Performance Report: Glenmore Australian Equities Fund

23 May 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +6.88% in April, outperforming the ASX200 Accumulation Index by +4.51% and taking annualised performance since inception to +28.14% versus the Index's +9.85%.

23 May 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	23 May 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	6.88%
Latest 6 Months	17.43%
Latest 12 Months	24.75%
Latest 24 Months (pa)
Annualised Since Inception	28.14%
Inception Date	06 June 2017
FUM (millions)	AU$6.5
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 +6.88% in April, outperforming the ASX200 Accumulation Index by +4.51% and taking annualised performance since inception to +28.14% versus the Index's +9.85%. The Fund's Sharpe and Sortino ratios, 1.80 and 3.21 respectively, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst also avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios of 204.21% and 71.10% respectively indicate that, on average, the Fund has outperformed in both rising and falling markets. Top contributors in April included Jumbo Interactive (+32.7%), NRW Holdings (+24.4%), Magellan Financial Group (+22.5%), Stanmore Coal (+16.4%), Pinnacle Investment Management (+15.1%), Charter Hall Education Trust (+7.2%) and Bravura Solutions (+5.5%). Detractors included Mastermyne (-7.5%) and Atlas Arteria (-3.0%). Glenmore noted the strong rally in equities in 2019 has resulted in valuations in a number of the Fund's key stocks becoming less attractive, resulting in the Fund's holdings in those stocks being trimmed. They added that, despite the lessening valuation appeal, their positive short and medium-term view on the earnings outlook has led to them maintaining a holding in these stocks.
More Information	Fund Profile Manager's Report

Performance Report: DS Capital Growth Fund

22 May 2019 - Australian Fund Monitors

The DS Capital Growth Fund rose +5.76% in April, outperforming the ASX200 Accumulation Index by +3.39% and taking annualised performance since inception in December 2012 to +15.13% versus the Index's +10.10%.

22 May 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	22 May 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	5.76%
Latest 6 Months	10.38%
Latest 12 Months	11.29%
Latest 24 Months (pa)	10.70%
Annualised Since Inception	15.13%
Inception Date	01 January 2013
FUM (millions)	AU$216
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	The DS Capital Growth Fund rose +5.76% in April, outperforming the ASX200 Accumulation Index by +3.39% and taking annualised performance since inception in December 2012 to +15.13% versus the Index's +10.10%. This return has been achieved with an annualised volatility of 7.33% versus the Index's 11.13%. The Fund's Sharpe and Sortino ratios, 1.71 and 3.51 respectively, by contrast with the Index's Sharpe ratio of 0.75 and Sortino ratio of 1.09, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. Regarding the activity of a few of the Fund's holdings over the month: Credit Corp raised $125m to accelerate its US opportunity which DS Capital think could materially grow earnings over the next few years. Kogan announced a strong trading update in April featuring solid growth on gross transaction value and is demonstrating strong EBITDA leverage. Experience Co was weaker with soft Cairns Airport traffic numbers weighing on investor confidence of near term improvement in the region. DS Capital's view is that with the uncertainty of the Australian Federal Election behind us investors will focus on global and domestic economic conditions and related interest rates. They believe softer economic growth will maintain pressure on interest rates that have fallen since October 2018, deferring a return to higher rates that seemed likely just six months ago. While lower interest rates are theoretically favourable for equity markets, they add, weaker economic conditions can make it more difficult for businesses to grow earnings. They noted this was evident in the recent reporting season which, together with a recent lift in share prices, gives DS Capital cause for caution. They expect continuing volatility from the US-China trade tensions. Post reporting season company meetings, DS Capital have compiled a shopping list of businesses that they would like to own or add to their current holdings. They are seeing new opportunities and have a current cash holding of 20%. They noted they will take these opportunities sparingly.
More Information	Fund Profile Manager's Report

Test news

22 May 2019 - test - AFM Prism Capital

test

KLA Tencor - Part of the 4th Industrial Revolution

22 May 2019 - Robert Swift - Delft Partners Global Investment Management

Where can I find a company making a profit; paying a dividend; on a reasonable valuation and yet not have to give up being part of the '4th Industrial Revolution'? We discuss this through a new acquisition in the Global High Conviction...

Performance Report: 4D Global Infrastructure Fund

22 May 2019 - Australian Fund Monitors

The 4D Infrastructure Fund rose +3.16% in April, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.83%. Since inception in March 2016, the Fund has returned +13.73% per annum.

