Fund Review: Bennelong Twenty20 Australian Equities Fund February 2021

22 Mar 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.

Performance Report: Bennelong Emerging Companies Fund

19 Mar 2021 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +4.56% in February, outperforming the ASX200 Accumulation Index by +3.56% and taking 12-month performance to +37.02% vs the Index's +6.48%. Since inception in November 2017, the Fund has risen...

19 Mar 2021 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	19 March 2021
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	February 2021
Latest Return	4.56%
Latest 6 Months	21.13%
Latest 12 Months	37.02%
Latest 24 Months (pa)	39.62%
Annualised Since Inception	30.38%
Inception Date	01 November 2017
FUM (millions)	AU$57.97
Fund Overview	The Fund invests in ASX-listed securities of small and micro capitalised companies that are covered by the investment research capabilities of Bennelong Australian Equity Partners ('BAEP'). 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	The Bennelong Emerging Companies Fund rose +4.56% in February, outperforming the ASX200 Accumulation Index by +3.56% and taking 12-month performance to +37.02% vs the Index's +6.48%. Since inception in November 2017, the Fund has risen +30.38% p.a. against the Index's +7.69%. The Fund's Sortino ratio since inception of 1.19 vs the Index's 0.49 highlights its capacity to avoid the market's downside volatility over the long-term. The Fund's up-capture ratio (since inception) of 350.92% indicates that, on average, it has risen more than 3 times as much as the market during the market's positive months. The Fund has achieved up-capture ratios above 284% over the past 12, 24, 36 months and since inception. Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across sector and risk-return drivers.
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Performance Report: Bennelong Kardinia Absolute Return Fund

19 Mar 2021 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +1.86% in February, outperforming the ASX200 Accumulation Index by +0.86% and taking 12-month performance to +6.72% with a standard deviation of 12.74%. Since inception in May 2006, the Fund...

19 Mar 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	19 March 2021
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	February 2021
Latest Return	1.86%
Latest 6 Months	4.47%
Latest 12 Months	6.72%
Latest 24 Months (pa)	6.34%
Annualised Since Inception	8.83%
Inception Date	01 May 2006
FUM (millions)	AU$42.14
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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	The Bennelong Kardinia Absolute Return Fund rose +1.86% in February, outperforming the ASX200 Accumulation Index by +0.86% and taking 12-month performance to +6.72% with a standard deviation of 12.74%. Since inception in May 2006, the Fund has risen +8.83% p.a. with an annualised volatility of 7.63%. By contrast, the Index has returned +6.05% p.a. with an annualised volatility of 14.40% over the same period. The Fund's capacity to outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.25 vs the Index's 0.26, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors included Proteomics, Paladin, Flight Centre, NAB and Galena Mining. Key detractors included Charter Hall, Harvest Tech, Pointsbet, MACA Limited and REA Group. The portfolio performed well during reporting season, with roughly 90% of companies either beating or meeting expectations.
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Performance Report: 4D Global Infrastructure Fund

19 Mar 2021 - Australian Fund Monitors

The 4D Global Infrastructure Fund has risen +8.19% p.a. with an annualised volatility of 12.54% since inception in March 2016.

19 Mar 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	19 March 2021
Manager	4D Infrastructure, a Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	February 2021
Latest Return	-1.27%
Latest 6 Months	3.16%
Latest 12 Months	-13.04%
Latest 24 Months (pa)	1.91%
Annualised Since Inception	8.19%
Inception Date	07 March 2016
FUM (millions)	AU$184.88
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 was down a net 1.27% (AUD) in February 2021, under-performing the benchmark's return of 0.26% (by 1.53%) but out-performing the FTSE 50/50 Infrastructure Index, which was down 1.74% (AUD). Currency was again a significant detractor in February costing the fund 1.31%. The strongest performer for February was Mexican airport operator Grupo ASUR +21.4% as vaccines continue to roll out across the globe and the expectation of the resumption of air travel gets closer. The weakest performer in February was Portuguese based renewable operator EDPR down 19.7%. 4D believe this to be profit taking after a very strong run in pure play renewables where they reduced their position on valuation. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalize on the raft of opportunities currently on offer.
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Performance Report: Delft Partners Global High Conviction

18 Mar 2021 - Australian Fund Monitors

The Delft Global High Conviction Strategy rose +4.34% in February, outperforming AFM's Global Equity Index by +2.87% and taking annualised performance since inception in August 2011 to +15.30% vs the Index's +13.80%.

18 Mar 2021 - Performance Report: Delft Partners Global High Conviction

By: Australian Fund Monitors

Report Date	18 March 2021
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction
Strategy	Equity Long
Latest Return Date	February 2021
Latest Return	4.34%
Latest 6 Months	16.90%
Latest 12 Months	9.40%
Latest 24 Months (pa)	10.18%
Annualised Since Inception	15.30%
Inception Date	15 July 2011
FUM (millions)	AU$10
Fund Overview	The Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index. The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy.
Manager Comments	The Delft Global High Conviction Strategy rose +4.34% in February, outperforming AFM's Global Equity Index by +2.87% and taking annualised performance since inception in August 2011 to +15.30% vs the Index's +13.80%. The Strategy's Sharpe and Sortino ratios (since inception) are 1.11 and 2.04 respectively, highlighting its capacity to achieve good risk-adjusted returns while avoiding the market's downside volatility. The Strategy has an average positive monthly return of +3.30% and an average negative monthly return of -2.05%. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 9 out of 10 of the Index's best months and 6 out of 10 of the Index's worst months, highlighting its capacity to outperform in both rising and falling markets.
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Fund Review: Bennelong Kardinia Absolute Return Fund February 2021

17 Mar 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...

Performance Report: Surrey Australian Equities Fund

16 Mar 2021 - Australian Fund Monitors

The Surrey Australian Equities Fund rose +3.16% in February, outperforming the ASX200 Accumulation Index by +1.71% and taking 12-month performance to +33.06% vs the Index's +6.48%. Since inception in June 2018, the Fund has risen +11.10%...

