Australian Market Neutral Fund

Returns uncorrelated to traditional asset classes with a strong focus on capital preservation.

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Fund overview

The Ellerston Australian Market Neutral Fund harnesses a unique investment process to produce consistent returns over time regardless of market conditions. The strategy is designed to help reduce or eliminate the extreme highs and lows that so often characterise sharemarket investments, controlling risk and providing more stable returns over time.

  • Absolute Return Fund aiming to generate positive returns in all market environments.
  • Lower volatility than traditional equity markets.
  • Provide returns independent of traditional asset class returns, providing a high level of portfolio diversification.
  • The Fund identifies pairs of securities that have exhibited a historical long term relationship and that have become temporarily dislocated, causing a relative mis-pricing

Our team quantitatively screens and analyses stocks in our investment universe, identifying pairs of securities that have exhibited a historical long term relationship and that have become temporarily dislocated, causing a relative mispricing.

Where we expect the longer term relationship to prevail, and taking into account our fundamental value of both securities, we can execute a pair trade (relative value).

We also look to take advantage of special situations, including share recapitalisations, mergers, takeovers, restructures, security conversions, placements, IPOs, sell downs and share buybacks. These positions are expected to generate profit in both rising and falling equity markets and in our assessment with a high probability of positive returns and low probability of capital loss.

We favour liquid securities to minimise market impact during trading.

Unit Prices

Download historical prices
Date:
02/02/2021
Fund:
Australian Market Neutral Fund
Application:
1.1364
NAV:
1.1336
Redemption:
1.1308
Frequency:
Daily

Disclaimer

^ The Ellerston Australian Market Neutral Fund was launched on 3 June 2013. The historical figures for the period November 2011 to 3 June 2013 are derived from the Ellerston Australian 130/30 Fund, which employed a similar strategy as the Market Neutral Fund.The net return figure is calculated after fees and expenses. The gross return is calculated before fees and expenses. The benchmark is the RBA Cash Rate.

The performance figures presented are for the Ellerston Australian Market Neutral Fund with the exceptions noted above. The one month return figure may be an estimate and not the final return. This estimate also impacts other performance information provided. Estimated performance figures (where indicated) are preliminary and subject to change. Returns for other classes may differ slightly. Past performance is not indicative of future performance. Ellerston Capital Limited ABN 34 110 397 674 AFSL 283 000 is the responsible entity of all the Ellerston Funds listed in the table above. The information supplied above has been prepared by Ellerston Capital Limited without taking account of the objectives, financial situation or needs of investors. Before making an investment decision about any Fund persons should obtain advice from an appropriate financial adviser, consider their own individual circumstances and obtain a copy of the relevantu00a0Product Disclosure Statementu00a0which is available on this website. This material has been prepared based on information believed to be accurate at the time of publication. Assumptions and estimates may have been made which may prove not to be accurate. Ellerston Capital undertakes no responsibility to correct any such inaccuracy. Subsequent changes in circumstances may occur at any time and may impact the accuracy of the information. To the full extent permitted by law, none of Ellerston Capital Limited, or any member of the Ellerston Capital Limited Group of companies makes any warranty as to the accuracy or completeness of the information in this website and disclaims all liability that may arise due to any information contained in this website being inaccurate, unreliable or incomplete.

unit price 2

Download historical prices
Date:
30/06/2016
Fund:
GEMS Class A
Application:
–
NAV:
1.7648u00a0(Cum Dist)
Redemption:
1.7604 (Cum Dist)
Frequency:
Monthly

Disclaimer

unit price 2

Performance

Download
View Strategy Performance
As at 31/12/20201 Month3 Months6 Months1 Year3 Years p.a.5 Years p.a.Since
Inception p.a.
Fund +1.13%8.15%19.01%10.98%5.67%5.14%8.32%
Benchmark0.01%0.04%0.10%0.32%0.99%1.24%1.62%
Alpha1.12%8.11%18.91%10.66%4.68%3.90%6.70%

Disclaimer

^ The Ellerston Australian Market Neutral Fund was launched on 3 June 2013. The historical figures for the period November 2011 to 3 June 2013 are derived from the Ellerston Australian 130/30 Fund, which employed a similar strategy as the Market Neutral Fund.The net return figure is calculated after fees and expenses. The gross return is calculated before fees and expenses. The benchmark is the RBA Cash Rate.

The performance figures presented are for the Ellerston Australian Market Neutral Fund with the exceptions noted above. The one month return figure may be an estimate and not the final return. This estimate also impacts other performance information provided. Estimated performance figures (where indicated) are preliminary and subject to change. Returns for other classes may differ slightly. Past performance is not indicative of future performance. Ellerston Capital Limited ABN 34 110 397 674 AFSL 283 000 is the responsible entity of all the Ellerston Funds listed in the table above. The information supplied above has been prepared by Ellerston Capital Limited without taking account of the objectives, financial situation or needs of investors. Before making an investment decision about any Fund persons should obtain advice from an appropriate financial adviser, consider their own individual circumstances and obtain a copy of the relevantu00a0Product Disclosure Statementu00a0which is available on this website. This material has been prepared based on information believed to be accurate at the time of publication. Assumptions and estimates may have been made which may prove not to be accurate. Ellerston Capital undertakes no responsibility to correct any such inaccuracy. Subsequent changes in circumstances may occur at any time and may impact the accuracy of the information. To the full extent permitted by law, none of Ellerston Capital Limited, or any member of the Ellerston Capital Limited Group of companies makes any warranty as to the accuracy or completeness of the information in this website and disclaims all liability that may arise due to any information contained in this website being inaccurate, unreliable or incomplete.

