Performance Report: Bennelong Australian Equities Fund

2 Mar 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund returned +0.79% in January, outperforming the ASX200 Accumulation Index by +1.24% and taking annualised performance since inception in Feb 2009 to +13.84%.

2 Mar 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	02 March 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	0.79%
Latest 6 Months	11.72%
Latest 12 Months	19.13%
Latest 24 Months	28.78%
Annualised Since Inception	13.84%
Inception Date	30 January 2009
FUM (millions)	AU$364.62
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 returned +0.79% in January, outperforming the ASX200 Accumulation Index by +1.24% and taking annualised performance since inception in February 2009 to +13.84%. The Fund's Sharpe and Sortino ratios are 0.85 and 1.28 respectively, superior to the Index's Sharpe ratio of 0.68 and Sortino ratio of 0.96. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed the Index in both rising and falling markets. The Fund's 12-month up-capture and down-capture ratios show that overall the Fund captured 123.5% of the market's upside and only 13.2% of the downside. At the end of the month, the Fund's weightings in the Discretionary, Consumer Staples and Materials sectors were increased whilst weightings in the Health Care, Industrials, REITs and Financials sectors were decreased.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Titans Fund January 2018

1 Mar 2018 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

Performance Report: NWQ Fiduciary Fund

1 Mar 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +0.4% in January, outperforming the ASX200 Accumulation Index by +0.85% and taking annualised performance since inception to +7.30%.

1 Mar 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	01 March 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	January 2018
Latest Return	0.40%
Latest 6 Months	10.16%
Latest 12 Months	11.94%
Latest 24 Months	6.85%
Annualised Since Inception	7.30%
Inception Date	23 February 2018
FUM (millions)	AU$89
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 +0.4% in January, outperforming the ASX200 Accumulation Index by +0.85% and taking annualised performance since inception in May 2013 to +7.30%. The Fund's Sharpe and Sortino ratios since inception are 1.07 and 2.00 respectively, superior to the Index's Sharpe ratio of 0.56 and Sortino ratio of 0.76. In January, the returned of the underlying managers were varied. NWQ noted that the Beta managers, whose returns can depend on the direction of the equity market, produced marginally positive returns demonstrating sound stock selection. Alpha managers drove portfolio performance during the month, demonstrating the diversification benefits that these managers can provide in falling markets. The portfolio currently comprises five Alpha managers (62.5% of the portfolio), four Beta managers (25%) and 12.5% cash.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

28 Feb 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund fell -4.50% in January, with approximately -2.4% from the underlying stock exposure and the strong $A detracting a further -2.1%.

28 Feb 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	28 February 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	January 2018
Latest Return	-4.50%
Latest 6 Months	2.20%
Latest 12 Months	7.71%
Latest 24 Months	6.87%
Annualised Since Inception	12.57%
Inception Date	31 July 2014
FUM (millions)	AU$26.8
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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	The Quay Global Real Estate Fund fell -4.50% in January, with approximately -2.4% from the underlying stock exposure and the strong $A detracting a further -2.1%. Since inception in July 2014 the Fund has returned +12.57% per annum. Headwinds which impacted returns during the month, as noted by the Manager, include - $US weakness, rising long-dated treasuries yields, and enthusiasm by the market for growth and risk. During the month, the biggest detractors were Brixmore (US, Retail), Ventas (US, Healthcare) and Store Capital (US, Triple Net). The best performers were Pure Industrial (Canada, Industrial), Hispania (Spain, Diversified) and Safestore (UK, Storage). In their latest report, the Manager contrasts the markets in 1999 to those now. They mention that over 1999, the US 10-year nominal bond yield rose from 4.6% to 6.4%, and global real estate underperformed global equities by 15%. However, over the next 12 months global real estate outperformed global equities by 32% and delivered an $A total return of 34% as the tech bubble burst. The Manager remains confident the underperformance of global real estate can't be sustained forever.
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Titans Fund

27 Feb 2018 - Australian Fund Monitors

The Insync Global Titans Fund returned +3.32% in January, outperforming the MSCI ex Aus by +1.22% after the cost of fees and protection.

