inc. Std. Dev. (Annual) ? The average standard deviation (or annual volatility) since the fund inception.	1 Year Max Drawdown ? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	3 Year Max Drawdown ? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.	Since Inc. Max Drawdown ? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Acadian Wholesale Australian Equity	3.18%	8.47%	25.16%	9.19%	7.12%	10.02%	13.54%	14.8%	-3.74%	-12.19%	-53.83%

Product Overview

Fund Name	APIR Code ? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.	Structure ?	Asset Class ? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.	Asset Category ? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.	Peer Benchmark Name ? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.	Broad Market Index ? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.	FUM ? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.	Management Fee ? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.	Performance Fee ? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.	Spread ? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Acadian Wholesale Australian Equity	FSF0787AU	Managed Funds	Domestic Equity	Australia Large Blend - Broad Cap - Passive	Domestic Equity - Large Cap Passive Index	ASX Index 200 Index	135.74 M	0.81%	0.00%	0.24%

Peer Comparison

Fund Name	Peer Index Name ? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.	12 Months Excess Return ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	Excess Return Annualised Since Inception ? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.	12 Months Alpha ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	Alpha Annualised Since Inception ? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.	12 Months Beta ? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	Beta Annualised Since Inception ? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).	12 Months Tracking Error ? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	Tracking Error Since Inception ? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.	12 Months Correlation ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.	Correlation Since Inception ? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Acadian Wholesale Australian Equity	Domestic Equity - Large Cap Passive Index	1.71%	-0.31%	NA%	NA%	NA%	0.98	1.11%	2.69%	0.99	0.98

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Acadian Wholesale Australian Equity	Yes	Tower 1, Ground Floor, 201 Sussex St,Sydney, NSW, 2000	+61 2 93782000	https://www.cfs.com.au/	-

Product Due Diligence

What is Acadian Wholesale Australian Equity

Acadian Wholesale Australian Equity is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Large Cap Passive Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Acadian Wholesale Australian Equity has Assets Under Management of 135.74 M with a management fee of 0.81%, a performance fee of 0.00% and a buy/sell spread fee of 0.24%.

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Historical Performance Commentary

Performance Commentary - March 31, 2023

The Portfolio returned 2.98%, -0.19%, 8.83% and 8.49% net of fees for the quarterly, 1-,5-, and 10-year periods, versus returns of 3.33%, -0.60%, 8.63% and 8.12% for the S&P/ASX 300 Accumulation Index. Sector allocations were positive while stock selection detracted from returns.

The main drivers of negative returns included a combination of stock selection and an underweight position in consumer staples, stock selection in energy, and stock selection in information technology. Leading declines within these sectors respectively included a position in Woolworths Group, a holding in Whitehaven Coal, and a lack of exposure to Xero. Contributors included a combination of stock selection and an overweight position in health care, a combination of stock selection and an overweight position in industrials, and an underweight position in real estate. Leading advances within these sectors included a position in Cochlear, a holding in Brambles, and an investment in Mirvac Group.

Key Holdings

Positive
Our overweight to Aristocrat Leisure Ltd, a gaming content and technology company, was rewarded with 16 basis points of active returns as share prices gained 22.4% over the quarter. The company expects to benefit from continued strong revenue and profit growth in the first quarter, on the back of a market-leading position and recurring revenue drivers.

Negative
Our overweight to Whitehaven Coal Ltd, a developer and operator of coal mines in New South Wales and Queensland, cost the portfolio 18 basis points of active return as share prices slumped 21.8% in the period. The company continues to be impacted by severe labour shortages which is likely to impact its production output.

Performance Commentary - December 31, 2022

Performance Commentary - September 30, 2022

Performance Commentary - June 30, 2022

Performance Commentary - March 31, 2022

Performance Commentary - December 31, 2021

Performance Commentary - June 30, 2021

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Acadian Wholesale Australian Equity (FSF0787AU) Report & Performance