Performance Report: Surrey Australian Equities Fund

29 Nov 2019 - Australian Fund Monitors

The Surrey Australian Equities Fund returned -1.69% after fees in October, taking performance CYTD to +19.42%. The portfolio ended the period with 37 individual stock holdings and a cash balance of 6%.

29 Nov 2019 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 November 2019
Manager	Surrey Asset Management Pty Ltd
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	-1.69%
Latest 6 Months	1.50%
Latest 12 Months	13.70%
Latest 24 Months (pa)
Annualised Since Inception	4.34%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. 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 Surrey Australian Equities Fund returned -1.69% after fees in October, taking performance CYTD to +19.42%. The portfolio ended the period with 37 individual stock holdings and a cash balance of 6%. The Fund's top holdings included Cooper Energy Ltd (COE), IMF Group (IMF), Jumbo Interactive (JIN), Smart Group (SIQ) and Xero Limited (XRO). The majority of the Fund's holdings have a market capitalisation of less than $1bn, with the Industrials and IT sectors carrying the greatest weighting. Surrey Asset Management noted that, overall, they remain pleased with the operational performance of the companies within their portfolio. Some exceptions include Costa Group (CGC) and IMF Bentham (IMF). The Manager has reduced the Fund's exposure to Costa Group and noted they don't believe the current IMF share price represents its true long-term value. While IMF and CGC negatively impacted the Fund's performance, Surrey Asset Management remain comfortable with both positions at current levels. They discuss both in detail in their latest monthly report while also highlighting the franking credits they received by retaining the Fund's holding in GBST (GBT) into its final takeover.
More Information	Fund Profile Manager's Report

Performance Report: Paragon Australian Long Short Fund

29 Nov 2019 - Australian Fund Monitors

The Paragon Australian Long Short Fund has returned +10.08% p.a. since inception in March 2013, outperforming the ASX200 Accumulation Index by +1.37% on an annualised basis.

29 Nov 2019 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	29 November 2019
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	October 2019
Latest Return	-1.60%
Latest 6 Months	19.22%
Latest 12 Months	17.95%
Latest 24 Months (pa)	-5.19%
Annualised Since Inception	10.08%
Inception Date	28 February 2013
FUM (millions)	AU$35.9
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 has returned +10.08% p.a. since inception in March 2013, outperforming the ASX200 Accumulation Index by +1.37% on an annualised basis. The Fund's capacity to significantly outperform in falling markets is highlighted by its down-capture ratio for performance since inception of 42.2%. The Fund returned -1.6% after fees in October, in line with all Australian indices. Paragon noted October was a challenging month as they saw a continuing rotation of value to growth stocks. Positive contributors included Alacer Gold, Xero and PointsBet. These were offset by declines in Jumbo, Prospa and the Fund's other gold holdings. Adriatic and PointsBet both conducted successful capital raisings to fund growth initiatives. Xero delivered another solid interim result and Alacer released another excellent quarterly result, both continuing to break multi-year highs, and remain key long positions for the Fund. Paragon discuss their views on Xero and Alacer in more depth in their latest report.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Twenty20 Australian Equities Fund October 2019

29 Nov 2019 - Australian Fund Monitors

The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.

Retirement income policy - issues & background

28 Nov 2019 - Gyrostat Capital Management

This paper: - Identifies two key issues that Gyrostat believes would, if appropriately addressed, progress the development of retirement income products. - Provides a summary of the retirement income policy development in...

Presentation - Gyrostat Absolute Return Income Equity Fund

28 Nov 2019 - Gyrostat Capital Management

The Fund is designed for retiree income with protection, and to address sequencing risk. The distinctive features are 'hard' protection always in place and a track record of returns increasing with market volatility. Gyrostat...

Performance Report: 4D Global Infrastructure Fund

28 Nov 2019 - Australian Fund Monitors

Bennelong's 4D Infrastructure Fund posted a positive return of 0.06% in October, taking YTD performance to 26.57% without a negative monthly return. Over 12 months the fund has returned 27.03%, almost 20% above the fund's benchmark return...

28 Nov 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	28 November 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	October 2019
Latest Return	0.06%
Latest 6 Months	8.78%
Latest 12 Months	27.03%
Latest 24 Months (pa)	13.12%
Annualised Since Inception	14.34%
Inception Date	07 March 2016
FUM (millions)	AU$65.63
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	Bennelong's 4D Infrastructure Fund posted a positive return of 0.06% in October, taking YTD performance to 26.57% without a negative month. Over 12 months the fund has returned 27.03%, almost 20% above the fund's benchmark return of OECD G7 Inflation +5.5%. Despite a slowing global environment, 4D remain confident in their overweight exposure to user pays assets, although ongoing geopolitical issues are of concern to certain regions such as the UK and Hong Kong. 4D maintain a very positive outlook for global listed infrastructure over the medium term, given the number of powerful macro forces at play which will continue to support the sector, including a huge underinvestment in infrastructure around the world over the past 30 years. In addition, the world's population is expected to grow by 53% by the end of this century, which will be accompanied by an emerging middle class, especially in Asia, which combined will compel new, improved and expanded infrastructure around the world. At the end of October, the Fund held 26% exposure to North America, 35% to Developed Europe, and 32% to Emerging Markets, and 7% in cash.
More Information	Fund Profile Manager's Report

Performance Report: DS Capital Growth Fund

28 Nov 2019 - Australian Fund Monitors

DS Capital reported a return of 1.57% for the month of October, taking 12 month performance to 19.9%. Since inception in January 2013 the fund has returned investors 15.34% with volatility just 7.13% for a Sharpe ratio of 1.79%.

