An airbag for your equity strategy
WaveStone Capital explore the benefits of a variable beta fund and how it works.
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WaveStone Capital
WaveStone Capital (WaveStone) is a boutique Australian equities fund manager with an active, high conviction approach.
Notice of intention to elect - Exit Statements
Fidante intends to elect with effect from 1 July 2017, to shorten the maximum period by which an exit statement must be given in respect of its Funds from 6 months to 3 months from the date an investor ceases to hold the product between 1 July 2017 and 30 September 2017 ('Exit Period'). Please click here for more information.
About
WaveStone is a specialist boutique Australian Equities manager based in Sydney. Founded in 2006, WaveStone aims to provide tax-effective income and capital growth over the long-term by investing in a portfolio of quality businesses, identified as offering the common theme of Sustainable Competitive Advantage (SCA) – businesses with superior corporate DNA operating within industries with favourable dynamics that deliver above market earnings growth.
For more information, please visit www.wavestonecapital.com
Approach
WaveStone are an active high conviction manager with a bottom up stock-picking process.
WaveStone invests in proven business models with an equity market capitalisation greater than $200m at the time of purchase. Typically, the companies they invest in are prudently financed, well managed and have a track record of success. The WaveStone team apply growth, quality and valuation tests, positioning their investment style towards growth at a reasonable price (GARP). WaveStone’s approach tends to favour companies that will grow earnings faster than the market over the medium term.
Funds
WaveStone Wholesale Australian Share Fund
Strategy
The WaveStone Wholesale Australian Share Fund (the Fund) invests primarily in securities listed on Australian exchanges but may also have up to 10% exposure to international securities listed in exchanges in developed markets. Securities include equity securities, hybrid securities (for example, convertible preference shares) and shares in unlisted companies provided that they are expected to list within 12 months. The Fund may invest in up to 50 companies, will usually have some cash investments and may use options, futures and other derivatives.
Suits Investors Seeking:
- A tax-aware, high conviction portfolio of Australian shares
- To invest for at least five years
- Lower volatility to the Australian Stock market
Benchmark
S&P/ASX 300 Accumulation IndexOverview
Current as of July 2017
18 November 2003
Inception Date
0.97%
Management Cost
5 Years
Suggested Minimum Time Frame
A$169.7M
Funds Under Management*
Half-yearly
Distribution Frequency
$10,000
Minimum Investment
HOW0020AU
APIR Code
Interests in the WaveStone Wholesale Australian Share Fund ARSN 107 016 866 are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante Partners).
Fund Performance (Net) as at: 31 Jul 2017
-0.23%
1 month
-2.58%
3 months
6.62%
1 year
8.78%
3 years (p.a.)
-
5 years (p.a.)
-
10 years (p.a.)
9.79%
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 Fund changed investment manager on 1 February 2014, at which time WaveStone Capital commenced managing the Fund. The transition was completed on 31 January 2014. Therefore, the inception date for the Fund returns shown above is 1 February 2014. For performance relating to previous periods please contact the Fidante Partners Investor Services team on 13 51 53 (during Sydney business hours).
Unit Prices and Distributions
To view historical unit prices and distributions click here
Cumulative Fund Growth
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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 Fund changed investment manager on 1 February 2014, at which time WaveStone Capital commenced managing the Fund. The transition was completed on 31 January 2014. Therefore, the inception date for the Fund returns shown above is 1 February 2014. For performance relating to previous periods please contact the Fidante Partners Investor Services team on 13 51 53 (during Sydney business hours).
Forms
Reports & Flyers
Product Updates
1 July 2017
Notice to unitholders - AMIT Regime
Update to non-resident account holder reporting requirements
WaveStone Wholesale Dynamic Australian Equity Fund
Strategy
The WaveStone Wholesale Dynamic Australian Equity Fund (the Fund) is a long/short fund which offers investors a long/short Australian equities opportunity through a high conviction portfolio. WaveStone will vary its exposure to the stock market and operates between 50% to 100% net equity exposure (long positions less short positions). The Fund is a concentrated portfolio of generally between 25 and 50 companies listed on the ASX and may also have up to 10% exposure to international securities listed in exchanges in developed markets. It will hold up to 10 short positions in stocks where there is a belief that the company is overvalued. It also can use options, futures and other derivatives to manage risk.
