NEWS
Fund Review: Insync Global Capital Aware Fund September 2020
21 Oct 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...
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21 Oct 2020 - Fund Review: Insync Global Capital Aware Fund September 2020
By: Australian Fund Monitors
AFM Fund Review - September 2020 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2020 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
21 Oct 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +12.26% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in November 2017, the Fund has returned +25.75% p.a. against the Index's +3.53%.
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21 Oct 2020 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | True to the Fund's investment style, Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the market's inevitable short-term volatility, Bennelong believe the portfolio's investments are all incrementally building value which they expect will ultimately underpin strong returns over the long-term. The portfolio remains reasonably diversified across sector and risk-return drivers. |
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Performance Report: Cyan C3G Fund
20 Oct 2020 - Australian Fund Monitors
The Cyan C3G Fund ended the September quarter up +16.34% against the ASX200 Accumulation Index's -0.44%. Since inception in August 2014, the Fund has returned +15.17% p.a. vs the Index's annualised return of +4.93%.
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20 Oct 2020 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund returned -5.19% in September. More than half of the Fund's holdings encountered some price pressure during the month which Cyan believe was due to the weak market sentiment and investor profit taking rather than negative company-specific news. Key positive contributors included Kip McGrath Education and Jaxsta, while Quickfee, Swift Networks and City Chic were the main detractors. Cyan noted the divergence of financial performance from month-to-month and across differing companies and industry sectors remains significant. They've seen an enormous flow of capital raisings from companies impacted both positively and negatively by COVID-19 and a regular stream of new IPOs coming to market. Given that Cyan operates so actively in this environment, they're optimistic about the near-term opportunities for the Fund. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
19 Oct 2020 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +1.32% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in May 2006, the Fund has returned +8.31% p.a. with an annualised volatility of 7.46%.
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19 Oct 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | In September, the Fund returned -5.88%. Key contributors included Boral (+37 basis point contribution), Exore Resources (+20bp), Arden Leisure (+18bp), Aristocrat Leisure (+17bp) and West African Resources (+15bp). Detractors included Zip Co (-112bp), Aumina (-31bp), Harvest Technology (-28bp), Commonwealth Bank (-28bp) and Fortescue Metals (-25bp). While some of the Fund's recent strong performers were weaker during September, particularly in the Financials and Consumer Discretionary sectors, Bennelong continue to expect good returns from these stocks over the medium term. Kardinia reduced the Fund's net market exposure from 74.5% to 37.8% (74.9% long and 37.1% short), with the key changes being an increase in the Fund's short position in Share Price Index Futures. They continue to build the Fund's exposure to stocks that benefit from a re-opening scenario. Kardinia believe good progress is being made on potential vaccines and treatments. They expect Governments will increasingly move towards a 'living with the virus' approach as the economic damage from lockdowns becomes apparent. |
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Performance Report: NWQ Fiduciary Fund
16 Oct 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +0.31% in September, outperforming the ASX200 Accumulation Index by +3.97% and taking 12-month performance to +8.77% vs the Index's -10.21%. Since inception in May 2013, the Fund has returned +5.95% with an...
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16 Oct 2020 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.10 vs the Index's 0.39, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. The Fund's returns have been produced with a low net exposure to the market, demonstrating that the Fund's returns are largely independent of the direction of the equity market. NWQ believe the Fund's low net market exposure should also serve investors well in the event of a sustained market selloff. NWQ noted that the return dispersion among constituents of the ASX200 has produced a rich opportunity set for the Fund's long/short managers. |
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Performance Report: Bennelong Australian Equities Fund
16 Oct 2020 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +11.51% over the September quarter, outperforming the ASX200 Accumulation Index by +11.95%. Since inception in February 2009, the Fund has returned +13.70% p.a. vs the Index's +9.01%.
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16 Oct 2020 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | The Fund's up-capture ratio of 141.6% and Sortino ratio of 1.07 vs the Index's 0.63 highlights its capacity to significantly outperform in rising markets while avoiding the market's downside volatility. The Fund returned -1.84% in September, outperforming the Index by +1.82%. As at the end of the month, the Fund's weightings had been increased in the Discretionary, Industrials and Financials sectors, and decreased in the Health Care, IT, Materials, REIT's, Communication and Consumer Staples sectors. |
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Performance Report: Harvest Lane Asset Management Absolute Return Fund
15 Oct 2020 - Australian Fund Monitors
The Harvest Lane Absolute Return Fund rose +4.09% in September, outperforming the ASX200 Accumulation Index by +7.75% and ending the September quarter up +9.79% vs the Index's -0.44%. Since inception in July 2013, the Fund has returned...
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15 Oct 2020 - Performance Report: Harvest Lane Asset Management Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
| Manager Comments | Harvest Lane noted August's lull in corporate activity didn't last long, with positive performance carried through into September. They believe September's performance best exemplifies what can go right with the strategy: numerous positions within the portfolio received higher offers, many of which occurred in positions for which Harvest Lane had a full size holding. Their view is that the market continues to throw risk arbitrage in the too hard basket, guided by sentiment rather than proper assessment, and substantial discount to terms persist in market (particularly so in scrip based transactions). Harvest Lane's outlook is still positive as compelling returns remain on offer. There are several positions carried through into October very close to completion that still trade at a meaningful discount and they expect these to provide a solid platform to continue the recent momentum. |
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Performance Report: Datt Capital Absolute Return Fund
14 Oct 2020 - Australian Fund Monitors
The Datt Capital Absolute Return Fund has returned +36.17% over the past 12 months, outperforming the ASX200 Accumulation Index by +46.38% with up-capture and down-capture ratios of 228.1% and 63.2% respectively, highlighting significant...
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14 Oct 2020 - Performance Report: Datt Capital Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware |
| Manager Comments | The Fund returned -2.05% in September, outperforming the Index by +1.61%. During the month Datt Capital further trimmed the Fund's exposure to the markets in anticipation of an increase in volatility leading into the US election. Datt noted they are tracking a number of attractive new opportunities and intend on taking advantage of any volatility by increasing the portfolio's exposure at the opportune time. Datt Capital expect a range of upcoming catalysts on the horizon for their core holdings to provide good upside should they be realised, despite the Fund's large cash holding. The Fund ended the month with 23% of the portfolio in CRE debt, 52% in equities and 25% in cash. |
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Fund Review: Bennelong Long Short Equity Fund September 2020
13 Oct 2020 - 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...
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13 Oct 2020 - Fund Review: Bennelong Long Short Equity Fund September 2020
By: Australian Fund Monitors
AFM Fund Review - September 2020 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 16-years' track record and an annualised returns of 15.98%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.97 and 1.63 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2020 (pdf format)
Performance Report: Paragon Australian Long Short Fund
12 Oct 2020 - Australian Fund Monitors
The Paragon Australian Long Short Fund has risen +22.47% over the past 12 months, outperforming the ASX200 Accumulation Index by +32.68%. Since inception in March 2013, the Fund has returned +11.99% p.a. vs the Index's annualised return of +6.15%.
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12 Oct 2020 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market. |
| Manager Comments | The Fund returned -7.4% in what Paragon described as a volatile month globally. Despite this, the Fund delivered +15.23% for the quarter vs the Index's -0.44%. Portfolio protection/hedges fell, with both gold and treasuries down -4.2% and -3.0% respectively. Positive contributors for the Fund were Chalice and West African which were more than offset by declines across the Fund's gold, silver and technology holdings. Paragon view the pullback in gold as merely a correction after a strong run. The Fund ended the month with 27 long positions, 5 short positions and a net exposure of 123%. |
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