Performance Report: 4D Global Infrastructure Fund

8 Dec 2021 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose by +0.38% in November, outperforming the S&P Global Infrastructure TR Index by +0.43% and taking 12-month performance to +7.20%. The fund has outperformed the index since inception in March 2016,...

8 Dec 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	08 December 2021
Manager	4D Infrastructure, a Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	November 2021
Latest Return	0.38%
Latest 6 Months	0.62%
Latest 12 Months	7.20%
Latest 24 Months (pa)	0.69%
Annualised Since Inception	9.35%
Inception Date	01 March 2016
FUM (millions)	AU$311.13
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by investing in 30-60 quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earnings combined with sustainable, growing dividends. The fund is managed as a single portfolio including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail, as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund.
Manager Comments	The 4D Global Infrastructure Fund rose by +0.38% in November, outperforming the S&P Global Infrastructure TR Index by +0.43% and taking 12-month performance to +7.20%. The 4D Global Infrastructure Fund has a track record of 5 years and 9 months and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return of 9.35%, compared with the index's return of 7.74% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 9 months since its inception. Its largest drawdown was -19.77% lasting 1 year and 9 months, occurring between February 2020 and November 2021 when the index fell by a maximum of -24.67%. The Manager has delivered these returns with -0.48% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.72 since inception. The fund has provided positive monthly returns 95% of the time in rising markets, and 14% of the time when the market was negative, contributing to an up capture ratio since inception of 105% and a down capture ratio of 94%.
More Information	View Fund's Profile View Manager's Report

Performance Report: DS Capital Growth Fund

7 Dec 2021 - Australian Fund Monitors

The DS Capital Growth Fund rose by +0.49% in November, outperforming the ASX200 Total Return Index by +1.03% and taking 12-month performance to +21.60% vs the index's +15.48%. The fund has consistently outperformed the ASX 200 Total Return...

7 Dec 2021 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	07 December 2021
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	November 2021
Latest Return	0.49%
Latest 6 Months	9.75%
Latest 12 Months	21.60%
Latest 24 Months (pa)	18.61%
Annualised Since Inception	16.29%
Inception Date	01 January 2013
FUM (millions)	AU$407
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund comprises a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. The investment team looks for industrial businesses that are simple to understand, generally avoiding large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value.
Manager Comments	The DS Capital Growth Fund rose by +0.49% in November, outperforming the ASX200 Total Return Index by +1.03% and taking 12-month performance to +21.60% vs the index's +15.48%. The DS Capital Growth Fund has a track record of 9 years and has consistently outperformed the ASX 200 Total Return Index since inception in January 2013, providing investors with a return of 16.29%, compared with the index's return of 9.55% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 9 years since its inception. Its largest drawdown was -22.53% lasting 6 months, occurring between February 2020 and August 2020 when the index fell by a maximum of -26.75%. The Manager has delivered these returns with -2.29% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 twice and currently sits at 1.29 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 37% of the time when the market was negative, contributing to an up capture ratio since inception of 73% and a down capture ratio of 45%.
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Performance Report: AIM Global High Conviction Fund

6 Dec 2021 - Australian Fund Monitors

The AIM Global High Conviction Fund rose by +3.90% in November, outperforming the Global Equity Index by +0.88% and taking 12-month performance to +26.40% vs the Index's +22.84%. Since inception in July 2019, the Fund has returned +19.44%...

6 Dec 2021 - Performance Report: AIM Global High Conviction Fund

By: Australian Fund Monitors

Report Date	06 December 2021
Manager	Aitken Investment Management
Fund Name	AIM Global High Conviction Fund
Strategy	Equity Long
Latest Return Date	November 2021
Latest Return	3.90%
Latest 6 Months	16.29%
Latest 12 Months	26.40%
Latest 24 Months (pa)	20.34%
Annualised Since Inception	19.44%
Inception Date	19 July 2019
FUM (millions)	AU$102
Fund Overview	The Fund began on 7 July 2015. The strategy and investment team changed on 19 July 2019. Performance data shown is from July 2019. AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors.
Manager Comments	The AIM Global High Conviction Fund rose by +3.90% in November, outperforming the Global Equity Index by +0.88% and taking 12-month performance to +26.40% vs the Index's +22.84%. The AIM Global High Conviction Fund has a track record of 2 years and 4 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in July 2019, the fund has outperformed the Global Equity Index, providing investors with an annualised return of 19.44%, compared with the index's return of 15.71% over the same time period. On a calendar basis the fund has never had a negative annual return in the 2 years and 4 months since its inception. Its largest drawdown was -7.59% lasting 6 months, occurring between February 2020 and August 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 1.69 since inception. The fund has provided positive monthly returns 90% of the time in rising markets, and 0% of the time when the market was negative, contributing to an up capture ratio since inception of 110% and a down capture ratio of 83%.
More Information	View Fund's Profile View Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund October 2021

30 Nov 2021 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...

Fund Review: Insync Global Capital Aware Fund October 2021

29 Nov 2021 - Australian Fund Monitors

Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...