22 May 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	22 May 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	April 2019
Latest Return	3.16%
Latest 6 Months	16.78%
Latest 12 Months	16.36%
Latest 24 Months (pa)	13.37%
Annualised Since Inception	13.73%
Inception Date	07 March 2016
FUM (millions)	AU$36.96
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 Infrastructure Fund rose +3.16% in April, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.83%. Since inception in March 2016, the Fund has returned +13.73% per annum with a volatility of 9.55%. The strongest portfolio performer in April was global port operator DP World (+25%). The weakest performer was Brazilian toll road operator Ecorodovias (-15.4%). 4D noted that, despite a slowing global macro environment, it remains in positive territory and supportive of the Fund's bias towards user pay assets which have a direct correlation to macro. They also believe with Fed rate hikes stalled, emerging markets should see a recovery. However, they remain cautious of ongoing geo-political issues and have positioned accordingly.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Australian Equities Fund

21 May 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +3.72% in April, outperforming the ASX200 Accumulation Index by +1.35% and taking annualised performance since inception to +13.61%.

21 May 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 May 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	3.72%
Latest 6 Months	12.26%
Latest 12 Months	10.18%
Latest 24 Months (pa)	12.79%
Annualised Since Inception	13.62%
Inception Date	30 January 2009
FUM (millions)	AU$498.94
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 rose +3.72% in April, outperforming the ASX200 Accumulation Index by +1.35% and taking annualised performance since inception in February 2009 to +13.61%. The Fund's up-capture and down-capture ratios since inception, 122.21% and 96.55% respectively, highlight the Fund's capacity to outperform in both rising and falling markets over the long-term. As at the end of April, the Fund's weightings had been increased in the Discretionary, Consumer Staples, IT, Industrials and Financials sectors, and decreased in the Health Care, Materials and REIT's sectors. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. By comparison with the ASX300 Accumulation Index, the Fund's holdings, on average, have a higher Return on Equity and lower Debt/Equity (Premium Quality), higher sales growth and higher EPS growth (Superior Growth), and higher Price/Earnings and lower dividend yield (Reasonable Valuation). This indicates that the Fund's portfolio is in line with Bennelong's objective.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund April 2019

21 May 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...

Performance Report: Spectrum Strategic Income Fund

20 May 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund rose +0.31% in April, outperforming the average RBA Cash Rate by +0.18% and taking annualised performance since inception to +8.03%.

The New Zealand electricity company with a high and increasing dividend yield

20 May 2019 - Chris Tan - Pengana Capital Group

From an investment point of view, the New Zealand electricity industry can be considered as far more predictable and future-proof than that of most countries and certainly that of Australia.

Monday Hedge Clippings - Better late than never!

20 May 2019 - Australian Fund Monitors

Hedge Clippings was missing in action for last Friday's edition; maybe we had a premonition that any predictions might put the kybosh on the Sco-Mo Miracle. However, we did feel some-what vindicated when reminded of the poem included in...

20 May 2019 - Monday Hedge Clippings - Better late than never!

By: Australian Fund Monitors

Hedge Clippings | Friday 20 May, 2019

Monday Hedge Clippings - Better late than never!

Hedge Clippings was missing in action for last Friday's edition; maybe we had a premonition that any predictions might put the kybosh on the Sco-Mo Miracle. However, we did feel some-what vindicated when reminded of the poem included in Hedge Clippings on 23rd March, 2018 - almost 14 months ago. While there were other factors in the Liberal's success over the weekend, there's no doubt that Shorten's plan of taxing franking credits, and Bowen's encouragement to those who didn't like the plan to vote against it, cost the labour party dearly.

So, as requested by one eagle eyed recipient, we have reproduced our now prescient poem below:

Wee Willie Short-One was looking for a plan,
to soak the rich and famous and so help the common man;
With an election 'round the corner, it's a chance he couldn't miss,
He tried it with his Mediscare, it might just work with this:

"I know!" he says to Albo, (who's breathing down his neck),
"What about the pensioners, they're fair game - what the heck!
Best of all I'm sure they're Libs, so wouldn't vote for us,
We'll call it taxing millionaires, that'll not cause so much fuss."

No matter that they worked for years to put some funds away,
or started up a super fund just for that rainy day.
"Look at all the franking credits they're getting back in cash -
They'll whinge a bit, poor old folk, but few teeth left to gnash."

"But best of all OUR super's safe, indexed and inflation free,
Fifteen percent and guaranteed, it won't hurt you and me.
If it works I'll get a pension, gold pass, driver and a car,
But only if I make PM - if I can only get that far…"

But Willie's got his facts wrong, as pollies often do,
Didn't understand the people his franking tax will screw,
There's lots of labour voters who he forgot to note,
Have also put some shares away - and bloody hell! they'll vote!

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23 May 2019 - Performance Report: Glenmore Australian Equities Fund

22 May 2019 - Performance Report: DS Capital Growth Fund

22 May 2019 - Test news

22 May 2019 - KLA Tencor - Part of the 4th Industrial Revolution

22 May 2019 - Performance Report: 4D Global Infrastructure Fund

21 May 2019 - Performance Report: Bennelong Australian Equities Fund

21 May 2019 - Fund Review: Insync Global Capital Aware Fund April 2019

20 May 2019 - Performance Report: Spectrum Strategic Income Fund

20 May 2019 - The New Zealand electricity company with a high and increasing dividend yield

20 May 2019 - Monday Hedge Clippings - Better late than never!

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