NEWS
Performance Report: Cyan C3G Fund
11 Apr 2019 - Australian Fund Monitors
The Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%.
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11 Apr 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 general market conditions have improved and the extreme day-to-day volatility has subsided, however, post the February reporting season, individual stock performances at the smaller end have remained spotty. In March, a number of the Fund's positions rallied well and continue to enjoy strong momentum. Top contributors included Afterpay (+11%), AMA Group (12%), Atomos (+45%) and Splitit (+45%). The portfolio currently consists of 25 ASX listed emerging companies at varying stages of maturity along the growth stage of their lifecycle. Cyan have recently invested in a handful of opportunities which they saw emerge at the smaller end of the market and look forward to enjoying the rewards as they grow. |
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Fund Review: Bennelong Kardinia Absolute Return Fund March 2019
11 Apr 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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11 Apr 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 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 9.20% p.a. with a volatility of 7.10%, compared to the ASX200 Accumulation's return of 5.84% p.a. with a volatility of 13.30%.
- 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 - March 2019 (pdf format)
Fund Review: Insync Global Capital Aware Fund March 2019
10 Apr 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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10 Apr 2019 - Fund Review: Insync Global Capital Aware Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 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 - March 2019 (pdf format)
Bennelong Twenty20 Australian Equities Fund March 2019
9 Apr 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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9 Apr 2019 - Bennelong Twenty20 Australian Equities Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 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 - March 2019 (pdf format)
Performance Report: NWQ Global Markets Fund
5 Apr 2019 - Australian Fund Monitors
The NWQ Global Markets Fund rose +2.90% in March, outperforming the ASX200 Accumulation Index by +2.17%.
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5 Apr 2019 - Performance Report: NWQ Global Markets Fund
By: Australian Fund Monitors
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| Fund Overview | This is achieved through active allocations to a select number of liquid alternative managers that employ a variety of strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. |
| Manager Comments | NWQ noted the adoption of a more dovish tone by central banks in March stoked fears of a global slowdown. While this shift had been presaged in recent months, NWQ believe there now appears to be unanimous agreement among central bankers that global growth is under pressure. This, they say, sparked a broad rally in developed market government bonds with the US 10-year bond moving from 2.73% to 2.41% in March (as bond yields fall, bond prices rise). The rally in longer-term bonds saw the yield curve 'invert' meaning that short-term yields became higher than longer-term yields thereby signalling that investors see weaker growth on the horizon. Historically speaking an inverted yield curve has been a good predictor of a recession. Against this market backdrop there were strong contributions to the Fund's overall return from both the systematic (+2.21%) and discretionary (+0.77%) managers. The Fund's currency exposures produced solid gains in March with the main contributors being the long US Dollar, long Japanese Yen, and short Euro positions. The strength of the US economy relative to those in Europe and Asia has been a key theme in recent months. The Fund's fixed income exposures produced modest gains while there were small losses in equities and commodities. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
2 Apr 2019 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum.
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2 Apr 2019 - 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 | The Bennelong Concentrated Australian Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum. The Fund's up-capture and down-capture ratios for performance since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. In addition, the Fund's Sharpe ratio of 1.50 versus the Index's 0.93 highlights the Fund's capacity to achieve superior risk-adjusted return than the market over the long term. Bennelong noted most stocks in the portfolio reported strong numbers and generally positive outlooks as the February reporting season focused investors back on corporate profits. Top contributors included IDP Education, Corporate Travel and BWX. Detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned;
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Performance Report: Wheelhouse Global Equities Income Fund
1 Apr 2019 - Australian Fund Monitors
The Wheelhouse Global Equity Income Fund rose +4.91% in February, comprising +2.37% from the portfolio (in USD) and a positive return of +2.54% from the weakening AUD vs USD.
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1 Apr 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 | Top contributors included Jones Lang Lasalle, Intel Corp, Zimmer Biomet, ServiceNow Inc and KLA-Tencor. Detractors included Amazon, Essilorluxottica, Kellogg, Gilead Sciences and Western Union. 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. |
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Performance Report: Touchstone Index Unaware Fund
1 Apr 2019 - Australian Fund Monitors
The Touchstone Index Unaware Fund rose +4.76% in February, taking annualised performance since inception in April 2016 to +10.36%.
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1 Apr 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 February, the Fund held 21 stocks with a median position size of 4.4%. The portfolio's holdings had an average forward year price/earnings of 15.9, forward year EPS growth of 4.9%, forward year tangible ROE of 28.5% and forward year dividend yield of 4.5%. The Fund's cash weighting increased to 4.8% from 3.7% at the end of January. 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: 4D Global Infrastructure Fund
1 Apr 2019 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +2.78% in February, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.56% and taking annualised performance since inception in March 2016 to +12.59%.
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1 Apr 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 was Chinese gas distributor China Resources Gas Group, up +11.1%. The weakest performer was global port operator DP World, down -10.1%. 4D believe the fall in DP World was due to increasing investor concern of a slowing global economy, however, their view is that the recent sell off has been overdone and is not supported by their solid diversified earnings base. Despite a slowing global macro environment, the portfolio remains in positive territory and supportive of 4D's overweight positioning to user pay assets which, they note, have a direct correlation to macro. However, 4D remain cautious of ongoing geo-political issues and have positioned accordingly. |
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Performance Report: Quay Global Real Estate Fund
29 Mar 2019 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +3.2% in February, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +0.8% and taking annualised performance since inception in Jan 2016 to +9.48%.
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29 Mar 2019 - 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 | Top contributors in February included Safestore, Sun Communities and Coresite. Detractors included LEG Immobilien, Scentre Group and Ventas. Quay noted so far this year they haven't received any earnings shocks from any of their investees, which they believe is due to their strategy to invest in simple, easy to understand rent-based real estate opportunities (the strategy avoids deeply cyclical developers, fund managers, infrastructure, etc.). The portfolio remains largely unchanged as Quay continue to back their long run themes of ageing demographics, home affordability, student accommodation and best in class retail. They noted they liquidated a small position in Canadian housing (Boardwalk) and re-invested the proceeds in some of the Fund's investees that have underperformed recently (Scentre, LEG and Ventas), reducing the number of stocks to 25 across the portfolio. |
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