NEWS
Performance Report: Bennelong Emerging Companies Fund
20 Sep 2019 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +6.80% in August, outperforming the ASX200 Accumulation Index by +9.16%. Since inception in November 2017, the Fund has returned +36.12% p.a. versus the Index's +10.96%.
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20 Sep 2019 - 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 | The Fund's top five holdings as at the end of August included Eml Payments, Bwx, Viva Leisure, Prospa and Zip Co. Bennelong noted the portfolio holdings showed good business momentum, strong near-term earnings growth and bright long term outlooks throughout reporting season. They have taken the opportunity to trim or sell out some positions and purchase new stock ideas. The Fund has been sitting with a relatively high cash position recently. Currently, it sits at neatly 20%, but it has been over 10% since May. Bennelong noted this meant less risk and the ability to be opportunistic. They manage the portfolio with a view to appropriately balance out the risks and returns, both of which can be large in the case of micro and small caps. |
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Performance Report: NWQ Fiduciary Fund
19 Sep 2019 - Australian Fund Monitors
The NWQ Fiduciary Fund returned +0.85% in August, outperforming the ASX200 Accumulation Index by +3.21% and taking annualised performance since inception in May 2013 to +5.58% with an annualised volatility of 4.88%.
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19 Sep 2019 - 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 between 8% to 11% 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 | NWQ believe the ongoing deterioration of economic fundamentals across the globe is likely to continue to spur episodic volatility in global markets similar to that which was seen in August. They noted this deterioration in economic fundamentals came through in the August results season, with companies as a whole delivering weak aggregate earnings-per-share growth and flagging future headwinds in outlook statements. This presented the Fund's investee managers with opportunities on both the long and short sides of their portfolios, which is reflected in the fact that both Beta (+0.42%) and Alpha (+0.49%) managers made positive contributions to the Fund's overall return in August. |
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Performance Report: Insync Global Capital Aware Fund
18 Sep 2019 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +2.44% in August, outperforming AFM's Global Equity Index by +3.84%. Since inception in October 2009, the Fund has returned +11.53% p.a. with an annualised volatility of 9.45%.
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18 Sep 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 | The Fund has a down-capture ratio of 55.9% for performance since inception, Sortino ratio of 1.7 and average negative return of -1.68% versus the Index's -2.04% since inception. Collectively, these highlight the Fund's focus on protecting investor capital in falling markets. Insync noted stock selection was the key contributor to the Fund's strong outperformance with a small contribution from the index put protection. Positive contributors included Zoetis, Intuit, S&P Global and Booking Holdings Inc. Detractors were Facebook, Amadeus IT Group, Adidas and Tencent Holdings. The Fund continues to have no currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Insync's view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They believe that if this continues over the medium to long-term, investing in a portfolio of high ROIC stocks benefiting from global megatrends should be beneficial as these companies are less dependent on the global economy to generate consistent profitable growth. |
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Fund Review: Bennelong Kardinia Absolute Return Fund August 2019
18 Sep 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 Sep 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2019
By: Australian Fund Monitors
AFM Fund Review - August 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 9.13% p.a. with a volatility of 7.03%, compared to the ASX200 Accumulation's return of 6.30% p.a. with a volatility of 13.17%.
- 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 - August 2019 (pdf format)
Performance Report: Bennelong Australian Equities Fund
17 Sep 2019 - Australian Fund Monitors
The Bennelong Australian Equities Fund returned -0.90% in August, outperforming the ASX200 Accumulation Index by +1.46%. Since inception in February 2009, the Fund has returned +13.62% p.a. versus the Index's +10.91%.
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17 Sep 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 | As at the end of August, the Fund's weightings had been increased in the Health Care, REITs, IT, Communication, Consumer Staples, Industrials and Financials sectors, and decreased in the Discretionary and Materials sectors. The Fund's top three holdings included CSL, BHP and Treasury Wine Estates. The Fund aims to invest in high quality companies with strong growth and outlooks and underestimated earnings momentum. The Fund's portfolio characteristics, as detailed in the latest report, indicate that the Fund is in line with the manager's investment objective. |
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Fund Review: Bennelong Long Short Equity Fund August 2019
17 Sep 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 Sep 2019 - Fund Review: Bennelong Long Short Equity Fund August 2019
By: Australian Fund Monitors
AFM Fund Review - August 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 14.93%.
- 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 1.45 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - August 2019 (pdf format)
Performance Report: Glenmore Australian Equities Fund
16 Sep 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund returned -0.76% in August, outperforming the ASX200 Accumulation Index by +1.6% and taking annualised performance since inception in June 2017 to +31.60% versus the Index's +11.18%.
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16 Sep 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 | Glenmore noted August was dominated by ASX company results. The Fund didn't have any companies that had results below Glenmore's expectations, and generally the outlook statements were positive. During the month, they met with a large number of the management teams of portfolio stocks which they say was very beneficial in allowing them to better understand the earnings outlook and key catalysts over the next 12-18 months. Top contributors in August included Polynovo, Jumbo Interactive and AP Eagers. Key detractors included Magellan Financial Group and Phoslock Environment Technologies. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund August 2019
16 Sep 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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16 Sep 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2019
By: Australian Fund Monitors
AFM Fund Review - August 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 - August 2019 (pdf format)
Performance Report: 4D Global Infrastructure Fund
13 Sep 2019 - Australian Fund Monitors
The 4D Global Listed Infrastructure Fund rose +1.26% in August, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +0.63%. Since inception in March 2016, the Fund has returned +14.34% per annum with an annualised volatility of 9.15%.
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13 Sep 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 August was US water operator American Water Works (AWK), up +11.4% for the month. 4D noted AWK is a strong regulated utility benefiting from a pipeline of replacement spend and a market flight to safety. The weakest performer was global port operator DP World (DPW), down -9.1% on the back of global concerns of slowing growth, middle-east conflict and increased US/China trade tensions. 4D's view is that DPW's global footprint offers strong diversified exposure and they believe it is now offering some of the most attractive value within the universe after being completely oversold. 4D noted that, despite a slowing global macro environment, they believe it remains supportive of the Fund's overweight to user pay assets. However, they also believe ongoing geopolitical issues see the Fund avoiding certain markets until issues are resolved (e.g. Brexits). |
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Performance Report: Cyan C3G Fund
13 Sep 2019 - Australian Fund Monitors
The Cyan C3G Fund outperformed the ASX200 Accumulation Index by +2.46% in August, returning +0.1%. Since inception in August 2014, the Fund has returned +19.65% p.a. versus the Index's +7.89%.
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13 Sep 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 | Positive contributors in August included Quickstep Holdings, Motorcycle Holdings, Afterpay, Atomos and Victory Offices. Detractors included PSI Insurance, Freelancer and Murray River Organics. Cyan notes the companies in which they have invested continue to thrive in their respective niches and so, from a bottom-up perspective, they remain bullish on the Fund's prospects. |
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