NEWS
Performance Report: 4D Global Infrastructure Fund
23 Jul 2019 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +3.13% in June, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.22% and taking annualised performance since inception in March 2016 to +14.38%.
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23 Jul 2019 - 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 portfolio performer for June was Brazilian toll road operator Ecorodovias, up +18.9% for the month as part of a buoyant Brazilian market. The weakest performer was Mexican tower operator Telesites, down -10.9% as a result of ongoing political concerns surrounding AMLO's policy execution. 4D Infrastructure believe the economy remains supportive of the Fund's overweight positioning to user pay assets, despite a slowing global macro environment. They also believe emerging markets will remain solid with the Fed likely easing rates. However, they add ongoing geo-political issues see them avoiding certain markets until issues are resolved (e.g. Brexit). They are also seeing certain markets move ahead of fundamentals and have taken a more defensive stance in these regions. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Jul 2019 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +3.82% in June, taking annualised performance since inception in November 2009 to +10.34% versus the ASX200 Accumulation Index's +8.41%.
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22 Jul 2019 - 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 | Over the June quarter the Fund returned +7.84% versus the ASX200's +7.97%. Given the makeup of the portfolio, the Fund's return is driven largely by the top 20 stocks, and its relative performance is determined by positions in ex-20 stocks. The main detractors included Reliance Worldwide and Costa Group. The Fund doesn't hold any gold stocks and therefore missed out on their strong performance over the quarter. The main positive contributor was Aristocrat Leisure after the company reported strong half year financial results in May, above the market's expectations. Bennelong's view is that the market is largely being driven by macro factors at present, however, they believe ultimately stock prices won't be able to ignore longer term fundamental drivers of valuation, earnings and growth. |
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Performance Report: Insync Global Capital Aware Fund
22 Jul 2019 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +6.02% in June, outperforming AFM's Global Equity Index by +0.72% after the cost of fees and protection. The Fund has returned +11.01% p.a. since inception in October 2009.
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22 Jul 2019 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | 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 of typically 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. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | Performance was largely driven by strong contributions from stock selection in June. Top contributors included Booking Holdings, Visa, Zoetis, Facebook and Boston Scientific Corp. Detractors included Ross Stores, London Stock Exchange, PayPal Holdings, Reed Elsevier and Amadeus IT. The Fund continues to have no currency hedging as Insync consider the main risks to the Australian dollar to be on the downside. |
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Performance Report: Bennelong Australian Equities Fund
22 Jul 2019 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +3.53% in June, taking annualised performance since inception in January 2009 to +13.60% versus the ASX200 Accumulation Index's +11.04%.
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22 Jul 2019 - 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 | Over the June quarter the Fund rose +5.83%. Key detractors included Reliance Worldwide, Corporate Travel Management, Costa Group and Treasury Wine Estates. The Fund's main positive contributor was Aristocrat Leisure after the company reported strong half year financial results in May, above the market's expectations. Bennelong's view is that the market is largely being driven by macro factors at present, however, their belief is that ultimately stock prices won't be able to ignore longer term fundamental drivers of valuations, earnings and growth. |
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Performance Report: Wheelhouse Global Equities Income Fund
19 Jul 2019 - Australian Fund Monitors
The Wheelhouse Global Equity Income Fund rose +2.43% in June, taking annualised performance since inception in May 2017 to +8.29% with an annualised volatility of 7.71%.
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19 Jul 2019 - Performance Report: Wheelhouse Global Equities Income Fund
By: Australian Fund Monitors
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| Fund Overview | To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform. |
| Manager Comments | The Fund's 12-month returns showcase the objectives of Wheelhouse's approach, which is to deliver a consistent high yield, plus protect and grow the capital base. Wheelhouse believe over time this will lead to equity rates of return delivered mostly in yield rather than capital appreciation. Wheelhouse observe that global share markets are setting record highs against a backdrop of weakening economic data. They believe the share market's huge focus on Fed policy, as opposed to fundamental economic activity, can only be temporary; at some point markets will reflect current economic reality, with prices responding accordingly. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019
19 Jul 2019 - 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.
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19 Jul 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019
By: Australian Fund Monitors
AFM Fund Review - June 2019 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2019 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund June 2019
18 Jul 2019 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund is a long-biased, research driven, active equity long/short strategy which invests in listed ASX companies with track records greater than 10 years.
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18 Jul 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2019
By: Australian Fund Monitors
AFM Fund Review - June 2019 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with over ten-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 9.29% p.a. with a volatility of 7.06%, compared to the ASX200 Accumulation's return of 6.34% p.a. with a volatility of 13.22%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2019 (pdf format)
Fund Review: Bennelong Long Short Equity Fund June 2019
17 Jul 2019 - 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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17 Jul 2019 - Fund Review: Bennelong Long Short Equity Fund June 2019
By: Australian Fund Monitors
AFM Fund Review - June 2019 (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 14.81%.
- 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 0.89 and 1.43 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2019 (pdf format)
Performance Report: Cyan C3G Fund
16 Jul 2019 - Australian Fund Monitors
The Cyan C3G Fund rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%.
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16 Jul 2019 - 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 noted there were a couple of wins this month that helped drive the Fund higher. Their IPO investment in co-working space provider Victory Offices listed at a 10% premium; Cyan have since added to their initial position. The Fund's best performer in June was Kelly Partners (+25%). The other win they had this month was the revaluation of some escrowed Atomos shares Cyan purchased back in March at 60c. Atomos closed at $1.03 but has traded higher again in July having raised $7.5m in new capital and completed a sell-down. Cyan reiterate in this month's report that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund into the future. |
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Performance Report: Glenmore Australian Equities Fund
15 Jul 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +5.21% in June, outperforming the ASX200 Accumulation Index by +1.51% and taking annualised performance since inception in June 2017 to +30.29% versus the Index's +11.85%.
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15 Jul 2019 - 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 | The Fund's Sharpe and Sortino ratios, 1.98 and 3.59 respectively, by contrast with the Index's Sharpe of 1.15 and Sortino of 1.80, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. Top contributors in June included Polynovo, People Infrastructure, Magellan Financial Group, Phoslock, Auckland International Airport and Jumbo Interactive. Detractors included Pinnacle Investment, Bravura Solutions and NRW Holdings. |
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