Eiger Australian Small Companies Performance Review | News

What is the Eiger Australian Small Companies fund?

Eiger Australian Small Companies Fund (The Fund) provides exposure to a select, actively managed portfolio of stocks with a small-medium level of capitalization listed, or expected to be listed, on the Australian Securities Exchange (ASX) and the New Zealand Securities Exchange (NZX). The Fund aims to outperform its benchmark over rolling five year periods (after fees.

The Fund provides access to a portfolio of small to medium sized companies diversified across all sectors in Australia and New Zealand.
Experienced investment professionals: access to a specialist investment team with over 60 years’ combined experience investing in small to medium companies.

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Latest News & Updates For Eiger Australian Small Companies

Eiger Australian Small Companies Fund Commentary September 30, 2023

The S&P/ASX Small Ordinaries Index (XSO) declined by 1.9% during the quarter. The Small Industrials declined by 1.9%, while the Small Resources also declined by 1.9%. The XSO finished the month on a 2yr forecast P/E ratio of 15.8x which is 7.3% below its 5-year average. This valuation is a 6.1% premium to the ASX200.

The best performing sectors for the quarter were Energy (+27.4%), Wholesale, Distribution & Manufacturing (+18.7%), Retail (+12.9%) and Telecommunications (+12.2%). The worst performing sectors for the quarter were Metals & Mining – Critical Minerals (-26.7%), Metals & Mining – Base Metals (-18.8%), Biotechnology (-16.3%) and Industrial Technology (-15.6%).

The best performing stocks within the XSO Index during the quarter were Deep Yellow (DYL +74.2%), Megaport (MP1 +63.0%), Siteminder (SDR +58.6%), and Boss Energy (BOE +56.5%). Deep Yellow and Boss Energy are both exposed to the development and mining of uranium. The price of near term uranium futures have increased by 45% this year as nuclear energy is increasingly seen as the solution to zero carbon base load power. Boss Energy has also announced promising drilling results and is nearing production at its mine in South Australia. Megaport increased EBITDA guidance during the quarter.

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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.
Eiger Australian Small Companies	4.04%	4.58%	9.45%	-2.44%	9.19%	10.2%	17.19%	19.62%	-5.47%	-30.99%	-30.99%

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.
Eiger Australian Small Companies	HOW2967AU	Managed Funds	Domestic Equity	Australian Micro Cap	Domestic Equity - Micro Cap Index	ASX Index Small Ordinaries Index	21.38 M	1%	1.20%	0.81%

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.
Eiger Australian Small Companies	Domestic Equity - Micro Cap Index	-9.53%	-0.86%	NA%	NA%	NA%	0.82	5.07%	5.91%	0.9	0.95

Product Details

Fund Name	Verifed by SMSF Mates	Manager Address	Phone	Website	Email
Eiger Australian Small Companies	Yes		-	https://www.fidante.com/	-

Product Due Diligence

What is Eiger Australian Small Companies

Eiger Australian Small Companies is an Managed Funds investment product that is benchmarked against ASX Index Small Ordinaries Index and sits inside the Domestic Equity - Micro Cap 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 Eiger Australian Small Companies has Assets Under Management of 21.38 M with a management fee of 1%, a performance fee of 1.20% and a buy/sell spread fee of 0.81%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The S&P/ASX Small Ordinaries Index (XSO) decreased by 1.3% during the month. The Small Industrials decreased by 1.5%, while the Small Resources decreased by 0.9%. The XSO finished the month on a 2yr forecast P/E ratio of 17.1x which is 0.3% above its 5-year average. This valuation is a 9.6% premium to the ASX200.

The best performing sectors for the month were Wholesale, Distribution & Manufacturing (+11.7%), Retail (+9.2%), Automotive (+8.4%), and Precious Metals (+7.1%). The worst performing sectors were Biotechnology (-11.1%), Critical Minerals (-9.7%), Industrial Technology (-9.3%), and Base & Industrial Metals (-9.2%).

The best performing stocks within the XSO Index were Audinate (AD8 +48.3%), Deep Yellow (DYL +37.2%), Red 5 (RED +36.1%), and Baby Bunting (BBN +35.2%). Audinate’s FY23 results showed strong revenue growth and good cost control. Deep Yellow benefited from a stronger uranium price. Red 5 reported a strong profit result and Baby Bunting has had a better than expected start to FY24.

The worst performing stocks in the XSO index were Mesoblast (MSB -55.5%), Chalice Mining (CHN -39.6%), IRESS (IRE -38.3%), and Core Lithium (CXO -38.3%). Mesoblast failed again to convince the FDA to approve its first of a kind remestemcel-L biologic. Chalice released their Gonneville scoping study that contained a much higher capex estimate than expected and somewhat optimistic commodity price assumptions. IRESS reported its first operating result post its recent investor day and disappointed on almost every expected metric. Core Lithium continued to disappoint operationally requiring a further capital raise.

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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Eiger Australian Small Companies (HOW2967AU) Report & Performance