NEWS
Fund Review: Insync Global Capital Aware Fund July 2019
27 Aug 2019 - Australian Fund Monitors
Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...
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27 Aug 2019 - Fund Review: Insync Global Capital Aware Fund July 2019
By: Australian Fund Monitors
AFM Fund Review - July 2019 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - July 2019 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
23 Aug 2019 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +9.58% in July, outperforming the ASX200 Accumulation Index by +6.64% and taking annualised performance since inception in November 2017 to +33.03% versus the Index's +13.04%.
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23 Aug 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 July included Eml Payments, Viva Leisure, Jumbo Interactive, BWX and Prospa. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks an seeks to avoid the higher risk that usually comes with micro and small-cap stocks. |
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Performance Report: Loftus Peak Global Disruption Fund
23 Aug 2019 - Australian Fund Monitors
The Loftus Peak Global Disruption Fund rose +3.16% in July, outperforming AFM's Global Equity Index by +0.29% and taking annualised performance since inception in November 2016 to +22.58% versus the Index's +16.14%.
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23 Aug 2019 - Performance Report: Loftus Peak Global Disruption Fund
By: Australian Fund Monitors
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| Fund Overview | The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk. |
| Manager Comments | Loftus Peak noted that while trade uncertainty has weighed on company earnings and market expectations, some of the Fund's positions still managed to deliver. Top contributors in July included Google, Apple and Tencent. Key detractors included Baidu, Qualcomm and Netflix. The Australian dollar depreciated -1.8% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 31 July 2019, the Fund carried a foreign currency exposure of 99%. |
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Performance Report: Touchstone Index Unaware Fund
22 Aug 2019 - Australian Fund Monitors
The Touchstone Index Unaware Fund returned +3.61% in July, outperforming the ASX200 Accumulation Index by +0.67% and taking annualised performance since inception in April 2016 to +12.32%.
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22 Aug 2019 - 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 | As at the end of July, the Fund held 22 stocks with a median position size of 4.5%. The portfolio's holdings had an average forward year price/earnings of 16.7, forward year EPS growth of 4.8%, forward year tangible ROE of 22.6% and forward year dividend yield of 4.2%. The Fund's cash weighting was increased to 5.1% from 3.0% as at the end of June. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends. |
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Performance Report: NWQ Fiduciary Fund
21 Aug 2019 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +3.21% in July, outperforming the ASX200 Accumulation Index by +0.27% and taking annualised performance since inception in May 2013 to +5.52% with an annualised volatility of 4.91%.
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21 Aug 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 | The Fund's performance in July was disproportionately driven by the Alpha managers (+2.73%), with the Beta managers also making a positive contribution (+0.56%). This was the Fund's largest monthly gain since July 2015 and the second largest since its inception in May 2013. NWQ's view is that the current global environment presents investors with a mosaic of risks. These range from the continuing and escalating disagreement between the US and China on trade, ongoing uncertainty around Brexit, the deceleration and likely recession in continental Europe, and the fissures opening up in emerging markets such as Argentina. They believe recent volatility is likely to continue and could become more pronounced given that fundamentals continue to deteriorate with falling earnings coupled with a fragile global macro environment. |
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Performance Report: Wheelhouse Global Equity Income Fund
21 Aug 2019 - Australian Fund Monitors
The Wheelhouse Global Equities Income Fund returned +2.17% in July, taking annualised performance since inception in May 2017 to +9.01% with an annualised volatility of 7.63%.
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21 Aug 2019 - Performance Report: Wheelhouse Global Equity 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 | Top contributors included KLA-Tencor, Zimmer Biomet, Anheuser-Busch InBev, Union Pacific and Western Union. Detractors included Enbridge, Pfizer, Cheniere Energy, Kao Corp and Roche. The Fund is designed to deliver equity returns with higher income generation and active downside protection. The strategy's high income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse intend for returns to add relative value in weak and low-growth markets and to drag in more positive markets. The Fund's up-capture and down-capture ratios since inception, 56.11% and 57.83% respectively, demonstrate that the Fund has been successful in achieving its investment objective. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
20 Aug 2019 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +2.72% in July, taking annualised performance since inception in November 2009 to +10.55% versus the ASX200 Accumulation Index's +8.66% per annum.
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20 Aug 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 | As at the end of July, the Fund's weightings had been increased in the Discretionary, Health Care and Communication sectors, and decreased in the REITs, Consumer Staples, Industrials, Energy, Financials and Materials sectors. The Fund's top 10 holdings included CBA, BHP Billiton, CSL, Goodman, Westpac Banking, Aristocrat Leisure, ANZ and NAB. |
| More Information |
Performance Report: Bennelong Australian Equities Fund
19 Aug 2019 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +3.11% in July, outperforming the ASX200 Accumulation Index and taking annualised performance since inception in January 2009 to +13.83% versus the Index's +11.26%.
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19 Aug 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 July, the Fund's weightings had been increased in the following sectors: Health Care, IT, Communication and Materials. Portfolio weightings had been decreased in the following sectors: Discretionary, REITs, Consumer Staples, Industrials and Financials. The Fund's top three holdings are CSL, BHP Billiton and Aristocrat Leisure. 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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Performance Report: Harvest Lane Asset Management Absolute Return Fund
19 Aug 2019 - Australian Fund Monitors
The Harvest Lane Absolute Return Fund returned +1.23% in July. Since inception in July 2013, the Fund has returned +8.50% p.a. with an annualised volatility of 6.92%.
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19 Aug 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
| Manager Comments | Harvest Lane noted there were some meaningful individual contributors and interesting corporate activity during the month, much of which they believe highlights the latent potential currently residing in the portfolio. They added that deal flow is showing no sign of slowing down with the latter half of July seeing several prospective opportunities announced, allowing Harvest Lane to invest in new opportunities and reinvest the proceeds of completed transactions. |
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Fund Review: Bennelong Kardinia Absolute Return Fund July 2019
16 Aug 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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16 Aug 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2019
By: Australian Fund Monitors
AFM Fund Review - July 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 9.26% p.a. with a volatility of 7.03%, compared to the ASX200 Accumulation's return of 6.54% p.a. with a volatility of 13.19%.
- 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 - July 2019 (pdf format)
