AMP Capital Specialist Geared Aus Shr Performance Review | News

What is the AMP Capital Specialist Geared Aus Shr fund?

AMP Capital Specialist Geared Australian Share Fund aims to provide high returns over the long term through geared exposure to securities listed on the Australian Securities Exchange.

The objective of the Fund’s portfolio before gearing is applied is to provide total returns (income and capital growth) after costs and before tax, above the S&P/ASX 200 Accumulation Index on a rolling 3 year basis.
The current portfolio roster comprises 40% in Vinva, 30% in DNR, 20% in an internally managed enhanced index, and the remaining 10% in iShares IOZ ETF and futures for active gearing rebalancing.
The Fund normally invests in shares listed or about to be listed on the Australian Securities Exchange.

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AMP Capital Specialist Geared Aus Shr Fund Commentary December 31, 2022

The Fund posted a positive return and comfortably outperformed its benchmark over the December quarter, driven by gearing. The Fund’s three underlying managers gained ground, with DNR Capital outperforming the benchmark whilst Macquarie and Vinva lagged on a relative basis.

Sector allocation detracted from relative returns, outweighing the value added by stock selection. Regarding sector allocation, the main detractors were underweight exposures to materials and utilities while an underweight exposure to consumer staples added most to performance. Regarding stock selection, the Fund’s positions in industrials and consumer discretionary contributed the most, while real estate was the main sector that held back performance.

The largest individual contributor to relative returns was an overweight position in Domino’s Pizza (+29%), which rebounded after company management provided updates to the market after their AGM (in the previous quarter). The company highlighted efforts to continue to manage ongoing pressures in Europe in the higher inflationary environment. Other major contributors included the underweight exposure to retailer Woolworths (-1%) and an overweight position in testing and analysis company ALS Ltd (+23%).

The largest individual detractor was an overweight position in property developer Lend Lease (-12%), which suffered after announcing weaker than expected guidance for its outlook for the current fiscal year. Other major detractors included the underweight exposures to Commonwealth Bank (+13%) and Westpac Banking Corp (+16%), which were buoyed earlier in the period by higher interest rates which will feed through to better margins in the short term.

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Performance Review
Product Overview
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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.
AMP Capital Specialist Geared Aus Shr	2.16%	-4.95%	-6.09%	8.45%	9.6%	26.58%	38.48%	26.3%	-21.54%	-53.32%	-76.24%

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.
AMP Capital Specialist Geared Aus Shr	AMP0968AU	Managed Funds	Domestic Equity	Australia Large Geared	Domestic Equity - Large Geared Index	ASX Index 200 Index	317.78 M	1.56%	0.00%	0.7%

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.
AMP Capital Specialist Geared Aus Shr	Domestic Equity - Large Geared Index	3.83%	0.03%	0.3%	-0.03%	-0.03%	0.97	3.64%	3.97%	0.99	0.99

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
AMP Capital Specialist Geared Aus Shr	Yes	33 Alfred Street, Sydney	+61 2 8048 8162	https://www.amp.com.au	askamp@amp.com.au

Product Due Diligence

What is AMP Capital Specialist Geared Aus Shr

AMP Capital Specialist Geared Aus Shr is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Large Geared 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 AMP Capital Specialist Geared Aus Shr has Assets Under Management of 317.78 M with a management fee of 1.56%, a performance fee of 0.00% and a buy/sell spread fee of 0.7%.

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Historical Performance Commentary

Performance Commentary - September 30, 2022

The Fund posted a negative return and underperformed its benchmark over the September quarter. Amid considerable market volatility, two of the Fund’s three underlying managers gained ground, with Macquarie outperforming the benchmark. Vinva slightly underperformed, with DNR Capital lagging on a relative basis. The Fund’s gearing also detracted. DNR Capital continues to drive the Fund’s strong performance compared to the benchmark over the long term, including over 2, 3, 5 years and since inception (all returns before fees).

Stock selection detracted from relative returns, outweighing the value added by sector allocation. Regarding sector allocation, the main contributors were an underweight exposure to utilities and an overweight position in energy. The main detractor was an underweight exposure to materials. Regarding stock selection, the Fund’s positions in financials and consumer discretionary detracted the most, while industrials added most value by sector. The largest individual contributors to relative returns were underweight positions in toll-road operator Transurban Group (-14%) and hospital and health care group Ramsay Health Care (-21%) and an overweight position in coal, oil and gas operator New Hope Corporation (+82%). Transurban underperformed as ‘bond proxy’ stocks amid surging bond yields in the latter half of the period. Ramsay Health Care shares suffered after the KKR -led takeover consortium confirmed it would not improve its previous offer, throwing the potential deal into doubt. New Hope soared after Prime Minister Albanese confirmed Australia as an ongoing supplier of gas and coal, which is supported by the global energy crisis.

