Avenir Capital

Avenir Capital

Avenir Capital (Avenir) is an Australian based investment manager, specialising in value-oriented global equity investments. 

Updates to PDSs and Fund names

Fidante have published updated PDSs for all of its Funds effective 30 September 2017. These have been updated to incorporate the new requirements under Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements (RG97).

In addition to RG97 updates, Fidante have changed the names of some of its Funds following a recent operational review. There have been no changes to the Funds’ investment strategies or how the Funds are managed.

Please click here for more information on the Fund name changes.

About

Avenir is a high conviction, global investor, focussed on building a concentrated portfolio of undervalued equity securities.

Avenir’s approach is centred on fundamental, bottom-up value investing without reference to the composition of any index. Avenir’s investment strategy is underpinned by private equity investing principals, and involves intensive due diligence and deep fundamental research to identify strong companies which it believes can be bought for significantly less than their intrinsic value. Avenir concentrates the portfolio in a select number of high conviction ideas and adopts a long term investment time horizon to realise value. The investment process and risk management framework seeks to encompass what Avenir believes to be a large margin of safety in order to minimise the risk of capital loss and deliver superior absolute returns to investors.

Avenir’s investment team is led by Portfolio Manager and CIO, Adrian Warner, who demonstrates an alignment of interest and commitment to investors by investing in Avenir’s strategies.

For more information, please visit www.avenircapital.com.au

Approach

Avenir follows a classic value investing philosophy seeking superior long-term performance through the purchase of securities selling at prices materially below their estimate of intrinsic value. This process aims to limit the risk of capital loss while seeking to achieve capital appreciation and long-term compounding of value.

Avenir conduct’s fundamental, bottom-up analysis of companies and overlays that with an understanding of the psychological and human biases that can drive short-term divergence between the price of a security and the estimated intrinsic value of the underlying business.

The Fund has a relatively concentrated portfolio which allows Avenir’s best ideas to drive performance. The Fund’s turnover is relatively low as Avenir exercises discipline and patience in identifying and selecting investments. The Fund may hold up to 30% cash which enables Avenir to limit risk of capital loss and offers significant flexibility to patiently invest in their highest conviction ideas. Avenir seeks to invest with a long term time horizon, as they believe, given time, the underlying value of a well-chosen business will always prevail over short-term mispricing that may occur in a company’s securities.

Funds

Avenir Global Fund

Strategy

Avenir seeks superior long-term performance by building a concentrated portfolio of global undervalued equity securities. Avenir’s high-conviction, research focussed investment process places strong emphasis on capital preservation, and identifies and exploits market inefficiencies to identify what Avenir believes are the most attractive investment opportunities.

Avenir’s disciplined research process targets opportunities which align with the following criteria:

1. Businesses and industries that are understandable
2. Quality businesses
3. Growing intrinsic value
4. Materially mispriced securities  (i.e. below Avenir’s estimate of intrinsic value).

Suits Investors Seeking:

  • Superior risk-adjusted investment returns
  • High-quality global equity securities
  • To invest for at least three years

Fund Downloads

Fund Report

PDS

Benchmark

MSCI ACWI INDEX (Net) in AUD

Overview

Current as of September 2017

25 August 2017

Inception Date

1.20% p.a.

Management Cost

5 Years

Suggested Minimum Time Frame

A$23.8K

Funds Under Management*

Yearly

Distribution Frequency

15%

Performance Fee

$10,000

Minimum Investment

HOW9187AU

APIR Code

*Funds under management displayed at a class level only. 

Disclaimer: Interests in the Avenir Global Fund (ABN 26224 884 998 AFSL 234668) are offered by Fidante Partners Limited ABN 94 002 835 592, AFSL 234668 (Fidante Partners). Fidante Partners has appointed Avenir Capital Pty Ltd ( ABN 40 150 790 355, AFSL 405469) as the investment manager of the Fund.

