NEWS
Performance Report: 4D Global Infrastructure Fund
28 Nov 2018 - Australian Fund Monitors
The 4D Global Infrastructure Fund has returned +9.96% p.a. since inception in March 2016 versus its benchmark (OECD G7 Inflation Index +5.5%) which has returned +7.42% p.a. over the same period.
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28 Nov 2018 - 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 | In October, the Fund returned -0.97%. The strongest performers throughout the month were Brazilian toll road operators CCR (+34.7%) and Ecorodovias (+32%) following a positive outcome in the Brazilian elections which saw investors find favour in Brazil again. 4D noted these stocks had been considerably oversold over the past few months and they expect further re-rating as the market gains comfort with Bolsonaro. The weakest performer in October was Mexican airport operator GAP (-17.9%), following AMLCO's cancellation of the Mexican City Airport after a farce referendum which raised concerns about his leadership and influence over the infrastructure sector. 4D noted that, given the generally positive global macro environment, they remain overweight user pay assets which have a direct correlation to macro strength. However, due to ongoing geopolitical concerns they're maintaining core exposure to quality defensive utilities. |
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Performance Report: Bennelong Australian Equities Fund
27 Nov 2018 - Australian Fund Monitors
The Bennelong Australian Equities Fund has risen +5.39% over the past 12 months, outperforming the ASX200 Accumulation Index by +2.45% and taking annualised performance since inception in February 2009 to +13.01%.
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27 Nov 2018 - 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 October, the Fund's weightings had been increased in the Communication, Industrials, Materials, REIT's and Financials sectors, and decreased in the Discretionary and Consumer Staples sectors whilst the Fund's Health Care sector weighting remained unchanged at 20.7% of the portfolio. The Fund's cash weighting increased to 0.9% from 0.7% at the end of September. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. By comparison with the ASX300 Accumulation Index, the Fund's holdings, on average, have a higher Return on Equity and lower Debt/Equity (Premium Quality), higher sales growth and higher EPS growth (Superior Growth), and higher Price/Earnings and lower dividend yield (Reasonable Valuation). This indicates that the Fund's portfolio is in line with Bennelong's objective. |
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Performance Report: Spectrum Strategic Income Fund
27 Nov 2018 - Australian Fund Monitors
The Spectrum Strategic Income Fund rose +0.19% in October, taking 12-month performance to +3.71% and annualised performance since inception in June 2009 to +8.19%.
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27 Nov 2018 - Performance Report: Spectrum Strategic Income Fund
By: Australian Fund Monitors
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| Manager Comments | Spectrum noted that for many in the market there were few places to hide in October. Not only did equities retreat but so too bond prices at times. In the U.S., bond indices recorded the third steepest decline since 1970 (BoA), which mean that bonds did not provide a sufficient flight to safety from declining equity prices. They believe the decline in bond indices is partly due to increasing issuance of government bonds by central banks; as their weights have increased in the index, so too has duration. They noted that in a rising yield environment this will lead to falls in those bond indices. The Fund holds a diversified portfolio of debt and income securities with a view to minimising any loss of income and capital of the Fund. Issuers may be government bodies, banks, corporations and, to a limited extent, specialist financing vehicles. To maintain a diversified portfolio structure, certain limits are imposed on security type, credit risk, industry and issuers. |
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Performance Report: Cyan C3G Fund
26 Nov 2018 - Australian Fund Monitors
The Cyan C3G Fund has returned +20.33% per annum since inception in August 2018 versus the ASX200 Accumulation Index's +5.43%. This return has been achieved with slightly lower volatility than the market.
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26 Nov 2018 - 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 | In October the Fund returned -6.2%, falling roughly in line with the market. Broadly, the impact of the market correction was felt across the Fund. Key detractors included Afterpay (-30%) and Readcloud (-30%). There were approximately 20 other positions which all fell by various amounts and, in total, contributed around 5% of the Fund's underperformance. The major positive was Freelancer (+37%). In addition, Cyan added Murray River Organics (MRG) to the portfolio in October. Cyan noted the Fund has remained diversified with 24 positions and no individual holding representing more than 5% of the total portfolio. The Fund has also retained more than 35% in cash but they have begun to deploy further capital into new and existing positions as prices become more attractive. Cyan continue to have compelling expectations for the companies in which they have invested and believe these businesses will grow materially over the next year. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
26 Nov 2018 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund has returned +9.62% p.a. since inception in November 2009 versus the ASX200 Accumulation Index's +7.18%.
