NEWS

Hedge Clippings | 31 July 2020

31 Jul 2020 - Australian Fund Monitors

In this edition of Hedge Clippings we share our views on the rapid rise in the number of COVID cases in Victoria recently and its potential impacts on the country as whole, both short and long-term. News and insights content...

31 Jul 2020 - Hedge Clippings | 31 July 2020

By: Australian Fund Monitors

Hedge Clippings | Friday, 31 July 2020

The rapid rise in the number of cases of COVID in Victoria, and to a lesser degree (so far) in NSW, is a stark reminder - if needed - that there's a long and winding road ahead before we're out of the physical and medical dangers of the pandemic. Far from the numbers declining, or even being under control, they're increasing rapidly, while in the US and Europe they seem disastrous.

And just when it looked as if the government would be able to start selectively weaning sections of the community off their Job Seeker and Job Keeper payments at the end of September, there's every chance that, in some states at least, they're going to become more dependant. And with Victoria and NSW having the largest populations, the flow-on effects of border closures will prolong the impact and damage on the tourism sector in Queensland in particular.

In the short term, investors and fund managers will not only have to consider the geographic effect on companies, but will also have to navigate the upcoming reporting season. In the longer term, governments, and all who live under them, will have to consider and navigate the debt mountain that COVID has created.

These are sobering, and worrying times, but as always there will be winners and losers. From the investor's perspective, investment and fund selection decisions are going to be more critical than ever. High yielding investments - provided they're not also high risk - will appear on more approved product lists. One would suspect that dividends will be reduced further, with the trickle-down effects on investors' spending habits having further negative effects on the economy.

Just as well - there's not much most Victorians can do, or places they can go, to spend what income they have anyway. Maybe one of the few bright spots will be Dan Murphy's (and others') online ordering and delivery services...

Which reminds me, it's Friday, and nearly drink o'clock.

News & Insights

The Rise of Restoration: A Focus on Oil and Economic Reality by Nikko Asset Management

Performance News

Glenmore Australian Equities Fund: +1.43% in June, +15.45% p.a. since inception in June 2017

Insync Global Quality Equity Fund: -1.95% in June, +14.45% over FY20

Quay Global Real Estate Fund: -0.61% in June, +5.52% p.a. since inception in July 2014

Ark Global Fund - Class B AUD Hedged: +0.90% in June, +7.73% p.a. since inception in September 2019

Australian Eagle Trust Long-Short Fund: +3.35% in June, +17.32% p.a. since inception in June 2016

Delft Partners Global High Conviction Strategy: -1.31% in June, +14.46% p.a. since inception in July 2011

Laureola Investment Fund: +0.69% in June, +16.74% p.a. since inception in May 2013

Loftus Peak Global Disruption Fund: +2.65% in June, +23.47% p.a. since inception in November 2016

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Performance Report: Touchstone Index Unaware Fund

31 Jul 2020 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +0.98% in June, taking quarterly performance to +16.50%. Since inception in April 2016, the Fund has returned +6.21% p.a. with an annualised volatility of 16.03%.

31 Jul 2020 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	31 July 2020
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	0.97%
Latest 6 Months	-14.24%
Latest 12 Months	-9.13%
Latest 24 Months (pa)	-1.09%
Annualised Since Inception	6.21%
Inception Date	04 April 2016
FUM (millions)	AU$4.36
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. 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	The Touchstone Index Unaware Fund rose +0.98% in June, taking quarterly performance to +16.50%. Since inception in April 2016, the Fund has returned +6.21% p.a. with an annualised volatility of 16.03%. Since inception, the Fund has achieved an average positive monthly return of +2.79%. At month-end, the Fund held 21 stocks with a median position size of 4.8%. The portfolio's holdings had an average forward year price/earnings of 21.2, forward-year tangible ROE of 10.2% and forward-year dividend yield of 2.7%. The Fund ended the month with a cash weighting of 5.1%, down from 10.5% as at the end of May.
More Information	View Fund's Profile View Manager's Report

Performance Report: Laureola Investment Fund

31 Jul 2020 - Australian Fund Monitors

The Laureola Investment Fund returned +0.69% in June, taking performance over FY20 to +9.55% and performance since inception in May 2013 to +16.74% p.a. with an annualised volatility of 5.75%. The largest drawdown the Fund has experience...