The performance fee is calculated as 15% of the difference between the Fund’s daily return (after fees and expenses and after adding back any distributions paid) and the Performance Benchmark. The Performance Benchmark is the daily return of the MSCI ACWI Index (Net) in AUD.  Performance Fees are accrued daily and payable quarterly.

Fund Performance (Net) as at: 30 Sep 2017

4.35%

1 month

-

3 months

-

1 year

-

3 years (p.a.)

-

5 years (p.a.)

-

10 years (p.a.)

5.04%

Since inception (p.a.)

Past performance is not a reliable indicator of future performance.
1. Performance figures are calculated after fees have been deducted and assume distributions have been reinvested. No allowance is made for tax when calculating these figures.
2. The inception date for the Fund is 25 August 2017.

The Avenir Global Fund opened to retail investment on 25 August 2017. Performance for this class will be available three months after this class opened.

Returns of the strategy since inception (1 August 2011) are available on Avenir Global Fund – Class I tab.

For performance related queries, please call the Fidante Investor Services Team on 13 51 53.

Offer Documents 

 


Forms

 


Reports & Flyers

 

Avenir Global Fund - Class I

Strategy

Avenir seeks superior long-term performance by building a concentrated portfolio of global undervalued, securities. Avenir’s high-conviction, research focussed investment process places strong emphasis on capital preservation, and identifies and exploits market inefficiencies to identify what Avenir believes are the most attractive investment opportunities.

Avenir’s disciplined research process targets opportunities which align with the following criteria:

1. Businesses and industries that are understandable
2. Quality businesses
3. Growing intrinsic value
4. Materially mispriced securities (i.e. below Avenir’s estimate of intrinsic value).

Suits Investors Seeking:

  • Superior risk-adjusted investment returns
  • High-quality global equity securities
  • To invest for at least three years

Fund Downloads

Fund Report

IM is available on request

 

Benchmark

MSCI ACWI INDEX (Net) in AUD

Overview

1 August 2011

Inception Date

0% p.a.

Management Cost

25.63%

Performance Fee

Yearly

Distribution Frequency

3-5 Years

Suggested Minimum Time Frame

$150,000

Minimum Investment

-

APIR Code

 

 

Interests in the Avenir Global Fund - Class I (ABN 26224 884 998 AFSL 234668) are offered by Fidante Partners Limited ABN 94 002 835 592, AFSL 234668 (Fidante Partners). Fidante Partners has appointed Avenir Capital Pty Ltd ( ABN 40 150 790 355, AFSL 405469)  as the investment manager of the Fund.
Performance fee is 25.63% of the increase in net asset value subject to a High-Water Mark, provided the hurdle of 1.5% of performance over a 3 month period is met. Performance Fees are accrued monthly and payable quarterly. 

To view performance of the Avenir Global Fund – Class I please click here.

For performance related queries, please call the Fidante Investor Services Team on 13 51 53.

Unit Prices and Distributions

To view historical unit prices and distributions click here

Offer Documents

This fund is only available to wholesale clients (as defined by the Corporations Act 2001). Please contact Fidante Client Services on +61 13 51 53 if you are a wholesale client and wish to invest in the fund. 

 

Reports & Flyers

 Monthly Fund Report available on request

Steps to Invest

This fund is only available to wholesale clients (as defined by the Corporations Act 2001). Please contact Fidante Client Services on +61 13 51 53 if you are a wholesale client and wish to invest in the fund.

Our Team

Adrian Warner
Adrian Warner
Chief Investment Officer
Christine Jurzenski
Christine Jurzenski
Investment Associate
Patricia Queipo
Patricia Queipo
Investment Associate

Related Resources

Newspapers

Global Investing with a Winning Formula

Avenir discusses investing globally with the Australian Financial Review 

Read more
New York

Avenir Global Fund Opens to Retail Market

The Avenir Global Fund has opened to the retail market

Read more
Strategy

Avenir Capital Expands Team

Avenir has strengthened its global investment team

Read more