NEWS

Performance Report: DS Capital Growth Fund

7 Nov 2018 - Australian Fund Monitors

The DS Capital Growth Fund rose +2.1% over the September quarter, outperforming the ASX200 Accumulation Index by +0.6% and taking annualised performance since inception in January 2013 to +15.89%.

7 Nov 2018 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	07 November 2018
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-0.71%
Latest 6 Months	7.20%
Latest 12 Months	12.69%
Latest 24 Months	17.56%
Annualised Since Inception	15.89%
Inception Date	01 January 2013
FUM (millions)	AU$206.15
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 +2.1% over the September quarter, outperforming the ASX200 Accumulation Index by +0.6% and taking annualised performance since inception in January 2013 to +15.89% with an annualised volatility of 6.62%. By contrast, the ASX200 Accumulation Index has returned +10.39% per annum with an annualised volatility of 10.95% over the same period. The Fund's Sharpe and Sortino Ratios, 1.98 and 4.89 respectively, by contrast with the Index's Sharpe of 0.78 and Sortino of 1.14, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected. DS Capital noted that, during the quarter, they were focused on earnings results. Their view is that, although business conditions were reasonable, it remained challenging to find organic growth and outlook commentary was cautious. Positive contributors included NEXTDC, Baby Bunting and Seek. Detractors included Eclipx and Experience Co. DS Capital sold their holdings in Baby Bunting and Seek, however, they noted they continue to like Seek and will look to reinvest at an appropriate time. The Fund's cash level ranged between 20% - 25% over the quarter. DS Capital noted the risk of a trade war continues to influence investors and will take time to play out. Domestically, they are monitoring deterioration in business conditions after July's political turmoil and the decision by some major banks to lift mortgage rates. They are also watching for signs of accelerating inflation that, together with resulting higher interest rates, will have various implications for asset markets. They also believe the Australian dollar is likely to remain under pressure as further rate rises are expected in the US while Australian rates remain flat.
More Information	Fund Profile Manager's Report

Identitii - The baby in the bathwater

6 Nov 2018 - KIS Capital

Unless you've been living under a rock these past few years, you've undoubtedly been barraged by news of the 'latest and greatest' iterations of blockchain technology. Whether it be Bitcoin, Ethereum or any of the seemingly endless supply...

Fund Performance - How Averages Don't Tell the Full Story

5 Nov 2018 - Australian Fund Monitors

The old saying about averages that "when your head is in the freezer and your feet are in the oven, overall your temperature is average" is particularly relevant when looking at the investment returns of managed funds, when "average" can...

Performance Report: Bennelong Australian Equities Fund

5 Nov 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund has returned +20.41% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +14.20% per annum with an annualised volatility of 12.89%.

5 Nov 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 November 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-4.59%
Latest 6 Months	12.32%
Latest 12 Months	20.41%
Latest 24 Months	33.78%
Annualised Since Inception	14.20%
Inception Date	30 January 2009
FUM (millions)	AU$450.25
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 has returned +20.41% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +14.20% per annum with an annualised volatility of 12.89%. By contrast, the Index has returned +10.86% per annum with a volatility of 12.03% per annum over the same period. The Fund's up-capture and down-capture ratios, 121.09% and 94.88% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. Over the September quarter the Fund returned -2.3% versus the Index's +1.5%. In light of this, Bennelong emphasised that, over time, the quarter-to-quarter performances of the Fund have averaged out to provide clients with very attractive returns and expect that the Fund will continue to do so going forward. Overall, the companies in the portfolio reported strong results and gave reasonable guidance; one of the largest contributors for the quarter, and the largest portfolio position, was CSL Limited. However, in the case of a number of the Fund's larger positions, the market nevertheless reacted negatively which weighed heavily on the Fund's returns. Key detractors over the quarter included Costa Group, Flight Centre and Aristocrat Leisure. Read the Fund's latest quarterly report for their in-depth analysis and outlook for each of these companies. Bennelong noted they increased the Fund's weightings in Costa Group and Flight Centre during the quarter and remain invested in Aristocrat Leisure. Bennelong have neither a bearish or bullish outlook on the market. They see Australian equities to be relatively attractive, however, they still believe there is the need to remain selective. They remain constructive on the market for the following reasons - stock fundamentals look solid, valuations are relatively attractive and investor sentiment is supportive. They also believe there is always a need to be diligent and manage risk and thus have ensured the portfolio is well positioned on a risk/return basis.
More Information	Fund Profile Manager's Report

Hedge Clippings - 02 November, 2018

2 Nov 2018 - Australian Fund Monitors

Hedge Clippings was in Melbourne earlier this week, and amongst other things attended Super Ratings' Annual Superannuation Fund Conference and Awards...