Performance Report: Glenmore Australian Equities Fund

29 Nov 2021 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +0.65% in October, outperforming the ASX200 Total Return Index by +0.75% and taking 12-month performance to +52.47% vs the Index's +27.96%. Since inception in June 2017 the fund has outperformed...

29 Nov 2021 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 November 2021
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	0.65%
Latest 6 Months	23.84%
Latest 12 Months	52.47%
Latest 24 Months (pa)	20.73%
Annualised Since Inception	25.68%
Inception Date	06 June 2017
FUM (millions)	AU$17.4
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock.
Manager Comments	The Glenmore Australian Equities Fund rose +0.65% in October, outperforming the ASX200 Total Return Index by +0.75% and taking 12-month performance to +52.47% vs the Index's +27.96%. The Glenmore Australian Equities Fund has a track record of 4 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.68%, compared with the index's return of 9.84% over the same time period. On a calendar basis the fund has never had a negative annual return in the 4 years and 5 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.13 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 38% of the time when the market was negative, contributing to an up capture ratio since inception of 231% and a down capture ratio of 100%.
More Information	View Fund's Profile View Manager's Report

Performance Report: Equitable Investors Dragonfly Fund

26 Nov 2021 - Australian Fund Monitors

The Equitable Investors Dragonfly Fund rose by +2.19% in October, outperforming the ASX200 Total Return Index by +2.29% and taking 12-month performance to +45.96% vs the Index's +27.96%.

26 Nov 2021 - Performance Report: Equitable Investors Dragonfly Fund

By: Australian Fund Monitors

Report Date	26 November 2021
Manager	Equitable Investors
Fund Name	Equitable Investors Dragonfly Fund
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	2.19%
Latest 6 Months	8.19%
Latest 12 Months	45.96%
Latest 24 Months (pa)	22.22%
Annualised Since Inception	4.38%
Inception Date	01 September 2017
FUM (millions)
Fund Overview	The Equitable Investors Dragonfly Fund aims to deliver a total return greater than the annual five year government bond rate + 5% pa over the medium-to-long term. The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers.
Manager Comments	The Equitable Investors Dragonfly Fund rose by +2.19% in October, outperforming the ASX200 Total Return Index by +2.29% and taking 12-month performance to +45.96% vs the Index's +27.96%. Equitable Investors noted Dragonfly Fund continued to make advances in the month of October in an environment where top 100 ASX listings and Small Industrials struggled but some elements of the microcap segment found investor demand. Last month the commented that an increase in volatility early in October was reflective more of shifting sentiment than any change in fundamentals. At the time of writing their October performance report, their view is that it is more of the same in November as bond yields remain volatile while investors digest higher inflation numbers and second guess central banks.
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Fund Review: Bennelong Long Short Equity Fund October 2021

26 Nov 2021 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Performance Report: Laureola Australia Feeder Fund

25 Nov 2021 - Australian Fund Monitors

The Laureola Master Fund rose +1.0282% in October, taking 12-month performance to +6.66%. The Laureola Australian Feeder Fund rose +0.8227% in October. The Master Fund has consistently outperformed the Bloomberg AusBond Composite 0+ Yr...

25 Nov 2021 - Performance Report: Laureola Australia Feeder Fund

By: Australian Fund Monitors

Report Date	25 November 2021
Manager	Laureola Advisors
Fund Name	Laureola Australia Feeder Fund
Strategy	Life Settlements
Latest Return Date	October 2021
Latest Return	1.03%
Latest 6 Months	4.57%
Latest 12 Months	6.66%
Latest 24 Months (pa)	8.39%
Annualised Since Inception	15.37%
Inception Date	01 May 2013
FUM (millions)	US$68
Fund Overview	The Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner. Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design.
Manager Comments	The Laureola Master Fund rose +1.0282% in October, taking 12-month performance to +6.66%. The Laureola Australian Feeder Fund rose +0.8227% in October. The Laureola Master Fund has a track record of 8 years and 7 months and has consistently outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with a return of 15.37%, compared with the index's return of 3.52% over the same time period. On a calendar basis the fund has never had a negative annual return in the 8 years and 7 months since its inception. Its largest drawdown was -4.9% lasting 10 months, occurring between December 2018 and October 2019. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 2.44 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 100% of the time when the market was negative, contributing to an up capture ratio since inception of 167% and a down capture ratio of -258%.
More Information	View Fund's Profile View Manager's Report

Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021

25 Nov 2021 - Australian Fund Monitors

The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.

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8 Dec 2021 - Performance Report: 4D Global Infrastructure Fund

7 Dec 2021 - Performance Report: DS Capital Growth Fund

6 Dec 2021 - Performance Report: AIM Global High Conviction Fund

30 Nov 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2021

29 Nov 2021 - Fund Review: Insync Global Capital Aware Fund October 2021

29 Nov 2021 - Performance Report: Glenmore Australian Equities Fund

26 Nov 2021 - Performance Report: Equitable Investors Dragonfly Fund

26 Nov 2021 - Fund Review: Bennelong Long Short Equity Fund October 2021

25 Nov 2021 - Performance Report: Laureola Australia Feeder Fund

25 Nov 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021

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