Performance Report: Bennelong Kardinia Absolute Return Fund

16 Nov 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund returned -0.70% in October, underperforming the ASX200 Accumulation Index by 2.63% and taking 12-month performance to -1.08% vs the Index's -8.15%.

16 Nov 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	16 November 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	October 2020
Latest Return	-0.70%
Latest 6 Months	-0.84%
Latest 12 Months	-1.08%
Latest 24 Months (pa)	0.05%
Annualised Since Inception	8.21%
Inception Date	01 May 2006
FUM (millions)	AU$47.16
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 returned -0.70% in October, underperforming the ASX200 Accumulation Index by 2.63% and taking 12-month performance to -1.08% vs the Index's -8.15%. Since inception in May 2006, the Fund has returned +8.21% p.a. with an annualised volatility of 7.45%. By contrast, the Index has returned +5.27% p.a. with an annualised volatility of 14.34% over the same period. The Fund's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.09 vs the Index's 0.18, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Positive contributors included Nickel Mines, Star Entertainment, CBA, NAB and Aussie Broadband. Key detractors included Harvest Tech, Temple and Webster, Flight Centre and Kogan. The short book was also a detractor to performance. Kardinia reduced net market exposure to 30.4% (55.3% long and 24.9% short) in the face of US election uncertainty, with the key changes being a reduction in the size of long positions, partially offset by some initial public offerings and an increase in weighting of Commonwealth Bank. Kardinia maintain a bias towards stocks that benefit from a re-opening of economies scenario. They believe good progress is being made on potential vaccines and treatments and Governments will increasingly move towards a 'living with the virus' approach as the economic damage from lockdowns becomes apparent.
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Fund Review: Bennelong Long Short Equity Fund October 2020

16 Nov 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...

Performance Report: AIM Global High Conviction Fund

13 Nov 2020 - Australian Fund Monitors

The AIM Global High Conviction Fund has risen +15.21% over the past 12 months vs AFM's Global Equity Index's +2.95%. Since inception in July 2015, the Fund has returned +3.86% p.a. with an annualised volatility of 11.25%.

13 Nov 2020 - Performance Report: AIM Global High Conviction Fund

By: Australian Fund Monitors

Report Date	13 November 2020
Manager	Aitken Investment Management
Fund Name	AIM Global High Conviction Fund
Strategy	Equity Long
Latest Return Date	October 2020
Latest Return	-1.20%
Latest 6 Months	7.59%
Latest 12 Months	15.21%
Latest 24 Months (pa)	8.64%
Annualised Since Inception	3.86%
Inception Date	07 July 2015
FUM (millions)	AU$155
Fund Overview	This Fund's strategy is based on the belief that a concentrated portfolio of quality businesses, that can sustain high economic profits for an extended period of time due to powerful competitive advantages, will lead to compounding returns when purchased with a margin of safety and held for a long period. The strategy is long-only, with a mandate to be between 90% - 100% invested. The Fund also employs a construction framework that ensures there is a sensible mix of exposures within the limited number of businesses in the portfolio. These limits are: - Maximum individual position size 7.5% - Minimum individual position size 2.5% - Maximum sector exposure 30% The Fund targets a cash allocation of between 0-10% but can have as much as 20% of the portfolio in cash in the event of an unprecedented global shock. Liquidity is extremely important. The Fund will typically look to invest in businesses within a market cap range of US$7.5billion all the way up to the largest companies in the world with market capitalisations in excess of $200b. Occasionally, we may find a business that exhibits the traits of a quality investment, but it is much earlier in its business cycle. The Fund can invest in these businesses, but they must clear a much higher bar for inclusion. Individually, these future compounders cannot comprise more than 4% of the fund, these businesses cannot collectively exceed 10% of the fund.
Manager Comments	The AIM Global High Conviction Fund has risen +15.21% over the past 12 months vs AFM's Global Equity Index's +2.95%. Since inception in July 2015, the Fund has returned +3.86% p.a. with an annualised volatility of 11.25%. The Fund's up-capture and down-capture ratios for performance over the past 12 months, 134.1% and 65.9% respectively, highlight its capacity to significantly outperform in both rising and falling markets. The Fund returned -1.20% in October. Aitken noted fears of new rounds of hard lockdowns to halt the surge of cases of COVID-19 in Europe and the US, combined with uncertainty around the outcome of the US presidential election, saw volatility increase significantly in the latter half of the month, with markets selling off sharply in the final week. They added that being unhedged to the AUD has provided somewhat of a release valve for the Fund, as has been the case with the majority of market sell-offs this year. The biggest laggard in the portfolio for the month was Mastercard. The lack of high-margin cross-border transactions lead to a mix shift that depressed revenues and margins, missing market estimates of quarterly performance. Aitken believe consumers' inclination to pay with card rather than cash has only increased over the last 6 months and see that this has strengthened the cash-to-card transition that underpins Aitken's investment thesis. Aitken are focused on remaining disciplined in their approach, sticking to owning quality businesses and accepting that price volatility is the psychological cost of long-term compound returns.
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Fund Review: Bennelong Twenty20 Australian Equities Fund October 2020

12 Nov 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: Touchstone Index Unaware Fund

6 Nov 2020 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +0.94% over the September quarter. Since inception in April 2016, the Fund has returned +6.08% p.a. with an annualised volatility of 15.71%.

