Fund Review: Insync Global Capital Aware Fund November 2020

16 Dec 2020 - 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

15 Dec 2020 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +10.37% in November, outperforming the ASX200 Accumulation Index's +10.21% and taking 12-month performance to +7.29% vs the Index's -1.98%. Since inception in June 2017, the Fund has returned...

15 Dec 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	15 December 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2020
Latest Return	10.37%
Latest 6 Months	29.40%
Latest 12 Months	7.29%
Latest 24 Months (pa)	21.69%
Annualised Since Inception	21.67%
Inception Date	06 June 2017
FUM (millions)	AU$9.9
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 +10.37% in November, outperforming the ASX200 Accumulation Index's +10.21% and taking 12-month performance to +7.29% vs the Index's -1.98%. Since inception in June 2017, the Fund has returned +21.67% p.a. vs the Index's +7.88%. The Fund's capacity to significantly outperform during the market's positive months is highlighted by its up-capture ratio (since inception) of 204.6%. Top contributors in November included Coronado Global Resources (CRN), Worley (WOR), Mineral Resources (MIN), Whitehaven Coal (WHC), NRW Holdings (NWH), Eagers Automotive (APE), People Infrastructure (PPE) and Dicker Data (DDR). In Glenmore's view the most notable story of November was the news of highly encouraging human trial results from several proposed vaccines for COVID-19. They noted that, while it is still early days, they believe the early results show clear progress towards a pathway back to more normal economic conditions. They observed that this was enough to see sectors with exposure to a global recovery rally sharply (e.g. travel, energy, resources, shopping centres and mining services), at the expense of sectors that benefitted from lockdown conditions (internet, certain retailers, and gold stocks).
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Fund Review: Bennelong Twenty20 Australian Equities Fund November 2020

15 Dec 2020 - 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.

Performance Report: DS Capital Growth Fund

14 Dec 2020 - Australian Fund Monitors

The DS Capital Growth Fund rose +6.19% in November, taking 12-month performance to +15.70% vs the ASX200 Accumulation Index's -1.98%. Since inception in January 2013, the Fund has returned +15.64% p.a. with an annualised volatility of 11.47%.

14 Dec 2020 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	14 December 2020
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	November 2020
Latest Return	6.19%
Latest 6 Months	17.73%
Latest 12 Months	15.70%
Latest 24 Months (pa)	19.38%
Annualised Since Inception	15.64%
Inception Date	01 January 2013
FUM (millions)	AU$290
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 will comprise 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; they generally avoid 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 +6.19% in November, taking 12-month performance to +15.70% vs the ASX200 Accumulation Index's -1.98%. Since inception in January 2013, the Fund has returned +15.64% p.a. with an annualised volatility of 11.47%. By contrast, the Index has returned +8.82% p.a. with an annualised volatility of 14.10% over the same period. The Fund's Sharpe and Sortino ratios (since inception), 1.19 and 1.75 respectively, by contrast with the Index's Sharpe of 0.56 and Sortino of 0.66, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios for performance over the past 12 months, 117.8% and 72.9% respectively, indicate that, on average, the Fund has outperformed in both the market's positive and negative months. The Fund's ability to significantly outperform in falling markets is further supported by its down-capture ratio (since inception) of 45%.
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Performance Report: Cyan C3G Fund

11 Dec 2020 - Australian Fund Monitors

The Cyan C3G Fund rose +12.20% in November, outperforming the ASX200 Accumulation Index by +1.99% and taking annualised performance since inception in August 2014 to +16.47% vs the Index's +6.74%.