The largest individual detractors from relative returns were overweight positions in Domino’s Pizza (-23%) and financials services and tech provider IRESS (-21%), as well as being underweight lithium and tantalite miner Pilbara Minerals (+99%). Domino’s fell amid concerns over its European earnings with inflation and a general deterioration in economic conditions weighed.

IRESS saw a downgrade on the back of a CEO change, with higher $US-based costs and slowing Australian sales also impacted. Pilbara Minerals rode the wave with other lithium producers as global demand was unabated.

Performance Commentary - June 30, 2022

The Fund posted a negative return and underperformed its benchmark over the June quarter. The Fund’s gearing detracted and was the driver of the Fund’s underperformance. Amid considerable market weakness, all of the Fund’s three underlying managers lost ground, although DNR Capital was the standout performer on a relative basis as it significantly outperformed the benchmark during the period. The Fund continues to perform strongly compared to the benchmark over the long term, including over 2, 3, 5 years and since inception (all returns before fees).

Stock selection was the primary contributor to relative returns, with sector allocation also adding value. Regarding sector allocation, the main contributors were an underweight exposure to materials and an overweight position in energy. The main detractors were underweight exposures to utilities and health care. The Fund’s cash position also enhanced returns as the market fell. Regarding stock selection, the standout positive contributors were positions in information technology, consumer discretionary and financials stocks, while industrials detracted most by sector.

The largest individual contributors to relative returns were overweight positions in QBE Insurance and Computershare, and an underweight exposure to Block. QBE Insurance (+6%) benefitted from higher bond rates which will provide a boost to earnings, with the company also buoyed by offshore competitors announcing solid results. Share registry operator Computershare (0%) was resilient, as higher interest rates should flow to significantly higher profits. Fintech company Block (-51%) – formerly Square – suffered alongside the broader global IT sector as rising bond yields are seen to dampen higher growth companies with limited profitability.

The largest individual detractors from relative returns were underweight positions in Transurban Group and Ramsay Health Care and an overweight position in Seek. Toll-road operator Transurban Group (+8%) rose as the market recognised the company’s substantial protection from rising inflation through contracted tolling agreements. Fund Performance inflation through contracted tolling agreements. Online employment company Seek (-30%) fell despite record job ad volumes, as investors favoured defensive exposures. Hospital and health care group Ramsay Health Care (+12%) rallied following a takeover bid from KKR.

Performance Commentary - March 31, 2022

Performance Commentary - December 31, 2021

Performance Commentary - June 30, 2021

Performance Commentary - March 31, 2021

Performance Commentary - December 31, 2020

The Fund posted a strong positive absolute return and outperformed its benchmark over the December quarter (before fees). The Fund’s gearing increased the magnitude of the outperformance. All of the Fund’s three underlying managers posted positive absolute returns, and DNR and Vinva outperformed the benchmark. The Fund continues to outperform over the long term including over 2, 3, 5 years and since inception. Stock selection was the key driver of the Fund’s outperformance, while sector allocation modestly detracted from relative returns. Regarding sector allocation, the main detractors from relative returns were an underweight exposure to financials and a cash holding as the share market rallied.

Meanwhile, the main contributors to relative returns were underweight exposures to health care and utilities, and an overweight exposure to information technology.

Regarding stock selection, the main contributors to relative returns were positions in communication services, financials, materials, real estate and industrials, while the main detractors were positions in information technology.

The largest positive contributors to relative returns were an underweight position in CSL, and overweight positions in REA Group and Virgin Money UK. Global biotechnology company CSL waned (-1.3%) after announcing it would abandon the next phase of trials for its COVID-19 vaccine, which was being developed by the University of Queensland. Meanwhile, global online real estate advertising company REA Group rose to record highs (+35.4%) after reporting better-than-expected first quarter results and financial services provider Virgin Money UK shot higher (+83.0%) mainly due to optimism around the availability of vaccines. The largest individual detractors from relative returns were underweight positions Commonwealth Bank, Afterpay and ANZ Banking Group.

Commonwealth Bank rallied (+29.1%) after reporting solid first quarter results, with its home loan growth rate twice as high as the wider banking system. ‘Buy now, pay later’ financial company Afterpay rose to rAfterpay rose to record highs (+47.5%) after reporting very strong first quarter results and ANZ Banking Group gained (+34.2%) after reporting soft, but better-than expected first quarter results.

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AMP Capital Specialist Geared Aus Shr (AMP0968AU) Report & Performance