Performance Report: Bennelong Kardinia Absolute Return Fund

25 Jun 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +1.78% in May, outperforming the ASX200 Accumulation Index by +0.69%.

25 Jun 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	25 June 2018
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	May 2018
Latest Return	1.78%
Latest 6 Months	3.25%
Latest 12 Months	7.79%
Latest 24 Months	9.88%
Annualised Since Inception	10.67%
Inception Date	01 May 2006
FUM (millions)	AU$197.29
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	The Bennelong Kardinia Absolute Return Fund rose +1.78% in May, outperforming the ASX200 Accumulation Index by +0.69%. Since inception in May 2006, the Fund has returned +10.67% annually with an annualised volatility of 6.91% versus the Index's return of +5.69% p.a. with a volatility of 13.44% over the same period. Top contributors in May included Emeco (+46bp contribution), Seven Group (+26bp), Qantas (+43bp), CSL (+37bp), Whitehaven (+35bp), Aristocrat (+32bp), Netwealth (+32bp). Detractors included RCR Tomlinson (-32bp), CYBG (-24bp), Bellamy's (-21bp), Ausdrill (-20bp) and Independence Group (-16bp). The short book contributed positively, driven by a short position in Share Price Index Futures (+26bp) and individual shorts in the retail, telco, banks and healthcare sectors. Net equity market exposure (including derivatives) was reduced from 60.7% to 12.9% (68% long and 55.1% short), with the addition of Kidman Resources and Reece more than offset by the sale of Bellamy's, Boral, Star Entertainment and Santos, as well as five new individual stock shorts and an increase in the Fund's short position in SPI Futures contracts.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: NWQ Fiduciary Fund

22 Jun 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +1.20% in May, outperforming the ASX200 Accumulation Index by +0.11% and taking annualised performance since inception in May 2013 to +7.36%.

22 Jun 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	22 June 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	May 2018
Latest Return	1.20%
Latest 6 Months	5.97%
Latest 12 Months	13.88%
Latest 24 Months	10.77%
Annualised Since Inception	7.36%
Inception Date	01 May 2013
FUM (millions)	AU$87
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 +1.20% in May, outperforming the ASX200 Accumulation Index by +0.11% and taking annualised performance since inception in May 2013 to +7.36%. The Fund's Sharpe and Sortino Ratios, 1.12 and 2.11 respectively, by comparison with the Index's Sharpe ratio of 0.54 and Sortino ratio of 0.74, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst protecting investors' capital. NWQ noted that, despite the modest rise in the equity market in May, there continues to be an elevated level of return dispersion at the stock level which was beneficial to the Fund's Alpha managers. NWQ's Investment Committee remains circumspect about the Fund's beta exposure (i.e. exposure to the directionality of the equity market) and continues to prefer market neutral or low net exposure strategies at this time.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Australian Equities Fund

21 Jun 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +6.44% in May, outperforming the ASX200 Accumulation Index by +5.35%.

21 Jun 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 June 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2018
Latest Return	6.44%
Latest 6 Months	14.11%
Latest 12 Months	24.20%
Latest 24 Months	32.63%
Annualised Since Inception	14.63%
Inception Date	30 January 2009
FUM (millions)	AU$416.84
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. 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	The Bennelong Australian Equities Fund rose +6.44% in May, outperforming the ASX200 Accumulation Index by +5.35%. Since inception in January 2009, the Fund has returned +14.63% p.a. versus the Index's annualised return over the same period of +10.71%. 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. As at the end of May, the Fund's weightings had been increased in the Discretionary, Industrials and Materials sectors, and had been decreased in the Health Care, Consumer Staples and Financial sectors. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. By comparison with the ASX300 Accumulation Index, the portfolio's characteristics show that its 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).
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

20 Jun 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +4.68% in May, outperforming the ASX200 Accumulation Index by +3.59% and marking the completion of the Fund's first year of operations.

20 Jun 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	20 June 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2018
Latest Return	4.68%
Latest 6 Months	8.85%
Latest 12 Months	34.97%
Latest 24 Months
Annualised Since Inception	34.97%
Inception Date	06 June 2017
FUM (millions)	AU$4.78
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 rose +4.68% in May, outperforming the ASX200 Accumulation Index by +3.59% and taking annualised performance since inception in June 2017 to +34.97%. By contrast, the Index has risen +9.63% over the same period. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has significantly outperformed the Index in both rising and falling markets. Positive contributors in May included Emeco Holdings (+26.5%), Mastermyne (+23.6%), Navigator Global Investments (+19.8%), Pinnacle Investment Management (+16.4%), ALE Property Group (+6.5%), Jumbo Interactive (+6.4%) and Bravura Solutions (+6.2%). Negative contributors included Pioneer Credit (-4.6%) and Pacific Current (-4%), however for both there was no news flow and neither were materials to Fund performance. This month marks the completion of the Fund's first year of operations. Glenmore noted that they are pleased with the fund's return of +35% after fees over the period. The Fund's outperformance came from a wide range of stocks and sectors, with a relatively high weighting to large cap, defensive stocks in the early months of the Fund, and with zero contribution from higher risk sectors such as small cap resources and energy or speculative technology stocks.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund May 2018

19 Jun 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...

Performance Report: Cyan C3G Fund

18 Jun 2018 - Australian Fund Monitors

The Cyan C3G Fund returned +3.4% in May, outperforming the ASX200 Accumulation Index by +2.31% and taking annualised performance since inception in August 2014 to +24.58%.

