Performance Report: Premium Asia Fund

17 Dec 2020 - Australian Fund Monitors

The Premium Asia Fund rose +2.96% in November, taking 12-month performance to +19.88% vs AFM's Asia Pacific Index's +3.38%. Since inception in December 2009, the Fund has returned +12.07% p.a. vs the Index's +8.22%.

17 Dec 2020 - Performance Report: Premium Asia Fund

By: Australian Fund Monitors

Report Date	17 December 2020
Manager	Premium China Funds Management
Fund Name	Premium Asia Fund
Strategy	Equity Long
Latest Return Date	November 2020
Latest Return	2.96%
Latest 6 Months	27.01%
Latest 12 Months	19.88%
Latest 24 Months (pa)	20.99%
Annualised Since Inception	12.07%
Inception Date	01 December 2009
FUM (millions)	AU$35.63
Fund Overview	The Fund aims to generate positive returns over a three to five year period, prior to exchange rate effects, by constructing a portfolio of securities which provides exposure to the Asia (ex-Japan) region. The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts.
Manager Comments	The Premium Asia Fund rose +2.96% in November, taking 12-month performance to +19.88% vs AFM's Asia Pacific Index's +3.38%. Since inception in December 2009, the Fund has returned +12.07% p.a. vs the Index's +8.22%. The Fund's Sortino ratio (since inception) of 1.06 vs the Index's 0.81 and down-capture ratio (since inception) of 48.2% highlight its capacity to perform well in negative and volatile markets. The Fund's 12-month down-capture ratio of -44.9% indicates that, on average, the Fund has risen during the market's negative months. The manager noted consistent export volume growth in Taiwan and South Korea, and China's on-track consumption recovery, contributed to North Asia's equity outperformance during the month. The application of innovative technology and the demand from the stay-home economy remained positive for the Fund's Taiwanese and Korean technology hardware holdings. The release of anti-trust draft rules in mainland China clouded the outlook of some internet giants which detracted from the Fund's November return. Premium China believe these anti-trust rules are unlikely to derail the long-term structural growth outlook of the leading Chinese players. Going into 2021, Premium China believe Asian equities continue to showcase solid fundamentals for the post-pandemic future. As a result, they continue to focus on quality companies with more room for growth amid the broader-based recovery.
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Performance Report: 4D Global Infrastructure Fund

17 Dec 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +9.76% in November, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +9.15% and taking annualised performance since inception in March 2016 to +9.81% with an annualised volatility of 12.70%.

17 Dec 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	17 December 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	November 2020
Latest Return	9.76%
Latest 6 Months	2.17%
Latest 12 Months	-5.43%
Latest 24 Months (pa)	10.73%
Annualised Since Inception	9.81%
Inception Date	07 March 2016
FUM (millions)	AU$185.21
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. The fund will be managed as a single portfolio of listed global infrastructure securities 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 +9.76% in November, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +9.15% and taking annualised performance since inception in March 2016 to +9.81% with an annualised volatility of 12.70%. Currencies were mixed during the month but ultimately detracted 2.56% from performance. The strongest performer for November was German airport group, Fraport, up +52% on the back of the vaccine news and hopes that planes will be back in the sky soon. Airports had been oversold during the worst of the COVID pandemic and 4D maintained core positions which contributed strongly to the November out-performance. The weakest performer during the month was UK utility, National Grid, down -5.9% due in part to regulatory overhang and Brexit concerns, as well as utilities in general being relatively weaker as investors looked for recovery stocks. 4D continue to position for the prevailing economic outlook and infrastructure as a means of recovery as they continue to capitalise on the raft of opportunities currently on offer.
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Performance Report: Atlantic Pacific Australian Equity Fund

17 Dec 2020 - Australian Fund Monitors

The Atlantic Pacific Australian Equity Fund rose +4.89% in November, taking 12-month performance to +25.52% vs the ASX200 Accumulation Index's -1.98%. Since inception in June 2013, the Fund has returned +9.39% p.a. with an annualised...

17 Dec 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

By: Australian Fund Monitors

Report Date	17 December 2020
Manager	APSEC Funds Management
Fund Name	Atlantic Pacific Australian Equity Fund
Strategy	Equity Long/Short
Latest Return Date	November 2020
Latest Return	4.89%
Latest 6 Months	-0.62%
Latest 12 Months	25.52%
Latest 24 Months (pa)	10.82%
Annualised Since Inception	9.39%
Inception Date	01 June 2013
FUM (millions)	AU$37
Fund Overview	The Fund will invest in a diversified portfolio of small to large cap Australian listed securities, and securities in respect of which listing has been proposed. Cash, cash equivalents, convertible notes and derivatives may also be included. The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research.
Manager Comments	The Atlantic Pacific Australian Equity Fund rose +4.89% in November, taking 12-month performance to +25.52% vs the ASX200 Accumulation Index's -1.98%. Since inception in June 2013, the Fund has returned +9.39% p.a. with an annualised volatility of 10.17%. By contrast, the Index has returned +8.23% p.a. with an annualised volatility of 14.06% over the same period. The following statistics (since inception) highlight the Fund's capacity to significantly outperform in falling markets: Sortino ratio of 1.57 vs the Index's 0.61, maximum drawdown of -7.10% vs the Index's -26.75%, and down-capture ratio of 21.15%. APSEC are of the view that inflation, and hence bond rates, will finally accelerate through next year and so their positioning will be much more focussed on sectors exposed to these dynamics. They noted they will not be deploying capital to invest in high valuation companies.
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Fund Review: Bennelong Long Short Equity Fund November 2020

17 Dec 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...

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...

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17 Dec 2020 - Performance Report: Premium Asia Fund

17 Dec 2020 - Performance Report: 4D Global Infrastructure Fund

17 Dec 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

17 Dec 2020 - Fund Review: Bennelong Long Short Equity Fund November 2020

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

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