NEWS

Performance Report: 4D Global Infrastructure Fund

17 Jun 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +4.98% in May, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +4.33% and taking annualised performance since inception in March 2016 to +10.46% with an annualised volatility of 12.41%.

17 Jun 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	17 June 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	May 2020
Latest Return	4.98%
Latest 6 Months	-7.44%
Latest 12 Months	0.60%
Latest 24 Months (pa)	10.31%
Annualised Since Inception	10.46%
Inception Date	07 March 2016
FUM (millions)	AU$144
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund.
Manager Comments	The 4D Global Infrastructure Fund rose +4.98% in May, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +4.33% and taking annualised performance since inception in March 2016 to +10.46% with an annualised volatility of 12.41%. The A$ finished at 66.7c, up +2.5% which detracted from the Fund's net return for the month. The strongest performer for May was US midstream operator Targa Resources, up +38% rebounding from a very oversold position following the March double shock of commodity price declines and COVID-19. The weakest performer was Mexican tower operator Telesites, down -9.9%. 4D noted Telesites held up remarkably well during the March sell-off and expect the May correction was attributable to both rebalancing and an increase in Mexican sovereign risk as the government interferes in the energy sector. 4D continue to maintain a relatively high cash position awaiting core economic data and stabilisation of the contagion as they look to capitalise on the opportunities currently on offer.
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

17 Jun 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +2.31% in May, taking annualised performance since inception in May 2013 to +4.83% with an annualised volatility of 5.57%. By contrast, the ASX200 Accumulation Index has returned +5.95% p.a. with an annualised...

17 Jun 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	17 June 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	May 2020
Latest Return	2.31%
Latest 6 Months	-2.02%
Latest 12 Months	2.99%
Latest 24 Months (pa)	-1.36%
Annualised Since Inception	4.83%
Inception Date	01 May 2013
FUM (millions)	AU$67
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors.
Manager Comments	The NWQ Fiduciary Fund rose +2.31% in May, taking annualised performance since inception in May 2013 to +4.83% with an annualised volatility of 5.57%. By contrast, the ASX200 Accumulation Index has returned +5.95% p.a. with an annualised volatility of 14.01% over the same period. The Fund's down-capture ratio for performance since inception of 13.93% and maximum drawdown of -8.77% versus the Index's -26.75% over the same period highlight its capacity to protect investors' capital in falling markets. The Fund has hedged out 70% of the fall in the Australian market for the calendar year (-3.64% for the Fund vs -12.70% for the market). NWQ believe the Fund is well positioned for a full recovery. The Fund's recovery began in April and continued in May with the Alpha managers taking advantage of both relative value opportunities and corporate activity. NWQ expect these sources of alpha to persist as the Australian economy reopens and businesses and consumers come to terms with the 'new normal'.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

16 Jun 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund returned +0.73% in May, taking annualised performance since inception in May 2006 to +8.58% with an annualised volatility of 7.18%. By contrast, the ASX200 Accumulation Index has returned +5.13%...

16 Jun 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	16 June 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	May 2020
Latest Return	0.73%
Latest 6 Months	-1.53%
Latest 12 Months	1.77%
Latest 24 Months (pa)	-3.22%
Annualised Since Inception	8.58%
Inception Date	01 May 2006
FUM (millions)	AU$60.27
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 returned +0.73% in May, taking annualised performance since inception in May 2006 to +8.58% with an annualised volatility of 7.18%. By contrast, the ASX200 Accumulation Index has returned +5.13% p.a. with an annualised volatility of 14.47% over the same period. The Fund's focus on protecting investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.22 versus the Index's 0.16, maximum drawdown of -11.71% versus the Index's -47.19%, and down-capture ratio of 45%. Top contributors for May included Saracen, James Hardie, Pointsbet, Ramelius and Appen. Key detractors included NAB, CSL, Jumbo Interactive and Sydney Airport. The Fund's Short Book detracted -185bp from performance due to the strong rally in the market. Kardinia also participated in a significant number of capital raisings/placements during the month, including Qube, Elmo Software, Megaport, Incitec Pivot, Breville Group, Bigtincan and Decmil. The Fund's net equity market exposure was increased from 43.3% to 71.3% (95.3% long and 24.0% short), with the key changes being a significant increase in the Fund's banking exposure (CBA, NAB) as well as technology, resources and oil stocks. Kardinia believe the recent lifting of restrictions across the nation and the magnitude of the stimulus provided offer significant short-term positives, however, they don't believe the recent rally represents a new bull market. Their view is that volatility will remain high and that a new bull market is several years away. They expect the market to trade in a broad range until the outcome of the US election is known.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Glenmore Australian Equities Fund

