Fund Review: Insync Global Capital Aware Fund October 2021

29 Nov 2021 - 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: Glenmore Australian Equities Fund

29 Nov 2021 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +0.65% in October, outperforming the ASX200 Total Return Index by +0.75% and taking 12-month performance to +52.47% vs the Index's +27.96%. Since inception in June 2017 the fund has outperformed...

29 Nov 2021 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 November 2021
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	0.65%
Latest 6 Months	23.84%
Latest 12 Months	52.47%
Latest 24 Months (pa)	20.73%
Annualised Since Inception	25.68%
Inception Date	06 June 2017
FUM (millions)	AU$17.4
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 +0.65% in October, outperforming the ASX200 Total Return Index by +0.75% and taking 12-month performance to +52.47% vs the Index's +27.96%. The Glenmore Australian Equities Fund has a track record of 4 years and 5 months and therefore comparison over all market conditions and against the fund's peers is limited. However, since inception in June 2017, the fund has outperformed the ASX 200 Total Return Index, providing investors with an annualised return of 25.68%, compared with the index's return of 9.84% over the same time period. On a calendar basis the fund has never had a negative annual return in the 4 years and 5 months since its inception. Its largest drawdown was -36.91% lasting 13 months, occurring between October 2019 and November 2020. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.13 since inception. The fund has provided positive monthly returns 92% of the time in rising markets, and 38% of the time when the market was negative, contributing to an up capture ratio since inception of 231% and a down capture ratio of 100%.
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Performance Report: Equitable Investors Dragonfly Fund

26 Nov 2021 - Australian Fund Monitors

The Equitable Investors Dragonfly Fund rose by +2.19% in October, outperforming the ASX200 Total Return Index by +2.29% and taking 12-month performance to +45.96% vs the Index's +27.96%.

26 Nov 2021 - Performance Report: Equitable Investors Dragonfly Fund

By: Australian Fund Monitors

Report Date	26 November 2021
Manager	Equitable Investors
Fund Name	Equitable Investors Dragonfly Fund
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	2.19%
Latest 6 Months	8.19%
Latest 12 Months	45.96%
Latest 24 Months (pa)	22.22%
Annualised Since Inception	4.38%
Inception Date	01 September 2017
FUM (millions)
Fund Overview	The Equitable Investors Dragonfly Fund aims to deliver a total return greater than the annual five year government bond rate + 5% pa over the medium-to-long term. The Fund is an open ended, unlisted unit trust investing predominantly in ASX listed companies. Hybrid, debt & unlisted investments are also considered. The Fund is focused on investing in growing or strategic businesses and generating returns that, to the extent possible, are less dependent on the direction of the broader sharemarket. The Fund may at times change its cash weighting or utilise exchange traded products to manage market risk. Investments will primarily be made in micro-to-mid cap companies listed on the ASX. Larger listed businesses will also be considered for investment but are not expected to meet the manager's investment criteria as regularly as smaller peers.
Manager Comments	The Equitable Investors Dragonfly Fund rose by +2.19% in October, outperforming the ASX200 Total Return Index by +2.29% and taking 12-month performance to +45.96% vs the Index's +27.96%. Equitable Investors noted Dragonfly Fund continued to make advances in the month of October in an environment where top 100 ASX listings and Small Industrials struggled but some elements of the microcap segment found investor demand. Last month the commented that an increase in volatility early in October was reflective more of shifting sentiment than any change in fundamentals. At the time of writing their October performance report, their view is that it is more of the same in November as bond yields remain volatile while investors digest higher inflation numbers and second guess central banks.
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Fund Review: Bennelong Long Short Equity Fund October 2021

26 Nov 2021 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Performance Report: Laureola Australia Feeder Fund

25 Nov 2021 - Australian Fund Monitors

The Laureola Master Fund rose +1.0282% in October, taking 12-month performance to +6.66%. The Laureola Australian Feeder Fund rose +0.8227% in October. The Master Fund has consistently outperformed the Bloomberg AusBond Composite 0+ Yr...

