Maple-Brown Abbott Australian Share Fund is an actively managed Australian share portfolio that aims to provide a tax-effective income stream and long-term capital growth from a wide range of shares including property trusts listed, or expected to be listed, on the Australian Securities Exchange.
The Fund returned -0.8% in October, underperforming the benchmark by 0.7%.
Our overweight holding in Orica (+10%) was a positive contributor to performance. Sentiment has improved towards the stock, following a positive trading update in late September that largely de-risked FY22 earnings. Improving explosives market conditions have provided an additional tailwind. Our overweight holding in Origin Energy (+7%) outperformed. The company gave a trading update at its AGM, maintaining guidance for the Energy Markets division but flagging higher than anticipated profitability from its Queensland LNG JV due to both higher oil and spot LNG prices. They subsequently announced the sale of a 10% stake in the LNG JV to global energy investor EIG, reducing their interest to 27.5%. The transaction was well-received by the market, with the sale proceeds of A$2.1bn removing any remaining balance sheet risk and providing flexibility for investment in growth or capital management. Our overweight holding in Ampol (+9%) also contributed positively. The company entered into a binding Scheme Implementation Agreement to acquire NZ fuel retailer Z Energy at a price consistent with the offer made in August. The deal has strategic appeal and is expected to be materially Earnings per Share accretive. The stock also benefited from improvement in refining margins consistent with tightness in global energy markets.
What is Maple-Brown Abbott Aus Shr Wholesale Maple-Brown Abbott Aus Shr Wholesale is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Large Value 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 Maple-Brown Abbott Aus Shr Wholesale has Assets Under Management of 276.28 M with a management fee of 0.92%, a performance fee of 0.00% and a buy/sell spread fee of 0.38%.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the Maple-Brown Abbott Aus Shr Wholesale has returned 2.97% in the last month. The previous three years have returned 9.96% annualised and 12.78% each year since inception, which is when the Maple-Brown Abbott Aus Shr Wholesale first started.
How is risk measured in this investment product?
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Maple-Brown Abbott Aus Shr Wholesale first started, the Sharpe ratio is NA with an annualised volatility of 12.78%. The maximum drawdown of the investment product in the last 12 months is -3.75% and -38.93% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product?
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Maple-Brown Abbott Aus Shr Wholesale has a 12-month excess return when compared to the Domestic Equity - Large Value Index of 0.18% and -0.8% since inception.
Does the investment product produce Alpha over its Peers?
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Maple-Brown Abbott Aus Shr Wholesale has produced Alpha over the Domestic Equity - Large Value Index of NA% in the last 12 months and NA% since inception.
What are similar investment products?
For a full list of investment products in the Domestic Equity - Large Value Index category, you can click here for the Peer Investment Report.
What level of diversification will Maple-Brown Abbott Aus Shr Wholesale provide?
Maple-Brown Abbott Aus Shr Wholesale has a correlation coefficient of 0.97 and a beta of 0.87 when compared to the Domestic Equity - Large Value Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers?
For a full quantitative report on Maple-Brown Abbott Aus Shr Wholesale and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Maple-Brown Abbott Aus Shr Wholesale with the ASX Index 200 Index?
For a full quantitative report on Maple-Brown Abbott Aus Shr Wholesale compared to the ASX Index 200 Index, you can click here.
Can I sort and compare the Maple-Brown Abbott Aus Shr Wholesale to do my own analysis?
To sort and compare the Maple-Brown Abbott Aus Shr Wholesale financial metrics, please refer to the table above.
Has the Maple-Brown Abbott Aus Shr Wholesale been independently verified by SMSF Mate?
This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
How can I invest in Maple-Brown Abbott Aus Shr Wholesale?
How do I get in contact with the Maple-Brown Abbott Aus Shr Wholesale?
Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the Maple-Brown Abbott Aus Shr Wholesale. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - September 30, 2021 The Fund returned 1.0% in September, outperforming the benchmark by 2.9%
Our energy holdings were amongst the key positive contributors to performance, including overweight positions in Woodside Petroleum (+23%) and Origin Energy (+8%). The Brent oil price increased 10% over the month and closed at levels not seen since 2018. The recent price moves reflect strong demand from reopening economies against a backdrop of constrained investment in production, in part due to decarbonisation trends. Our overweight position in Alumina (+18%) contributed positively, reflecting a material increase in the alumina commodity price during the month. The price spike has been driven by a range of factors, including a fire at a major alumina plant in Jamaica and the military coup in Guinea, which is a key bauxite producer. Our overweight holding in Incitec Pivot (+9%) also outperformed. The stock benefited from strength in fertiliser prices and the expectation that recent operational issues will soon be resolved.
