Performance Report: 4D Global Infrastructure Fund

30 May 2018 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +3.03% in April, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.32%. The Fund has returned +12.54% per annum since inception in March 2016.

30 May 2018 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	30 May 2018
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	April 2018
Latest Return	3.03%
Latest 6 Months	1.10%
Latest 12 Months	10.47%
Latest 24 Months	21.69%
Annualised Since Inception	12.54%
Inception Date	07 March 2016
FUM (millions)	AU$26.37
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 +3.03% in April, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +2.32%. The Fund has returned +12.54% per annum since inception in March 2016. The AUD was -1.9% in April, aiding fund performance. The strongest performer was Brazilian toll road operator Ecorodovias (+13.7%), while the weakest performer was American tower operator Crown Castle (-8%). Given the ongoing global growth environment, the Fund remains overweight user pay assets which have a direct correlation to macro strength. The Manager also noted that, while they are underweight utilities ('bond proxies'), ongoing geo-political concerns as well as a number of near-term elections sees the Fund maintain core exposure to quality defensive utility assets. The Manager's outlook for global listed infrastructure over the medium term remains positive. They noted there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, resulting in an increasing need for private sector capital as part of the funding solution.
More Information	Fund Profile Manager's Report

Performance Report: KIS Asia Long Short Fund

29 May 2018 - Australian Fund Monitors

The KIS Asia Long Short Fund returned -0.55% in April. Since inception in October 2009, the Fund has returned +13.46% p.a. with an annualised volatility of 5.21%.

29 May 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	29 May 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	April 2018
Latest Return	-0.55%
Latest 6 Months	4.50%
Latest 12 Months	8.93%
Latest 24 Months	18.20%
Annualised Since Inception	13.46%
Inception Date	01 October 2009
FUM (millions)	AU$92.71
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Asia Long Short Fund returned -0.55% in April. Since inception in October 2009, the Fund has returned +13.46% p.a. with an annualised volatility of 5.21%. By contrast, the ASX200 Accumulation Index has returned +7.33% p.a. with an annualised volatility of 11.66% over the same period. The Fund's Sortino ratio of 4.41 versus the Index's 0.53 highlights the Fund's strong focus on downside protection. In April, the Fund's short position in Blue Sky Alternatives (BLA.AX) was the largest contributor (+26bp). No other position contributed or detracted more than 20bp. KIS noted that, when evaluating the return of the Fund to identify the source of the loss over the month, there was clearly no one significant line. In their latest commentary, KIS discuss their short position in Blue Sky Alternatives (BLA.AX) and their reservations about BLA.AX prior to Glaucus' report. KIS believe what Glaucus published was fair; their logic was stated and was made available to all. KIS was flat BLA.AX at the time of the release of Glaucus' report, however, they shorted the stock soon after and shorted further stock both after listening to Blue Sky's initial rebuttal and after Glaucus' second comment which confirmed KIS' opinion of the BLA.AX rebuttal. As mentioned above, BLA.AX was the Fund's largest contributor in April (+26bp).
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

28 May 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +0.04% in April, taking cumulative performance since inception in June 2017 to +28.94%.

28 May 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	28 May 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2018
Latest Return	0.04%
Latest 6 Months	7.94%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	31.95%
Inception Date	06 June 2017
FUM (millions)	AU$4.78
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 +0.04% in April, taking cumulative performance since inception in June 2017 to +28.94%. By contrast, the ASX200 Accumulation Index has risen +8.44% cumulatively over the same period. The Fund has achieved positive performance in over 80% of all months since inception. Positive contributors in April included Macquarie Atlas Roads (+13.3%), Bravura Solutions (+8.1%), Appen (+8.4%), Jumbo Interactive (+6.6%) and Imdex (+5.1%). Detractors included Fiducian Group (-11.5%), Mastermyne (-7.8%) and Emeco (-3.4%). Glenmore noted Fiducian Group's return was largely impacted by the ongoing Royal Commission and that, while there is no evidence that FID's financial planners have given poor or conflicted advice to their clients, currently there is uncertainty as to how ASIC will respond once its investigation in the larger players has concluded. Glenmore remain in regular contact with the company and will continue to assess whether the recent decline in stock price represents a buying opportunity for longer term investors.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

25 May 2018 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +2.88% in April, taking annualised performance since inception in December 2015 to +10.39% per annum.

