A track record of stable growth.


Profit from trends and from volatility,
with less risk and more liquidity.



About Cor Capital





Established in 2012, we are an independent investment management firm based in Melbourne, Australia. Our firm is 100% privately owned, the majority by staff.

We specialise in managing and further developing our proven multi-asset investment strategy via the Cor Capital Fund. The genesis of our business was in response to the need for an uncomplicated but robust and liquid absolute return investment alternative in the post-GFC environment.

To that end, we invest across equities, fixed interest, precious metals, and cash markets, systematically combining asset classes (unconventionally) into a growth solution that avoids medium-term drawdowns.

Why Cor Capital:
• Straightforward investment philosophy
• Defensive focus
• Alternative return sources
• Disciplined, rules-based approach
• Experienced team
• Proven track record
• Strong alignment of interests with investors

Our name ‘Cor’ is the Latin word for heart. It reflects the value we place on authenticity and underscores the importance of the capital we manage on behalf of our investors.

Cor Capital is focussed on a single registered managed investment scheme, the Cor Capital Fund. The Fund is commonly used as an alternative asset within a broader strategic asset allocation or as a standalone absolute return investment. Tailored mandate solutions can also be managed for larger clients.

For more information on the scheme and mandates currently offered, please contact us on 03 9221 6255 or contact us via the Connect page.

Our Fund

Cor Capital’s operations combine the investment experience and expertise of our focussed and tight-knit team with the highest quality specialists, consultants, and counterparties.

This business structure ensures efficiency and accountability and gives Cor access to vast resources when required. As a majority employee-owned firm, we view employee equity ownership and fund investment as important to developing a
culture of stability and aligned interests.

Cor Structure

DAVIN HOOD - Managing Director

Davin established Cor Capital in 2012 to focus solely on the management of the Cor Capital Fund. Prior to Cor Capital, from 2006 to 2011 he served as a Director in the Wealth Management division of UBS Australia. He has 20 years’ experience in stockbroking (UBS and Citigroup) and funds management (Merlyn Asset Management) serving institutional and private clients on both a discretionary and advisory basis. Davin has undergraduate and post-graduate qualifications in finance and is a Fellow of the Financial Services Institute of Australasia. He is the Portfolio Manager of the Cor Capital Fund with overall responsibility for the investment strategy and its implementation.

TOM RACHCOFF - Executive Director

Tom joined Cor Capital in 2012. He was previously a Managing Director and Asia Pacific Head of Credit Suisse HOLT (2001-2010), leading teams based in multiple markets and advising institutional investment managers and hedge funds on global stock selection. Prior to joining Credit Suisse, Tom was Managing Director of HOLT Value Associates Global Securities. He also held a variety of positions over 13 years at Merrill Lynch. Tom holds a bachelor’s degree in economics and finance, and attained adviser and principal-officer accreditations across key developed markets in Australasia, Europe and North America.

MATTHEW HOPPER - General Manager

Matt joined Cor Capital in 2016 to manage the operating business’s IT and finance functions. He has previously worked in the UK on regulatory risk, finance and IT development projects. His roles have varied from Financial Controller, Project Manager to Data and Risk Analyst. Throughout his 20+ year career, Matt has worked for Royal Bank of Scotland, ANZ, NAB, Liberty Syndicates Insurance and KPMG among many others. Matt acquired a Bachelor of Commerce degree and Chartered Accountant designation in the 1990s. He has also recently acquired a Diploma in IT and is a Prince2 Project Management Practitioner.



Our Investment Approach


Differentiated investment alternatives are difficult to find but when discovered, can improve the alignment of portfolios with investor goals, whether that be with regard to the timing of their commitments, or their more or less conservative nature.

The Cor Capital Fund therefore seeks to protect and grow real wealth with less risk of capital draw down, filling the void between cash deposits and longer-term or less-liquid investments such as stocks or real-estate.
In order to compound returns with improved odds of success over periods shorter than those used for traditional strategic asset allocation, a specially designed approach is required. Rather than betting on the accuracy of specific forecasts or predictions, we invest across a carefully selected range of asset classes, capitalising on time-tested behavioural, mathematical and market principles to achieve incremental returns in excess of the average constituent, particularly during periods of heightened market volatility.
Asset class returns, in our opinion, are largely driven by changes in expectations of economic growth and inflation. That said, economic and market outcomes are uncertain; changes to expectations are unpredictable for practical investment purposes. Surprises are common and have an underappreciated influence on long-term asset class returns.