16 Mar 2021 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	16 March 2021
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	February 2021
Latest Return	3.16%
Latest 6 Months	12.71%
Latest 12 Months	33.06%
Latest 24 Months (pa)	17.68%
Annualised Since Inception	11.10%
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 +3.16% in February, outperforming the ASX200 Accumulation Index by +1.71% and taking 12-month performance to +33.06% vs the Index's +6.48%. Since inception in June 2018, the Fund has risen +11.10% p.a. vs the Index's +7.66%. The Fund's 12-month up-capture and down-capture ratios, 169.6% and 85.6% respectively, indicate that, on average, the Fund outperformed during both the market's positive and negative months. The Fund has an up-capture ratio since inception of 128.5%, highlighting its capacity to significantly outperform in rising markets over the long-term. Top contributors in February included Sealink (SLK), Betmakers (BET) and Uniti Wireless (UWL). On the negative side, Cleanspace (CSX) and Domain Holdings (DHG) detracted from performance. Despite the negative share price performance of these two companies, Surrey remain confident in their long-term prospects and continue to hold their shares. The Fund ended the month with 4% in cash and 31 individual stock positions. By sector, the Fund was most heavily weighted towards the Industrials and IT sectors. Top holdings included Auckland International Airports, Omni Bridgeway, Pointsbet, Sealink and Uniti Wireless.
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Performance Report: Cyan C3G Fund

15 Mar 2021 - Australian Fund Monitors

The Cyan C3G Fund rose +2.59% in February, outperforming the ASX200 Accumulation Index by +1.14% and taking 12-month performance to +27.92% vs the Index's +6.48%. Since inception in August 2014, the Fund has returned +16.75% p.a. vs the...

15 Mar 2021 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	15 March 2021
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	February 2021
Latest Return	2.59%
Latest 6 Months	9.98%
Latest 12 Months	27.92%
Latest 24 Months (pa)	13.29%
Annualised Since Inception	16.75%
Inception Date	24 July 2014
FUM (millions)	AU$40
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 +2.59% in February, outperforming the ASX200 Accumulation Index by +1.14% and taking 12-month performance to +27.92% vs the Index's +6.48%. Since inception in August 2014, the Fund has returned +16.75% p.a. vs the Index's +6.96%. The Fund's Sharpe and Sortino ratios (since inception), 0.93 and 1.31 respectively, by contrast with the Index's Sharpe of 0.44 and Sortino of 0.49, highlight its capacity to produce superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. The Fund's up-capture and down-capture ratios (since inception), 105.6% and 58.2% respectively, indicate that, on average, the Fund has outperformed in both the market's positive and negative months. Strong portfolio performers in February included Raiz (RZI), Alcidion (ALC) and Singular Health (SHG). Key detractors included Readcloud (RCL) and Quickstep (QHL).
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Fund Review: Bennelong Long Short Equity Fund February 2021

15 Mar 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: Paragon Australian Long Short Fund

12 Mar 2021 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +16.34% in February, outperforming the ASX200 Accumulation Index by +14.89% and taking 12-month performance to +65.62% vs the Index's +6.48%. Since inception in March 2013, the Fund has returned...

12 Mar 2021 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	12 March 2021
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	February 2021
Latest Return	16.34%
Latest 6 Months	7.56%
Latest 12 Months	65.62%
Latest 24 Months (pa)	32.80%
Annualised Since Inception	13.45%
Inception Date	28 February 2013
FUM (millions)	AU$43
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. 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 Paragon Australian Long Short Fund rose +16.34% in February, outperforming the ASX200 Accumulation Index by +14.89% and taking 12-month performance to +65.62% vs the Index's +6.48%. Since inception in March 2013, the Fund has returned +13.45% p.a. vs the Index's +7.77%. The Fund's down-capture ratio (since inception) of 74.72% indicates that, on average, the Fund has significantly outperformed during the market's negative months. Positive contributors in February included Cettire (long), Betmakers (long), Chalice (long), Ionic and Appen (short), marginally offset by declines in OceanaGold and PointsBet. In their latest report, Paragon highlight double-digit-% price rises across food, base metals, timber and house prices, however, their view is that headline CPI numbers are misrepresentative of true inflation. They believe markets are embracing the breadth and strength across Resources and increasingly the prospect of a super-cycle ahead.
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22 Mar 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund February 2021

19 Mar 2021 - Performance Report: Bennelong Emerging Companies Fund

19 Mar 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund

19 Mar 2021 - Performance Report: 4D Global Infrastructure Fund

18 Mar 2021 - Performance Report: Delft Partners Global High Conviction

17 Mar 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2021

16 Mar 2021 - Performance Report: Surrey Australian Equities Fund

15 Mar 2021 - Performance Report: Cyan C3G Fund

15 Mar 2021 - Fund Review: Bennelong Long Short Equity Fund February 2021

12 Mar 2021 - Performance Report: Paragon Australian Long Short Fund

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