• 1st July 2021 commenced joint investment made from Simon Evans and Steve Green and collaboration of investment decision making.
  • Performance returns are shown as the movement in the after-tax NTA value along with the dividends received. The after-tax NTA value is after tax that would be payable if all investments were immediately sold. Therefore performance may be understated somewhat compared to other managers who quote pre-tax figures.
  • In FY22, the first year of joint investment and collaboration between the team, the fund achieved a positive after-tax return of 11.8%. Note that the ASX200 Accumulation Index returned negative 6.5% in FY22.
  • The key drivers for achieving good nominal and real relative returns in FY22 were adopting a cautious stance to share market prospects in general. We carried higher levels of effective cash / cash equivalents compared to most managers and had some key exposures to the resources sector. For example, Sunland Group (SDG) was in wind up mode and achieved good returns, and New Hope (NHC) approximately doubled in value for the year when including its dividend.
  • As mentioned on the “About” page on our website, we are currently exploring different structures that may better facilitate growing the pool of capital we manage.
  • As of January 2023, at the time of writing the fund size of Assurance Capital Pty Ltd in terms of NAV is almost $3 million. Note this is a separate investment vehicle from our SMSFs that we referred to elsewhere on this site. The SMSF performance figures we highlight because they have longer histories and are externally audited.
  • The performance return mentioned above for FY22 was after all fees / costs. There is no specific investment management base or performance fee charged for Assurance Capital Pty Ltd shareholders.
  • In late 2022, we have collaborated with an AFSL holder with the aim of effectively giving new outside investors a product to be exposed to the type of ideas we would consider for our own portfolios and Assurance Capital. Subsequently a new managed investment scheme was established in October. This was mostly invested into the market in November 2022, and at the time of writing is worth almost $5 million. The management fee is a performance incentive of 20% of the return over and above a 5% p.a. hurdle rate, with a high watermark. There is no fixed management fee, so we will earn zero if this product doesn’t exceed the hurdle rate. The end investors in this fund generally come under the sophisticated investor definition in Australia and have contributed at least $100,000 into the fund.

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