18 Jun 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	18 June 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	May 2018
Latest Return	3.40%
Latest 6 Months	1.33%
Latest 12 Months	23.32%
Latest 24 Months	33.81%
Annualised Since Inception	24.58%
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 returned +3.4% in May, outperforming the ASX200 Accumulation Index by +2.31% and taking annualised performance since inception in August 2014 to +24.58%. By contrast, the Index has returned +6.45% p.a. over the same period with slightly higher volatility. The Fund's Sortino ratio of 4.79 and down-capture ratio together highlight the Fund's capacity to protect investors' capital in falling markets. In May, 20 of the Fund's 22 positions contributed positively. Key positive contributors included Axsess Today (+10%), Acrow Formwork (+16%), Experience Co (+11%), Readcloud, Roots (+27%). The Fund has taken a handful of new investment positions in the past month, deploying a portion of the Fund's defensive cash balance. Cyan envisage further investment in the coming months as more new opportunities have now been identified. Cyan noted they have also reduced a couple of exposures as they are approaching Cyan's valuation target.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund May 2018

15 Jun 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.

Performance Report: Bennelong Long Short Equity Fund

14 Jun 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +4.75% in May, outperforming the ASX200 Accumulation Index by +3.66%. The Fund has returned +16.58% p.a. since inception in February 2002.

14 Jun 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	14 June 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2018
Latest Return	4.75%
Latest 6 Months	11.84%
Latest 12 Months	12.54%
Latest 24 Months	14.36%
Annualised Since Inception	16.58%
Inception Date	01 January 2003
FUM (millions)	AU$449
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 rose +4.75% in May, outperforming the ASX200 Accumulation Index by +3.66%. The Fund has returned +16.58% p.a. since inception in February 2002 versus the market's return of +8.05% p.a. over the same period with a similar level of volatility. The Fund's up-capture and down-capture ratios indicate that, on average, the Fund has achieved positive performance in rising markets and significantly outperformed in negative markets. Both the long and short portfolios contributed positively in May, with the majority of pairs positive. Bennelong noted company profit results and earnings guidance during the month's news flow affected the Fund; the portfolio experienced a positive skew of fundamental news with an even spread of upgrades to the long portfolio and downgrades to the short portfolio. The strongest pairs for the month were long Woolworths / short Metcash and long Aristocrat / short Tabcorp. The weakest pair was long Link / short ASX with Link affected by the Federal Budget proposal to close inactive and low balance superannuation accounts.
More Information	Fund Profile Manager's Report

Performance Report: Paragon Australian Long Short Fund

13 Jun 2018 - Australian Fund Monitors

The Paragon Australian Long Short Fund returned -1.2% in May. The Fund has returned +32.67% over the past 12 months, outperforming the ASX200 Accumulation Index by +23.04%.

13 Jun 2018 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	13 June 2018
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	May 2018
Latest Return	-1.20%
Latest 6 Months	-9.59%
Latest 12 Months	32.67%
Latest 24 Months	10.55%
Annualised Since Inception	15.53%
Inception Date	28 February 2013
FUM (millions)	AU$67
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund returned -1.2% in May. The Fund has returned +32.67% over the past 12 months, outperforming the ASX200 Accumulation Index by +23.04%. Since inception in March 2013, the Fund has returned +15.53% p.a. versus the market's +7.82% p.a. over the same period. Positive contributions in May came from Global Geoscience (Phase 1 primary feasibility study upgrade), Seven Group (profit guidance upgrade), Aristocrat (profit guidance upgrade), Kidman (binding offtake with Tesla), Sino Gas (takeover offer) and Paragon's Telstra short (profit guidance downgrade). These were offset by declines in Jupiter Mines, Wattle Heath, Cann Group, Global Energy and the Fund's Nanosonics short. At the end of May the portfolio had 29 long positions, 10 short positions and 22.3% cash. Paragon noted the Fund continues to be impacted by short-term volatility, however the long-term outlook of the Fund's key stock positions remains strong. Read Paragon's latest report for their updates on some of the key stock catalysts that occurred in May, supporting the Fund's overall outlook. These include Aristocrat (long), Global Geoscience (long), Kidman (long) and Telstra (short).
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Titans Fund April 2018

8 Jun 2018 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available. The Global Titans Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and...

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Fund Monitors Pty Ltd

News

NEWS

25 Jun 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

22 Jun 2018 - Performance Report: NWQ Fiduciary Fund

21 Jun 2018 - Performance Report: Bennelong Australian Equities Fund

20 Jun 2018 - Performance Report: Glenmore Australian Equities Fund

19 Jun 2018 - Fund Review: Bennelong Long Short Equity Fund May 2018

18 Jun 2018 - Performance Report: Cyan C3G Fund

15 Jun 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2018

14 Jun 2018 - Performance Report: Bennelong Long Short Equity Fund

13 Jun 2018 - Performance Report: Paragon Australian Long Short Fund

8 Jun 2018 - Fund Review: Insync Global Titans Fund April 2018

Category

Search

Events Calendar