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26 Nov 2018 - 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 October, the Fund's weightings had been increased in the Health Care, Industrials, REIT's, Financials and Materials sectors, and decreased in the Discretionary, Consumer Staples, Communication and Energy sectors. The Fund's cash weighting remained unchanged at 2.3%. The Fund fell in line with the market in October, returning -6.81% after fees. The Twenty20 Australian Equities Fund comprises a passive investment in the ASX20, which has a weighting of over 50% of the portfolio, and an active investment in ASX ex-20 companies. Therefore, the Fund's returns will largely be influenced by the activity of the ASX's top 20 stocks. However, the active investment in ASX ex-20 has the goal of allowing the Fund to outperform the broader market, which the statistics mentioned earlier show has been successful; superior Sharpe and Sortino, and up-capture and down-capture ratios highlighting outperformance in both rising and falling markets over the long-term. |
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Fund Review: Insync Global Capital Aware Fund October 2018
23 Nov 2018 - 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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23 Nov 2018 - Fund Review: Insync Global Capital Aware Fund October 2018
By: Australian Fund Monitors
AFM Fund Review - October 2018 (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 - October 2018 (pdf format)
Bennelong Twenty20 Australian Equities Fund October 2018
22 Nov 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.
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22 Nov 2018 - Bennelong Twenty20 Australian Equities Fund October 2018
By: Australian Fund Monitors
AFM Fund Review - October 2018 (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 - October 2018 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund October 2018
21 Nov 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.
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21 Nov 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2018
By: Australian Fund Monitors
AFM Fund Review - October 2018 (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 9.57% p.a. with a volatility of 7.11%, compared to the ASX200 Accumulation's return of 5.37% p.a. with a volatility of 13.38%.
- 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 - October 2018 (pdf format)
Fund Review: Bennelong Long Short Equity Fund October 2018
19 Nov 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...
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19 Nov 2018 - Fund Review: Bennelong Long Short Equity Fund October 2018
By: Australian Fund Monitors
AFM Fund Review - October 2018 (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 15-years' track record and an annualised returns of over 15.8%.
- The consistent returns across the investment history indicate 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 0.94 and 1.54 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2018 (pdf format)
Performance Report: Bennelong Long Short Equity Fund
15 Nov 2018 - Australian Fund Monitors
The Bennelong Long Short Equity Fund has risen +5.38% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. Since inception in February 2002, the Fund has returned +15.81% per annum versus the Index's +7.75%.
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15 Nov 2018 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Bennelong noted the Fund fared poorly in October, returning -7.05% in a month which featured elevated market volatility, general weakness, corporate activity and an abundance of updates to earnings guidance at AGMs. With respect to company earnings and guidance updates, both the long and short portfolio experienced favourable bias of upgrades/downgrades. However, company fundamentals were overwhelmed by the market favouring defensive traits in preference to operating/fundamental performance, which Bennelong noted is unusual in this type of environment. In addition, Bennelong believe there was element of mean reversion in the Fund's September and October performance following their strong August return of +10.59%. Key contributing long/short pairs included long Orica (ORI)/ short Downer EDI (DOW), long Ramsay Health Care (RHC)/ short Primary (PRY)/Healthscope (HSO) and long Woolworths (WOW)/ short Metcash(MTS). Detractors included long Xero (XRO)/ short MYOB (MYO), long TPG Telecom (TPM)/ short Telstra (TLS) and long Iluka Resources (ILU)/ short Rio Tinto (RIO). Bennelong noted the indicative bid by private equity firm KKR for MYOB negatively impacted the Fund's long Xero / short MYOB pair, which accounted for one third of the Fund's negative return for the month. |
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