Performance graph

Disclaimer

Past performance figures are calculated pre-tax after taking into account fees and expenses and assume that all distributions are reinvested and do not take into account inflation. Past performance is not a reliable indicator of future performance, nor a promise of future returns. Performance can be volatile.

Distribution

Download
Fund Name 30/6/202031/12/201920/12/201930/6/201926/03/2019 Distribution Frequency
Australian Market Neutral Fund A$0.0903 NilA$0.0261A$0.0022A$0.0236 Half-Yearly

Disclaimer

Past performance is not a reliable indicator of future performance, nor a promise of future returns. Performance can be volatile.

Performance

Download
View Strategy Performance
As at 31/12/2020 1 Month3 Months6 Months1 Year3 Years p.a.5 Years p.a.Since
Inception p.a.
Fund +1.13%8.15%19.01%10.98%5.67%5.14%8.32%
Benchmark0.01%0.04%0.10%0.32%0.99%1.24%1.62%
Alpha1.12%8.11%18.91%10.66%4.68%3.90%6.70%

Disclaimer

^ The Ellerston Australian Market Neutral Fund was launched on 3 June 2013. The historical figures for the period November 2011 to 3 June 2013 are derived from the Ellerston Australian 130/30 Fund, which employed a similar strategy as the Market Neutral Fund.The net return figure is calculated after fees and expenses. The gross return is calculated before fees and expenses. The benchmark is the RBA Cash Rate.

The performance figures presented are for the Ellerston Australian Market Neutral Fund with the exceptions noted above. The one month return figure may be an estimate and not the final return. This estimate also impacts other performance information provided. Estimated performance figures (where indicated) are preliminary and subject to change. Returns for other classes may differ slightly. Past performance is not indicative of future performance. Ellerston Capital Limited ABN 34 110 397 674 AFSL 283 000 is the responsible entity of all the Ellerston Funds listed in the table above. The information supplied above has been prepared by Ellerston Capital Limited without taking account of the objectives, financial situation or needs of investors. Before making an investment decision about any Fund persons should obtain advice from an appropriate financial adviser, consider their own individual circumstances and obtain a copy of the relevantu00a0Product Disclosure Statementu00a0which is available on this website. This material has been prepared based on information believed to be accurate at the time of publication. Assumptions and estimates may have been made which may prove not to be accurate. Ellerston Capital undertakes no responsibility to correct any such inaccuracy. Subsequent changes in circumstances may occur at any time and may impact the accuracy of the information. To the full extent permitted by law, none of Ellerston Capital Limited, or any member of the Ellerston Capital Limited Group of companies makes any warranty as to the accuracy or completeness of the information in this website and disclaims all liability that may arise due to any information contained in this website being inaccurate, unreliable or incomplete.

Performance graph

Disclaimer

Past performance figures are calculated pre-tax after taking into account fees and expenses and assume that all distributions are reinvested and do not take into account inflation. Past performance is not a reliable indicator of future performance, nor a promise of future returns. Performance can be volatile.

Distribution

Download
Fund Name 30/6/202031/12/201920/12/201930/6/201926/03/2019 Distribution Frequency
Australian Market Neutral Fund A$0.0903 NilA$0.0261A$0.0022A$0.0236 Half-Yearly

Disclaimer

Past performance is not a reliable indicator of future performance, nor a promise of future returns. Performance can be volatile.

Reports

Important Documents

Fund PDS Fund Disclosure Updates Application Form Annual Report

Newsletters

DocumentDateDownload
Performance Report u2014 December 202031/12/2020
Performance Report u2014 November 202030/11/2020
Performance Report u2014 October 202031/10/2020
Performance Report u2014 September 202030/09/2020
Performance Report u2014 August 202031/08/2020
Performance Report u2014 July 202031/07/2020

Investment Team

Chris Kourtis
Director & Portfolio Manager

Responsible for leading our investment team, Chris has served as a Director and Portfolio Manager of Ellerston since 2005, and has over 32 years investment experience.

Prior to joining Ellerston, Chris co-founded the Melbourne based Investment Management firm Portfolio Partners in 1994, where he held various positions including Director and Senior Investment Manager and was formerly the Head of Equities until January 2003. It was from that point that he gave up his role to conceive and focus on managing the highly successful Elite Opportunities Concentrated Australian Shares Fund.

Prior to Portfolio Partners, Chris worked as a Senior Portfolio Manager, Deputy Head of Equities and Head of Resources Strategy at County Natwest Australia Investment Management where he was responsible for the management of County’s largest specialist equity mandates.

Chris has a Bachelor of Commerce degree from the University of Melbourne and is a Senior Associate of the Financial Services Institute of Australia. Chris was inducted into the Australian Fund Managers Foundation Hall of Fame in 2018 in recognition of his contribution to the industry.

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