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

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.

Growth of $1000 Investment Over Time

Performance Report

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Peer Comparison Report

Latest News & Updates For AMP Capital Specialist Geared Aus Shr

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.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

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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 Shr2.16%-4.95%-6.09%8.45%9.6%26.58%38.48%26.3%-21.54%-53.32%-76.24%

Product Overview

Peer Comparison

Product Details

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

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

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