11 Dec 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	11 December 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	November 2020
Latest Return	12.20%
Latest 6 Months	28.53%
Latest 12 Months	2.02%
Latest 24 Months (pa)	10.44%
Annualised Since Inception	16.47%
Inception Date	24 July 2014
FUM (millions)	AU$36
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund rose +12.20% in November, outperforming the ASX200 Accumulation Index by +1.99% and taking annualised performance since inception in August 2014 to +16.47% vs the Index's +6.74%. Since inception, the Fund has achieved a Sortino ratio of 1.26 vs the Index's 0.46 and a down-capture ratio of 58.2% which highlights its capacity to outperform when the market falls. The Fund's holdings performed very well across the board in November. Top contributors included Readcloud (RCL), Raiz (RZI), Alcidion (ALC) and Quickstep (QHL). In Cyan's view, the most significant recent event has been the RBA's decision to cut interest rates to 0.1%. They believe the lowered interest rate makes asset classes other than term deposits and money market securities increasingly attractive. They noted that, while some pockets of the market have struggled, market optimism remains intact as evidenced by the recent 60% premium on the largest IPO of the year - Nuix.
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Fund Review: Bennelong Kardinia Absolute Return Fund November 2020

9 Dec 2020 - 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...

Performance Report: Bennelong Long Short Equity Fund

8 Dec 2020 - Australian Fund Monitors

The Bennelong Long Short Equity Fund has risen +17.93% over the past 12 months with a volatility of 13.34% vs the ASX200 Accumulation Index's return of -1.98% with a volatility of 27.34%. Since inception in February 2002, the Fund has...

8 Dec 2020 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 December 2020
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2020
Latest Return	-2.95%
Latest 6 Months	10.52%
Latest 12 Months	17.93%
Latest 24 Months (pa)	16.39%
Annualised Since Inception	15.60%
Inception Date	01 January 2003
FUM (millions)	AU$429.4
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund has risen +17.93% over the past 12 months with a volatility of 13.34% vs the ASX200 Accumulation Index's return of -1.98% with a volatility of 27.34%. Since inception in February 2002, the Fund has returned +15.60% p.a. vs the Index's +7.94%. The Fund's capacity to perform well in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.58 vs the Index's 0.41, maximum drawdown of -17.73% vs the Index's -47.19%, and down-capture ratio of -162%. The Fund's negative down-capture ratio indicates that, on average, the Fund has risen during the market's negative months. The Fund returned -2.95% in November. Bennelong noted a reversal in momentum in the market over the past couple of months has been presenting headwinds for some of the Fund's pairs. The bottom pairs in November were all very positive in the preceding year. Bennelong believe, to some extent, their performance reflects the market chasing laggards in the midst of a booming market. The Energy and Bank sectors experienced the greatest momentum reversal, however this didn't significantly influence the portfolio which had a modest positive return from its Energy pairs and a modest negative return from its one Bank pair. The tech sector was a laggard during the month, however the Fund's one Tech pair, XRO/TNE, was the top contributor. REH/BLD, FBU was amongst the weakest pairs.
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Performance Report: Surrey Australian Equities Fund

4 Dec 2020 - Australian Fund Monitors

The Surrey Australian Equities Fund rose +11.36% in November, outperforming the ASX200 Accumulation Index by +1.15% and taking 12-month performance to +17.12% vs the Index's -1.98%. Since inception in June 2018, the Fund has returned...

4 Dec 2020 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	04 December 2020
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2020
Latest Return	11.36%
Latest 6 Months	20.76%
Latest 12 Months	17.12%
Latest 24 Months (pa)	17.55%
Annualised Since Inception	10.46%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability.
Manager Comments	The Surrey Australian Equities Fund rose +11.36% in November, outperforming the ASX200 Accumulation Index by +1.15% and taking 12-month performance to +17.12% vs the Index's -1.98%. Since inception in June 2018, the Fund has returned +10.46% p.a. with an annualised volatility of 23.14%. By contrast, the Index has returned +7.19% p.a. with an annualised volatility of 18.88% over the same period. The Fund's up-capture ratio (since inception) of 126.8% highlights its capacity to significantly outperform in rising markets. Surrey made numerous adjustments to the portfolio during the month, including adding to their larger holdings such as Auckland International Airport and Mineral Resources while introducing new names into the Fund such as AP Aegers. They discuss some of their changes in further detail in their latest report. The Fund ended November with 31 individual holdings and 2% in cash. Surrey noted the portfolio overall continues to be positioned for positive risk adjusted returns over the long-term. Surrey remain positive on the outlook driven by COVID-19 recovery, fiscal and monetary stimulus, low inflation, refreshed balance sheets, re-energised management teams and continued low government bond yields.
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Performance Report: Ark Global Fund - Class B AUD Unhedged

