Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

19 Jul 2019 - 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.

Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

18 Jul 2019 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund is a long-biased, research driven, active equity long/short strategy which invests in listed ASX companies with track records greater than 10 years.

Fund Review: Bennelong Long Short Equity Fund June 2019

17 Jul 2019 - 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: Cyan C3G Fund

16 Jul 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%.

16 Jul 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	16 July 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	1.12%
Latest 6 Months	14.58%
Latest 12 Months	1.76%
Latest 24 Months (pa)	10.73%
Annualised Since Inception	19.13%
Inception Date	24 July 2014
FUM (millions)	AU$35
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	The Cyan C3G Fund rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%. The Fund's Sharpe and Sortino ratios, 1.52 and 3.01 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.81, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's down-capture ratio of -3.37% for performance since inception indicates that, on average, the Fund has risen during the months the market has fallen. Cyan noted there were a couple of wins this month that helped drive the Fund higher. Their IPO investment in co-working space provider Victory Offices listed at a 10% premium; Cyan have since added to their initial position. The Fund's best performer in June was Kelly Partners (+25%). The other win they had this month was the revaluation of some escrowed Atomos shares Cyan purchased back in March at 60c. Atomos closed at $1.03 but has traded higher again in July having raised $7.5m in new capital and completed a sell-down. Cyan reiterate in this month's report that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund into the future.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

15 Jul 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +5.21% in June, outperforming the ASX200 Accumulation Index by +1.51% and taking annualised performance since inception in June 2017 to +30.29% versus the Index's +11.85%.

Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%.

12 Jul 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	12 July 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2019
Latest Return	2.82%
Latest 6 Months	7.18%
Latest 12 Months	-4.63%
Latest 24 Months (pa)	0.76%
Annualised Since Inception	9.29%
Inception Date	01 May 2006
FUM (millions)	AU$115.33
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 rose +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%. The Fund's Sortino ratio of 1.38 versus the Index's 0.28, average negative return of -1.41% versus the Index's -3.26% and down-capture ratio of 40.11% highlight the Fund's focus on protecting investor capital in falling markets. The Fund's June return was driven by gold, financials, bond proxies and healthcare stocks. Top contributors included Polynovo, Northern Star, Evolution, Goodman Group, Atlas Arteria and Rhipe. Key detractors included Adairs, A2 Milk, Dubber and Netwealth. The largest detractor was a short position in Share Price Index Futures (-45bp contribution), partly offset by a modest positive contribution from the individual stock short book. Net equity market exposure was increased from 13.5% to 24.9% (67.3% long and 42.4% short), with the key changes being new long positions in National Australia Bank and Telstra as well as increased weightings in Commonwealth Bank, Atlas Arteria, Chorus, APA Group, Northern Star and Rio Tinto. This was partly offset by the sale of Tabcorp, Flight Centre, Netwealth and Adairs, four new individual stock shorts and an increase in the Fund's short position in Share Price Index Futures.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

8 Jul 2019 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +3.00% in June, taking annualised performance since inception in February 2002 to +14.81% versus the ASX200 Accumulation Index's +8.41%.

8 Jul 2019 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 July 2019
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2019
Latest Return	3.00%
Latest 6 Months	-4.19%
Latest 12 Months	-9.70%
Latest 24 Months (pa)	0.25%
Annualised Since Inception	14.81%
Inception Date	01 January 2003
FUM (millions)	AU$375.2
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 as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund rose +3.00% in June, taking annualised performance since inception in February 2002 to +14.81% versus the ASX200 Accumulation Index's +8.41%. The Fund has a down-capture ratio for performance since inception of -163.51%, Sortino ratio of 1.43 versus the Index's 0.48 and average negative return of -2.43% versus the Index's -3.07%. Bennelong say net improved fundamental news flows across the portfolio in May was a contributing factor to June's performance. At the sector level, Consumer Discretionary was the strongest, followed by Industrials, whilst Information Technology and Energy were the weakest. The number of positive pairs exceeded the number of negative pairs in June. Long Woolworths / short Metcash was the strongest pair after Metcash announced its full-year results which disappointed due to further weakness in its wholesale grocery business. Long Magellan / short Perpetual was also a solid contributor following consensus earnings upgrades to Magellan after strong fund performance. The weakest pair was long Link Administration / short Computershare following Link downgrading earnings. Long Challenger / short IOOF / short AMP was also a negative contributor following Challenger lowering its earnings outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Paragon Australian Long Short Fund

5 Jul 2019 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +0.9% after fees in June, taking annualised performance since inception in February 2013 to +9.45% versus the ASX200 Accumulation Index's +8.85%.

