NEWS
28 Oct 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
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| Manager Comments | The largest positive contributors for the month came from short positions in Virgin Money UK, Unibail-Rodamco-Westfield and Cimic, while the detractors included long positions in QBE, CBA, and Nearmap Ltd. At the end of the month the portfolio had 32 long positions and 22 shorts, with the largest exposure in medical devices & services and technology stocks, with less exposure to the banking and real estate sectors. |
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27 Oct 2020 - Performance Report: Montgomery Small Companies Fund
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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The Fund returned -2.16% in September, outperforming the Index by +1.5%. Top contributors included Bigtincan Holdings, Corporate Travel Management and Macquarie Telecom Group. The largest detractors included City Chic Collective, Marley Spoon and Sezzle. Montgomery noted the portfolio is structured around the following 'pillars': (1) a core of stocks that are not impacted by COVID-19, (2) exposure to market share winning structural growers, (3) augmented by the best 'tactical' opportunities available. They have been selling some of their bricks and mortar retail and technology exposures and reinvesting that money in stocks they see as levered to the next phase of economic 're-opening'. They have been positioning the Fund to benefit from a resumption in domestic travel and holidays, increased activity in hospitality and a shift from spending on goods and more towards services. |
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27 Oct 2020 - Performance Report: Laureola Investment Fund
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| Fund Overview | The investment strategy of The Laureola Investment Fund is dynamic and flexible, designed to take advantage of the frequent but temporary pricing anomalies of an asset class that is not yet fully understood by the majority of participants. Laureola Advisors applies 'best practices' common in the management of traditional assets, particularly the use of independent, in-house, proprietary research. |
| Manager Comments | Laureola reported that both the most recent month's and YTD returns have been almost all based on realised gains from maturities - as opposed to accounting gains from revaluations of currently held policies. |
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27 Oct 2020 - Performance Report: Surrey Australian Equities Fund
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | The Fund concluded the month with 27 holdings and 10% in cash. Surrey noted that this larger than normal cash holding is a reflection of stock sales toward the end of the month as opposed to a negative view on the market. The fund top holding at the end of the month included Auckland International Airport, Imricor Medical Systems, Omni Bridgeway, Pointsbet and Xero Limited. In the approach to Christmas Surrey are expecting a large number of Initial Public Offerings (IPOs) as companies look to benefit from liquid markets as well as bolster their balance sheets, following the scare many experienced earlier in the year. |
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27 Oct 2020 - 3 Places to Invest as Interest Rates Head South
26 Oct 2020 - Performance Report: Atlantic Pacific Australian Equity Fund
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | Stocks in the portfolio that contributed to the strong returns for the month were Boral, Citadel Group, Fortescue Metals and Ooh Media. Detractors from performance were Challenger, Iluka Resources, Metcash and Myer Holdings. The fund remains conservatively positioned with APSEC believing that the post-COVID minimisation of office space could lead to an oversupply of assets and a resulting property bubble burst. |
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26 Oct 2020 - Manager Insights | Datt Capital
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Damen Purcell, COO of Australian Fund Monitors, speaks with Emanuel Datt, the Founder and Principal of Datt Capital. Emanuel discusses the performance of the Datt Capital Absolute Return Fund with a particular focus on the fund's ability to protect capital. Emanuel also provides insight into how Datt Capital are positioning the portfolio in order to navigate an increasingly uncertain future. The Fund has returned +36.17% against the ASX200 Accumulation Index's -10.21% over the past 12 months. Since inception in August 2018, the Fund has returned +21.30% p.a. against the Index's annualised return of +0.52%. These returns have been achieved with a similar level of volatility to the market. Listen to this interview as a podcast
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23 Oct 2020 - Hedge Clippings | 23 October 2020
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23 Oct 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund September 2020
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 - September 2020 (pdf format)
23 Oct 2020 - Performance Report: Insync Global Capital Aware Fund
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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 | As at the end of September, the portfolio's top holdings included Domino's Pizza, Dollar General, PayPal, S&P Global, Visa, Facebook, Adobe, JD Sports Fashion, Microsoft and Nvidia. The top three megatrends in the portfolio by weight were the 'Cashless Society' megatrend (14% of the portfolio), the 'Age related health solutions' megatrend (13%) and the 'Digitisation' megatrend (12%). By sector, the portfolio was most heavily weighted towards the IT and Consumer Discretionary sectors. |
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