NEWS
Performance Report: Bennelong Twenty20 Australian Equities Fund
26 Aug 2020 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +1.48% in July, outperforming the ASX200 Accumulation Index by +0.98% and taking annualised performance since inception in November 2009 to +9.49% versus the Index's annualised return...
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26 Aug 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | As at the end of July, the portfolio's weightings had been increased in the Industrials, Consumer Staples, Communication, Materials, Health Care, IT and REIT's sectors, and decreased in the Discretionary, Energy and Financials sectors. By comparison with the Fund's benchmark (ASX300 Accumulation Index), the portfolio is significantly more heavily weighted towards the Discretionary sector with an 'Active Weight' of 19.6%. |
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Performance Report: Frazis Fund
24 Aug 2020 - Australian Fund Monitors
The Frazis Fund rose +6.1% in July, taking 12-month performance to +45.96% versus AFM's Global Equity Index's +2.80%. Since inception in July 2018, the Fund has returned +11.41% p.a. against the Index's annualised return over the same...
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24 Aug 2020 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | In July, Frazis added to positions in Disney and digital health providers which they expect to benefit from a coronavirus vaccine, while also examining every other company in the portfolio. Frazis noted the five-year outlook for the portfolio holdings is stronger than ever, therefore they have left most of the portfolio unchanged. The top four contributors for the month included Afterpay, Carvana, Tesla and Livongo. |
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Performance Report: Touchstone Index Unaware Fund
24 Aug 2020 - Australian Fund Monitors
The Touchstone Index Unaware Fund rose +0.55% in July, taking performance over the past 3 months to +6.54% and the Fund's annualised return since inception in April 2016 to +6.23% with an annualised volatility of 15.87%.
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24 Aug 2020 - Performance Report: Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | At month-end, the Fund held 19 stocks with a median position size of 4.8%. The portfolio's holdings had an average forward year price/earnings of 21.9, forward-year tangible ROE of 10.9% and forward-year dividend yield of 2.6%. The Fund ended the month with a cash weighting of 5.5%, up from 5.1% as at the end of June. |
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Performance Report: NWQ Fiduciary Fund
21 Aug 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +5.13% in July, outperforming the ASX200 Accumulation Index by +4.63% and taking 12-month performance to +7.35% versus the Index's -9.87%. Since inception in May 2013, the Fund has returned +5.77% p.a. with an...
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21 Aug 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 recorded its largest ever monthly gain in July. NWQ noted that this came against the backdrop of an elevated level of stock return dispersion and a strengthening of market thematics around the winners and losers of the transition to a COVID economy. Each of the Fund's underlying managers capitalised on this opportunity set and delivered a positive return in the range of +2% to +15%. NWQ believe this rich opportunity set will be sustained as the world continues to transition to the 'new normal' of the COVID economy. The Fund's overall exposure to the market remains low. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
20 Aug 2020 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +2.20% in July ,outperforming the ASX200 Accumulation Index by +1.70% and taking 12-month performance to +6.85% versus the Index's -9.87%. Since inception in February 2009, the Fund...
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20 Aug 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | As at the end of July, the portfolio's weightings had been increased in the Health Care, Materials, Consumer Staples, IT, REIT's, Industrials and Financials sectors. The portfolio is significantly more heavily weighted towards the Discretionary sector than the Benchmark (ASX300 Accumulation Index), with an 'Active Weight' of 20.8%. It is also significantly underweight the Financials sector by comparison with the Benchmark, with an 'Active Weight' of -22.1%. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks, underestimated earnings momentum and underestimated prospects. By comparison with the Benchmark, the portfolio's holdings, on average, have a higher return on equity, lower debt/equity, higher sales growth, higher EPS growth, higher price/earnings and lower dividend yield which together indicate that the Fund is in line with its investment objectives. |
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Performance Report: Cyan C3G Fund
19 Aug 2020 - Australian Fund Monitors
The Cyan C3G Fund rose +9.9% in July, outperforming the ASX200 Accumulation Index by +9.4% and taking annualised performance since inception in August 2014 to +14.53% against the Index's annualised return over the same period of +5.24%.