However economic and market outcomes are not arbitrary; while very different in nature and critically consequential to investor wealth, the range of possible scenarios is limited.
Because the behavioural responses of general market participants to each outcome are somewhat predictable, real positive medium-term returns can be achieved by doing the following:
• Diversifying broadly across the main growth and inflation risks (assumption: every asset class has its day)
• Rebalancing risk regularly (assumption: making contrarian adjustments adds to returns)
Such an approach has been employed for decades in the United States by the Permanent Portfolio Family of Funds. Cor Capital has operated an Australian based version of the strategy since 2012 as a more robust alternative to generating positive medium-term returns. There is no formal relationship between the US and Australian firms and Cor Capital has enhanced the general approach for Australian investors including:
• Adding selective asymmetry to certain asset classes
• Focussing on volatility capture throughout the portfolio
• Optimising for friction costs
• 100% systematic / rule-based implementation


The Cor Capital Fund portfolio is constructed and managed to accumulate returns from a broad range of environments, whether evolving slowly or explosive in nature.

Highly intuitive, it involves matching asset classes to highly consequential but opposing economic and market forces.

Robust to origin or regime: e.g. aggressive monetary policy, unintended consequences, carry bubble, carry crash, real economic growth.

Defensive first – Cash, Bonds and Precious Metals (AUD) combine to underscore capital preservation and purchasing power.



Growth via equally weighted (security and sector level) equity exposure improves risk adjusted returns and outperformance relative to market index.

Long option portfolio included for additional asymmetric growth, and added defensive / long volatility characteristics.

Non-correlation is more reliable between broad asset classes (e.g. gold bullion/equities) than specific exposures (e.g. US defensive / growth stocks), enabling more efficient return from active re-balancing.

Track Record



Calendar Year Performance


The performance numbers set out below are based on the historical change in Net Asset Value (NAV) per unit of the Fund. Annualised return over 3 years: 6.54% p.a.

* 8 August 2012 start. Past Performance is not a reliable indicator of future performance. Net-of-fees performance is based on end-of-month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Gross-of-fees performance is the net return with fees and expenses added back. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more of less at termination than at inception. For further details, please refer to the fund’s product disclosure statement and reference guide which are available from EQT or Cor Capital.
% change
calendar year
JanFebMarAprMayJunJulAugSepOctNovDecCYTD
20205.87%-1.33%-3.82%2.61%1.49%0.70%3.56%0.20%-3.95%0.75%--5.78%
20190.46%1.92%0.17%1.12%-0.01%2.42%1.57%1.73%0.04%-0.12%0.71%-0.05%10.37%
2018-1.64%3.31%-0.92%3.30%0.29%2.91%-3.41%-3.70%-1.76%-3.68%-2.31%2.25%-5.62%
20170.20%0.63%0.70%0.60%4.38%-0.93%3.03%-1.52%3.33%0.83%1.34%2.33%15.80%
20160.43%3.57%-0.44%2.59%0.59%1.45%1.73%-0.50%-0.21%-1.71%-0.71%1.29%8.26%
20154.00%0.56%-0.40%-0.65%1.23%-2.29%0.20%-0.34%-0.66%1.67%-3.04%-0.12%0.00%
20140.92%2.34%-1.34%0.51%-0.26%0.76%1.01%0.10%-1.03%-0.13%0.48%1.93%5.37%
20131.56%0.63%-0.83%-0.35%-0.28%-3.61%4.71%2.14%-1.49%0.56%-0.90%-0.22%1.70%
2012-------2.03%2.25%0.02%0.16%0.13%4.64%


Latetst Monthly Reports


August 2020 Monthly Report & Fund Fact Sheet

PDF (287 KB)
 

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September 2020 Monthly Report & Fund Fact Sheet

PDF (289 KB)
 

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October 2020 Monthly Report & Fund Fact Sheet

Incorporating Quarterly Commentary.
PDF (299 KB)

View
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Probability is not about the odds, but about the belief in the existence of an alternative outcome, cause, or motive.” — Nassim Nicholas Taleb

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