NEWS
Performance Report: Touchstone Index Unaware Fund
29 Sep 2017 - Australian Fund Monitors
The Touchstone Index Unaware Fund rose +0.11% in August, taking performance over the past 12 months to +9.72%.
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29 Sep 2017 - Performance Report: Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years. |
| Manager Comments | Positive performers included Treasury Wine (+20%) and Wesfarmers (+7.7%), while the Fund also benefited from not holding CBA (-6.9%). Negative performers included insurance companies QBE (-10.1%) and IAG (-3.9%). Given QBE is now trading at a discount of more than 20% to global peers, drivers for an earnings uplift are in place and the company has now initiated a $1bn buyback. Touchstone believe the rising AUD will be a headwind for companies with USD earnings. They also anticipate that commodity prices will decline, tempering their profit outlook for the resources and materials sector. Against this backdrop, their view is that valuations remain high and vulnerable to pullback. Given this, Touchstone's thesis remains unchanged that given the heightened uncertainty, the market remains vulnerable to an external shock, and as such they remain cautious. |
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Performance Report: Glenmore Australian Equities Fund
29 Sep 2017 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +7.03% in August, outperforming the ASX200 Accumulation Index by +6.32%.
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29 Sep 2017 - 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 | Performance across the portfolio was evenly spread, with 14 out of 30 stocks returning more than 5% for the month. Top performers included NRW Holdings (+63.4%), Moelis Australia (+33%), Pacific Current (+15.4%) and Sydney Airport (+10%). The Manager notes that there were few negative contributors aside from Auckland Airport (-5.7%). This result was in line with market expectations, however, Glenmore expects the company will earn a commercial return on its upcoming growth capex (NZ$2.4B from FY18-22). |
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Performance Report: MHOR Australian Small Cap Fund
29 Sep 2017 - Australian Fund Monitors
The MHOR Australian Small Cap Fund returned +1.30% for August, taking annualised performance since inception to +5.95%.
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29 Sep 2017 - Performance Report: MHOR Australian Small Cap Fund
By: Australian Fund Monitors
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| Fund Overview | MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years. |
| Manager Comments | Three of the largest contributions came from Imdex (+23%), Alliance Aviation Services (+9%) and NextDC (+11%). The major detractor for the month was TopBetta Holdings (-7%), however, MHOR's view is that the stock continues to demonstrate strong positive momentum and they see numerous catalysts ahead which should drive the stock price higher. MHOR note in their latest report that Small Cap equities outperformed Large Caps during August (XSAOI +2.71% vs ASX100 -0.31%), underpinned by strong gains in smaller resources (XSR +6.85%) and a solid uplift in smaller industrials (XSI +1.42%). MHOR remain of the view that the Fund is well positioned to outperform the ASX Small Ordinaries Index with a diverse portfolio of stocks leveraged to multiple structural growth themes and trends, as well as a number of overlooked classic value plays. |
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Performance Report: Allard Investment Fund
26 Sep 2017 - Australian Fund Monitors
The Allard Investment Fund increased +2.26% in August, taking annualised performance since inception to +9.21%.
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26 Sep 2017 - Performance Report: Allard Investment Fund
By: Australian Fund Monitors
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| Fund Overview | Allard's investment approach has remained consistent throughout their history: That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations. |
| Manager Comments | The Fund's latest report shows that holdings in cash and fixed income have increased to 23.7% of the portfolio, up from 17.6% as at the end of July, whilst all other holdings aside from those in the utilities sector have decreased. The portfolio remains highly concentrated, with 38.3% of NAV held in the Fund's top 5 stocks. Geographically, Hong Kong and China make up most of the portfolio (44.3%), followed by India (12.3%), Singapore (11.5%), Korea (5.6%), Vietnam (1.6%) and Indonesia (1.0%). |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Sep 2017 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund increased +1.01% in August, taking performance over the past 3 months to +1.74%.
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22 Sep 2017 - 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 | The Fund combines a passive investment in the ASX20 Index and an actively managed investment in Australian listed stocks outside this index. Currently, the Fund's passive position in the ASX20 Index has a weighting of 60%, thus the Fund's largest positions will typically dictate overall portfolio performance. Divergence in the performance of the Fund from the ASX300 will arise from relative performance of the Fund's active investment in ex-20 stocks. At the end of August, the Fund's weightings increased in the Consumer Staples, Health Care, Industrials and Materials sectors, while weightings were decreased in the Telco's, Utilities, Financials and REIT's sectors. |
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Performance Report: 4D Global Infrastructure Fund
22 Sep 2017 - Australian Fund Monitors
The Bennelong 4D Global Infrastructure Fund rose +2.63% in August, taking annualised performance since inception to +14.90%.
