Allard Investment Fund

15 Dec 2016 - Australian Fund Monitors

The Allard Investment Fund's (AIF) decreased 0.37% for the month of November 2016 (MSCI Asia Pacific ex-Japan A$ +0.74%).

15 Dec 2016 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	12 December 2016
Manager	Allard Partners Management Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	November 2016
Latest Return	-0.37%
Latest 6 Months	8.95%
Latest 12 Months	7.79%
Latest 24 Months	14.87%
Annualised Since Inception	9.03%
Inception Date	01 July 2003
FUM (millions)	AU$139
Fund Overview	Allard Partners is an absolute return, long only equity investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history: That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund's (AIF) decreased 0.37% for the month of November 2016 (MSCI Asia Pacific ex-Japan A$ returned +0.74%). Since inception, the Fund has an annualised return of 9.03% p.a. For November, the Fund's top 5 holdings composed 41.5% of the portfolio. The Fund's largest 3 industry exposures were in Financial Services (16.1%), Telco (13.3%) and Conglomerates (12.3%). Half of the portfolio was invested in the Hong Kong / China region (50.1%). Cash and fixed income holdings comprised 16.3% of the portfolio.
More Information	Fund Profile Manager's Report

APN Asian REIT Fund

14 Dec 2016 - Australian Fund Monitors

APN Asian REIT Fund returned -3.67% in November, against the Bloomberg Asia REIT Index which returned -1.14%.

14 Dec 2016 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	13 December 2016
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	November 2016
Latest Return	-3.67%
Latest 6 Months	-3.71%
Latest 12 Months	6.85%
Latest 24 Months	17.07%
Annualised Since Inception	14.59%
Inception Date	19 July 2011
FUM (millions)	AU$9.69
Fund Overview	The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region (including, but not limited to, Hong Kong, Singapore, Malaysia, Japan and New Zealand, but excluding Australia), as well as cash and fixed interest investments. Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term.
Manager Comments	APN Asian REIT Fund returned -3.67% in November, against the Bloomberg Asia REIT Index which returned -1.14%. Since inception, the Fund has an annualised return of 14.59% p.a., with a volatility of 9.62% p.a. In comparison, the Index has returned 14.33% p.a. annualised. The Fund has notable Sharpe and Sortino ratios of 1.19 and 2.10 respectively. For the month of November, the portfolio had significant exposure to Japan (40.9%) and Singapore (30.6%). The majority (62.8%) of the Fund was invested in Retail REITs (36.9%) and Office REITs (25.9%). The top five holdings were Gip J-REIT, Ascendas Real Estate Inv Trust, Keppel Dc REIT, Link REIT and Prosperity REIT, which made over 22% of the portfolio with 5 of the holdings above 4% each.
More Information	Fund Profile Manager's Report AFM Research Reports

Cyan C3G Fund

13 Dec 2016 - Australian Fund Monitors

Cyan C3G Fund returned -2.5% in November, to take the latest 12-months to +21.17%.

13 Dec 2016 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	09 December 2016
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	November 2016
Latest Return	-2.50%
Latest 6 Months	3.99%
Latest 12 Months	21.17%
Latest 24 Months	78.17%
Annualised Since Inception	28.80%
Inception Date	24 July 2014
FUM (millions)	AU$10
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	Cyan C3G Fund returned -2.50% in November, to take the latest 12-months to +21.17%. Since inception, the Fund has an annualised return of +28.80% p.a., with a volatility of 11.72%. For the same time frame, the ASX 200 Accumulation Index has returned +3.29% p.a. with a higher volatility of 13.16%. A number of the Fund's holdings contributed to the underperformance. The main declines came from Vita Group, Freelancer, Speedcast, Abundant Produce and Adacel. However, Afterpay, one of the Fund's larger holdings, indicated further growth to their already thriving payments business and contributed positively to the Fund (AFY +15%). Other positive contributors were BlueSky (BLA) which rose 5%, Nick Scali (NCL) +8% and SRG Group (SRG) +10%. Currently, the Fund is 50% in cash and hence is well placed to take advantage of attractive opportunities or when the uncertainty clears. Click below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund November 2016

12 Dec 2016 - Australian Fund Monitors

November Fund Review is now available on Bennelong Long Short Equity Fund which has an annualised return of 16.49% p.a.

Paragon Australian Long Short Fund

9 Dec 2016 - Australian Fund Monitors

The Paragon Australian Long Short Fund returned -7.9% in November and +23.11% for the latest 24-months.

9 Dec 2016 - Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	08 December 2016
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	November 2016
Latest Return	-7.90%
Latest 6 Months	-11.84%
Latest 12 Months	6.28%
Latest 24 Months	23.11%
Annualised Since Inception	15.23%
Inception Date	28 February 2013
FUM (millions)	AU$79.7
Fund Overview	The Paragon Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation. Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments.
Manager Comments	The Paragon Australian Long Short Fund returned -7.9% in November and +23.11% for the latest 24-months. Since inception, the Fund has an annualised return of 15.23% p.a. vs the ASX 200 Accumulation Index's 6.23% p.a. November's underperformance was mainly due to the declines in the Fund's gold and coal holdings, as well as specific stocks including Kidman Resources, Mayne Pharma, Aconex and Medical Developments. The rise in bond yields, amplified by Trump's surprise election victory early in November, and with his substantial fiscal promises, has continued to drive the market rotation away from long duration, growth and gold stocks which the Fund has had reasonable exposure to since the fund's inception. The investment team has derisked the portfolio and also repositioned some of the stock holdings. The Fund continues to own key structural theme-led stocks that are expected to perform well over time. At month-end, the Fund had 27 long positions and 6 short positions and cash composed nearly 41% of the portfolio. Click below to read the latest monthly report.
More Information	Fund Profile Manager's Report

Optimal Australia Absolute Trust

9 Dec 2016 - Australian Fund Monitors

The Optimal Australia Absolute Trust rose 0.95% in November 2016, to take the annualised return since inception to 8.59% p.a.

