NEWS

19 Nov 2019 - Performance Report: Bennelong Long Short Equity Fund
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX. |
| Manager Comments | Bennelong noted there was a significant amount of news flow during the month, with many companies providing a trading update with their AGMs. Overall, both long and short portfolios were on the right side of company news. Positive returns were spread across a wide range of pairs from all sectors while negative pairs made a modest contribution. Top contributing pairs included long BlueScope (BSL)/ short Sims Metal (SGM), long Qantas (QAN) / short Flight Centre (FLT) and long Iluka (ILU) / short RIO. |
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18 Nov 2019 - The investment case for EML just got stronger

18 Nov 2019 - Performance Report: Loftus Peak Global Disruption Fund
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| Fund Overview | 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 | Top contributors during the month included Apple, Tesla and Nvidia. Key detractors included Mercadolibre, Tencent and Xilinx. The Australian dollar appreciated +2.2% against the US dollar, resulting in the Fund's US dollar positions decreasing. As at 31 October 2019, the Fund carried a foreign currency exposure of 96%. At month end, the Fund was 92% invested in 20 holdings with the balance in cash. |
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15 Nov 2019 - Hedge Clippings | 15 November 2019
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15 Nov 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund
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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 | The Fund returned -0.73% in October, with gold stocks dragging on performance. Top contributors included CSL, Lifestyle Communities, City Chic, Imdex and Rhipe. The individual short book made a positive contribution of +12bp driven by shorts in technology and resources stocks. Detractors included Cleanaway, Northern Star, Evolution, Boral and Nickel Mines. Net equity market exposure was increased from 47.9% to 49.6% (57.4% long and 7.8% short), with the key changes being new positions in National Australia Bank, EML Payments, Pointsbet, nanosonics and Imdex, increased weightings in CSL and Rio Tinto, partially offset by the sale of Boral, Corporate Travel, Cleanaway and Worley. |
| More Information |

14 Nov 2019 - Fund Review: Bennelong Long Short Equity Fund October 2019
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 16-years' track record and an annualised returns of 15.37%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.92 and 1.52 respectively.
For further details on the Fund, please do not hesitate to contact us.
13 Nov 2019 - New Funds on Fundmonitors.com
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New Funds on Fundmonitors.com |
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| Alexander Fixed Income Fund | ||||
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| Bombora Special Investments Growth Fund | ||||
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| Karara Market Neutral Plus Strategy | ||||
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| Aquasia Private Investment Fund | ||||
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| SG Hiscock & Company |
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We've recently added 5 funds managed by SG Hiscock & Company to our database. SG Hiscock & Company (SGH) is a boutique investment manager based in Melbourne, Australia. It was established in August 2001 and is 100% owned by its staff. The team has worked together for over 10 years and use their trademarked investment style (ValueActiveTM). The ValueActiveTM investment process combined in depth valuation analysis with a forensic approach to company research, market fundamentals and insights. Follow the links below to view each profile - SG Hiscock Australia Plus Fund SG Hiscock Emerging Companies Fund |
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12 Nov 2019 - Beauty is in the eye of the investor!

8 Nov 2019 - Hedge Clippings | 08 November 2019
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8 Nov 2019 - Performance Report: Loftus Peak Global Disruption Fund
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| Fund Overview | 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 Fund returned -2.54% in September. Top contributors included Apple, Google and Nutanix, while Netflix, Blackberry and Xilinx all detracted from performance. The Australian dollar appreciated +0.1% over the month against the US dollar, which meant the value of the Fund's US dollar positions decreased. As at 30 September 2019, the Fund carried a foreign currency exposure of 95%. At month end, the Fund was 87% invested in 20 holdings with the balance in cash. |
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