Milford Australian Absolute Growth Fd 1 (ETL8155AU) Report & Performance

What is the Milford Australian Absolute Growth Fd 1 fund?

The Fund aims to provide an absolute returns with an annualised return of 5% above the RBA Cash Rate while seeking to preserve investor capital. Diversified fund that primarily invests in Australasian equities, complemented by selective exposure to international equities, fixed interest securities and cash.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Milford Australian Absolute Growth Fd 1

Milford Australian Absolute Growth Fd 1 Fund Commentary September 30, 2023

The Fund fell 1.6% in September, compared to the ASX 200 which declined 2.8%.

It was another volatile month with the sell off in bonds being the dominant feature. Australian 10-year bond yields increased from 4% to 4.5% and US bond yields increased from 4.1% to 4.5% – levels not seen in many years.

Energy commodities continued their march higher in September, with Brent Oil prices increasing 9.8% to $95. TECK Resources rallied 4.5% in September driven by rising expectations of global economic activity plus an increasing chance of corporate activity. Santos (+3.0%) and Suncorp (+2.5%) performed well driven by better oil prices and higher short-term rates respectively.

Our detractors were mainly in our defensive companies, CSL (-7.6%), TLS (-4.0%) and HCA Healthcare (-11.1%) as higher rates weighed heavily on these longer duration investments. Fundamentally they remain sound and in fact most of these businesses are well positioned to navigate a trickier economic environment.

We exited Origin Energy on the heightened risk of deal completion and a lower annualised return after a very strong few months. We also increased our exposure to Viva Energy, as insider Vittol sold 16% of the company or approximately 33% of its stake. This provided a great liquidity opportunity at attractive levels.

Equity markets are precariously placed with a higher USD, rising oil prices and rising rates increasing equity and economic volatility. Generally when these factors combine, stresses in the financial system are elevated with the increased probability of something going wrong. On the flip side, the US economy remains extremely resilient to the Fed’s tightening (thus far) and hence we remain in a divisive market. We will continue to deploy our cash into attractive opportunities as they present themselves, but remain wary given the aforementioned risks.

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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.
Milford Australian Absolute Growth Fd 11.86%0.71%8.9%5.73%9.52%8.61%7.83%8.65%-2.94%-5.94%-14.05%

Product Overview

Peer Comparison

Product Details

Product Due Diligence

What is Milford Australian Absolute Growth Fd 1

Milford Australian Absolute Growth Fd 1 is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Absolute Return 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 Milford Australian Absolute Growth Fd 1 has Assets Under Management of 0.00 M with a management fee of 1.02%, a performance fee of 0.15% and a buy/sell spread fee of 0.2%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

August was an eventful month, with Australian result releases and some market volatility that saw a significant market pullback before a recovery later in the month. The Fund was down 1.0% for the month, slightly behind the ASX 200 return of -0.7%.

A couple of poor results offset the contribution of a number of strong results. Iress fell 38% after reporting a disappointing result and outlook. Underlying costs are rising faster than expected, which means the net costout benefit we had hoped for has decreased. While we believe Australian/NZ assets will be attractive to a strategic buyer, rising costs and a poor balance sheet have materially reduced our confidence in management’s ability to realise value. The size of the Fund’s position is very modest and remains under review.

ResMed fell 24.0% also on slower revenue growth and some margin weakness. This was coupled with euphoria surrounding new diabetes and weight loss drugs and their ability to disrupt the medical technology industry.

On the positive side we had many good results. Highlights included Carsales (+15.6%), Goodman Group (+13.7%), Monadelphous (+7.7%) and Universal Store (+6.1%) among others.

Through August, there were several companies that we either established new positions in or took much larger positions following weakness post their results. Telstra and Suncorp are a couple of examples.

Over the month, our long equity position increased to 85% and we maintain some derivative protection on top of that. There was a broad degree of caution in company outlook statements and, somewhat unsurprisingly, a lack of future earnings guidance. In our view, the long lag effects of monetary policy mean that economic and behavioural impacts are still ahead of us and hard to quantify. The portfolio is balanced for the wide range of outcomes. As we await more comfort on the economic outlook, we continue to build out a long shopping list of growth businesses to add to the portfolio once they reach more compelling valuations in the coming months.

Performance Commentary - July 31, 2023

Performance Commentary - June 30, 2023

Performance Commentary - November 30, 2022

Performance Commentary - October 31, 2022

Performance Commentary - September 30, 2022

Performance Commentary - August 31, 2022

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