5 Jul 2019 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	05 July 2019
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	June 2019
Latest Return	0.90%
Latest 6 Months	15.93%
Latest 12 Months	-12.88%
Latest 24 Months (pa)	4.75%
Annualised Since Inception	9.45%
Inception Date	28 February 2013
FUM (millions)	AU$37.4
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 +0.9% after fees in June, taking annualised performance since inception in February 2013 to +9.45% versus the ASX200 Accumulation Index's +8.85%. The Fund has risen +17.03% over the June quarter versus the Index's +7.97%. Positive contributors included Alacer Gold, Nearmap and Jumbo. These were offset by declines in Atrum and PowerApp. Paragon noted, as of 2 July, Sandfire had increased its interest in Adriatic to 11%. They expect Sandfire to pursue the rest of Adriatic at a premium in time. In June, Gold broke out above a long-term (6-yr) base of US$1,350/oz, with A$ gold continuing to break all-time highs. Paragon discuss their view on gold and A$ gold equities in their latest report. They consider gold a strong hedge to global market volatility and expect volatility to be an ongoing feature in global markets due to macro risk factors, slowing global growth and fears of a US recession.
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Quality Equity Fund

28 Jun 2019 - Australian Fund Monitors

The Insync Global Quality Equity Fund returned -2.25% in May, outperforming AFM's Global Equity Index by +2.21% and taking annualised performance since inception to +12.87% versus the Index's +10.79%.

28 Jun 2019 - Performance Report: Insync Global Quality Equity Fund

By: Australian Fund Monitors

Report Date	28 June 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Quality Equity Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	-2.25%
Latest 6 Months	14.88%
Latest 12 Months	12.76%
Latest 24 Months (pa)	12.97%
Annualised Since Inception	12.87%
Inception Date	01 July 2018
FUM (millions)
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long-term capital growth and some income. 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 typically of 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.
Manager Comments	The Insync Global Quality Equity Fund returned -2.25% in May, outperforming AFM's Global Equity Index by +2.21% and taking annualised performance since inception to +12.87% versus the Index's +10.79%. The Fund's Sharpe and Sortino ratios, 1.00 and 1.91 respectively, by contrast with the Index's Sharpe of 0.81 and Sortino of 1.32, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's down-capture ratio since inception of 62.60% indicates that, on average, the Fund has outperformed during the market's negative months. Insync attribute the Fund's outperformance in May to strong stock selection. Positive highlights include Adidas, IDEXX Laboratories, Wirecard, Boston Scientific Corp and the London Stock Exchange. Detractors included Facebook, Apple, Booking Holdings, Constellation Brands and Tencent Holdings. The Fund continues to have no currency hedging as Insync consider the main risks to the Australian dollar to be on the downside. Insync's view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They believe if this trend continues then investing in a portfolio of high ROIC stocks benefitting from global megatrends should be beneficial. They noted their portfolio of companies is less dependent on the global economy to generate consistent profitable growth.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

27 Jun 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +0.25% in May, taking annualised performance since inception in April 2016 to +11.01% with an annualised volatility of 9.99%.

27 Jun 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	27 June 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	0.25%
Latest 6 Months	12.54%
Latest 12 Months	8.48%
Latest 24 Months (pa)	8.23%
Annualised Since Inception	11.01%
Inception Date	04 April 2016
FUM (millions)	AU$4.41
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund rose +0.25% in May, taking annualised performance since inception in April 2016 to +11.01% with an annualised volatility of 9.99%. The Fund's Sharpe and Sortino ratios since inception are 0.95 and 1.49 respectively. As at the end of May, the Fund held 21 stocks with a median position size of 4.8%. The portfolio's holdings had an average forward year price/earnings of 15.8, forward year EPS growth of 6.8%, forward year tangible ROE of 24.2% and forward year dividend yield of 4.5%. The Fund's cash weighting was increased to 3.4% from 3.0% as at the end of April. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Fund Monitors Pty Ltd

News

NEWS

19 Jul 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

18 Jul 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

17 Jul 2019 - Fund Review: Bennelong Long Short Equity Fund June 2019

16 Jul 2019 - Performance Report: Cyan C3G Fund

15 Jul 2019 - Performance Report: Glenmore Australian Equities Fund

12 Jul 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

8 Jul 2019 - Performance Report: Bennelong Long Short Equity Fund

5 Jul 2019 - Performance Report: Paragon Australian Long Short Fund

28 Jun 2019 - Performance Report: Insync Global Quality Equity Fund

27 Jun 2019 - Performance Report: Touchstone Index Unaware Fund

Category

Search

Events Calendar