Suits Investors Seeking:
- High levels of return and are comfortable with high volatility
- To invest for at least five years
- A concentrated portfolio of Australian shares with the ability to vary market exposure
Benchmark
S&P/ASX 300 Accumulation IndexOverview
Current as of July 2017
2 July 2009
Inception Date
1.10%
Management Fee
5 Years
Suggested Minimum Time Frame
A$267.1M
Funds Under Management*
Yearly
Distribution Frequency
$10,000
Minimum Investment
HOW0053AU
APIR Code
*Funds under management displayed at a class level only.
Interests in the WaveStone Dynamic Australian Equity Fund ARSN 134 793 605 are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234 668 (Fidante Partners). Fidante Partners has appointed WaveStone Capital Pty Limited as the investment manager of the Fund.
Fund Performance (Net - including franking credits) as at: 31 Jul 2017
-0.48%
1 month
-2.60%
3 months
6.94%
1 year
8.05%
3 years (p.a.)
13.46%
5 years (p.a.)
-
10 years (p.a.)
11.50%
Since inception (p.a.)
Fund Performance (Net - excluding franking credits) as at: 31 Jul 2017
-0.48%
1 month
-2.82%
3 months
5.71%
1 year
6.72%
3 years (p.a.)
12.17%
5 years (p.a.)
-
10 years (p.a.)
10.09%
Since inception (p.a.)
Past Performance is not indicative of future performance.
1. Franking credits accrued as received by the Fund.
2. After all fees and expenses and assumes all distributions are reinvested.
3. Fund inception date is 2 July 2009.
Unit Prices and Distributions
To view historical unit prices and distributions click here
Cumulative Fund Growth
loading...
Past Performance is not indicative of future performance.
1. Franking credits accrued as received by the Fund.
2. After all fees and expenses and assumes all distributions are reinvested.
Forms
Reports & Flyers
Product Updates
1 July 2017
Notice to unitholders - AMIT Regime
Update to non-resident account holder reporting requirements
WaveStone Capital Absolute Return Fund
Strategy
The WaveStone Capital Absolute Return Fund (the Fund) is an Australian equity long/short fund. The Fund’s aim is to provide capital growth over the long term. It will vary its exposure to the stock market and operates between 0% to 100% net equity exposure (long positions less short positions). The Fund is a concentrated portfolio of generally between 25 and 50 companies listed on and may also have up to 10% exposure to international securities listed in exchanges in developed markets.
The Fund is available to wholesale clients (as defined in the Corporations Act 2001) only.
Suits Investors Seeking:
- High levels of return and are comfortable with the possibility of negative returns in the short to medium term.
- A concentrated portfolio of Australian shares with the ability to vary market exposure
- Investors with 5 year minimum investment time horizons.
Fund Downloads
Benchmark
RBA cash rateOverview
Current as of July 2017
5 September 2006
Inception Date
1.25% p.a (exclusive of GST)
Management Fee
5 Years
Suggested Minimum Time Frame
A$65.9M
Funds Under Management*
Half-yearly
Distribution Frequency
$500,000
Minimum Investment
-
APIR Code
The Fund is not registered as a managed investment scheme. Accordingly, as noted above, the Fund is only available to wholesale clients. By downloading the Information Memorandum, you confirm you are a wholesale client. Applicants for units in the Fund must provide documentary evidence that they are a wholesale client and if an applicant is unable to evidence this, their application will not be accepted. Fidante Partners Limited is the trustee of the Fund. Investments in the Fund are not subject to the consumer protection provisions of the Corporations Act applicable to registered managed investment schemes and hence is not appropriate for non-wholesale clients. Also refer to the "Disclaimer" below for more important information.
Fund Performance (Net) as at: 31 Jul 2017
-0.50%
1 month
-2.55%
3 months
3.82%
1 year
6.05%
3 years (p.a.)
11.70%
5 years (p.a.)
-
10 years (p.a.)
7.41%
Since inception (p.a.)
Past performance is no indication of future performance
1. After all fees and expenses and assumes all distributions are reinvested and inclusive of franking credits received.
2. Fund inception date is 5 September 2006.
Unit Prices and Distributions
To view historical unit prices and distributions click here
Cumulative Fund Growth
loading...
Past performance is no indication of future performance
1 After all fees and expenses and assumes all distributions are reinvested and inclusive of franking credits received.
Forms
Note: The Fund is available to wholesale clients (as defined in the Corporations Act 2001) only.
Reports & Flyers
Product Updates
1 July 2017
Update to non-resident account holder reporting requirements
Our Team
Related Resources
WaveStone Case Study - Blending variable beta and long only strategies
WaveStone Capital discuss the outcome of blending a variable beta strategy with a long only fund.
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The Long and the Short of It
A closer look at WaveStone Capital's approach to shorting and examples recently identified by the team.
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