Performance Report: Insync Global Capital Aware Fund

27 Feb 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +3.28% in January, taking 12-month performance to +4.52% and the Fund's annualised return since inception in October 2009 to +9.42%.

27 Feb 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	27 February 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	January 2019
Latest Return	3.28%
Latest 6 Months	-2.92%
Latest 12 Months	4.52%
Latest 24 Months	27.31%
Annualised Since Inception	9.42%
Inception Date	07 October 2009
FUM (millions)	AU$31.2
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to 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. The Global Capital Aware 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 Capital Aware Fund rose +3.28% in January, taking 12-month performance to +4.52% and the Fund's annualised return since inception in October 2009 to +9.42%. The Fund's Sortino ratio of 1.26, down-capture ratio of 58.6%, average negative return of -1.67% versus the Global Equity Index's -2.00% and maximum drawdown since inception of -11% versus the Index's -13.6% together highlight the fund's focus on downside protection. Insync noted that in January strong contributions from stock selection were partially offset by a decline in the value of the index 'puts' due to a sharp market recovery and significant fall in volatility. Positive contributors included Facebook, Intuit, Intercontinental Hotel Group, London Stock Exchange and Adidas. Detractors included Twenty-First Century Fox, Heineken, Walt Disney, Visa and Zoetis. No currency hedging continues across both of Insync's funds as Insync consider the main risks to the Australian dollar to be on the downside.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Harvest Lane Asset Management Absolute Return Fund

27 Feb 2019 - Australian Fund Monitors

The Harvest Lane Absolute Return Fund rose +0.80% in January, taking 12-month performance to +10.44% versus the ASX200 Accumulation Index's +1.37%. Since inception in July 2013, the Fund has returned +9.11% per annum.

27 Feb 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Harvest Lane Asset Management
Fund Name	Harvest Lane Asset Management Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2019
Latest Return	0.80%
Latest 6 Months	4.25%
Latest 12 Months	10.44%
Latest 24 Months	16.56%
Annualised Since Inception	9.11%
Inception Date	01 July 2013
FUM (millions)	AU$12
Fund Overview	The Fund aims to deliver a return of greater than 10% p.a. after all fees and charges over a 3 year period with low or no correlation to the Australian equity market. By focusing on select takeover and corporate activity the fund aims to achieve this whilst also exhibiting lower than average volatility than the market. Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives.
Manager Comments	The Harvest Lane Absolute Return Fund rose +0.80% in January, taking 12-month performance to +10.44% versus the ASX200 Accumulation Index's +1.37%. Since inception in July 2013, the Fund has returned +9.11% per annum with an annualised volatility of 7.08%. By contrast, the Index has returned +8.25% per annum with a volatility of 10.87% over the same period. The Fund's Sharpe and Sortino ratios, 1.01 and 1.72 respectively, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's focus on downside protection is evidenced by their higher average negative return relative to the Index (-1.44% versus the Index's -2.45%) and down-capture ratio of -35.58% which indicates that, on average, the Fund has risen during the months market has fallen. Harvest Lane noted the month was fairly active as they continued to see steady deal flow and positive catalysts in some of the Fund's existing positions which proved to be a key driver of the month's performance. The current portfolio composition consists of a larger number of deals in their early stages than Harvest Lane have typically observed in recent months. They noted they tend to allocate more capital to transactions as they firm up and exercise restraint so as not to over commit until doing so is warranted. The portfolio remains appropriately weighted in these new opportunities and holds enough cash to meaningfully scale up should the transactions progress as Harvest Lane anticipates.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund January 2019

26 Feb 2019 - 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: Wheelhouse Global Equities Income Fund

26 Feb 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund returned +0.36% in January, taking 12-month performance to +7.15% and annualised performance since inception in May 2017 to +5.34%.

