Performance Report: Harvest Lane Asset Management Absolute Return Fund

21 Dec 2018 - Australian Fund Monitors

The Harvest Lane Absolute Return Fund returned -0.62% in November, outperforming the ASX200 Accumulation Index by +1.59% and taking performance over the past 12 months to +13.50% versus the Index's -0.96%.

21 Dec 2018 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

By: Australian Fund Monitors

Report Date	21 December 2018
Manager	Harvest Lane Asset Management
Fund Name	Harvest Lane Asset Management Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2018
Latest Return	-0.62%
Latest 6 Months	5.72%
Latest 12 Months	13.50%
Latest 24 Months	14.57%
Annualised Since Inception	8.99%
Inception Date	01 July 2013
FUM (millions)	AU$12
Fund Overview	The Fund aims to deliver a return of greater than 10% p.a. after all fees and charges over a 3 year period with low or no correlation to the Australian equity market. By focusing on select takeover and corporate activity the fund aims to achieve this whilst also exhibiting lower than average volatility than the market. 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	The Harvest Lane Absolute Return Fund returned -0.62% in November, outperforming the ASX200 Accumulation Index by +1.59% and taking performance over the past 12 months to +13.50% versus the Index's -0.96%. Since inception in July 2013, the Fund has returned +8.99% p.a. with an annualised volatility of 7.18%. By contrast, the Index has returned +7.78% since the Fund's inception with an annualised volatility of 10.94%. The Fund's Sortino ratio of 1.66 versus the Index's 0.77, average negative return of -1.44% versus the Index's -2.55% and down-capture ratio of -32.56%, together highlight the Fund's capacity to perform well, and thus protect investors' capital, when the market falls. This trend of superior performance in falling markets is consistent over the past 12, 24, 36, 48 and 60 months, as well as since inception. Harvest Lane noted that, despite the low volatility of the Fund's performance during the month as different positions provided diversification to the Fund's returns, November was in fact an eventful month characterised by contested bids and continuing takeover and merger activity against a volatile investment environment more broadly. In addition, seven new positions were added to the portfolio in November, resulting in the Fund being almost fully invested by the end of the month. Harvest Lane reiterate their confidence in continuing to deliver meaningful positive returns for their investors, as well as deliver an outcome that is consistent with what one might expect from a market neutral absolute return fund. They believe it is critically important for investors to continue to pursue genuine diversification to protect them from equity market risk, with the recent mini-crisis in markets providing important clues as to where that diversification may be found.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

21 Dec 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund has returned +8.20% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in June 2017, the Fund has returned +21.64% p.a. versus the Index's +3.70%.

21 Dec 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 December 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2018
Latest Return	-2.06%
Latest 6 Months	-0.60%
Latest 12 Months	8.20%
Latest 24 Months
Annualised Since Inception	21.64%
Inception Date	06 June 2017
FUM (millions)	AU$5.2
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. 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 Glenmore Australian Equities Fund has returned +8.20% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in June 2017, the Fund has returned +21.64% p.a. versus the Index's +3.70%. The Fund's Sharpe and Sortino ratios, 1.50 and 2.34 respectively, by contrast with the Index's Sharpe of 0.29 and Sortino of 0.34, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected. The Fund's up-capture and down-capture ratios since inception, +200.74% and +48.39% respectively, indicate that, on average, the Fund has achieved double the Index's return in rising markets and less than half the Index's return in falling markets. The Fund returned -2.06% in November, outperforming the ASX200 Accumulation Index by +0.15%. Key contributors included Stanmore Coal (+22%) and Jumbo Interactive (+14.6%). Detractors included Emeco Holdings (-9.1%), as well as Atlas Arteria, Bravura Solutions, Worley Parsons, Pinnacle Investment Management and Mastermyne. Glenmore's view is that the recent decline in equity markets has been more of a valuation-based correction, driven by a need for valuation metrics to move back to more reasonable levels. In Australia, they identify falling house prices and a potential change of federal government as emerging headwinds, however, Glenmore strongly believe that the domestic economy is still sufficiently healthy that quality businesses can continue to thrive and grow earnings through the cycle.
More Information	Fund Profile Manager's Report

Performance Report: Loftus Peak Global Disruption Fund

20 Dec 2018 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund has returned +4.90% over the past 12 months versus AFM's Global Equity Index's +2.92%. Since inception in November 2016, the Fund has returned +20.20% per annum.