27 Feb 2018 - Performance Report: Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	27 February 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	3.32%
Latest 6 Months	9.70%
Latest 12 Months	21.80%
Latest 24 Months	17.69%
Annualised Since Inception	10.02%
Inception Date	07 October 2009
FUM (millions)	AU$31
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection. 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	The Insync Global Titans Fund returned +3.32% in January, outperforming the MSCI ex Aus by +1.22% after the cost of fees and protection. Since inception in October 2009, the Fund has returned +10.02% per annum with an annualised volatility of 8.92%. Performance was driven by positive contributions from the Fund's holdings on PayPal, Alphabet, Microsoft and Visa. The main negative contributors were RELX, Walt Disney and Diageo. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Over 50% of the Fund is currently protected using the Fund's put protection strategy.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Pengana Absolute Return Asia Pacific Fund

26 Feb 2018 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund rose +0.50% in January, taking annualised performance since inception in October 2008 to +8.51% with an annualised volatility of 6.00%.

26 Feb 2018 - Performance Report: Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	26 February 2018
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	January 2018
Latest Return	0.50%
Latest 6 Months	5.15%
Latest 12 Months	7.88%
Latest 24 Months	8.72%
Annualised Since Inception	8.51%
Inception Date	01 September 2010
FUM (millions)	AU$34.1
Fund Overview	The Pengana Absolute Return Asia Pacific Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective to generate a net annualised return greater than 5% above the Reserve Bank of Australia's Cash Rate Target over a 3 to 5 year period with low volatility and low correlation to Asian stock markets. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	The Pengana Absolute Return Asia Pacific Fund rose +0.50% in January, taking annualised performance since inception in October 2008 to +8.51% with an annualised volatility of 6.00%. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has achieved positive performance when the market has risen and significantly outperformed when the market has fallen. M&A, Directional and Relative Value strategies all contributed positively for the month. The largest contributor in the M&A sub-strategy was Alpine Electric which rose +5.7%, contributing 42bps to overall performance. In the Relative Value book, the largest positive contributor was the Fund's long/short position +SINA/-Weibo Corp. contributing +16bps. The Directional Alpha book contributed +0.7% to performance, key successes in January included Tsingtao (+13.7%), China Conch Venture (+19.8%), SIIC Environment (+4.9%), whilst key detractors included Bharti Airtel (-3.0%). The Fund's M&A gross exposure increased to 73% from 57% on the back of strong M&A deal activity and the Fund's Relative Value exposure increased to 90% from 75%. On the back of strong equity moves, Pengana have reduced the Fund's Directional Alpha book to 14.7% from 19.9%. The Fund's net and gross exposures averaged +14.7% and 186% respectively during the month.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

23 Feb 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund fell by -0.16% in January. Since inception in May 2006, the Fund has returned +10.80% per annum with a volatility of 6.95%.

23 Feb 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	23 February 2018
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2018
Latest Return	-0.16%
Latest 6 Months	5.90%
Latest 12 Months	7.22%
Latest 24 Months	8.43%
Annualised Since Inception	10.80%
Inception Date	01 May 2006
FUM (millions)	AU$220.79
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 fell by -0.16% in January. Since inception in May 2006, the Fund has returned +10.80% per annum with an annualised volatility of 6.95%. By contrast, the ASX200 Accumulation Index has returned +5.72% per annum with an annualised volatility of 13.53% over the same period. Top contributors included Whitehaven Coal (+23bp contribution for the month), Seven Group (+13bp), South32 (+11bp), Macquarie Group (+11bp) and Independence Group (+11bp). Short positions in Share Price Index Futures (+29bp) and Macquarie Atlas (+6bp) also contributed positively. Detractors included Mineral Resources (-25bp), Netwealth (-21bp), Costa Group (-19bp) and Amcor (-16bp). Net equity market exposure (including derivatives) was kept fairly stable at 46.0% (73.9% long and 27.9% short) as the Manager added new positions in Bellamy's, Qantas and Worley, sold Incitec Pivot and added to the Fund's short position in Share Price Index Futures.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Twenty20 Australian Equities Fund January 2018

22 Feb 2018 - Australian Fund Monitors

Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.

