Tyndall AM launched the fund in May this year to the retail market, although the strategy underpinning it has a 15-year track record and was originally developed by Tyndall for institutional investor mandates.   It is managed by Tyndall AM portfolio managers Jason Kim and Tim Johnston.

In its report, Zenith said “[It] believes the Tyndall Australian Equities team is well resourced and highly experienced.

“Tyndall’s team structure and work process is both well organised and clearly defined, with stock and sector responsibilities allocated across analysts (approximately 15 to 20 stocks per analyst) to ensure solid peer review of companies and a ready basis for comparison with other stocks in other sectors.

“The Tyndall team is well incentivised through equity participation and for the most part have worked together for many years. The peer review process ensures that a collegiate environment is fostered and is one of the core strengths of the Tyndall process.”

Zenith added that: “Overall, we consider Nikko AM’s global network to be an advantage for Tyndall in which to gain additional regional and global insights to complement their existing capabilities.”

Matt Russell, head of marketing and sales at Tyndall AM, said the strong rating from Zenith is a positive endorsement of the skills and track record of the Tyndall equities team, in particular Mr Kim and Mr Johnston.

“We are already seeing a high level of interest in the fund after just a couple of months in the retail market, and this is testament to the quality of the team behind the fund and the long-standing success of their investment approach and strategy,” Mr Russell said.

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The fund’s aim is to provide long-term capital growth and income by investing in a concentrated selection of shares listed on the S&P/ASX 200 Accumulation Index.

As at 30 June 2013, the fund returned 29.5% over the previous 12 months (before fees), outperforming the index by 6.2%. Since inception in May 2010 it has returned 11.2% p.a. (before fees) versus 8.3% p.a for the index**.

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Mike Davis

Following the launch of its Tyndall Australian Share Concentrated Fund to the retail market, Tyndall AM has introduced a new institutional version of the fund that may be suitable for investors on zero or low tax rates, such as charities, endowment funds and superannuation funds.

The new Tyndall Australian Share Concentrated Income Fund – LT uses the same strategy as the successful Tyndall Australian Share Concentrated Fund, however the new fund is likely to participate in off-market share buy-backs.

Historically, off-market share buy-backs have been very tax effective for investors on low tax rates. However, they have not been tax effective for investors on high-tax rates.

Mike Davis, managing director at Tyndall AM, said that the business had identified a growing need for a concentrated share strategy that participated in off-market share buy-backs that may be suitable for zero and low-tax rate investors.

“We have already seen interest from superannuation funds as well as not-for-profit organisations and charities in the new fund.

“This approach gives them access to a high conviction fund with a total return focus and an income bias that is constructed on a benchmark unaware basis. The strategy underpinning the fund has an excellent 15-year track record in delivering long-term returns. This has primarily been achieved by investing in companies that have more stable earnings streams.

“Because the fund is likely to participate in potentially attractive off-market share buy-backs it may appeal to investors who are on zero or low tax rates,” Mr Davis said.

The strategy takes advantage of the best ideas identified through Tyndall AM’s proprietary research, Comparative Value Analysis (CVA), which involves extensive fundamental analysis of all Australian companies.

The fund’s composition of stocks can vary substantially from the index which, together with the concentrated nature of the portfolio, means that over short time periods the fund can deliver significantly different return outcomes to the index. History suggests this can result in superior returns over a complete business cycle.

The fund is managed by Tyndall AM portfolio managers Jason Kim and Tim Johnston. Mr Kim has been managing the strategy underpinning the fund for 12 years and Mr Johnston has been co-managing the strategy for six years.

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The fund has been available to institutional investors and professional investors since 2010 and is one of the top three performing Australian share funds.  The strategy underpinning it has a 15-year track record and was originally developed by Tyndall for institutional investor mandates.
 
Matt Russell, head of sales and marketing at Tyndall AM, said that the decision was made to offer the fund to the retail market because of strong investor demand for benchmark unaware funds with a yield bias.
 
“With investors returning to equity markets, this is the ideal time to offer our very successful concentrated share strategy to the retail market.
 
“We believe the fund will meet the increasing demand from retail investors for a fund that has a total return focus, which means we invest in stocks that offer the opportunity for capital growth as well as for yield.
 
“We anticipate the fund will be particularly attractive to sophisticated investors seeking long-term returns, and will be an appealing satellite strategy for those looking for additional alpha in their portfolio,” Mr Russell said.
 
He added that he believes that being benchmark unaware is a real differentiator from competitors.
 
The fund’s aim is to provide long-term capital growth and income by investing in a concentrated selection of shares listed on the S&P/ASX 200 Accumulation Index.
 
The strategy takes advantage of the best ideas identified through Tyndall’s proprietary research, Comparative Value Analysis (CVA), which involves extensive fundamental analysis of all Australian companies.
 
Its composition of stocks can vary substantially from the index which, together with the concentrated nature of the portfolio, means that over short time periods the fund can deliver significantly different return outcomes to the index.  Tyndall believes this can result in superior returns over a complete business cycle.  The minimum initial investment will be $25,000 and investors can make additional minimum investments of $1,000.
 
The fund is managed by Tyndall AM portfolio managers Jason Kim and Tim Johnston. Mr Kim has been managing the strategy underpinning the fund for 12 years and Mr Johnston has been co-managing the strategy for five years.

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