20 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	20 December 2018
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	November 2018
Latest Return	-2.50%
Latest 6 Months	-1.19%
Latest 12 Months	4.90%
Latest 24 Months	41.23%
Annualised Since Inception	20.20%
Inception Date	15 November 2016
FUM (millions)	AU$58.26
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. 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	The Loftus Peak Global Disruption Fund has returned +4.90% over the past 12 months versus AFM's Global Equity Index's +2.92%. Since inception in November 2016, the Fund has returned +20.20% per annum versus the Index's +13.59%. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. Loftus Peak noted November was another volatile month, marked by significant uncertainty as China and the US manoeuvred for position in the trade war, resulting in the Fund delivering -2.50%. Key detractors included Nvidia and Apple. Positive contributors included Alibaba, Tencent, NXPI, Broadcom and Tesla. In addition, Loftus peak noted the Australian dollar appreciated 3.24% over the month against the US dollar which hurt the value of the Fund's US dollar positions. As at 30 November 2018, the Fund carried a foreign currency exposure of 99%.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

19 Dec 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund has risen +3.33% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in February 2002, the Fund has returned +15.51% per annum.

19 Dec 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	19 December 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2018
Latest Return	-3.07%
Latest 6 Months	-7.61%
Latest 12 Months	3.33%
Latest 24 Months	17.69%
Annualised Since Inception	15.51%
Inception Date	01 January 2003
FUM (millions)	AU$403.5
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund has risen +3.33% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in February 2002, the Fund has returned +15.51% per annum versus the Index's +7.57%. The Fund's Sortino ratio of 1.50 versus the Index's 0.38, in conjunction with the Fund's down-capture ratio since inception of -156.94%, highlight the Fund's capacity to significantly outperform, and thus protect investors' capital, in down markets. The Fund returned -3.07% in November, with performance impacted by elevated market volatility and macro concerns which overshadowed fundamental company news. Bennelong noted earnings updates provided at AGMs and financial results released during the month led to three profit downgrades in the short book, however, this was offset by two downgrades in the long book. The top pairs were long Orica / short Downer EDI and long Harvey Norman / short Myer/Coca-Cola Amatil. The worst performing pairs included long BlueScope Steel / short Sims Metal, long Origin Energy / short AGL Energy and long ALS Ltd / short Aurizon.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: NWQ Fiduciary Fund

18 Dec 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund has returned +5.51% per annum with an annualised volatility of only 4.97% since inception in May 2013. The ASX200 Accumulation Index has returned +6.21% p.a. with a volatility of 11.06% over the same period.

18 Dec 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	18 December 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	November 2018
Latest Return	-2.22%
Latest 6 Months	-5.97%
Latest 12 Months	-0.35%
Latest 24 Months	8.24%
Annualised Since Inception	5.51%
Inception Date	01 May 2013
FUM (millions)	AU$77
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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 NWQ Fiduciary Fund has returned +5.51% per annum with an annualised volatility of only 4.97% since inception in May 2013. By contrast, the ASX200 Accumulation Index has returned +6.21% p.a. with a volatility of 11.06% over the same period. The Fund's performance statistics, such as the Sortino ratio of 1.16 versus the Index's 0.55, average negative return of -0.98% versus the Index's -2.61% and down-capture ratio of 5.87%, highlight the Fund's strength in protecting investors' capital in falling markets (on average). In light of the Fund's recent underperformance relative to longer term performance, NWQ expect an upcoming period of outperformance to return the Fund to its long-term average. The Fund returned -2.22% in November, with bonds providing only modest support (+0.24%). NWQ noted the relative weakness of high-quality growth stocks (favoured by the underlying managers) compared with defensive value stocks continued into November as markets were choppy and driven more by macro issues than company fundamentals. These macro issues included uncertainty around the Fed tightening cycle and the outlook for US interest rates, the issues faced by PM May in the UK on Brexit and the ongoing trade tensions between the US and China. NWQ believe that as markets gain clarity on these issues company fundamentals will once again be the dominant factor driving stock prices. In addition, they noted the Fund is well placed to benefit from such a shift.
More Information	Fund Profile Manager's Report