25 May 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	25 May 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2018
Latest Return	2.88%
Latest 6 Months	3.89%
Latest 12 Months	9.21%
Latest 24 Months	26.97%
Annualised Since Inception	10.39%
Inception Date	02 December 2015
FUM (millions)	AU$2.895
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 +2.88% in April, taking annualised performance since inception in December 2015 to +10.39% per annum. By contrast, the ASX200 Accumulation Index has returned +7.67% per annum over the same period with a similar level of volatility. The Fund's up-capture and down-capture ratios since inception highlight the Fund's ability to outperform in both rising and falling markets. By the end of April, the Fund's weightings were increased in the Consumer Staples, Health Care, IT, Energy and Materials sectors, and decreased in the Discretionary, Telco's, Industrials and Financials sectors. The Fund combines a passive investment in the S&P/ASX20 Index and an actively managed investment in Australian listed stocks outside this index. The passive position is achieved by investing individually in each of the S&P/ASX20 Index's individual stocks with approximately the same weightings they represent in the S&P/ASX300. Currently this weight is approximately 60% of the Fund's portfolio. 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

24 May 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +1.56% in April, taking annualised performance since inception in May 2006 to +10.58% per annum with an annualised volatility of 6.93%.

24 May 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	24 May 2018
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2018
Latest Return	1.56%
Latest 6 Months	1.80%
Latest 12 Months	5.11%
Latest 24 Months	9.69%
Annualised Since Inception	10.58%
Inception Date	01 May 2006
FUM (millions)	AU$194.75
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 +1.56% in April, taking annualised performance since inception in May 2006 to +10.58% per annum with an annualised volatility of 6.93%. The ASX200 Accumulation Index, by comparison, has returned +5.63% p.a. with a volatility of 13.48% over the same period. Top contributors for the month included CSL (+40 basis points contribution), Bluescope (+38bp), Alumina (+37bp), Independence Group (+32bp), BHP (+20bp), Origin Energy (+28bp), WorleyParsons (+27bp), Santos (+26bp) and Macquarie Group (+29bp). A short position in Share Price Index Futures (-88bp contribution) was the biggest detractor given the rise in the market. Other detractors included Boral (-31bp) and Bellamy's (-18bp). Overall, the short book made a negative contribution for the month. Net equity market exposure (including derivatives) was kept steady at 60.7% (75.1% long and 14.4% short), with the addition of Rio Tinto and the buyback of part of the Fund's short position in SPI Futures contracts offsetting the sale of ANZ, BHP and Westpac and a reduction in the size of some key holdings including Boral, Star Entertainment, Janus Henderson, Aristocrat and CSL.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Cyan C3G Fund

23 May 2018 - Australian Fund Monitors

The Cyan C3G Fund returned -5.28% in April. This comes after a sustained period of outperformance, with the Fund having risen +19.5% after fees over the past 12 months.

23 May 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	23 May 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	April 2018
Latest Return	-5.28%
Latest 6 Months	0.35%
Latest 12 Months	19.50%
Latest 24 Months	36.82%
Annualised Since Inception	24.08%
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 returned -5.28% in April. This comes after a sustained period of outperformance, with the Fund having risen +19.5% after fees over the past 12 months versus the ASX200 Accumulation Index's return of +5.46%. The Fund has returned +24.08% per annum since inception in July 2014, outperforming the Index by +17.8% on an annualised basis. The Fund's Sharpe and Sortino ratios, 1.90 and 4.64 respectively, by contrast with the Index's Sharpe ratio of 0.43 and Sortino ratio of 0.56, also highlight the Fund's long-term focus on superior risk-adjusted returns. Cyan noted that the Fund struggled to find a position that rose in April, despite the positive underlying market. Two key detractors included BlueSky (BLA), which impacted performance at the start of the month, and Experience Co (EXP), which downgraded earnings on the 30th of April and thus impacted performance at the end of the month. Other detractors included AMA Group (-11%), Motorcycle Holdings (-20%) and Moelis (-10%). In light of recent price movements, Cyan's near-term outlook is positive. They feel there is some value creeping into their end of the market, and noted that they'll likely add to many of the Fund's existing holdings in the coming months in addition to searching for new core Fund positions.
More Information	Fund Profile Manager's Report

Performance Report: Qato Capital Market Neutral Fund

22 May 2018 - Australian Fund Monitors

The Qato Capital Market Neutral Strategy rose +1.12% in April. Qato attribute this to machine learning model enhancements the Fund began using this year.

