China - no hard landing - yet

31 Aug 2018 - Damien Wood, Spectrum Asset Management

China's government controls China's economy. The debt reform initiatives the Chinese government started in recent years were bearing nasty, but not unexpected, consequences. The fallout was accelerating of late. Those reforms have now lost...

Performance Report: Quay Global Real Estate Fund

31 Aug 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund has returned +14.47% per annum since inception in July 2014 versus the Global Equity benchmark's return of +13.81% p.a. over the same period.

31 Aug 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	31 August 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	July 2018
Latest Return	-0.30%
Latest 6 Months	13.60%
Latest 12 Months	16.10%
Latest 24 Months	11.93%
Annualised Since Inception	14.47%
Inception Date	31 July 2014
FUM (millions)	AU$28
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 has returned +14.47% per annum since inception in July 2014 versus the Global Equity benchmark's return of +13.81% p.a. over the same period. In July the Fund returned -0.3%, with a local return of +0.4% before factoring in the effect of currency. Top contributors included Empiric Student Property (UK). Laggards included Cubesmart and Scentre Group. Quay believe the market is divided on Scentre Group's prospects, however, their view is that Scentre is well positioned to deliver very attractive total returns with its uniquely positioned business model and high-quality assets. Quay have been satisfied with their investees' results throughout reporting season. Most of the Fund's investees are meeting or exceeding Quay's expectations and lifting guidance. They highlight the sharp decline in new home sales in the US (an eight month low) as rising construction costs and higher interest rates reduce affordability. Quay see that this is an indication the environment is ripe for the residential accommodation sector. They're beginning to see this play out in recent results, with Multifamily/Apartment REITs reporting a clear improvement in rental growth occupancy. Quay believe that the industrial sector is the most likely real estate sector to be impacted by trade and tariffs. However, the Fund's exposure is relatively small due to near euphoric valuation and a clear surge in new supply, particularly in the US.
More Information	Fund Profile Manager's Report

IS VALUE INVESTING DEAD?

31 Aug 2018 - Morphic Asset Management

Tech stocks and growth investing have profited from 30 golden years. So is this the end of value investing?

Launch Press Release

31 Aug 2018 - Emanuel Datt, Datt Capital

Datt Capital, a Melbourne based Alternative Asset manager, announces the launch of a new fund, Datt Capital Absolute Return Fund. The Fund is a concentrated multi-asset, multi-strategy fund utilising a dynamic, integrated asset allocation approach.

Performance Report: Bennelong Twenty20 Australian Equities Fund

30 Aug 2018 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +0.66% in July, taking 12-month performance to +19.67% versus the ASX200 Accumulation Index's +14.59%.

30 Aug 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	30 August 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	0.66%
Latest 6 Months	8.04%
Latest 12 Months	19.67%
Latest 24 Months	27.68%
Annualised Since Inception	11.04%
Inception Date	02 December 2015
FUM (millions)	AU$3.93
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 rose +0.66% in July, taking 12-month performance to +19.67% versus the ASX200 Accumulation Index's +14.59%. Since inception in November 2009, the Fund has returned +11.04% p.a. versus the Index's +8.14%. This return has been achieved with a similar level of volatility as the market. The Fund's up-capture and down-capture ratios since inception indicate that, on a cumulative basis, the Fund has outperformed in both rising and falling markets. As at the end of July, the Funds weightings were increased in the Industrials, Telco's and REIT's sectors, and decreased in the Discretionary, Consumer Staples, Health Care, IT, Energy, Financials and Materials sectors. The Fund's top holdings include CBA, BHP, Westpac, CSL, Reliance Worldwide, ANZ, NAB and Aristocrat Leisure. The Fund combines a passive investment in the S&P/ASX20 Index and an actively managed investment in the S&P/ASX ex-20. The passive position is achieved by investing individually in each of the ASX20 Index's Individual stocks with approximately the same weightings they represent in the S&P/ASX300. Currently, this weight is approximately 60% of the Fund's portfolio. The active position in ex-20 stocks aims to allow the Fund to outperform the broader market.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: 4D Global Infrastructure Fund

29 Aug 2018 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +1.38% in July, outperforming its benchmark by +0.67% and taking annualised performance since inception in March 2018 to +11.70%.

29 Aug 2018 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	29 August 2018
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	July 2018
Latest Return	1.38%
Latest 6 Months	2.52%
Latest 12 Months	9.07%
Latest 24 Months	17.47%
Annualised Since Inception	11.70%
Inception Date	07 March 2016
FUM (millions)	AU$31.33
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 Global Infrastructure Fund rose +1.38% in July, outperforming its benchmark by +0.67% and taking annualised performance since inception in March 2018 to +11.70%. The strongest performer for July was Indonesian toll road operator Jasa Marga, up +12.2% for the month. The weakest performer was Chinese infrastructure conglomerate Shenzhen International, down -11%. Read their latest report for their thoughts on the markets over the past month. Given the global macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns, plus near-term elections, sees them maintain core exposure to quality defensive utility assets. The Manager's outlook for global listed infrastructure over the medium term remains positive. They noted there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, resulting in an increasing need for private sector capital as part of the funding solution.
More Information	Fund Profile Manager's Report

Performance Report: KIS Asia Long Short Fund

28 Aug 2018 - Australian Fund Monitors

The KIS Asia Long Short Fund rose +0.42% in July, taking annualised performance since inception in October 2009 to +13.11% versus the ASX200 Accumulation Index's +7.81% per annum.

