Monash Absolute Investment Class A Performance Review | News

What is the Monash Absolute Investment Class A fund?

Monash Absolute Investment Fund is a long/short Australian equity fund. It has a Long Bias and an Absolute Return Focus. It has a return target of 12-15% per annum after fees over a full Market Cycle, while seeking to preserve investor capital each financial year.

The Fund seeks to implement the investment strategy by investing in a diversified portfolio of predominantly Australian equities (long and short), with overseas assets expected to average no more than 5% over time.
Suitable for investors with an investment horizon of five years or more.

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Latest News & Updates For Monash Absolute Investment Class A

Monash Absolute Investment Class A Fund Commentary May 31, 2023

In May, the Fund fell -6.3% (after fees) giving back its positive return of April. This compares to a decrease of -3.3% for the Small Ords. However, we remain ahead of the Small Ords over the last two months and very significantly ahead of it over medium to long term time periods. For the 12 months the Fund is up 2.0% compared to the Small Ords which is down -5.8%.

As a high conviction manager we do get impacted from short term swings in share prices. We have shown over the medium to long term that our investment approach rewards investors.

Monash Investors was established in 2012, and since that time on average 91% of the stocks in our portfolio have been outside the S&P/ASX 100. The Small Ords comprises the 200 stocks in the S&P/ASX 300 that excludes the largest 100.

Despite being stock size agnostic in our approach, the overwhelming number of stocks that have met our investment criteria have been small cap, and this is where we have had our best payoffs as investors. To put the size of these companies in perspective, the largest Small Ords stocks have market capitalisations of about $4 billion and the smallest ones about $100m.

Given our overwhelming exposure to small cap stocks, going forward we will be re-naming the portfolio to reflect this. This will help us position the fund as a product that is relevant to a larger number of investors.

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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.
Monash Absolute Investment Class A	5.54%	1.84%	15.22%	1.55%	9.77%	16.58%	15.79%	15.99%	-9.51%	-22.87%	-29.09%

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.
Monash Absolute Investment Class A	MON0001AU	Managed Funds	Domestic Equity	Australian Long Short	Domestic Equity - Long Short Index	ASX Index 200 Index	33.00 M	1.54%	2.10%	0.6%

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.
Monash Absolute Investment Class A	Domestic Equity - Long Short Index	-4.94%	-2.29%	NA%	NA%	NA%	1.38	10.31%	9.68%	0.84	0.8

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Monash Absolute Investment Class A	Yes		-	https://monashinvestors.com/	-

Product Due Diligence

What is Monash Absolute Investment Class A

Monash Absolute Investment Class A is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Long Short 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 Monash Absolute Investment Class A has Assets Under Management of 33.00 M with a management fee of 1.54%, a performance fee of 2.10% and a buy/sell spread fee of 0.6%.

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Historical Performance Commentary

Performance Commentary - March 31, 2023

In March, the Fund fell 0.9% (after fees). This compares to a decrease of 0.2% for the S&P/ASX200 and a fall of 0.7% for the Small Ords.

Following on from the reporting season month of February, March was a relatively quiet month with little news from our companies.

Our best contributor for the month was REA Group (realestate.com.au ASX: REA) which rose by 12%. REA made no stock exchange announcement this month, but an improvement in property prices was widely reported in the media.

Australian house prices recorded their first rise in 11 months, with capital city values appreciating by 0.6% in March. The falls had bottomed out in February with a modest decline of only 0.1%. Sydney led the gains in March at 1.4%, followed by Melbourne at .6%.

Speculation by commentators of a pause in RBA interest rate rises towards the end of the month perhaps also helped. The RBA had increased interest rates 10 times in a row for a total rise of 3.5%, so a pause to give some time for previous increases to work their way through the economy, and to assess their full impact before adding further rises, was already overdue.

Performance Commentary - February 28, 2023

Performance Commentary - December 31, 2022

Performance Commentary - November 30, 2022

Performance Commentary - October 31, 2022

Performance Commentary - September 30, 2022

Performance Commentary - August 31, 2022

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Monash Absolute Investment Class A (MON0001AU) Report & Performance