25 Nov 2021 - Performance Report: Laureola Australia Feeder Fund

By: Australian Fund Monitors

Report Date	25 November 2021
Manager	Laureola Advisors
Fund Name	Laureola Australia Feeder Fund
Strategy	Life Settlements
Latest Return Date	October 2021
Latest Return	1.03%
Latest 6 Months	4.57%
Latest 12 Months	6.66%
Latest 24 Months (pa)	8.39%
Annualised Since Inception	15.37%
Inception Date	01 May 2013
FUM (millions)	US$68
Fund Overview	The Laureola Investment Fund's strategy is to provide investors with exposure to the returns of life settlements in a risk mitigated manner. Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design.
Manager Comments	The Laureola Master Fund rose +1.0282% in October, taking 12-month performance to +6.66%. The Laureola Australian Feeder Fund rose +0.8227% in October. The Laureola Master Fund has a track record of 8 years and 7 months and has consistently outperformed the Bloomberg AusBond Composite 0+ Yr Index since inception in May 2013, providing investors with a return of 15.37%, compared with the index's return of 3.52% over the same time period. On a calendar basis the fund has never had a negative annual return in the 8 years and 7 months since its inception. Its largest drawdown was -4.9% lasting 10 months, occurring between December 2018 and October 2019. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has never fallen below 1 and currently sits at 2.44 since inception. The fund has provided positive monthly returns 97% of the time in rising markets, and 100% of the time when the market was negative, contributing to an up capture ratio since inception of 167% and a down capture ratio of -258%.
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Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021

25 Nov 2021 - 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.

Performance Report: 4D Global Infrastructure Fund

24 Nov 2021 - Australian Fund Monitors

The 4D Global Infrastructure Fund returned -1.43% in October. Over the past 12 months it has risen +17.22% and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return...

24 Nov 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	24 November 2021
Manager	4D Infrastructure, a Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	October 2021
Latest Return	-1.43%
Latest 6 Months	3.16%
Latest 12 Months	17.22%
Latest 24 Months (pa)	0.93%
Annualised Since Inception	9.42%
Inception Date	01 March 2016
FUM (millions)	AU$294.57
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by investing in 30-60 quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earnings combined with sustainable, growing dividends. The fund is managed as a single portfolio 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 returned -1.43% in October. Over the past 12 months it has risen +17.22%. The 4D Global Infrastructure Fund has a track record of 5 years and 8 months and has outperformed the S&P Global Infrastructure TR Index (AUD) since inception in March 2016, providing investors with a return of 9.42%, compared with the index's return of 7.87% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 5 years and 8 months since its inception. Its largest drawdown was -19.77% lasting 1 year and 8 months, occurring between February 2020 and October 2021 when the index fell by a maximum of -24.67%. The Manager has delivered these returns with -0.48% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 five times and currently sits at 0.72 since inception. The fund has provided positive monthly returns 95% of the time in rising markets, and 11% of the time when the market was negative, contributing to an up capture ratio since inception of 105% and a down capture ratio of 95%.
More Information	View Fund's Profile View Manager's Report

Performance Report: Bennelong Long Short Equity Fund

24 Nov 2021 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose by +2.82% in October, outperforming the ASX200 Total Return Index by +2.92%. The fund has outperformed the Index since inception in February 2002, providing investors with a return of 14.35%,...

24 Nov 2021 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	24 November 2021
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	October 2021
Latest Return	2.82%
Latest 6 Months	7.29%
Latest 12 Months	-10.55%
Latest 24 Months (pa)	5.72%
Annualised Since Inception	14.35%
Inception Date	01 January 2003
FUM (millions)	AU$357.15
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 as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund rose by +2.82% in October, outperforming the ASX200 Total Return Index by +2.92%. The Bennelong Long Short Equity Fund has a track record of 19 years and 11 months and has outperformed the ASX 200 Total Return Index since inception in February 2002, providing investors with a return of 14.35%, compared with the index's return of 8.37% over the same time period. On a calendar basis the fund has had 3 negative annual returns in the 19 years and 11 months since its inception. Its largest drawdown was -23.77% lasting 13 months, occurring between September 2020 and October 2021 when the index fell by a maximum of -15.05%. The Manager has delivered these returns with -0.35% less volatility than the index, contributing to a Sharpe ratio which has fallen below 1 over five times and currently sits at 0.85 since inception. The fund has provided positive monthly returns 64% of the time in rising markets, and 64% of the time when the market was negative, contributing to an up capture ratio since inception of 6% and a down capture ratio of -148%.
More Information	View Fund's Profile View Manager's Report AFM Research Reports

Performance Report: Delft Partners Global High Conviction Strategy

23 Nov 2021 - Australian Fund Monitors

The Delft Partners Global High Conviction Strategy has risen +28.85% over the past 12 months against the Global Equity Index's +28.20. The strategy has outperformed the Index since inception in August 2011, providing investors with a...