22 May 2018 - Performance Report: Qato Capital Market Neutral Fund

By: Australian Fund Monitors

Report Date	22 May 2018
Manager	Qato Capital
Fund Name	Qato Capital Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2018
Latest Return	1.12%
Latest 6 Months	-1.51%
Latest 12 Months	-9.89%
Latest 24 Months	-4.14%
Annualised Since Inception	-0.96%
Inception Date	01 August 2014
FUM (millions)	AU$125
Fund Overview	QATO's Market Neutral strategy is managed via an objective, consistent and replicable process utilising Qato Capital's proprietary 'Q-Score' methodology. The Q-Score process is fundamentally based, evaluating improving and deteriorating fundamentals within each business from a variety of financial metrics, such as valuation, growth, risk, quality, earnings & price. The strategy is designed to produce returns uncorrelated to major global equity markets. Moreover, the strategy is designed to produce strong positive returns in times of market distress/volatility, whilst also performing well in normal market conditions. The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks by generally holding up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Manager Comments	The Qato Capital Market Neutral Strategy rose +1.12% in April. Qato attribute this to machine learning model enhancements the Fund began using this year. Qato noted that these enhancements have allowed for more accurate alpha prediction and better management of highly correlated factors. Qato's long portfolio had a mining bias for April, most of which benefited from bounding commodity prices. Positive contributors from the sector included South32 (+15.88%), Bluescope Steel (+9.47%) and Rio Tinto (+10.27%). In Healthcare, CSL (+9.69%) contributed positively, whilst accounting software provider Xero also added value. Qato noted that, given the broad-based rally in the ASX100, the short book found generating positive performance difficult by comparison with the long portfolio. One laggard of the broader market highlighted by Qato was packaging company Amcor, retracing -2.79% in April and -11.67% over the past 6 months.
More Information	Fund Profile

Bennelong Twenty20 Australian Equities Fund April 2018

18 May 2018 - 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 April 2018

17 May 2018 - 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.

Performance Report: ARCO Absolute Trust (formerly Optimal)

16 May 2018 - Australian Fund Monitors

The ARCO Absolute Trust returned -0.54% in April. Since inception in September 2008, the Fund has returned +8.29% per annum with a volatility of 3.75%.

16 May 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

By: Australian Fund Monitors

Report Date	16 May 2018
Manager	ARCO Investment Management
Fund Name	ARCO Absolute Trust (formerly Optimal)
Strategy	Equity Long/Short
Latest Return Date	April 2018
Latest Return	-0.54%
Latest 6 Months	3.96%
Latest 12 Months	10.17%
Latest 24 Months	11.55%
Annualised Since Inception	8.29%
Inception Date	15 September 2008
FUM (millions)	AU$145
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. *Formerly the Optimal Australia Absolute Trust
Manager Comments	The ARCO Absolute Trust returned -0.54% in April. Since inception in September 2008, the Fund has returned +8.29% per annum with a volatility of 3.75%. By contrast, the ASX200 Accumulation Index has returned +6.22% per annum with a volatility of 13.49% over the same period. The Fund's Sharpe ratio of 2.88 versus the Index's 0.32 highlights the Fund's focus on capital preservation. Over 70% of the long positions in the portfolio were positive contributors to performance during April, most notably BHP, Alumina Ltd, Nufarm, Westfield and Lynas. ARCO increased the Fund's exposure to BHP and Nufarm over the month as their analysis continues to highlight further upside potential from their respective capital and asset management strategies. Negative contributors in the long portfolio included Boral, Link and AHG. The short portfolio also broadly detracted from performance, with the exception of select short positions in the banking sector which ARCO continue to view as a short-side trade.
More Information	Fund Profile Manager's Report AFM Research Reports

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30 May 2018 - Performance Report: 4D Global Infrastructure Fund

29 May 2018 - Performance Report: KIS Asia Long Short Fund

28 May 2018 - Performance Report: Glenmore Australian Equities Fund

25 May 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

24 May 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

23 May 2018 - Performance Report: Cyan C3G Fund

22 May 2018 - Performance Report: Qato Capital Market Neutral Fund

18 May 2018 - Bennelong Twenty20 Australian Equities Fund April 2018

17 May 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2018

16 May 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

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