31 Jul 2020 - Performance Report: Laureola Investment Fund

By: Australian Fund Monitors

Report Date	31 July 2020
Manager	Laureola Advisors
Fund Name	Laureola Investment Fund
Strategy	Life Settlements
Latest Return Date	June 2020
Latest Return	0.69%
Latest 6 Months	3.93%
Latest 12 Months	9.55%
Latest 24 Months (pa)	4.13%
Annualised Since Inception	16.74%
Inception Date	01 May 2013
FUM (millions)	US$61
Fund Overview	A 'Life Settlement' is the transfer of the ownership and beneficial interest in a life insurance policy to a third party. The policy owner transfers their rights to the policy in return for an immediate cash payment. The buyer of the policy is then responsible for its maintenance and will be entitled to receive the policy benefits from the insurance company upon maturity. 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	The Laureola Investment Fund returned +1.3% in June, taking performance over FY20 to +9.55% and performance since inception in May 2013 to +16.74% p.a. with an annualised volatility of 5.75%. The largest drawdown the Fund has experience since inception is -4.90%. Performance in June was driven by the maturities of 4 mid-sized life settlement policies with a combined face value of $1.5ml. The portfolio now holds 175 policies and is well diversified by all measures. 25% of policies are on insureds 80 years old or older, while the median Life Expectancy is only 49 months and 14% of the portfolio has Life Expectancies of 24 months or less. The largest number of insureds are in Florida and Texas, with Georgia and North Carolina also in the top 6. Laureola believe that in an unstable and uncertain world where governments try to control stock markets and yield curvs in the midst of pandemics, the self-generated returns and genuine non-correlation of Life Settlements are increasingly attractive.
More Information	View Fund's Profile View Manager's Report

Performance Report: Delft Partners Global High Conviction

31 Jul 2020 - Australian Fund Monitors

The Delft Global High Conviction Strategy rose +0.49% over the June quarter and as returned +14.46% p.a. with an annualised volatility of 11.81% since inception in August 2011. By contrast, AFM's Global Equity Index has returned +13.32%...

31 Jul 2020 - Performance Report: Delft Partners Global High Conviction

By: Australian Fund Monitors

Report Date	31 July 2020
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	-1.31%
Latest 6 Months	-9.97%
Latest 12 Months	-1.11%
Latest 24 Months (pa)	3.35%
Annualised Since Inception	14.46%
Inception Date	15 July 2011
FUM (millions)	AU$9.5
Fund Overview	The Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index. The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy.
Manager Comments	The Delft Global High Conviction Strategy rose +0.49% over the June quarter and as returned +14.46% p.a. with an annualised volatility of 11.81% since inception in August 2011. By contrast, AFM's Global Equity Index has returned +13.32% p.a. with an annualised volatility of 10.54% over the same period. The Strategy has achieved an average positive monthly return of +3.26 versus the Index's +2.96%. Delft noted their philosophy of not timing market exposure has helped them capture much of the market's recent rebound. They remain diversified with underweight positions in banks and oils, and overweight positions in 'true technology' companies such as KLA Tencor. Delft have a positive view of Japan and Asia which performed strongly in the market's rebound. During the quarter Delft sold Cisco and reinvested in Ciena Corp in the USA. They also sold Celanese Corp and reinvested in Bristol Myers. Notable price changes came from Hong Kong Exchange, KLA Tencor and General Mills. The Strategy remains unhedged for AUD$ based investors.
More Information	View Fund's Profile View Manager's Report

Performance Report: Ark Global Fund - Class B AUD Unhedged

31 Jul 2020 - Australian Fund Monitors

The Ark Global Fund (unhedged) rose +4.41% with a down-capture ratio of -53.38% over FY20. The negative down-capture ratio indicates that, on average, the Fund rose during the market's negative months. Since inception in July 2017, the...

31 Jul 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

By: Australian Fund Monitors

Report Date	31 July 2020
Manager	AI Funds Management Pty Ltd
Fund Name	Ark Global Fund - Class B AUD Unhedged
Strategy	Managed Futures
Latest Return Date	June 2020
Latest Return	-2.34%
Latest 6 Months	1.33%
Latest 12 Months	4.41%
Latest 24 Months (pa)	10.13%
Annualised Since Inception	11.67%
Inception Date	01 September 2019
FUM (millions)	AU$2.45
Fund Overview	The Ark Global Fund (AGF) invests in Fund One which is an open-ended exempted company incorporated with limited liability in the Cayman Islands with registration number 287801, with a Singapore Investment Manager called Swiss Asia Financial Services (SAFS). The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses.
Manager Comments	The Ark Global Fund (unhedged) rose +4.41% with a down-capture ratio of -53.38% over FY20. The negative down-capture ratio indicates that, on average, the Fund rose during the market's negative months. Since inception in July 2017, the Fund has returned +11.67% p.a. against AFM's Global Equity Index's annualised return of +10.26%. The Fund's up-capture and down-capture ratios for performance since inception, 16.41% and -69.36% respectively, highlight the Fund's capacity to achieve positive returns regardless of market direction. The best performing assets for the month were: Gold (+1.49% of NAV), Nikkey 225 (+1.39% of NAV) and SMI Index (+0.81% of NAV). The worst performing assets for the month were: AUD/USD (-0.66% of NAV), USD/CAD (-0.84% of NAV) and Euro Stoxx (-1.63% of NAV).
More Information	View Fund's Profile View Manager's Report

Performance Report: Loftus Peak Global Disruption Fund

30 Jul 2020 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund rose +2.65% in June, taking performance over FY20 to +27.67% versus AFM's Global Equity Index's +3.94%. Since inception in November 2016, the Fund has returned +23.47% p.a. against the Index's...