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22 Sep 2017 - 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 | Top performers for the month include US tower operator SBA Communications (+11.6%), Mexican tower operator Telesites (+8.1%), Crown Castle (+7.8%) and Sydney Airport (+10%). The weakest performer in August was NZ fibre play Chorus (-10.3%). Bennelong believes Chorus remains undervalued, but that investors may need to wait for clarity on regulation before they realise their upside. The Fund continues to be overweight in user pays and underweight regulated utilities, however, given the rise in geopolitical tensions, the Fund retains a core holding in defensive names offering solid yields which should insulate on the downside. Bennelong has a positive outlook for global listed infrastructure over the medium term. The Fund's latest report notes that there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, meaning that there will be an increasing need for private sector capital as part of the funding solution. Bennelong believes that new, improved and expanded infrastructure around the world will be compelled by the world's growing population which will be accompanied by an emerging middle class, particularly in Asia. |
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Performance Report: Collins St Value Fund
21 Sep 2017 - Australian Fund Monitors
The Collins St Value Fund rose +0.12% in August, taking performance over the past 3 months to +11.27%.
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21 Sep 2017 - Performance Report: Collins St Value Fund
By: Australian Fund Monitors
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| Fund Overview | The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measured, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves. |
| Manager Comments | Prime Media (PRT) is one company highlighted in the Fund's latest report. PRT was initially purchased at a discount to its discounted cash flows at 28 cents. Collins St believe that media reform legislation will have a material impact on the sector, with particular benefit to PRT, and anticipate significant consolidation in the industry now that many of the barriers have been removed. Collins St invest in a concentrated portfolio of quality ASX listed securities, yet continue to watch the broader index from a distance with a mix of fascination and scepticism. They also remain vigilant about the issues that may affect the Fund's holdings, and remain focused on the companies that they own for investors. It should also be noted that the Fund stands out as one of the few with zero management fees, charging performance fees only, enabling Collins St to only profit when investors do. |
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Fund Review: Bennelong Kardinia Absolute Return Fund August 2017
20 Sep 2017 - Australian Fund Monitors
Latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available.
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20 Sep 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2017
By: Australian Fund Monitors
AFM Fund Review - August 2017 (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 10.69% p.a. with a volatility of 7.04%, compared to the ASX200 Accumulation's return of 5.30% p.a. with a volatility of 13.72%.
- 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 2017 (pdf format)
Performance Report: Bennelong Kardinia Absolute Return Fund
20 Sep 2017 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +0.34% in August, with strong profit results from several key holdings driving positive performance.
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20 Sep 2017 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Positive positions included Costa Group (+0.22%), BHP (+0.17%), Rio Tinto (+0.17%) and Orora (+0.17%). The Fund's short book also performed well, with Telstra, Scentre Group and Westfield all making solid contributions. Negative performers included Bluescope Steel (-0.5%), Commonwealth Bank (-0.23%), JB Hi-Fi (-0.17%) and Boral (-0.13%). The Fund's net market exposure, including derivatives, fell from 60.4% to 35.8% (41.2% long and 5.4% short) as the Manager sold the Fund's holdings in CBA and Bluescope Steel, and reduced its position size in a number of other stocks, including the major banks. |
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Performance Report: KIS Asia Long Short Fund
19 Sep 2017 - Australian Fund Monitors
The KIS Asia Long Short Fund rose +1.08% in August, taking annualised performance since inception to +13.68%.
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19 Sep 2017 - Performance Report: KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Manager's report noted that they were careful about positioning going into reporting season, with a keen eye to ensure that the exposures they carried were not consensus trades. Stock picking on the long side in the mid and small cap sectors drove returns for the month, with positive contributors including a long position in Alumina Ltd (+0.23%), a short in Automotive Holdings Group (+0.22%) and a long in Altium Ltd (+0.29%). Two of the Fund's biggest losers were short positions in Incitec Pivot Ltd (-0.12%) and Amaysim Australia Ltd (-0.18%), while the largest loss came from a long position in QBE Insurance Group Ltd (-0.28%). |
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