28 Aug 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	28 August 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	July 2018
Latest Return	0.42%
Latest 6 Months	2.16%
Latest 12 Months	8.71%
Latest 24 Months	12.81%
Annualised Since Inception	13.11%
Inception Date	01 October 2009
FUM (millions)	AU$91.86
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 +0.42% in July, taking annualised performance since inception in October 2009 to +13.11% versus the ASX200 Accumulation Index's +7.81% per annum. This return has been achieved with an annualised volatility of 5.19% versus the Index's 11.53%. The Fund has demonstrated a strong focus on downside protection; Sortino ratio of 4.28 versus the Index's 0.60, and down-capture ratio since inception of -95.13%. A negative down-capture ratio indicates that, on average, the Fund has achieved positive performance in the market's negative months. Top contributors in July included TPG Telecom (+22bp contribution) and PetroChina. Read KIS Capital's latest Insights article, 'High on Fibre, Low on NBN' for their thoughts on TPG. The largest detractor for the month was OneMarket Ltd (-44bp), which suffered from a significant overhand from risk arbitrage funds exiting their holdings. KIS noted OneMarket Ltd is now trading significantly below its cash position and has a solid management team, thus they remain positive on this position. The Fund's largest short as of 31st July was in Woolworths. Read KIS Capital's Insights article, 'WOW or WES? And The Award For Most Underpaid Employee Goes To...' for their view on Woolworths and Coles.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund July 2018

27 Aug 2018 - 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.

Hedge Clippings, 24 August 2018

24 Aug 2018 - Australian Fund Monitors

At a time when the government needed leadership, unity and stability, the combination of personal ambition and the desire for revenge delivered exactly the opposite. Irrespective of who one believed should be in the top job, the country...

24 Aug 2018 - Hedge Clippings, 24 August 2018

By: Australian Fund Monitors

Where's the leadership we deserve?

At a time when the government needed leadership, unity and stability, the combination of personal ambition and the desire for revenge delivered exactly the opposite. Irrespective of who one believed should be in the top job, the country deserved better, and only time will tell if it gets it.

Personalities, and personal ambition, and in our view a misreading of the mood of the majority of people in the street, has resulted in the running of the country put to one side, while a bunch of self-centered politicians have indulged themselves, in just the same way as their predecessors did.

The real tragedy is that the economy, while not booming, is sound and growing, employment is growing, inflation and interest rates are low (probably too low) and taxation, except for the "big" end of town, is coming down. The federal budget is forecast to make it back to a surplus way ahead of forecast, and given the potential change of government at the next election, that's probably now in doubt.

If there's one good (?) thing to come out of the debacle in Canberra it's probably that the chief destabiliser and those pulling the strings didn't win, although they'll no doubt be happy enough they've dispatched the one person - now the previous PM - they didn't want to win. The question is will they now be satisfied and pull their heads in, or will they work to destabilise another moderate?

If there's one good (?) thing to come out of the week's media focus it is that the Hayne Royal Commission wasn't on the front pages.

Meanwhile AMP's appointment gets out thumbs up - experience and ability, and hopefully prepared to make the changes necessary - or enforced by the HRC and future legislation. Hedge Clippings has previously been critical of both AMP and David Murray, but this is a good and smart move. However, there's still a long, long way to go.

Performance Report: Frazis Fund

24 Aug 2018 - Australian Fund Monitors

The Frazis Fund returned +2.04% in its first month, with top contributors including Afterpay, Cooper Energy and HCA Healthcare.

24 Aug 2018 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	24 August 2018
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	July 2018
Latest Return	2.04%
Latest 6 Months	6.90%
Latest 12 Months	18.53%
Latest 24 Months (pa)
Annualised Since Inception	27.35%
Inception Date	01 July 2018
FUM (millions)	AU$4.1
Fund Overview	The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile. The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality
Manager Comments	The Frazis Fund returned +2.04% in its first month, with top contributors including Afterpay (+1.9%), Cooper Energy (+0.9%) and HCA Healthcare (+0.7%), as well as the Fund's equity shorts (+1.9%). The Fund is 100% invested in the Manager's favourite themes, while hedging in three ways: direct shorts, VIX upside and index hedges. Read the monthly report for the Manager's reasoning behind this hedging strategy. In the Fund's latest report the Manager highlights Weibo; one of the Fund's new stocks. Weibo is a US$17 billion social media platform in China. Read the full monthly report for the Manager's full view on the company. Frazis also highlighted their concerns surrounding US unemployment data, noting that US unemployment is now below 4%. They noted that previous lows marked times when economic fundamentals looked excellent, but subsequent returns for investors were poor. The Fund is being positioned carefully for this environment.
More Information	Fund Profile Manager's Report

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31 Aug 2018 - China - no hard landing - yet

31 Aug 2018 - Performance Report: Quay Global Real Estate Fund

31 Aug 2018 - IS VALUE INVESTING DEAD?

31 Aug 2018 - Launch Press Release

30 Aug 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

29 Aug 2018 - Performance Report: 4D Global Infrastructure Fund

28 Aug 2018 - Performance Report: KIS Asia Long Short Fund

27 Aug 2018 - Bennelong Twenty20 Australian Equities Fund July 2018

24 Aug 2018 - Hedge Clippings, 24 August 2018

24 Aug 2018 - Performance Report: Frazis Fund

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