30 Jul 2020 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	30 July 2020
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	2.65%
Latest 6 Months	15.57%
Latest 12 Months	27.67%
Latest 24 Months (pa)	19.59%
Annualised Since Inception	23.47%
Inception Date	15 November 2016
FUM (millions)	AU$97.51
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk.
Manager Comments	The Loftus Peak Global Disruption Fund rose +2.65% in June, taking performance over FY20 to +27.67% versus AFM's Global Equity Index's +3.94%. Since inception in November 2016, the Fund has returned +23.47% p.a. against the Index's annualised return over the same period of +12.19%. The Fund's up-capture and down-capture ratios for performance since inception, 151.08% and 80.12% respectively, highlight its capacity to significantly outperform in both rising and falling markets. The June return was driven by solid contributions from Qualcomm, Apple and Tencent. Key detractors included Nutanix, Arista and Alphabet. The Australian dollar appreciated +3.7% over the month against the US dollar which meant the value of the Fund's US dollar positions decreased. As at 30 June 2020, the Fund carried a foreign currency exposure of 98%. At month-end, the Fund was 77.8% invested in 24 holdings with the balance in cash.
More Information	View Fund's Profile View Manager's Report

Performance Report: Australian Eagle Trust Long-Short Fund

30 Jul 2020 - Australian Fund Monitors

The Australian Eagle Trust Long-Short Fund rose +3.35% in June, outperforming the ASX200 Accumulation Index by +0.74% and taking quarterly performance to +23.11% against the Index's +16.48%. Since inception in July 2016, the Fund has...

30 Jul 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

By: Australian Fund Monitors

Report Date	30 July 2020
Manager	Australian Eagle Asset Management
Fund Name	Australian Eagle Trust Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	June 2020
Latest Return	3.35%
Latest 6 Months	1.67%
Latest 12 Months	4.60%
Latest 24 Months (pa)	10.29%
Annualised Since Inception	17.32%
Inception Date	27 June 2016
FUM (millions)
Fund Overview	The Australian Eagle Trust Long-Short Fund aims to achieve strong double digit returns by allowing clients to access Australian Eagle's demonstrated historical strength in constructing Australian share portfolios applied to a long-short product. Using a combination of Australian Eagle's actual long investment performance in conjunction with a short selling discipline, suggests that this product can provide strong investment returns along with an alpha performance that is negatively correlated to the broader Australian equity market.
Manager Comments	The Australian Eagle Trust Long-Short Fund rose +3.35% in June, outperforming the ASX200 Accumulation Index by +0.74% and taking quarterly performance to +23.11% against the Index's +16.48%. Over FY20, the Fund outperformed the Index by +12.28%. Since inception in July 2016, the Fund has returned +17.32% p.a. vs the Index's annualised return over the same period of +7.35%. The Fund's up-capture and down-capture ratios for performance since inception, 140.16% and 79.62% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Top contributors in June came from long positions in ResMed Inc, Oz Minerals Ltd and Pushpay Holdings Ltd, while the largest detractors included a long position in Altium Ltd and short positions in Bank of Queensland Ltd and Cleanaway Waste Management Ltd. The Fund ended the month with 31 long positions and 25 short positions, with the largest exposure being to medical devices & services and technology stocks. The Fund ended the month with relatively less exposure to banking and real estate stocks.
More Information	View Fund's Profile View Manager's Report

Performance Report: Ark Global Fund - Class B AUD Hedged

30 Jul 2020 - Australian Fund Monitors

The Ark Global Fund (hedged) returned +0.90% in June, taking performance since inception in July 2017 to +7.73% p.a. with an annualised volatility of 9.44%. Over the past 12 months, the Fund has achieved a down-capture ratio of -27.93%...