15 Jun 2020 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +9.64% in May, outperforming the ASX200 Accumulation Index by +5.28% and taking annualised performance since inception in June 2017 to +15.36% versus the Index's +4.35%.

15 Jun 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	15 June 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2020
Latest Return	9.64%
Latest 6 Months	-17.09%
Latest 12 Months	-6.92%
Latest 24 Months (pa)	6.65%
Annualised Since Inception	15.36%
Inception Date	06 June 2017
FUM (millions)	AU$7.9
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 +9.64% in May, outperforming the ASX200 Accumulation Index by +5.28% and taking annualised performance since inception in June 2017 to +15.36% versus the Index's +4.35%. The Fund's up-capture ratio for performance since inception of 198.6% indicates that, on average, the Fund has risen approximately twice as much as the market during the market's positive months since the Fund began. Top contributors in May included Moelis Australia, Alliance Aviation Services, People Infrastructure, NRW Holdings, Fiducian Group, Magellan Financial Group, Integral Diagnostics, Dicker Data and Mineral Resources. There were no detractors of any materiality during the month. Glenmore's view is that, despite the recession, there still exist stocks where the fall in price has been excessive relative to its long term valuation. Glenmore's initial take on recent earnings updates from ASX companies is that the earnings impact of COVID-19 is not going to be as severe as the fall in stock prices in February and March implied. They noted that, while not underplaying the significance of COVID-19's impact on the economy, they don't believe it is sufficiently negative to derail the earnings growth prospects of high quality businesses. Glenmore remain comfortable with the portfolio's composition.
More Information	Fund Profile Manager's Report

Performance Report: PURE Income and Growth Fund

12 Jun 2020 - Australian Fund Monitors

The PURE Income and Growth Fund returned +5.7% in May. The Fund has now fully recovered the COVID-19 drawdown and is +6.1% CYTD. Since inception in December 2018, the Fund has returned +20.3% on a cumulative basis.

12 Jun 2020 - Performance Report: PURE Income and Growth Fund

By: Australian Fund Monitors

Report Date	12 June 2020
Manager	PURE Asset Management
Fund Name	PURE Income and Growth Fund
Strategy	Credit
Latest Return Date	May 2020
Latest Return	5.72%
Latest 6 Months	10.10%
Latest 12 Months	16.14%
Latest 24 Months (pa)
Annualised Since Inception	13.14%
Inception Date	01 December 2018
FUM (millions)	AU$41
Fund Overview	The PURE Income & Growth Fund is a specialist hybrid credit fund with an absolute return focus, providing growth capital to Australian emerging companies. The aim is to offer smaller Australian companies ($20-200m market cap) a less dilutive source of capital than equity, while partnering with them to achieve their potential. For fund investors, The Income and Growth Fund offers a unique risk/return profile. This form of investing includes a high yield, yet retains equity exposure to successful growth stories. Furthermore, the Fund's superior position in the investee Company's capital structure insulates investors from capital loss. PURE targets a return of 15% per annum through a mixture of Income (8-9%) and capital growth. While most investments involve ASX listed companies, the fund mandate retains modest flexibility to capitalise on attractive pre-IPO opportunities.
Manager Comments	The PURE Income and Growth Fund returned +5.7% in May. The Fund has now fully recovered the COVID-19 drawdown and is +6.1% CYTD. Since inception in December 2018, the Fund has returned +20.3% on a cumulative basis. The Fund's Sharpe and Sortino ratios for performance since inception, 1.41 and 2.66 respectively, highlight its capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. PURE is now actively engaged in deal origination as the Australian economy begins to unfreeze. They noted that, while COVID-19 has been a difficult period for most, there are still good businesses out there with meaningful growth opportunities. The investment team is assessing business models that have experienced minimal disruption from the lockdown. The team is pleased with how the portfolio has performed throughout a very difficult 2020 year-to-date and are excited by the quality of opportunities under review.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

