NEWS
Performance Report: Cyan C3G Fund
25 Sep 2018 - Australian Fund Monitors
The Cyan C3G Fund returned +0.7% in August, taking 12-month performance to +17.09%. Since inception in August 2014, the Fund has returned +23.83% p.a. versus the ASX200 Accumulation Index's +7.62%.
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25 Sep 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 | Cyan noted the Fund experience unseen individual stock volatility during the month, with reporting season's results exacerbating underlying trading trends. Key contributors in August included Afterpay (+28%), Pivotal Systems (+30%) and Acrow Formwork (more than +50%). Detractors included Experience Co (-27%) and Axsess Today (-20%). Cyan met with Afterpay in San Francisco in mid-August and note that they gained a meaningful understanding of the potential of their expansion into the US. They believe that every business in which they have invested will grow strongly over the coming year and thus have long-term confidence in their current investment decisions. |
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Performance Report: 4D Global Infrastructure Fund
24 Sep 2018 - Australian Fund Monitors
The 4D Global Infrastructure Fund has returned +10.96% p.a. since inception in March 2016, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +3.44% annually.
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24 Sep 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 | The Fund returned -0.73% in August. The strongest portfolio performer during the month was Mexican airport operator GAP, up +10.5%. The stock was up post the Mexican elections and also received a boost from the US/Mexico Agreement on trade late in the month. The weakest performer in August was Italian toll road operator Atlantia, down -27.9% after the tragic collapse of the Atlantia operated bridge in Genoa. 4D Infrastructure noted that, despite Atlantia's continued assertions that it had been maintaining the structure in line with the concession's technical standards, increasing noise from political factions around the termination of the Italian road concession framework significantly pressured the stock. 4D believe Atlantia has been oversold on the noise, however, they believe the stock will remain under pressure for some time. As such, 4D will continue to hold a position without increasing it at the present time. Given the generally positive macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns, plus near-term elections, sees them maintain core exposure to quality defensive utility assets. |
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Fund Review: Bennelong Kardinia Absolute Return Fund August 2018
20 Sep 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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20 Sep 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2018
By: Australian Fund Monitors
AFM Fund Review - August 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 10.40% p.a. with a volatility of 6.87%, compared to the ASX200 Accumulation's return of 6.08% p.a. with a volatility of 13.33%.
- 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 2018 (pdf format)
Performance Report: Bennelong Concentrated Australian Equities Fund
19 Sep 2018 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +0.08% in August, taking annualised performance since inception in January 2009 to +18.59% versus the ASX200 Accumulation Index's +11.11%.
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19 Sep 2018 - 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 | At the end of the month the Fund's weightings had been increased in the Discretionary, Health Care, IT and Financials sectors, and decreased in the Consumer Staples, Industrials and Materials sectors. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. By comparison with the Fund's benchmark (ASX300 Accumulation Index), the portfolio'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), as well as higher price/earnings and lower dividend yield (Reasonable Valuation). |
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Performance Report: NWQ Fiduciary Fund
18 Sep 2018 - Australian Fund Monitors
The NWQ Fiduciary Fund returned +0.80% in August, taking annualised performance since inception in May 2013 to +7.02%.
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18 Sep 2018 - 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 noted there was a high degree of dispersion in the returns of the underlying managers in August. This illustrates the diversified nature of the Fund with the constituent managers employing a broad array of hedged equity strategies. This dispersion is also reflective of the heightened level of stock market volatility that is typical of reporting season. NWQ mentioned the earnings announcements were particularly favourable for the Fund's Alpha allocation, which made a strong contribution to overall performance (+1.17%). |
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Performance Report: Glenmore Australian Equities Fund
14 Sep 2018 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +5.94% in August, outperforming the ASX200 Accumulation Index by +4.52%. Since inception in June 2017, the Fund has returned +38.85% p.a. versus the Index's +12.93%.
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14 Sep 2018 - 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 | The Glenmore Australian Equities Fund rose +5.94% in August, outperforming the ASX200 Accumulation Index by +4.52%. Since inception in June 2017, the Fund has returned +38.85% p.a. versus the Index's +12.93%. Adjusting for risk, the Fund's Sharpe ratio for performance since inception is 3.67 versus the Index's 1.69, highlighting the Fund's capacity to achieve significantly superior risk-adjusted returns than the market. Looking at the downside, the Fund's Sortino ratio of 12.02 versus the Index's 1.34, along with the Fund's down-capture ratio since inception of -123.45%, emphasise the Fund's focus on avoiding downside losses (a negative down-capture ratio indicates that the Fund, on average, has achieved positive performance in the market's negative months). |
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Bennelong Twenty20 Australian Equities Fund August 2018
13 Sep 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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13 Sep 2018 - Bennelong Twenty20 Australian Equities Fund August 2018
By: Australian Fund Monitors
AFM Fund Review - August 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 - August 2018 (pdf format)
Performance Report: Bennelong Long Short Equity Fund
12 Sep 2018 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned a record +10.59% in August, the Fund's best month since inception in January 2003. The Fund is up +28.97% over the past 12 months, and has returned +16.77% p.a. since inception.
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12 Sep 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 | The Bennelong Long Short Equity Fund returned a record +10.59% in August, the Fund's best month since inception in January 2003. The Fund has returned +28.97% over the past 12 months with an up-capture ratio of +103.97% and a down-capture ratio of -149.86% (a negative down-capture ratio indicates that the Fund, on average, has risen during the market's negative months). Since inception, the Fund has returned +16.77% p.a. versus the Index's +8.32%. |
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Fund Review: Bennelong Long Short Equity Fund August 2018
11 Sep 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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11 Sep 2018 - Fund Review: Bennelong Long Short Equity Fund August 2018
By: Australian Fund Monitors
AFM Fund Review - August 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 16%.
- 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 1.02 and 1.72 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - August 2018 (pdf format)
Performance Report: Insync Global Capital Aware Fund
10 Sep 2018 - Australian Fund Monitors
The Insync Global Capital Aware Fund has risen +18.11% over the past 12 months, and +10.35% p.a. since inception in October 2009.
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10 Sep 2018 - 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 | Positive contributions from the Fund's holdings in Alphabet, Microsoft, Amadeus IT and Visa helped offset the Fund's losses, underlining Insync's strong approach to portfolio construction. Insync noted the Fund's core holdings remain, including Facebook. In Insync's view, Facebook exemplifies Insync's disciplined process and unique methodology of assessing ROIC and utilising Megatrends (Insync's unique investment process). Insync believe Facebook remains an excellent quality growth investment. Insync remain positive about their stock holdings and believe they will continue to benefit from global Megatrends. Insync's valuation approach, which seeks to capture the long-term growth of these companies, continues to show a valuation discount. They noted they continue to invest in companies with strong growth prospects and which are less sensitive to market fluctuations. Should the market continue to perform, the Fund will participate in the rally, however, the Fund is also prepared in the event the market suffers a significant correction. |
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