2 Nov 2018 - Hedge Clippings - 02 November, 2018

By: Australian Fund Monitors

Hedge Clippings was in Melbourne earlier this week, and amongst other things attended Super Ratings' Annual Superannuation Fund Conference and Awards. As our readers would know, Hedge Clippings and www.fundmonitors.com has a focus on the managed fund sector, rather than superannuation funds, but for obvious reasons there's a strong alignment, or at least a common area of interest, between the two.

It was, as usual, a well organised, informative and interesting event. Labelled the Super Ratings "Day of Confrontation", it featured presentations from the CEO of Richmond Football Club, and also the new Assistant Treasurer, the Hon. Stuart Robert MP, who looked and sounded somewhat familiar. Although yours truly couldn't quite place him, we put that down to his relatively recent appointment following the unfortunate shenanigans within the Liberal Party.

Mr Robert was certainly forthright, and a strong proponent of choice when it came to employees being able to select where their superannuation contributions were directed. Just as well, for we also heard there are 622 superannuation products available in Australia and NZ, that 28% of accounts have balances of less than $10,000, and that one quarter of them are unsustainable.

As one of the panel speakers commented, 40% of the population have literacy levels that make understanding issues difficult, and financial illiteracy levels are double that. One was left wondering if member choice is actually a good thing, but as the majority of those in the room were from industry super funds, Hedge Clippings thought it wise not to raise that question - at least not out loud.

Mr Robert seemed to be on a verbal roll (he is a politician after all), but then surprisingly seemed to contradict himself by saying the best place to have been invested over the past 10 years would have been in an ASX Index ETF, which of course requires no active investment skills at all and would have lost 6% in October alone. This point was no doubt not well received by the assembled audience of award winning super fund managers and trustees, but we assume they too were too polite to question his judgement in this regard.

However, while we all like the idea of choice, it is not necessarily beneficial, particularly taking some of the points above; 622 products is one hell of a choice, especially if financial literacy is at best a rare commodity, and more than a quarter of accounts have balances of less than $10,000. One would have thought all those accounts could be collectively managed by the Future Fund, at minimal cost (or zero fees), whose returns have been close to double that of the average industry or for-profit super fund.

As noted above, we had trouble placing the strongly opinionated Assistant Treasurer, the Hon Stuart Robert. However, he seemed to pop up all over the place later in the week at all sorts of presentations and events, all in front (and centre) of the media. Eventually Uncle Google came to our rescue with this link.

He's the MP with a Masters Degree in Information Technology who has been charging the tax payer around $2,000 a month in home internet usage, totalling almost $38,000. We presume he had a choice of internet service provider, but judging by the cost, didn't do his research very well.

Track Record - The Analyst's Friend or Foe?

2 Nov 2018 - Australian Fund Monitors

Generally speaking, managed funds are required to have a minimum track record of 3 years, preferably 5, before being able to achieve a recommended rating and thus make it onto the prized Approved Product Lists or APL's of platforms and...

Performance Report: Bennelong Kardinia Absolute Return Fund

2 Nov 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund has returned +10.16% p.a. since inception in May 2006 versus the ASX200 Accumulation Index's +5.93%. This has been achieved with approximately half the market's volatility.

2 Nov 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	02 November 2018
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	September 2018
Latest Return	-1.93%
Latest 6 Months	0.99%
Latest 12 Months	4.46%
Latest 24 Months	6.09%
Annualised Since Inception	10.16%
Inception Date	01 May 2006
FUM (millions)	AU$191.3
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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 Bennelong Kardinia Absolute Return Fund has returned +10.16% p.a. since inception in May 2006 versus the ASX200 Accumulation Index's +5.93%. This has been achieved with approximately half the market's volatility. The Fund's return in September of -1.93% was impacted significantly by holdings in CSL and Aristocrat which offset good performance in mining stocks. Top contributors included Whitehaven Coal (+34bp contribution), Seven Group (+30bp), Rio Tinto (+29bp), Computershare (+10bp) and Independence Group (+9bp). Detractors included CSL (-60bp), Aristocrat Leisure (-41bp), Afterpay Touch (-24bp) and Qantas (-17bp). Net equity market exposure was decreased from 55.2% to 29.9% (64.5% long and 34.5% short), with the key changes being the sale of Viva Energy and Afterpay Touch, a lower weighting in CSL, and new short positions in financial and infrastructure stocks and Share Price Index Futures.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Insync Global Capital Aware Fund

1 Nov 2018 - Australian Fund Monitors

The Insync Global Capital Aware Fund has risen +21.16% over the past 12 months (after the cost of fees and protection) versus the Global Equity Index's +19.91%.