6 Nov 2020 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	06 November 2020
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-2.89%
Latest 6 Months	17.57%
Latest 12 Months	-12.04%
Latest 24 Months (pa)	-2.85%
Annualised Since Inception	6.08%
Inception Date	04 April 2016
FUM (millions)	AU$4.36
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 +0.94% over the September quarter. Since inception in April 2016, the Fund has returned +6.08% p.a. with an annualised volatility of 15.71%. The Fund has achieved an average positive monthly return since inception of +2.74%. As at the end of September, the Fund held 20 stocks with a median position size of 4.3%. The portfolio's holdings had an average forward-year price/earnings of 21.5, forward-year tangible ROE of 10.7% and forward-year dividend yield of 2.6%. The Fund ended the month with a cash weighting of 3.2%, down from 6.1% as at the end of August.
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Performance Report: Insync Global Quality Equity Fund

6 Nov 2020 - Australian Fund Monitors

The Insync Global Quality Equity Fund rose +0.33% in September, outperforming AFM's Global Equity Index by +0.66% and taking 12-month performance to +19.31% vs the Index's +4.16%. Since inception in October 2009, the Fund has returned...

6 Nov 2020 - Performance Report: Insync Global Quality Equity Fund

By: Australian Fund Monitors

Report Date	06 November 2020
Manager	Insync Fund Managers
Fund Name	Insync Global Quality Equity Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	0.33%
Latest 6 Months	22.06%
Latest 12 Months	19.31%
Latest 24 Months (pa)	17.81%
Annualised Since Inception	14.17%
Inception Date	01 July 2018
FUM (millions)	AU$23.8234
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long-term capital growth and some income. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high-quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are: size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio typically of 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles.
Manager Comments	The Insync Global Quality Equity Fund rose +0.33% in September, outperforming AFM's Global Equity Index by +0.66% and taking 12-month performance to +19.31% vs the Index's +4.16%. Since inception in October 2009, the Fund has returned +14.17% p.a. vs the Index's +10.74%. The Fund's Sharpe and Sortino ratios (since inception), 1.07 and 2.03 respectively, by contrast with the Index's Sharpe of 0.81 and Sortino of 1.27, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund's ability to outperform in falling markets is supported by its down-capture ratio (since inception) of 66.8%. As at the end of September, the portfolio's top holdings included Domino's Pizza, Dollar General, PayPal, S&P Global, Visa, Facebook, Adobe, JD Sports Fashion, Microsoft and Nvidia. The top three megatrends in the portfolio by weight were the 'Cashless Society' megatrend (14% of the portfolio), the 'Age related health solutions' megatrend (13%) and the 'Digitisation' megatrend (12%). By sector, the portfolio was most heavily weighted towards the IT and Consumer Discretionary sectors.
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Performance Report: Delft Partners Global High Conviction

5 Nov 2020 - Australian Fund Monitors

The Delft Partners Global High Conviction Strategy returned -0.29% in September vs AFM's Global Equity Index's -0.33%. Since inception in August 2011, the Strategy has returned +14.05% p.a. with an annualised volatility of 11.69%.

5 Nov 2020 - Performance Report: Delft Partners Global High Conviction

By: Australian Fund Monitors

Report Date	05 November 2020
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-0.29%
Latest 6 Months	0.55%
Latest 12 Months	-3.78%
Latest 24 Months (pa)	0.75%
Annualised Since Inception	14.05%
Inception Date	15 July 2011
FUM (millions)	AU$9.2
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 Partners Global High Conviction Strategy returned -0.29% in September vs AFM's Global Equity Index's -0.33%. Since inception in August 2011, the Strategy has returned +14.05% p.a. with an annualised volatility of 11.69%. By contrast, the Index has returned +13.45% p.a. with an annualised volatility of 10.42% over the same period. The Strategy has achieved an average positive monthly return of +3.23% vs the Index's +2.94%. The Strategy's Sharpe and Sortino ratios for performance since inception are 1.02 and 1.80 respectively. With respect to the Index's 10 best and worst months since inception, the Strategy has outperformed in 7 out of 10 of the Index's worst months and 9 out of 10 of the Index's best months. This highlights the Strategy's capacity to perform well in both rising and falling markets.
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Performance Report: 4D Global Infrastructure Fund

4 Nov 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund has returned +7.77% p.a. with an annualised volatility of 12.22% p.a. since inception in March 2016. This return has been achieved with a down-capture ratio of 85%, highlighting the Fund's capacity to...