26 Feb 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	January 2019
Latest Return	0.36%
Latest 6 Months	-1.24%
Latest 12 Months	7.15%
Latest 24 Months
Annualised Since Inception	5.34%
Inception Date	26 May 2017
FUM (millions)	AU$7.14
Fund Overview	The strategy of the Fund is based on the Morningstar Developed Markets ex Australia Wide Moat Focus Index ('Morningstar Portfolio'). However, in addition to this, it is designed to deliver returns with lower volatility, improved capital preservation, and higher income generation as a component of total return. To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform.
Manager Comments	The Wheelhouse Global Equity Income Fund returned +0.36% in January, taking 12-month performance to +7.15% and annualised performance since inception in May 2017 to +5.34%. The Fund's Sortino ratio of 1.13 and down-capture ratio of 60.93% highlight the Fund's focus on avoiding the market's downside volatility over the long-term. The Fund's January return comprised +3.93% from the portfolio (in USD) and a negative return of -3.72% from the strengthening of the Australian dollar versus the US dollar. Top contributors included ServiceNow Inc, KLA Tencor, Canadian Pacific Railway, Union Pacific and Jones Lang LaSalle. Key detractors included Kao Corp, Amgen, Medtronic, Pfizer and Unilever. The Fund is designed to deliver equity returns with higher income generation and active downside protection. The strategy's high income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse intend for returns to add relative value in weak and low-growth markets and to drag in more positive markets.
More Information	Fund Profile Manager's Report

Performance Report: Spectrum Strategic Income Fund

25 Feb 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund rose +0.27% in January, taking 12-month performance to +3.35% and annualised performance since inception in June 2009 to +8.03%.

25 Feb 2019 - Performance Report: Spectrum Strategic Income Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Spectrum Asset Management Limited
Fund Name	Spectrum Strategic Income Fund
Strategy	Credit
Latest Return Date	January 2019
Latest Return	0.27%
Latest 6 Months	1.66%
Latest 12 Months	3.35%
Latest 24 Months	8.21%
Annualised Since Inception	8.03%
Inception Date	31 May 2009
FUM (millions)	AU$68.8
Fund Overview	The Spectrum Strategic Income Fund aims to deliver steady income which is higher than bank deposits but without the volatility of equity markets. The Fund provides daily liquidity and does not use leverage or derivatives. The Fund invests primarily in Australian dollar corporate bonds and limits exposure to long-term interest rate risk by investing mainly in floating rate notes.
Manager Comments	The Spectrum Strategic Income Fund rose +0.27% in January, taking 12-month performance to +3.35% and annualised performance since inception in June 2009 to +8.03%. The Fund's Sharpe and Sortino ratios, 1.66 and 4.55 respectively, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst largely avoiding the market's downside volatility. Spectrum noted they maintain minimal direct exposure to domestic residential property and maintain an underweight position in the lenders to the sector. They fear that unless home loan growth re-accelerates prices will fall far more than the 6% experienced nationally since late 2017. They say the parallels with other property corrections driven by slowing credit growth are a concern. They believe falling local government bond yields and low corporate default rates could spur a chase for returns. This, they say, may remain supportive of lower credit spreads (capital gains) as Japan experienced when government bond yields collapsed. Spectrum expect 2019 to be an interesting year for A$ corporate bond investors.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

20 Feb 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +2.67% in January, taking annualised performance since inception in November 2009 to +9.28% versus the ASX200 Accumulation Index's +7.14% per annum.

20 Feb 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2019
Latest Return	2.67%
Latest 6 Months	-9.11%
Latest 12 Months	-1.81%
Latest 24 Months	14.46%
Annualised Since Inception	9.28%
Inception Date	02 December 2015
FUM (millions)	AU$4.95
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund rose +2.67% in January, taking annualised performance since inception in November 2009 to +9.28% versus the ASX200 Accumulation Index's +7.14% per annum. The Fund's up-capture and down-capture ratios since inception, 108.9% and 95.2% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of January, the Fund had increased its weightings in the Discretionary, REITs, Communication, Industrials, Energy and Materials sectors, and decreased in the Health Care and Financials sectors. The Fund's weighting in the Consumer Staples sector remained unchanged at 7.5% of the portfolio. The Fund combines a passive investment in the ASX20 and an actively managed investment in the ASX ex-20. The passive position is achieved by investing individually in each of the ASX20 stocks with approximately the same weightings they represent in the ASX300. Currently, this weighting is over 50%. The active position in ex-20 stocks aims to allow the Fund to outperform the broader market.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Bennelong Kardinia Absolute Return Fund

19 Feb 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +1.66% in January, taking annualised performance since inception May 2006 to +9.15% with an annualised volatility of 7.14%.