9 Dec 2016 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	08 December 2016
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	November 2016
Latest Return	0.95%
Latest 6 Months	-0.32%
Latest 12 Months	4.33%
Latest 24 Months	11.14%
Annualised Since Inception	8.59%
Inception Date	15 September 2008
FUM (millions)	AU$100
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns.
Manager Comments	The Optimal Australia Absolute Trust rose 0.95% in November 2016, against the ASX 200 Accumulation Index, which returned +2.99%. Since inception, the Fund has an annualised return of 8.59% p.a. (Index 5.35% p.a.), which has been achieved with relatively low volatility of 3.73% p.a. (Index 14.24% p.a). The positive performance came from the Fund's holdings in financials (ANZ, Clydesdale, Suncorp, Hendersons), resources (Orocobre) and materials. During the month, the Fund initiated a new long position in APN, which has rationalised itself down to two attractive media exposures in radio and outdoor advertising and at a discounted valuation arising from technical pressure around its recent capital raising. Hedging the market risk through short selling was successful in the interest-rate sensitive stocks. The Fund had slightly positive net market exposure (+2.4% of NAV) at month-end and retains some scepticism about the sustainability of the 'Trump bump'. Click below to read the latest Fund monthly report.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Long Short Equity Fund

8 Dec 2016 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned -2.24% in November and up 26.68% for the latest 24-months.

8 Dec 2016 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	07 December 2016
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2016
Latest Return	-2.24%
Latest 6 Months	-10.22%
Latest 12 Months	-4.58%
Latest 24 Months	26.68%
Annualised Since Inception	16.49%
Inception Date	01 January 2003
FUM (millions)	AU$391.2
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. 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.
Manager Comments	Bennelong Long Short Equity Fund returned -2.24% in November and up 26.68% for the latest 24-months. The long term performance since inception remains strong with annual returns of 16.49% p.a. (ASX 200 Accumulation Index 7.70% p.a.) with a volatility of 12.12% (Index 12.93%). The Fund's under-performed was due to an even mix of winning and losing pairs with no particular position having a disproportionate impact on return. The top 3 spreads for the month came from the following pairs; Long Quantas/Short Flight Centre, Long Adelaide Brighton/Short Boral and Long IIuka/Short Downer. The month's market rotation out of the higher quality and defensive names toward lesser quality names on lower multiples or with cyclical potential hasn't caused the Fund to change its portfolio position. Instead, the investment team accepts that their preferences to be long in business with better growth prospects can sometimes lead the long book to trade at a price-premium to the short book. Hence, exposing the Fund to under-performance if either the premium becomes stretched or sentiment changes. However, the Fund has no plans to adjust its current positions unless justified by changes in the fundamentals. Click below to read the Fund Manager's commentary and market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Insync Global Titans Fund October 2016

2 Dec 2016 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

Fund Review: Bennelong Twenty20 Australian Equities Fund October 2016

30 Nov 2016 - Australian Fund Monitors

Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.

Insync Global Titans Fund

29 Nov 2016 - Australian Fund Monitors

The Insync Global Titans Fund returned -3.80% in October, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned -1.10%.

29 Nov 2016 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	28 November 2016
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	October 2016
Latest Return	-3.80%
Latest 6 Months	-0.28%
Latest 12 Months	-9.45%
Latest 24 Months	10.49%
Annualised Since Inception	8.49%
Inception Date	07 October 2009
FUM (millions)	AU$31
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest 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 Titans 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 Titans Fund returned -3.80% in October, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned -1.10%. The majority (62.6%) of the Fund's investments were allocated in North America. The largest industry exposure was in the IT sector at 28.6%. Cash and Puts increased from the prior month's 12.1% to 15.7%. The performance was driven by positive contributions from the holdings in Time Warner, Microsoft, PayPal, Visa and Moody's. The main negative contributors were Unilever, Comcast, eBay, BAT and Zimmer. 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. Over 50% of the Fund is currently protected using their put protection strategy. Click below to read the latest Fund Manager Report.
More Information	Fund Profile Manager's Report AFM Research Reports

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15 Dec 2016 - Allard Investment Fund

14 Dec 2016 - APN Asian REIT Fund

13 Dec 2016 - Cyan C3G Fund

12 Dec 2016 - Fund Review: Bennelong Long Short Equity Fund November 2016

9 Dec 2016 - Paragon Australian Long Short Fund

9 Dec 2016 - Optimal Australia Absolute Trust

8 Dec 2016 - Bennelong Long Short Equity Fund

2 Dec 2016 - Fund Review: Insync Global Titans Fund October 2016

30 Nov 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2016

29 Nov 2016 - Insync Global Titans Fund

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