23 Nov 2021 - Performance Report: Delft Partners Global High Conviction Strategy

By: Australian Fund Monitors

Report Date	23 November 2021
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction Strategy
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	-2.06%
Latest 6 Months	2.58%
Latest 12 Months	28.85%
Latest 24 Months (pa)	10.80%
Annualised Since Inception	15.41%
Inception Date	15 July 2011
FUM (millions)	AU$11.23
Fund Overview	The Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index. The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy.
Manager Comments	The Delft Partners Global High Conviction Strategy has risen +28.85% over the past 12 months against the Global Equity Index's +28.20. The Delft Partners Global High Conviction Strategy has a track record of 10 years and 4 months and has outperformed the Global Equity Index since inception in August 2011, providing investors with a return of 15.41%, compared with the index's return of 14.63% over the same time period. On a calendar basis the strategy has had 2 negative annual returns in the 10 years and 4 months since its inception. Its largest drawdown was -13.33% lasting 12 months, occurring between February 2020 and February 2021 when the index fell by a maximum of -13.19%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 four times and currently sits at 1.13 since inception. The strategy has provided positive monthly returns 88% of the time in rising markets, and 14% of the time when the market was negative, contributing to an up capture ratio since inception of 98% and a down capture ratio of 93%.
More Information	View Fund's Profile View Manager's Report

Performance Report: Prime Value Emerging Opportunities Fund

23 Nov 2021 - Australian Fund Monitors

The Prime Value Emerging Opportunities Fund has risen +33.67% over the past 12 months against the ASX200 Total Return's +27.96%. The fund has consistently outperformed the ASX 200 Total Return Index since inception in October 2015,...

23 Nov 2021 - Performance Report: Prime Value Emerging Opportunities Fund

By: Australian Fund Monitors

Report Date	23 November 2021
Manager	Prime Value Asset Management
Fund Name	Prime Value Emerging Opportunities Fund
Strategy	Equity Long
Latest Return Date	October 2021
Latest Return	-1.38%
Latest 6 Months	8.03%
Latest 12 Months	33.67%
Latest 24 Months (pa)	23.85%
Annualised Since Inception	16.12%
Inception Date	08 October 2015
FUM (millions)	AU$72.1
Fund Overview	The Prime Value Emerging Opportunities Fund invests in companies in the diversified emerging companies sector. The Fund seeks to achieve superior total returns over the medium to long term without the constraints of a benchmark. It is a long only concentrated fund that leverages Prime Value's fundamental research capabilities while minimizing the risk of permanent capital loss. The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years.
Manager Comments	The Prime Value Emerging Opportunities Fund has risen +33.67% over the past 12 months against the ASX200 Total Return's +27.96%. The Prime Value Emerging Opportunities Fund has a track record of 6 years and 1 month and has consistently outperformed the ASX 200 Total Return Index since inception in October 2015, providing investors with a return of 16.12%, compared with the index's return of 10.7% over the same time period. On a calendar basis the fund has had 1 negative annual return in the 6 years and 1 month since its inception. Its largest drawdown was -23.79% lasting 5 months, occurring between February 2020 and July 2020 when the index fell by a maximum of -26.75%. The Manager has delivered higher returns but with higher volatility than the index, resulting in a Sharpe ratio which has fallen below 1 once and currently sits at 1.04 since inception. The fund has provided positive monthly returns 84% of the time in rising markets, and 42% of the time when the market was negative, contributing to an up capture ratio since inception of 80% and a down capture ratio of 47%.
More Information	View Fund's Profile View Manager's Report

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29 Nov 2021 - Fund Review: Insync Global Capital Aware Fund October 2021

29 Nov 2021 - Performance Report: Glenmore Australian Equities Fund

26 Nov 2021 - Performance Report: Equitable Investors Dragonfly Fund

26 Nov 2021 - Fund Review: Bennelong Long Short Equity Fund October 2021

25 Nov 2021 - Performance Report: Laureola Australia Feeder Fund

25 Nov 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2021

24 Nov 2021 - Performance Report: 4D Global Infrastructure Fund

24 Nov 2021 - Performance Report: Bennelong Long Short Equity Fund

23 Nov 2021 - Performance Report: Delft Partners Global High Conviction Strategy

23 Nov 2021 - Performance Report: Prime Value Emerging Opportunities Fund

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