30 Jul 2020 - Performance Report: Ark Global Fund - Class B AUD Hedged

By: Australian Fund Monitors

Report Date	30 July 2020
Manager	AI Funds Management Pty Ltd
Fund Name	Ark Global Fund - Class B AUD Hedged
Strategy	Managed Futures
Latest Return Date	June 2020
Latest Return	0.90%
Latest 6 Months	-0.42%
Latest 12 Months	1.60%
Latest 24 Months (pa)	6.08%
Annualised Since Inception	7.73%
Inception Date	01 September 2019
FUM (millions)	AU$8.8
Fund Overview	The Ark Global Fund (AGF) invests in Fund One which is an open-ended exempted company incorporated with limited liability in the Cayman Islands with registration number 287801, with a Singapore Investment Manager called Swiss Asia Financial Services (SAFS). The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses.
Manager Comments	The Ark Global Fund (hedged) returned +0.90% in June, taking performance since inception in July 2017 to +7.73% p.a. with an annualised volatility of 9.44%. Over the past 12 months, the Fund has achieved a down-capture ratio of -27.93% which indicates that, on average, the Fund has risen during the market's negative months. This is also highlighted by the Fund's down-capture ratio for performance since inception of -55.51%. The best performing assets for the month were: Gold (+1.49% of NAV), Nikkey 225 (+1.39% of NAV) and SMI Index (+0.81% of NAV). The worst performing assets for the month were: AUD/USD (-0.66% of NAV), USD/CAD (-0.84% of NAV) and Euro Stoxx (-1.63% of NAV).
More Information	View Fund's Profile View Manager's Report

Performance Report: Quay Global Real Estate Fund

30 Jul 2020 - Australian Fund Monitors

The Quay Global Real Estate Fund returned -0.6% in June, with the underlying stocks returning +2.7% overall before the impact of currency (-3.3%). Since inception in January 2016, the Fund has returned +5.52% p.a. with an annualised return...

30 Jul 2020 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	30 July 2020
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	June 2020
Latest Return	-0.61%
Latest 6 Months	-14.82%
Latest 12 Months	-9.81%
Latest 24 Months (pa)	2.11%
Annualised Since Inception	5.52%
Inception Date	31 July 2014
FUM (millions)	AU$164.6
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 returned -0.6% in June, with the underlying stocks returning +2.7% overall before the impact of currency (-3.3%). Over the quarter the portfolio returned +8.1% in local currency terms, however this wasn't enough to offset the significant -11% impact from the rising $A. Since inception in January 2016, the Fund has returned +5.52% p.a. with an annualised return of +12.12%. Quay emphasise that short-term currency movements can act as either a tailwind or a headwind to performance. However, over time these currency movements become less relevant than the underlying operational performance of the investees. For the quarter, top contributors included STAG (US Industrial), Ventas (US Health) and Shurgard (European Storage). The largest detractors included Hysan (Hong Kong Diversified), Cubesmart (US Storage) and US cash. As at the end of June, the portfolio had relatively low cash (4%) and was invested across 27 companies. Quay noted the cash level is around the lowest in the Fund's history and the number of investees the equal highest. This reflects Quay's view of the attractive valuations currently on offer across their investment universe.
More Information	View Fund's Profile View Manager's Report

Performance Report: Glenmore Australian Equities Fund

29 Jul 2020 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +1.43% in June, taking quarterly performance to +29.70% versus the ASX200 Accumulation Index's +16.48%. Since inception in June 2017, the Fund has returned +15.45% p.a. against the Index's...

29 Jul 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 July 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	1.43%
Latest 6 Months	-14.47%
Latest 12 Months	-10.26%
Latest 24 Months (pa)	5.32%
Annualised Since Inception	15.45%
Inception Date	06 June 2017
FUM (millions)	AU$8
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 +1.43% in June, taking quarterly performance to +29.70% versus the ASX200 Accumulation Index's +16.48%. Over the quarter the Fund outperformed the Index by +13.22%. Since inception in June 2017, the Fund has returned +15.45% p.a. against the Index's annualised return of +5.10%. The Fund's up-capture ratio for performance since inception of 192.33% indicates that, on average, the Fund has risen almost twice as much as the market during the market's positive months. Top contributors during the month included Collins Foods (+17.8%), Alliance Aviation Services (+14.3%) and Opticomm (+6.3%). The most notable detractor was VGI Partners which fell -18.3% as they announced Douglas Tynan, a senior executive at the firm, would be leaving for undisclosed reasons. Glenmore noted that, while VGI Partners is a relatively small position for the Fund, they will continue to monitor the situation.
More Information	View Fund's Profile View Manager's Report

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31 Jul 2020 - Hedge Clippings | 31 July 2020

31 Jul 2020 - Performance Report: Touchstone Index Unaware Fund

31 Jul 2020 - Performance Report: Laureola Investment Fund

31 Jul 2020 - Performance Report: Delft Partners Global High Conviction

31 Jul 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

30 Jul 2020 - Performance Report: Loftus Peak Global Disruption Fund

30 Jul 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

30 Jul 2020 - Performance Report: Ark Global Fund - Class B AUD Hedged

30 Jul 2020 - Performance Report: Quay Global Real Estate Fund

29 Jul 2020 - Performance Report: Glenmore Australian Equities Fund

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