Solaris Core Australian Equity Retail (WHT0012AU) Report & Performance

What is the Solaris Core Australian Equity Retail fund?

The objective of the Fund is 3.0% p.a. outperformance of the S&P/ASX 200 Accumulation Index over rolling 3 year periods. Solaris has no consistent bias towards value or growth stocks, therefore the investment style can be described as style-neutral. Solaris picks stocks using fundamental analysis to exploit market inefficiencies in forecasts and valuations. Fundamental analysis and stock selection are optimized by analysts being empowered and rewarded as portfolio managers.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Solaris Core Australian Equity Retail

Solaris Core Australian Equity Retail Fund Commentary September 30, 2023

Equity markets across the globe retraced gains made at the start of the financial year and delivered negative absolute returns in the September quarter as moves higher in global bond yields prompted weakness in equity markets. The S&P/ASX 200 Accumulation index delivered returned -0.8%, outperforming global markets as the S&P 500 returned -3.7% and the MSCI World returned -2.5% in local currency.

Volatility returned during the quarter, firstly throughout August reporting season as companies’ delivered results and then as the macrooutlook dominated headlines and drove uncertainty. Despite the Reserve Bank of Australia and Federal Open Market Committee electing to keep rates on hold during the September meetings the US 10 year yield reached a high of 4.6%, it’s highest level since 2007 while the Australian 10 year yield hit 4.5% as timing for prospective rate cutes was pushed out.

Momentum in the oil price, WTI Oil up over 25% supported the Energy sector (+11.2%), the best performing sector for the quarter, followed by Consumer Discretionary (+5.3) and Financials (+2.4%). The worst performing sectors were Healthcare (-8.6%), Consumer Staples (-5.9%) and Information Technology (-5.8%).

The top 3 performing stocks in the index for the quarter included Megaport (+63.0%) after company management for the networking service business delivered the FY23 result and subsequently provided strong guidance for FY24, Paladin Energy (+50.7%), the uranium miner benefitted from ongoing strength in uranium pricing and G.U.D Holdings (+35.9%) as the car product distributor reported results showing a 32% increase in Net Profit after Tax and Amortisation.

The bottom three performers included Chalice Mining (-62.9%) as the mineral explorer released a disappointing mine scoping study. Core Lithium (-55.0%), underperformed following an operational update that downgraded production guidance for future years and subsequently undertook a capital raising during the month and Sayona Mining (-46.9%), mineral explorer, despite first shipment of spodumene, the company share price continued to underperform due to lower spodumene prices.

A portfolio holding in focus is Altium, which is of one of our preferred holdings in the Software & Services sector. Altium is a global provider of software for Electronic Computer Aided Design, in addition to Parts listing platform, Octopart. Altium delivered a solid FY23 result showing the broader business is performing well. The management team have been successful in executing on their strategy of converting customers from Standalone to Term and SAS based licensing and breaking into the Enterprise customer segment due to their Cloud platform offering.

Solaris continues to see opportunity and growth in Altium, supported by the announcement of multiple Enterprise customers including a significant exclusive deal with Japanese Semiconductor company Renesas.

READ HISTORICAL PERFORMANCE COMMENTARIES

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.
Solaris Core Australian Equity Retail3.75%8%22.96%8.67%8.09%9.79%13.36%14.2%-3.61%-11.91%-28.77%

Product Overview

Peer Comparison

Product Details

Product Due Diligence

What is Solaris Core Australian Equity Retail

Solaris Core Australian Equity Retail is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Large Cap Neutral 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 Solaris Core Australian Equity Retail has Assets Under Management of 772.06 M with a management fee of 0.9%, a performance fee of 0 and a buy/sell spread fee of 0.6%.

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Historical Performance Commentary

Performance Commentary - August 31, 2023

The S&P/ASX 200 Accumulation index delivered -0.7% in August outperforming global markets which also delivered negative absolute returns with the S&P500 returning -1.8% and the MSCI World down -1.7%.

August reporting season saw 162 companies deliver results and brought a marked increase in intraday volatility and dispersion between winners and losers. The broader economy has demonstrated resilience as revenue has marginally exceeded expectations however there has been margin compression resulting from headwinds such as labour costs, interest costs, and higher inflation throughout businesses.

The Reserve Bank of Australia (RBA) elected to keep rates on pause and so the cash rate remains at 4.1% Against a backdrop where earnings downgrades outnumbered upgrades, 8 out of 11 sectors posted negative returns for the month.

Consumer Discretionary (+5.7%), Property (+1.6%) and Energy (+0.5%) were the best performers. Utilities (-3.8%), Consumer Staples (-3.2%) and Information Technology (-2.1%), were the worst performing sectors.

The top three performers included Altium (+26.7%) as the company delivered a strong FY23 result and reiterated aspirational 2026 targets, demonstrating that their strategy is working; Inghams Group (+24.3%) as the poultry farmer’s FY23 and future guidance exceeded the market’s expectations and G.U.D Holdings (+24.0%) as the car product distributor reported results showing a 32% increase in Net Profit after Tax and Amortisation.

The worst performers were Chalice Mining (-39.6%) as the share price of the mineral explorer reacted to the announcement of a disappointing mine scoping study; Iress (-38.3%), the financial services software provider delivered a disappointing result and cut their dividend and Core Lithium (-38.3%) as the Lithium explorer reached 12 months lows after undertaking a capital raising during the month.

A portfolio holding in focus is Altium, which is of one of our preferred holdings in the Software & Services sector.

Altium is a global provider of software for Electronic Computer Aided Design, in addition to Parts listing platform, Octopart. Altium delivered a solid FY23 result showing the broader business is performing well. The management team have been successful in executing on their strategy of converting customers from Standalone to Term and SAS based licensing and breaking into the Enterprise customer segment due to their Cloud platform offering.

Solaris continues to see opportunity and growth in Altium, supported by the announcement of multiple Enterprise customers including a significant exclusive deal with Japanese Semiconductor company Renesas.

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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