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We continue to see value in the BFMG 10% 06/11/2023 senior secured loan note versus the high-yield opportunity set. The notes are senior secured with no bank debt ranking in priority. Investors also gain a coupon of 10% paid quarterly for the next two years. BFMG’s equity stake in the funds forms the security for noteholders.

Credit Update

As per the Bennelong Funds Management Group (BFMG) Note Trust Deed (dated 23 October 2020), all covenants comply as of the latest quarterly report for September 2021.

Key Covenants

  • Debt Service Cover Ratio: Must be greater than 2x
  • Net Senior Leverage Ratio: Must be less than 55% (beginning 31 Dec 20)
  • Minimum total group FUM for the BFMG group must not fall below AUD9bn

BFMG are a wholly-owned subsidiary of Bangarra Group, a private family office. BFMG partners with boutique asset managers across the globe and invests in Australian, UK, Asian, and global equities — as well as listed global infrastructure and real estate and global emerging markets. Outside Australia, the Group operates as BennBridge, with a presence in the UK and US.

Globally, BFMG have AUD19.4bn in assets under management and advice (as at September 2021). As per the table below, assets under management comprise around AUD13.3bn, having grown from around AUD12bn in 2020.

Chart 1. Bennelong Funds Management Historic Timeline

Source: Bennelong Investor Website

Fund Performance (1-year Alpha)

BFMG’s funds offer Australian and global equity strategies complemented by growth in emerging markets, infrastructure, real estate, and alternative strategies. BFMG was named Fund Manager of the Year in 2020 by Money Management.

Table 1. Fund Performance

Key Funds Current FUM (AUDm) Portfolio Managers 1-year Alpha Since Inception
4D Emerging Markets Infrastructure Fund 11 Sarah Shaw 4.07% -10.21%
4D Global Infrastructure Fund 286 Sarah Shaw 10.51% 2.38%
Bennelong Australian Equities Fund 1,096 Mark East 12.88% 5.23%
Bennelong Concentrated Australian Equities Fund 1,957 Mark East 9.18% 7.22%
Bennelong Emerging Companies Fund 103 Mark East 41.37% 24.52%
Bennelong ex-20 Australian Equities Fund 4,422 Mark East 17.11% 6.03%
Bennelong Twenty20 Australian Equities Fund 25 Mark East 11.49% 3.40%
Bennelong Kardinia Absolute Return Fund 36 Kristiaan Rehder & Stuart Larke 13.33% 8.63%
Bennelong Long Short Equity Fund 375 Sam Shepherd
Bennelong Market Neutral Fund 217 Sam Shepherd
Quay Global Real Estate Fund 458 Justin Blaess & Chris Bedingfield 32.89% 12.98%
Skerryvore Global Emerging Markets All-Cap Equity Fund 21 Glen Finegan (Lead), Michael Cahoon, Nicholas Cowley, Stephen Deane, Ronan Kelleher, Ian Tabberer New Inception Date: 02 August 2021
Touchstone Asset Management 4,314 Jack Chemello, Suellen Morgan, Mary Feros 34.58% -0.90%
Total 13,321

Source: Bennelong Investor Website as at September 2021

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