Performance Report: Glenmore Australian Equities Fund

21 Feb 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund returned +3.47% in January, taking performance since inception in June 2017 to +33.01%.

21 Feb 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 February 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	3.47%
Latest 6 Months	29.34%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	53.38%
Inception Date	06 June 2017
FUM (millions)	AU$5.37
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 returned +3.47% in January, taking performance since inception in June 2017 to +33.01% and marking 8 consecutive months of positive performance since inception. Positive contributors in January mentioned in the latest report include Pinnacle Investment Management (+24.5%), Emeco Holdings (+14.0%). Detractors included Macquarie Atlas Road (-8.7%), Moelis Australia, Alliance Aviation Services and Hotel Property Investments. Glenmore believe the volatility seen earlier in February is likely to continue until more data is released. Glenmore's focus will be on identifying quality businesses that are undervalued and can outperform over the long term, rather than attempting to predict short-term movements in global markets. Given the Fund's significant cash weighting, Glenmore are optimistic that any volatility driven by macro concerns will provide some opportunities to invest in high quality businesses that have been oversold.
More Information	Fund Profile Manager's Report

Performance Report: 4D Global Infrastructure Fund

21 Feb 2018 - Australian Fund Monitors

The 4D Global Infrastructure Fund fell by -0.84% in January, outperforming the FTSE 50/50 Infrastructure Index which fell -3.24%.

21 Feb 2018 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	21 February 2018
Manager	4D Infrastructure, A Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	January 2018
Latest Return	-0.84%
Latest 6 Months	6.38%
Latest 12 Months	24.21%
Latest 24 Months
Annualised Since Inception	13.48%
Inception Date	07 March 2016
FUM (millions)	AU$21.16
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. 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 4D Global Infrastructure Fund fell by -0.84% in January, outperforming the FTSE 50/50 Infrastructure Index which fell -3.24%. Since inception in March 2016, the Fund has returned +13.48% per annum versus the benchmark's annualised return of +7.17% over the same period. The Manager noted the strong AUD, up +3.15% for the month, was responsible for much of the Fund's underperformance. The strongest performer in January was Brazilian rail operator Rumo (+10%). The weakest performer was Indonesian toll road operator Jasa Marga (-10.9%). The Manager noted Jasa Marga has been a strong performer in recent months and they believe this weakness can be attributed to some profit taking. The Manager briefly highlighted the spike in US Treasury Bond yields early in the month, attributing it to press reports (which the Manager noted were subsequently denied) suggesting China was going to reduce its purchases of US Treasury Bonds. The Manager believes this episode illustrated the potential global financial clout China now retains. The Manager also mentioned Donald Trump's infrastructure plan outlined in his State of the Union address, noting that news sources indicated the administration will seek to offer US$200 billion in grants over 10 years to leverage investment from state, local, and private sources, hoping to spur about US$1 trillion total in spending.
More Information	Fund Profile Manager's Report

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2 Mar 2018 - Performance Report: Bennelong Australian Equities Fund

1 Mar 2018 - Fund Review: Insync Global Titans Fund January 2018

1 Mar 2018 - Performance Report: NWQ Fiduciary Fund

28 Feb 2018 - Performance Report: Quay Global Real Estate Fund

27 Feb 2018 - Performance Report: Insync Global Titans Fund

26 Feb 2018 - Performance Report: Pengana Absolute Return Asia Pacific Fund

23 Feb 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

22 Feb 2018 - Bennelong Twenty20 Australian Equities Fund January 2018

21 Feb 2018 - Performance Report: Glenmore Australian Equities Fund

21 Feb 2018 - Performance Report: 4D Global Infrastructure Fund

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