Bentham Asset Backed Securities I Performance Review | News

What is the Bentham Asset Backed Securities I fund?

Bentham Asset Backed Securities I aims to provide exposure to investment grade global asset backed securities and to generate stable income with some capital growth over the medium term. The Fund aims to outperform its benchmark over the suggested minimum investment timeframe. Bentham seeks to add value through actively managing allocations across a diversified portfolio of predominantly investment grade structured credit investments and trading of individual securities according to prospective risk adjusted returns.

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Latest News & Updates For Bentham Asset Backed Securities I

Bentham Asset Backed Securities I Fund Commentary September 30, 2023

The Bentham Asset Backed Securities Fund had a total return (after fees) of -0.63% in the month of September, underperforming the benchmark (Bloomberg AusBond Bank Bill Index) by 0.96%. On a before fees basis the fund returned -0.63% for the month, underperforming the benchmark by 0.96%

The Fund’s sector allocations are 28.7% in US Broadly Syndicated Collateralised Loan Obligations (CLO), 25.9% in European CLO, 17.0% in Australian Residential Mortgage Backed Securities (RMBS), 8.8% in Middle Market CLO, 8.4% in Cash & Derivatives, 6.9% in UK RMBS, 1.7% in Credit Card ABS, 1.7% in Aircraft ABS, 0.5% in US Commercial Real Estate (CRE), 0.4% in European RMBS, 0.0% in Personal Loan ABS and 0.0% in Auto ABS.

The top performing contributors to performance included US Broadly Syndicated CLO and Australian RMBS; whilst the bottom performing contributors included US CRE and European RMBS.

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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.
Bentham Asset Backed Securities I	0.4%	3.81%	11.25%	4.65%	3.68%	4.7%	4.4%	4.2%	-1.54%	-3.7%	-7.84%

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.
Bentham Asset Backed Securities I	HOW2852AU	Managed Funds	Fixed Income	Diversified Credit	Fixed Income - Diversified Credit Index	Global Aggregate Hdg Index	54.52 M	0.35%	0.00%	0.55%

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.
Bentham Asset Backed Securities I	Fixed Income - Diversified Credit Index	2.72%	0.66%	NA%	NA%	NA%	2.22	2.85%	2.52%	0.97	0.86

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Bentham Asset Backed Securities I	Yes	Bridge House, L3, 181 Queen Victoria Street, London, EC4V 4EG	+44 1481 743 940	https://www.fidante.com/	enquiries@fidante.com

Product Due Diligence

What is Bentham Asset Backed Securities I

Bentham Asset Backed Securities I is an Managed Funds investment product that is benchmarked against Global Aggregate Hdg Index and sits inside the Fixed Income - Diversified Credit 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 Bentham Asset Backed Securities I has Assets Under Management of 54.52 M with a management fee of 0.35%, a performance fee of 0.00% and a buy/sell spread fee of 0.55%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The Bentham Asset Backed Securities Fund had a total return (after fees) of 1.14% in the month of August, outperforming the benchmark (Bloomberg AusBond Bank Bill Index) by 0.77%. On a before fees basis the fund returned 1.17% for the month, outperforming the benchmark by 0.80%.

The Fund’s sector allocations are 28.1% in US Broadly Syndicated Collateralised Loan Obligations (CLO), 26.4% in European CLO, 17.6% in Australian Residential Mortgage Backed Securities (RMBS), 8.7% in Middle Market CLO, 7.5% in Cash & Derivatives, 7.3% in UK RMBS, 1.7% in Credit Card ABS, 1.7% in Aircraft ABS, 0.5% in US Commercial Real Estate (CRE), 0.4% in European RMBS, 0.0% in Personal Loan ABS and 0.0% in Auto ABS.

The top performing contributors to performance included US Broadly Syndicated CLO and European CLO; whilst the bottom performing contributors included European RMBS and US CRE.

Performance Commentary - July 31, 2023

Performance Commentary - June 30, 2023

Performance Commentary - May 31, 2023

Performance Commentary - April 30, 2023

Performance Commentary - March 31, 2023

Performance Commentary - February 28, 2023

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Bentham Asset Backed Securities I (HOW2852AU) Report & Performance