1 Nov 2018 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	01 November 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-1.03%
Latest 6 Months	11.97%
Latest 12 Months	21.16%
Latest 24 Months	34.74%
Annualised Since Inception	10.69%
Inception Date	07 October 2009
FUM (millions)	AU$28.7
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Capital Aware Fund is a concentrated portfolio of large cap global companies with downside protection. 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	The Insync Global Capital Aware Fund has risen +21.16% over the past 12 months (after the cost of fees and protection) versus the Global Equity Index's +19.91%. Over the quarter, the Fund has returned +3.69% after the cost of fees and protection. In September the Fund returned -1.03% after fees and protection. Top contributors included Boston Scientific, Stryker Corp, Visa and Twenty-First Century Fox. The main negative contributors were Heineken, S&P Global, PayPal and Facebook. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Insync continues to utilise 'out of the money' index put options to buffer sharp falls in equity markets for the protected option of the fund. Insync noted they maintain a positive outlook on their stock holdings. They believe the Fund's holdings will continue to benefit from global 'Megatrends' despite trade wars and rate rises. Insync's valuation approach, which seeks to capture the long-term growth of these companies, continues to show a valuation discount. Should markets continue to perform well, the portfolio of stocks will participate in the rally. However, more importantly, if the market suffers a significant correction then the Fund has a downside strategy in place.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: KIS Asia Long Short Fund

31 Oct 2018 - Australian Fund Monitors

The KIS Asia Long Short Fund rose +0.18% in September, outperforming the ASX200 Accumulation Index by +1.44%. Since inception in October 2009, the Fund has returned +12.88% per annum versus the market's 7.67%.

31 Oct 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	31 October 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	September 2018
Latest Return	0.18%
Latest 6 Months	0.12%
Latest 12 Months	5.90%
Latest 24 Months	10.91%
Annualised Since Inception	12.88%
Inception Date	01 October 2009
FUM (millions)	AU$90.12
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Asia Long Short Fund rose +0.18% in September, outperforming the ASX200 Accumulation Index by +1.44%. Since inception in October 2009, the Fund has returned +12.88% per annum with an annualised volatility of only 5.16%. By contrast, the Index has returned +7.67% p.a. with an annualised volatility of 11.45% over the same period. The Fund's Sharpe and Sortino ratios, 1.87 and 4.24 respectively, by comparison with the Index's Sharpe of 0.46 and Sortino of 0.60, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst focusing heavily on avoiding the market's downside. This is also supported by the Fund's down-capture ratio since inception of -95%, indicating that the Fund, on average, has risen during the months the market has fallen. During the month the Fund benefited from long call option positions on the HSECI. KIS noted being long an index is unusual for them as they usually have an excess of long ideas that need to be hedged and hence are short indices. Due to weakness in the Hong Kong markets in the first half of September KIS stopped out of various equity long positions. To avoid the risk of a snap back in the market leading to losses on unhedged short equities KIS bought calls and, in tandem with having been short futures earlier in the month, this contributed +0.22%. Across all of the Fund's index hedges, the rest of which were either short futures or long puts, the Fund generated a total of +0.29%. Other positive contributors included GTN Ltd (+0.23%) and SembCorp Marine Ltd (+0.23%). KIS remain long GTN Ltd and have exited their long position in SembCorp Marine Ltd. Key detractors included Telstra (-0.23%) and Vocus (-0.21%). KIS still see the telecom industry in severe difficulty and expect operators such as TPG Telecom (a significant previous contributor delivering +1.06% on the quarter) to compete fiercely on price to gain market share. The Fund also suffered a -1.08% loss on a long position in Aveo Group (AOG.AX). KIS significantly reduced their holding in AOG after the Four Corners report on poor conditions for aged care residents and the Prime Minister's response of a Royal Commission. They believe the timeline for the Royal Commission would lead to a delay in any developments at AOG.AX.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund September 2018

30 Oct 2018 - 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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NEWS

7 Nov 2018 - Performance Report: DS Capital Growth Fund

6 Nov 2018 - Identitii - The baby in the bathwater

5 Nov 2018 - Fund Performance - How Averages Don't Tell the Full Story

5 Nov 2018 - Performance Report: Bennelong Australian Equities Fund

2 Nov 2018 - Hedge Clippings - 02 November, 2018

2 Nov 2018 - Track Record - The Analyst's Friend or Foe?

2 Nov 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

1 Nov 2018 - Performance Report: Insync Global Capital Aware Fund

31 Oct 2018 - Performance Report: KIS Asia Long Short Fund

30 Oct 2018 - Fund Review: Insync Global Capital Aware Fund September 2018

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