Performance Commentary - August 31, 2021 The Fund returned 2.4% in August, underperforming the benchmark. Our overweight holding in The Star Entertainment Group (+19%) was a key positive contributor to performance. The company released a sound full year result in difficult operating conditions, with particular strength from its Queensland assets.
The stock also benefited from management disclosing plans to release capital through sale and leaseback of property assets, discussions with the NSW Government to increase gaming machine numbers at the Sydney casino and speculation around potential options with Crown Resorts Limited assets. Our overweight holding in Suncorp Group (+12%) outperformed. The company released a full year result well ahead of expectations, with improving underlying performance from both the insurance and banking businesses and some provision releases. The market also reacted favourably to a sharp increase in the dividend, an 8c special dividend and a $250m buyback. Our decision not to hold Fortescue Metals Group (-16%) also contributed positively. Whilst delivering a strong full year result in line with expectations, the stock was impacted by the lower iron ore price
Performance Commentary - July 31, 2021 The fund returned 1.1% in July, in line with the benchmark. Our overweight position in Spark Infrastructure Group (+24%) was a significant positive contributor to performance. There was heightened corporate activity in the listed infrastructure sector during the month, including a takeover bid for Spark from a consortium consisting of Ontario Teachers’ Pension Plan Board and private equity firm KKR. After initial rejections from the Spark board, the bid was revised up to $2.89, a 26% premium to the pre-bid share price, and access for due diligence was granted.
Our overweight holding in Incitec Pivot (+13%) contributed positively. Having experienced a series of issues at its Waggaman ammonia plant in recent months, the stock was buoyed by news that the plant was back in operation and well placed to benefit from the cyclical recovery we have seen in fertiliser prices. Our overweight position in BHP Billiton (+10%) also outperformed. Prices for key commodities including iron ore and oil remained elevated during the month and the announcement of a record dividend from Rio Tinto highlighted the level of cash generation in the sector and scope for capital management at BHP’s August full-year result.
Performance Commentary - June 30, 2021 The portfolio returned 1.2% in June, underperforming the benchmark. June saw a broad rotation towards ‘growth’ and ‘yield’ stocks, providing a headwind to our performance. This shift was apparent across global markets and consistent with the decline in bond yields, which tends to favour such stocks. Our decision not to hold a number of strongly performing growth stocks materially detracted from performance, including Afterpay Touch Group (+27%), Goodman Group (+10%) and Resmed (+21%). Of stocks held in our portfolio, our overweight position in The Star Entertainment Group (-9%) contributed negatively.
The stock was impacted by the announcement that AUSTRAC had launched an investigation into potential anti-money laundering breaches. Our exposure to the banks also detracted. We were overweight the underperforming sector and materially underweight the premium-rated Commonwealth Bank of Australia (0%), which was the best performing bank.
Performance Commentary - May 31, 2021 The portfolio returned 1.9% in May, underperforming the benchmark by 0.4%.
The broad rotation from ‘growth’ into ‘value’ that we have seen in recent months wasn’t a key feature of markets during May, with sector and stock specific issues driving performance. Technology stocks underperformed consistent with a global sell off, influenced by fears around inflation, interest rates and valuations. Accordingly, our performance benefited from not holding names including Afterpay Touch Group (-21%) and Xero Limited (-6%) and we note that Australian tech stocks remain amongst the most expensive in the world. Our overweight holdings in general insurers QBE Insurance (+11%) and Suncorp (+6%) outperformed, reflecting an improving cyclical outlook for the sector. Our overweight position in Ampol (+12%) also contributed positively. The Federal Government announced a plan to support Australian refineries including Ampol’s Lytton, reducing downsi
Performance Commentary - April 30, 2021 The portfolio returned 0.7% in April, underperforming the benchmark by 2.8%.
The broad rotation into ‘value’ stocks seen globally over the last 6 months retraced somewhat during April, providing a headwind to our performance. This shift was unexpected given the continued economic improvement, which tends to favour ‘value’ stocks, but should be viewed in the context of what has been a sharp swing
Performance Commentary - March 31, 2021 The Australian equity market had a solid month, with the S&P/ASX 200 Index (Total Returns) rising 2.4%. Australia underperformed what were buoyant global markets, driven higher by increased optimism around the emergence from the COVID-19 pandemic and associated economic recovery. Local economic data was positive, with highlights including 4th quarter GDP above expectations, improvement in the labour market and continued strength in housing. Global bond yields rose over the month, however, local yields fell slightly after their sharp rise in February. The AUD edged lower against the USD and commodity prices also fell modestly. Looking at performance by sector, Consumer Discretionary (+7%) was strongest, followed by Utilities (+7%) and A-REITs (+7%). Financials (+4%) also outperformed. Materials (-3%) was weakest, followed by Information Technology (-3%) and Energy (0%).
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