11 Jun 2020 - Australian Fund Monitors

The Bennelong Long Short Equity Fund returned +0.22% in May, taking 12 month performance to +29.06% and the Fund's annualised return since inception in February 2002 to +15.43%. By contrast, the ASX200 Accumulation Index has returned...

11 Jun 2020 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	11 June 2020
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2020
Latest Return	0.22%
Latest 6 Months	6.70%
Latest 12 Months	29.06%
Latest 24 Months (pa)	6.42%
Annualised Since Inception	15.43%
Inception Date	01 January 2003
FUM (millions)	AU$358.7
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 returned +0.22% in May, taking 12 month performance to +29.06% and the Fund's annualised return since inception in February 2002 to +15.43%. By contrast, the ASX200 Accumulation Index has returned -6.70% over 12 months and +7.35% p.a. since February 2002. The Fund's capacity to significantly outperform in falling markets is highlighted by its down-capture ratio for performance since inception of -171.44% (a negative down-capture ratio indicates that, on average, the Fund has risen during the market's negative months). Positive returns in May were broadly spread across sectors whilst negative returns were concentrated in Healthcare and Consumer, specifically in the three bottom pairs. The top pairs for the month were long TPG Telecom / short Telstra, long Pointsbet/Crown / short SkyCity, and long Xero / short TechnologyOne. The bottom three pairs were long ResMed / short Ansell, long CSL / short Sonic Healthcare, and long JB Hi-Fi / short Super Retail. Bennelong noted the enormous bond purchases by central banks has helped stimulate a 'risk on' environment in share markets since the lows of March which can present a headwind for the portfolio.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Gyrostat Absolute Return Income Equity Fund

9 Jun 2020 - Australian Fund Monitors

The Gyrostat Absolute Return Income Equity Fund returned +0.77% in May, taking annualised performance since inception in December 2010 to +5.07%. Over the past 12 months, the Fund has returned +10.15% against the ASX200 Accumulation Index's -6.70%.

9 Jun 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	09 June 2020
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	May 2020
Latest Return	0.77%
Latest 6 Months	8.98%
Latest 12 Months	10.15%
Latest 24 Months (pa)	9.68%
Annualised Since Inception	5.07%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 37 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls.
Manager Comments	The Gyrostat Absolute Return Income Equity Fund returned +0.77% in May, taking annualised performance since inception in December 2010 to +5.07%. Over the past 12 months, the Fund has returned +10.15% against the ASX200 Accumulation Index's -6.70%. Gyrostat has for 38 consecutive quarters operated with a 'hard' pre-defined risk-parameter (no more than 3% capital at risk) in place. The market conditions in May enabled Gyrostat to enter additional positions for more elevated returns on any uplift in market volatility. The investment strategy allows for up to 15% of the Fund's assets to be invested in international assets with positions in S&P500, NASDAQ, Hang Seng, MSCI Developed and Emerging markets (among others). Gyrostat anticipate returns in all market environments of at least BBSW 90 +3% with 'left' tail in case of large market falls. Gyrostat anticipate increasing levels of 'late cycle' market volatility with geopolitical tensions elevated, historically high debt levels, and elevated valuations.
More Information	Fund Profile Manager's Report

Performance Report: Paragon Australian Long Short Fund

5 Jun 2020 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +21.4% in May, outperforming the ASX200 Accumulation Index by +17.04% and taking annualised performance since inception in March 2013 to +9.53% versus the Index's +6.13%.