Performance Report: Cyan C3G Fund

17 Dec 2018 - Australian Fund Monitors

The Cyan C3G Fund has returned +19.37% per annum since inception in August 2014 versus the ASX200 Accumulation Index's +4.78%. This return has been achieved with a similar level of volatility.

17 Dec 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	17 December 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	November 2018
Latest Return	-1.89%
Latest 6 Months	-7.27%
Latest 12 Months	-6.04%
Latest 24 Months	19.33%
Annualised Since Inception	19.37%
Inception Date	24 July 2014
FUM (millions)	AU$35
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. 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	The Cyan C3G Fund has returned +19.37% per annum since inception in August 2014 versus the ASX200 Accumulation Index's +4.78%. This return has been achieved with a similar level of volatility. The Fund's Sharpe and Sortino ratios, 1.50 and 3.07 respectively, by contrast with the Index's Sharpe of 0.31 and Sortino of 0.37, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected. In addition, the Fund's up-capture and down-capture ratios since inception, +85.26% and -13.29% respectively, indicate that the Fund has, on average, captured 85% of the market's upside and risen during the markets' negative months. Cyan noted the difficult market conditions continued to drag on performance in November, resulting in the Fund retracing -1.9%. The Fund has retained slightly more cash than it did last month which has helped in the bearish environment. Key detractors included Pivotal Systems (-20%) and Motorcycle Holdings (-27%). Positive contributors included Afterpay (+15%), Experience Co (+16%), Freelancer (+30%). Cyan exited their position in Pivotal Systems and entered a new position in Isentia (ISD).
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund November 2018

13 Dec 2018 - 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.

Fund Review: Bennelong Long Short Equity Fund November 2018

12 Dec 2018 - 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...

Bennelong Twenty20 Australian Equities Fund November 2018

11 Dec 2018 - 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.

Performance Report: NWQ Fiduciary Fund

6 Dec 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51% and taking 12-month performance to +3.59%.

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	06 December 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	October 2018
Latest Return	-3.44%
Latest 6 Months	-2.68%
Latest 12 Months	3.59%
Latest 24 Months	8.96%
Annualised Since Inception	6.03%
Inception Date	01 May 2013
FUM (millions)	AU$79
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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 NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51%. Over the past 12 months the Fund has risen +3.59% with a volatility of 4.98 versus the Index's return of 2.94% with a volatility of 9.43%. The Fund's Sortino ratio of 1.39 versus the Index's 0.61 and down-capture ratio of 1.62% highlight the Fund's capacity to avoid the market's downside and hence protect investors' capital. NWQ noted amidst the October turmoil there was a sharp rotation from high-quality growth stocks, which are those expected to outperform in the medium to long term and are typically favoured by the Fund's underlying managers, into defensive value stocks, which are typically candidates for being shorted by the Fund's underlying managers. As a result of this rotation, the short portfolio did not provide sufficient hedge to offset the losses in the long portfolio. NWQ noted there are positive early signs in November that this rotation is reversing. The NWQ Fiduciary Fund is a diversified multi manager portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selected Australian equity fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
More Information	Fund Profile Manager's Report

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21 Dec 2018 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

21 Dec 2018 - Performance Report: Glenmore Australian Equities Fund

20 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

19 Dec 2018 - Performance Report: Bennelong Long Short Equity Fund

18 Dec 2018 - Performance Report: NWQ Fiduciary Fund

17 Dec 2018 - Performance Report: Cyan C3G Fund

13 Dec 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund November 2018

12 Dec 2018 - Fund Review: Bennelong Long Short Equity Fund November 2018

11 Dec 2018 - Bennelong Twenty20 Australian Equities Fund November 2018

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

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