28 Nov 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	28 November 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	1.57%
Latest 6 Months	8.68%
Latest 12 Months	19.97%
Latest 24 Months (pa)	11.84%
Annualised Since Inception	15.34%
Inception Date	01 January 2013
FUM (millions)	AU$238
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value.
Manager Comments	DS Capital reported a return of 1.57% for the month of October, taking 12 month performance to 19.9%. Since inception in January 2013 the fund has returned investors 15.34% with volatility of just 7.13% for a Sharpe ratio of 1.79%. The Manager's quarterly report to the end of September noted that the fund started the financial year well, enjoying a strong quarter with the main influence on stock markets during the quarter continuing to be interest rates, ongoing trade negotiations between the US and China, and the slowdown in global economic growth. The quarter featured many full year earnings results. In general, profit improvement was modest, outlook guidance disappointed more than usual, and growth expectations became more measured. The uncertain geopolitical environment saw investors focus closely on outlook commentary and any negativity saw share prices punished. Fortunately, most of the Fund's holdings delivered good results that were in line with our expectations with the main exception being cinema software provider, Vista Group. The Funds discretionary consumer businesses performed well with both Zip Money and Collins Foods reporting strong results.
More Information	Fund Profile Manager's Report

Performance Report: Australian Eagle Trust Long-Short Fund

27 Nov 2019 - Australian Fund Monitors

The Australian Eagle Trust Long-Short Fund has risen +29.49% over the past 12 months against the ASX200 Accumulation Index's +19.29%. Since inception in July 2016, the Fund has returned +19.83% p.a. versus the Index's +12.19%.

27 Nov 2019 - Performance Report: Australian Eagle Trust Long-Short Fund

By: Australian Fund Monitors

Report Date	27 November 2019
Manager	Australian Eagle Asset Management
Fund Name	Australian Eagle Trust Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	October 2019
Latest Return	-0.34%
Latest 6 Months	9.86%
Latest 12 Months	29.49%
Latest 24 Months (pa)	15.94%
Annualised Since Inception	19.83%
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 returned -0.34% in October, in line with the Index's -0.35%. The Fund has risen +29.49% over the past 12 months against the ASX200 Accumulation Index's +19.29%. Since inception in July 2016, the Fund has returned +19.83% p.a. versus the Index's +12.19%. The Fund's Sharpe and Sortino ratios, 1.53 and 2.89 respectively, by contrast with the Index's Sharpe of 1.18 and Sortino of 2.01, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. The Fund's up-capture and down-capture ratios, 133.1% and 71.0% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets since inception. Over the September quarter, the Fund returned +1.26%. The long side of the portfolio contributed positively while the short side of the portfolio detracted from performance. Positive individual contributors included CYBG (short), Treasury Wine Estates (long) and ResMed (long). Key detractors included James Hardie (short), Domino's Pizza Enterprise (short) and Flight Centre (short).
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

27 Nov 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund returned +0.29% in October, outperforming the ASX200 Accumulation Index by +0.64% and taking annualised performance since inception in November 2009 to +10.60% versus the Index's +8.33%.

27 Nov 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 November 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	0.29%
Latest 6 Months	10.29%
Latest 12 Months	19.75%
Latest 24 Months (pa)	10.82%
Annualised Since Inception	10.60%
Inception Date	02 December 2015
FUM (millions)	AU$6.78
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. 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 Bennelong Twenty20 Australian Equities Fund returned +0.29% in October, outperforming the ASX200 Accumulation Index by +0.64% and taking annualised performance since inception in November 2009 to +10.60% versus the Index's +8.33%. The Fund's up-capture and down-capture ratios for performance since inception, 108.5% and 94.2% respectively, highlight the Fund's capacity to outperform in both rising and falling markets. As at the end of October, the Fund's weightings were increased in the Discretionary, Health Care and Industrials sectors, and decreased in the Consumer Staples, Communication, REIT's, IT, Energy, Financials and Materials sectors. The Fund's top holdings included Commonwealth Bank, CSL, BHP Billiton, Westpac Banking, National Australia Bank, Goodman, ANZ and Aristocrat Leisure.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Insync Global Capital Aware Fund October 2019

26 Nov 2019 - Australian Fund Monitors

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

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29 Nov 2019 - Performance Report: Surrey Australian Equities Fund

29 Nov 2019 - Performance Report: Paragon Australian Long Short Fund

29 Nov 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2019

28 Nov 2019 - Retirement income policy - issues & background

28 Nov 2019 - Presentation - Gyrostat Absolute Return Income Equity Fund

28 Nov 2019 - Performance Report: 4D Global Infrastructure Fund

28 Nov 2019 - Performance Report: DS Capital Growth Fund

27 Nov 2019 - Performance Report: Australian Eagle Trust Long-Short Fund

27 Nov 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

26 Nov 2019 - Fund Review: Insync Global Capital Aware Fund October 2019

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