3 Dec 2020 - Australian Fund Monitors

The Ark Global Fund - Class B AUD Unhedged rose +3.88% in October, outperforming AFM's Global Equity Index by +4.45% and taking annualised performance since inception in July 2017 to +9.21% p.a. with an annualised volatility of 13.07%.

3 Dec 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

By: Australian Fund Monitors

Report Date	03 December 2020
Manager	AI Funds Management Pty Ltd
Fund Name	Ark Global Fund - Class B AUD Unhedged
Strategy	Managed Futures
Latest Return Date	October 2020
Latest Return	3.88%
Latest 6 Months	-11.74%
Latest 12 Months	-7.50%
Latest 24 Months (pa)	5.27%
Annualised Since Inception	9.21%
Inception Date	01 September 2019
FUM (millions)	AU$2.45
Fund Overview	The Ark Global Fund (AGF) invests in Fund One which is an open-ended exempted company incorporated with limited liability in the Cayman Islands with registration number 287801, with a Singapore Investment Manager called Swiss Asia Financial Services (SAFS). The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses.
Manager Comments	The Ark Global Fund - Class B AUD Unhedged rose +3.88% in October, outperforming AFM's Global Equity Index by +4.45% and taking annualised performance since inception in July 2017 to +9.21% p.a. with an annualised volatility of 13.07%. The Fund's down-capture ratio for performance since inception of -84.4% indicates that, on average, the Fund has risen during the market's negative months. The best performing assets for the month were: Nikkei 225 (+1.33% of NAV), Silver (+1.20% of NAV) and 10 Yr Japanese Govt Bond (+1.18% of NAV). The worst performing assets included: Gold (-1.23% of NAV), 10 Yr Canadian Govt Bond (-1.48% of NAV) and Euro Stoxx (-2.13% of NAV).
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Performance Report: Touchstone Index Unaware Fund

3 Dec 2020 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +1.81% in October, taking annualised performance since inception in April 2016 to +6.38% with an annualised volatility of 15.58%.

3 Dec 2020 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	03 December 2020
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	October 2020
Latest Return	1.81%
Latest 6 Months	8.87%
Latest 12 Months	-11.56%
Latest 24 Months (pa)	1.92%
Annualised Since Inception	6.38%
Inception Date	04 April 2016
FUM (millions)	AU$4.14
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund rose +1.81% in October, taking annualised performance since inception in April 2016 to +6.38% with an annualised volatility of 15.58%. The Fund has achieved an average positive monthly return of +2.72% since inception. As at the end of October, the Fund held 20 stocks with a median position size of 5%. The portfolio's holdings had an average forward-year price/earnings of 21.6, forward-year tangible ROE of 9.4% and forward-year dividend yield of 2.6%. The Fund ended the month with a cash weighting of 1.1%, down from 3.2% as at the end of September.
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16 Dec 2020 - Fund Review: Insync Global Capital Aware Fund November 2020

15 Dec 2020 - Performance Report: Glenmore Australian Equities Fund

15 Dec 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund November 2020

14 Dec 2020 - Performance Report: DS Capital Growth Fund

11 Dec 2020 - Performance Report: Cyan C3G Fund

9 Dec 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund November 2020

8 Dec 2020 - Performance Report: Bennelong Long Short Equity Fund

4 Dec 2020 - Performance Report: Surrey Australian Equities Fund

3 Dec 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

3 Dec 2020 - Performance Report: Touchstone Index Unaware Fund

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