5 Jun 2020 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	05 June 2020
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	May 2020
Latest Return	21.40%
Latest 6 Months	1.79%
Latest 12 Months	10.14%
Latest 24 Months (pa)	-4.79%
Annualised Since Inception	9.53%
Inception Date	28 February 2013
FUM (millions)	AU$30.9
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund rose +21.4% in May, outperforming the ASX200 Accumulation Index by +17.04% and taking annualised performance since inception in March 2013 to +9.53% versus the Index's +6.13%. The Fund's down-capture ratio of 68.74% for performance since inception indicates that, on average, the Fund has outperformed during the market's negative months since it began. Positive contributors in May came from the Fund's gold and technology holdings. Paragon maintain the view that the 1Q20 bear market is likely to prove cyclical, comparing most closely to the cyclical bear market crash of 1987 which was followed by the resumption of a secular bull market. Paragon are excited about the opportunities within their thematics and noted they are fully invested to capitalise. They also continue to find lucrative gold-equities which they expect to emerge as the next market leaders. In their latest report, Paragon share their views on Pointsbet. They exited their profitable position in Pointsbet ahead of the March sell-off and took the opportunity to buy back in April at a materially lower price point. In the near-term, they see Pointsbet entering a positive catalyst cycle with the US national sports leagues progressively commencing, product (sports betting and iGaming) rolling out across more states, and further state access agreements to be executed.
More Information	View Fund's Profile View Manager's Report

Performance Report: Datt Capital Absolute Return Fund

4 Jun 2020 - Australian Fund Monitors

The Datt Capital Absolute Return Fund rose +9.22% in May, outperforming the ASX200 Accumulation Index by +4.86% and taking annualised performance since inception in August 2018 to +8.24% versus the Index's -0.55%. The Fund has outperformed...

4 Jun 2020 - Performance Report: Datt Capital Absolute Return Fund

By: Australian Fund Monitors

Report Date	04 June 2020
Manager	Datt Capital
Fund Name	Datt Capital Absolute Return Fund
Strategy	Equity Long
Latest Return Date	May 2020
Latest Return	9.22%
Latest 6 Months	2.29%
Latest 12 Months	14.74%
Latest 24 Months (pa)	30.28%
Annualised Since Inception	8.24%
Inception Date	01 August 2018
FUM (millions)	AU$4
Fund Overview	The Fund utilises a long term investment approach focused on capital preservation and absolute wealth accumulation. Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware
Manager Comments	The Datt Capital Absolute Return Fund rose +9.22% in May, outperforming the ASX200 Accumulation Index by +4.86% and taking annualised performance since inception in August 2018 to +8.24% versus the Index's -0.55%. The Fund has outperformed the Index by +21.44% over the past 12 months. The Fund's down-capture ratio of 52.89% for performance since inception indicates that, on average, it has fallen approximately half as much as the market during the market's negative months. The Fund's CRE debt portfolio continues to perform to Datt Capital's expectations. They noted their focus on short duration, low LVR and double-digit yielding deals restricted to the core Australian cities (Sydney and Melbourne) continue to bear fruit. The Fund's equity portfolio also performed well in May. Datt Capital noted they continue to find and exploit inefficiently priced opportunities in the market. Looking forward, they are expecting a weak month for equities in June as Australia continues to reopen society, and the social and economic impact of the lockdown is gradually revealed.
More Information	View Fund's Profile View Manager's Report

Performance Report: Frazis Fund

3 Jun 2020 - Australian Fund Monitors

The Frazis Fund rose +24.9% in April, outperforming AFM's Global Equity Index by +20.75%. Frazis noted they have oriented the portfolio towards companies that are accelerating in the current environment which supported performance in April.

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NEWS

17 Jun 2020 - Performance Report: 4D Global Infrastructure Fund

17 Jun 2020 - Performance Report: NWQ Fiduciary Fund

16 Jun 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

15 Jun 2020 - Performance Report: Glenmore Australian Equities Fund

12 Jun 2020 - Performance Report: PURE Income and Growth Fund

11 Jun 2020 - Performance Report: Bennelong Long Short Equity Fund

9 Jun 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

5 Jun 2020 - Performance Report: Paragon Australian Long Short Fund

4 Jun 2020 - Performance Report: Datt Capital Absolute Return Fund

3 Jun 2020 - Performance Report: Frazis Fund

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