19 Feb 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2019
Latest Return	1.66%
Latest 6 Months	-8.93%
Latest 12 Months	-8.48%
Latest 24 Months	-1.87%
Annualised Since Inception	9.15%
Inception Date	01 May 2006
FUM (millions)	AU$166.43
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 +1.66% in January, taking annualised performance since inception May 2006 to +9.15% with an annualised volatility of 7.14%. By contrast, the ASX200 Accumulation Index has returned +5.38% per annum over the same period with almost twice the volatility (13.30% per annum). The Fund's Sortino ratio of 1.31 versus the Index's 0.18, combined with the Fund's average negative return of -1.44% versus the Index's -3.26%, downside deviation of 4.05 versus the Index's 9.96 and down-capture ratio of 40.11% highlight the Fund's capacity to avoid the market's downside volatility over the long term. Top contributors in January included Rio Tinto (+26 basis point contribution), A2 Milk (+21bp), Tabcorp (+19bp), CSL (+17bp), Evolution Mining (+16bp). Key detractors included Netwealth (-13bp), Northern Star (-11bp) and Qantas (-9bp). The individual short book dragged on performance (-27bp), with shorts in the waste management, IT and packaging sectors the key detractors. Net equity market exposure was increased from 30.4% to 40.2% (48.7% long and 8.4% short), with the key changes being increased weightings in Macquarie Group, Woodside Petroleum, A2 Milk, Tabcorp, Cleanaway and CSL, and a new position in Independence Group.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: NWQ Fiduciary Fund

18 Feb 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +0.44% in January, taking annualised performance since inception in May 2013 to +5.34% with an annualised volatility of only 4.92%.

18 Feb 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	January 2019
Latest Return	0.44%
Latest 6 Months	-5.32%
Latest 12 Months	-3.50%
Latest 24 Months	8.02%
Annualised Since Inception	5.34%
Inception Date	01 May 2013
FUM (millions)	AU$76
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 between 8% to 11% 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 +0.44% in January, taking annualised performance since inception in May 2013 to +5.34% with an annualised volatility of only 4.92%. By contrast, the ASX200 Accumulation Index has returned +6.71% p.a. with an annualised volatility of 11% over the same period. The Fund's Sortino ratio (1.12 versus the Index's 0.62), in conjunction with its average negative return of -0.96% versus the Index's -2.52% and down-capture ratio of 6.79%, together indicate that the Fund has successfully avoided much of the market's downside volatility over the long term. NWQ noted there was a distinct shift in sentiment from 'risk-off' to 'risk-on' with the US Federal Reserve signalling that it would hold off on further rate rises, reversing a position it took less than two months prior. This shift in sentiment was an indiscriminate tailwind for stocks and this, NWQ say, provided its own set of challenges for the long/short strategies of the Fund's underlying managers. Against this backdrop, the Fund's underlying managers positioned their portfolios to generate modest positive returns and are well positioned for when company fundamentals - as opposed to market sentiment - become the primary driver of stock returns as is most often the case following reporting season.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

15 Feb 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +2.84% in January, taking annualised performance since inception in June 2017 to +18.91% per annum versus the ASX200 Accumulation Index's +5.63%.

15 Feb 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	January 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2019
Latest Return	2.84%
Latest 6 Months	-6.19%
Latest 12 Months	0.36%
Latest 24 Months
Annualised Since Inception	18.91%
Inception Date	06 June 2017
FUM (millions)	AU$5.4
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 +2.84% in January, taking annualised performance since inception in June 2017 to +18.91% per annum versus the ASX200 Accumulation Index's +5.63%. The Fund's Sharpe and Sortino ratios for performance since inception, 1.33 and 2.03 respectively, by contrast with the Index's Sharpe of 0.51 and Sortino of 0.66, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. In addition, the Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. Top contributors included Worley Parsons (+21.5%), Magellan Financial Group (+21.2%), NRW Holdings (+19.2%), Bravura Solutions (+13.5%), Arena REIT (+11.6%) and Jump Interactive (+10.6%). The only detractor of note was Navigator Global Investments (NGI) which Glenmore decided to exit given NGI's recent earnings update; earnings guidance for FY19 10-15% below the market's expectations.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund January 2019

15 Feb 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.

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27 Feb 2019 - Performance Report: Insync Global Capital Aware Fund

27 Feb 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

26 Feb 2019 - Fund Review: Insync Global Capital Aware Fund January 2019

26 Feb 2019 - Performance Report: Wheelhouse Global Equities Income Fund

25 Feb 2019 - Performance Report: Spectrum Strategic Income Fund

20 Feb 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

19 Feb 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

18 Feb 2019 - Performance Report: NWQ Fiduciary Fund

15 Feb 2019 - Performance Report: Glenmore Australian Equities Fund

15 Feb 2019 - Bennelong Twenty20 Australian Equities Fund January 2019

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