4 Nov 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	04 November 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	September 2020
Latest Return	-1.94%
Latest 6 Months	-0.94%
Latest 12 Months	-13.75%
Latest 24 Months (pa)	4.13%
Annualised Since Inception	7.77%
Inception Date	07 March 2016
FUM (millions)	AU$161.9
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 has returned +7.77% p.a. with an annualised volatility of 12.22% p.a. since inception in March 2016. This return has been achieved with a down-capture ratio of 85%, highlighting the Fund's capacity to outperform during the market's negative months. The strongest performer for September was Mexican Tower operator Telesites (+20.5%). 4D noted communication infrastructure remains in favour, providing strong resilience of earnings in a very uncertain economic climate. The weakest performer was US midstream operator Targa Resources (-17.5%). 4D's view is that the sector is oversold on the weaker commodity pricing, increased talk of Energy Transition calling in question asset lives, and increased election volatility. They added that, despite share price weakness, the earnings of these assets are proving to be relatively resilient and are offering very attractive value at these levels. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they look to capitalise on the raft of opportunities currently on offer.
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Performance Report: Quay Global Real Estate Fund

3 Nov 2020 - Australian Fund Monitors

The Quay Global Real Estate Fund fell slightly by -0.37% in September, but broadly in line with the Global Equity Index which fell -0.33%. The fund was also assisted by currency gains, reversing the recent trend.

3 Nov 2020 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	03 November 2020
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	September 2020
Latest Return	-0.37%
Latest 6 Months	-3.60%
Latest 12 Months	-16.65%
Latest 24 Months (pa)	0.78%
Annualised Since Inception	5.05%
Inception Date	31 July 2014
FUM (millions)	AU$191.1
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged.
Manager Comments	The Quay Global Real Estate Fund fell slightly by -0.37% in September, but broadly in line with the Global Equity Index which fell -0.33%. The fund was also assisted by currency gains, reversing the recent trend. Across the underlying portfolio the self-storage sector continued to provide rewards from its holdings in CubeSmart, Shurgard and Life Storage. The manager noted some frustration with the imbalanced performance of the Global Real Estate sector vs. the stellar performance of global equities, particularly the local and US tech sector: 'Since the market peaked in late February, the S&P 500 consensus 2020 EPS has declined -23%, while US REITs earnings are down 10%. However, the S&P 500 price is back to Feruary levels, while US REITS are still ~25% below. On an earnings basis that is almost a 40% re-rate relative to equities.' Quay went on to report that, despite some sectors which are facing obvious challenges, on a fundamental basis earnings for real estate have remained true to label and proven to be quite resilient, and that the fund's investments are proving to be just as or even more resilient.
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Performance Report: Bennelong Concentrated Australian Equities Fund

3 Nov 2020 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund returned -1.93% for the month of September outperforming the ASX 200 Accumulation Index which returned -3.66%. Over 12 months to the end of September the fund has returned -0.24% versus...

3 Nov 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	03 November 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-1.93%
Latest 6 Months	31.97%
Latest 12 Months	11.52%
Latest 24 Months (pa)	8.42%
Annualised Since Inception	16.08%
Inception Date	30 January 2009
FUM (millions)	AU$1077.87
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
Manager Comments	The Bennelong Concentrated Australian Equities Fund returned -1.93% for the month of September outperforming the ASX 200 Accumulation Index which returned -3.66%. Over 12 months to the end of September the fund has returned -0.24% versus the index performance of -10.21%. The fund has outperformed the ASX 200 Accumulation Index by an average of 2.28% per month over the past 6 months. For the 12 months to the end of September the funds up capture ratio was 166.79% and its down capture ratio was 83.65%. The funds portfolio weightings remain significantly overweight to the Discretionary (26.9% active) and Health Care (10.9% active) sectors. The Health Care active position has reduced slightly from the previous month. The fund continues to hold zero exposure to the Communications, Energy and Utilities Sectors with significant underweight exposure to Financials (-19.8%).
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16 Nov 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

16 Nov 2020 - Fund Review: Bennelong Long Short Equity Fund October 2020

13 Nov 2020 - Performance Report: AIM Global High Conviction Fund

12 Nov 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2020

6 Nov 2020 - Performance Report: Touchstone Index Unaware Fund

6 Nov 2020 - Performance Report: Insync Global Quality Equity Fund

5 Nov 2020 - Performance Report: Delft Partners Global High Conviction

4 Nov 2020 - Performance Report: 4D Global Infrastructure Fund

3 Nov 2020 - Performance Report: Quay Global Real Estate Fund

3 Nov 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund

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