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19 Aug 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 | Cyan believe the Fund's strong performance in July is attributable to the decisions the team made back in February and March. Top contributors in July included QuickFee, ReadCloud, City Chic, Pinnacle, Jumbo Interactive, New Zealand Coastal Seafoods and Schrole. In Cyan's view, the investment environment remains interesting, with the obvious economic impacts of COVID-19 and associated declines in business confidence being countered by government stimulus packages and largely buoyant consumer behaviour. |
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Performance Report: Quay Global Real Estate Fund
19 Aug 2020 - Australian Fund Monitors
The Quay Global Real Estate Fund returned -0.5% in July. This return comprised +2.3% from underlying stock performance and -2.8% from the impact of currency. Since inception in Jan 2016, the Fund has returned +5.30% p.a. with an annualised...
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19 Aug 2020 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | For the month, the greatest positive contributions to returns were from Safestore (UK Storage), Leg Immobilien (German Residential) and Stag Industrial (US Industrial). Key detractors included Wharf REIC (HK Retail), Hysan (HK Diversified) and Brixmor (US Retail). Quay noted that, thematically, the market continues to support those stocks that are perceived to have the most defensive revenue profiles - Industrials, Data Centres and European Residential and Health as examples. At the other end of the spectrum, sectors like Retail, Hong Kong, Urban Residential and Seniors Housing have lagged. However, post month-end and part-way through 2Q20 reporting season they are seeing some strength return to some of these laggards as they deliver results slightly ahead of what were dismal expectations. |
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Performance Report: Glenmore Australian Equities Fund
18 Aug 2020 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +1.41% in July, outperforming the ASX200 Accumulation Index by +0.91% and taking annualised performance since inception in June 2017 to +15.52% against the Index's annualised return over the same...
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18 Aug 2020 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Top contributors in July included Mineral Resources and Temple and Webster. Key detractors included Polynovo, Integral Diagnostics and Fiducian Group. Polynovo released a brief trading update in July which was in line with Glenmore's expectations, with the key takeaway being that strong sales growth has continued despite COVID-19 having some impact on opening new accounts. Glenmore noted the Australian economy continues to be significantly assisted by government stimulus and they see the removal of that stimulus (e.g. JobKeeper and JobSeeker) to be a risk over the next 12-18 months. Despite this, they believe the portfolio's companies are well positioned to navigate the current environment. |
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Performance Report: Bennelong Emerging Companies Fund
18 Aug 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +1.01% in July, outperforming the ASX200 Accumulation Index by +0.51% and taking 12-month performance to +8.16% against the Index's -9.87%. Since inception in November 2017, the Fund has risen...
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18 Aug 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 | Bennelong noted they continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the inevitable up's and down's of the market in the short-term, Bennelong believe the portfolio's investments are all incrementally building value which they expect should ultimately underpin decent returns over the long-term. The portfolio remains diversified across sector and risk-return drivers. Bennelong believe it is currently well positioned for attractive returns over the long-term, regardless of the market's short-term activity. |
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Performance Report: 4D Global Infrastructure Fund
17 Aug 2020 - Australian Fund Monitors
The 4D Global Infrastructure Fund returned -1.78% in July, with the rising AUD detracting from performance. Since inception in March 2016, the Fund has risen +9.09% p.a. with an annualised volatility of 12.31%.
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17 Aug 2020 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | 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 strongest performer in July was US rail operator, KSU, up +15.1% on the back of solid Q2 reporting and on rumours of a private equity bid for the company. The weakest performer was US Utility, First Energy, down -25.2% on allegations of corporate corruption surrounding the use of a 501(c )4 structure for political lobbying. 4D noted the company is refuting all allegations and they believe the market overreacted to headlines. 4D continue to position the Fund for the prevailing economic outlook and infrastructure as a means of recovery as they look to capitalise on the raft of opportunities on offer. |
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