Bentham Syndicated Loan Performance Review | News

What is the Bentham Syndicated Loan fund?

Bentham Syndicated Loan Fund is actively managed and focused on generating stable investment income. The Fund aims to provide investors with exposure to high-yielding investments primarily through the US syndicated loan market, with an active allocation to investments in different industries, issuers and geographies.

Access to senior secured syndicated loans which are not generally available to direct retail investors.
Monthly income distributions.
High running yield with low interest rate risk.
Australian domiciled trust with more than 14 year’s track record.
Loans are valued to market prices daily – with daily unit pricing.
Access to a global investment universe.

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Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Latest News & Updates For Bentham Syndicated Loan

Bentham Syndicated Loan Fund Commentary September 30, 2023

The Bentham Syndicated Loan Fund had a total return (after fees) of 0.44% in the month of September, underperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.33%. On a before fees basis the fund returned 0.52% for the month, underperforming the benchmark by 0.26%.

At month end, the Fund had a yield to maturity of 10.66% and running yield of 8.50%, with the credit yield spread increasing by 10 bps to 581 bps during the month. The Fund had an interest rate duration of 0.53 years and credit duration of 2.60 years.

The Fund’s three largest industry exposures are 13.9% in Electronics, 10.4% in Healthcare, Education and Childcare and 9.7% in Diversified/Conglomerate Service. The Fund’s top three company exposures are 1.2% in Polaris Newco, 1.1% in Hub International and 1.0% in Ukg. During the month, the Fund increased its exposure to GTCR W Merger Sub, Ukg and Allegro MicroSystems; with decreased exposures to Acrisure, Cwgs and Vibrantz Technologies.

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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 Syndicated Loan	-0.13%	0.91%	7.49%	4.51%	6.38%	1.58%	3.73%	7.13%	-0.13%	-5.18%	-29.73%

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 Syndicated Loan	CSA0046AU	Managed Funds	Fixed Income	High Yield Credit	Fixed Income - High Yield Credit Index	Global High Yield Credit Hdg Index	2.96 BN	0.77%	0.00%	0.84%

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 Syndicated Loan	Fixed Income - High Yield Credit Index	-3.49%	-0.67%	NA%	NA%	NA%	0.44	1.9%	4.59%	0.74	0.79

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Bentham Syndicated Loan	Yes	Level 2, 5 Martin Place, Sydney NSW 2000	+61 133 566	https://www.challenger.com.au/personal	info@challenger.com.au

Product Due Diligence

What is Bentham Syndicated Loan

Bentham Syndicated Loan is an Managed Funds investment product that is benchmarked against Global High Yield Credit Hdg Index and sits inside the Fixed Income - High Yield 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 Syndicated Loan has Assets Under Management of 2.96 BN with a management fee of 0.77%, a performance fee of 0.00% and a buy/sell spread fee of 0.84%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The Bentham Syndicated Loan Fund had a total return (after fees) of 1.27% in the month of August, outperforming the benchmark (Credit Suisse Leveraged Loan Index hedged into AUD) by 0.18%. On a before fees basis the fund returned 1.34% for the month, outperforming the benchmark by 0.25%.

The Fund’s three largest industry exposures are 15.0% in Electronics, 10.3% in Healthcare, Education and Childcare and 9.0% in Diversified/Conglomerate Service. The Fund’s top three company exposures are 1.3% in Polaris Newco, 1.1% in Hub International and 1.1% in Hyland Software. During the month, the Fund increased its exposure to Learning Care Group, AQA Acquisition and Tecta America; with decreased exposures to Flexera Software, CCI Buyer and Packaging Coordinators.

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 - January 31, 2023

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Bentham Syndicated Loan (CSA0046AU) Report & Performance