NEWS
Performance Report: Bennelong Long Short Equity Fund
15 May 2018 - Australian Fund Monitors
The Bennelong Long Short Equity Fund returned +1.96% in April. Since inception in February 2002, the Fund has returned +16.34% per annum versus the ASX200 Accumulation Index's +8.02%.
Read more...
15 May 2018 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | Positive performance was driven by a wide range of pairs from all sectors. A number of the Fund's best pairs benefited from a positive contribution from the short, as well as the long. With the backdrop of a very strong equity market the overall performance of the short portfolio was a feature of the fund's positive return. On the negative side, the weakest pairs were long Woolworths (WOW) / short Metcash (MTS) and long Ramsay (RHC) / short Healthscope (HSO) / short Primary (PRY). |
| More Information |
Performance Report: Bennelong Australian Equities Fund
14 May 2018 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +4.56% in April, outperforming the ASX200 Accumulation Index by +0.65%. Since inception in January 2009, the Fund has returned +13.99% per annum.
Read more...
14 May 2018 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | As at the end of April, the portfolio's weightings were increased in the Health Care, Consumer Staples, IT, Industrials and Materials sectors, and decreased in the Discretionary and Financials sectors. |
| More Information |
Fund Review: ARCO Absolute Trust April 2018
11 May 2018 - Australian Fund Monitors
Read the latest Fund Review on ARCO Absolute Trust. ARCO Investment Management is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure...
Read more...
11 May 2018 - Fund Review: ARCO Absolute Trust April 2018
By: Australian Fund Monitors
AFM Fund Review - April 2018 (pdf format)
ARCO ABSOLUTE TRUST (formerly Optimal Australia Absolute Trust)
AFM have released the most recently updated Fund Review on the ARCO Absolute Trust.
We would like to highlight the following aspects of the Fund;
-
ARCO Investment Management is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
-
The investment team comprising George Colman, Peter Whiting, and Stephen Nicholls bring 100 years combined experience in equity markets.
-
The Fund has an annualised return since inception of +8.29%. The Fund's approach to risk is shown by the Sharpe ratio of 1.38 (Index 0.30), Sortino ratio of 2.88 (Index 0.32), both of which are well above the ASX 200 Accumulation Index and has recorded over 78% positive months.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - April 2018 (pdf format)
Fund Review: Bennelong Long Short Equity Fund April 2018
10 May 2018 - 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, with over...
Read more...
10 May 2018 - Fund Review: Bennelong Long Short Equity Fund April 2018
By: Australian Fund Monitors
AFM Fund Review - April 2018 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 15-years' track record and an annualised returns of over 16%.
- The consistent returns across the investment history indicate the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 1.00 and 1.65 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - April 2018 (pdf format)
Performance Report: Insync Global Titans Fund
9 May 2018 - Australian Fund Monitors
The Insync Global Titans Fund returned -0.69% in March. Since inception in October 2009, the Fund has returned +9.88% per annum after fees and the cost of protection.
Read more...
9 May 2018 - Performance Report: Insync Global Titans Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | Performance in March was driven by positive contributions from Heineken, Zoetis, Booking Holdings, Estee Lauder and London Stock Exchange. The main negative contributors were eBay, Accenture, Google and Facebook. The Fund continues to have no foreign currency hedging in place as Insync considers the main risks to the Australian dollar to be on the downside. Insync continues to utilise index put options to buffer sharp falls in equity markets (catastrophes) not yet having cause to exercise them. |
| More Information |
Performance Report: Quay Global Real Estate Fund
8 May 2018 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +4.7% in March, outperforming its benchmark (FTSE/NAREIT Developed Index) by +0.7%. The Fund has returned +12.72% p.a. since inception in July 2014.
Read more...
8 May 2018 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | Approximately +3.1% of the Fund's return was derived from underlying stock exposure. A weaker AUD added to monthly performance, while underlying stocks bounced back from heavy selling earlier in the year. Top performers included Essex Property Trust (US Multifamily), Leg Immobilien (German Housing) and Hispania Activos (Spanish Hotels). Spectrum GGP (US Malls), Brixmor (US Shopping) and Hysan (Hong Kong Diversified) were the only three detractors. |
| More Information |
Fund Review: Insync Global Titans Fund March 2018
7 May 2018 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available. The Global Titans Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and...
Read more...
7 May 2018 - Fund Review: Insync Global Titans Fund March 2018
By: Australian Fund Monitors
AFM Fund Review - March 2018 (pdf format)
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
We would like to highlight the following:
- The Global Titans Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2018 (pdf format)
Performance Report: Bennelong Australian Equities Fund
4 May 2018 - Australian Fund Monitors
The Bennelong Australian Equities Fund returned -2.82% in March, outperforming the ASX200 Accumulation Index by +0.95%. Since inception in January 2009 the Fund has returned +13.58% per annum.
Read more...
4 May 2018 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | Over the quarter, many of the companies in the portfolio reported very strong first half results in the February earnings season, outperforming the market's expectations and, as a result, delivering outsized returns. The Manager added a few new names to the portfolio during the quarter and also sold out of some stocks that had matured in terms of their return potential. The Manager has increased the Fund's exposure to cyclicals, particularly to the resources sector. The Manager also noted they continue to avoid many of the pure bond proxies such as the REITs, Utilities and Infrastructure stocks, as well as blue chips like Woolworths, Telstra and AMP. In their latest report, the Manager discusses a few of the Fund's holdings including Flight Centre, CSL Limited and Aristocrat Leisure. Bennelong believe that, while it is always difficult to predict short term moves, it seems the Australian stock market looks well positioned to provide reasonably attractive returns over the foreseeable future. For the broader market, Bennelong point out that investor sentiment is cautious, valuations look reasonable and earnings are both solid and growing nicely. |
| More Information |
Performance Report: Touchstone Index Unaware Fund
3 May 2018 - Australian Fund Monitors
The Touchstone Index Unaware Fund returned -1.04% in March, outperforming the ASX200 Accumulation Index by +2.73%. Since inception in April 2016, the Fund has returned +12.28% per annum.
Read more...
3 May 2018 - Performance Report: Touchstone Index Unaware Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 primarily selects stocks from the S&P/ASX 300 Index and typically holds 10-30 stocks. It seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends. |
| More Information |
Performance Report: Bennelong Concentrated Australian Equities Fund
2 May 2018 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned -2.47% in March, outperforming the ASX200 Accumulation Index by +1.3%. The Fund has returned +18.73% over the past 12 months versus the Index's +2.54%.
Read more...
2 May 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | The Fund continues to be invested in a selection of high quality and strongly growing companies that Bennelong believe will build value over time. Bennelong noted they continue to see attractive new opportunities emerge, and that over the quarter they added a few new names to the portfolio. The Manager has also sold out of some stocks that they believe had matured in terms of their return potential. One notable change over the quarter has been Bennelong's decision to increase exposure to cyclicals, particularly to the resources sector. The Manager noted they continue to avoid many of the pure bond proxies such as the REITs, Utilities and Infrastructure stocks, as well as less obvious bond proxies such as blue chips like Woolworths, Telstra and AMP that offer little if any growth but generous dividends. Bennelong believe that, while it is always difficult to predict short term moves, it seems the Australian stock market looks well positioned to provide reasonably attractive returns over the foreseeable future. For the broader market, Bennelong point out that investor sentiment is cautious, valuations look reasonable and earnings are both solid and growing nicely. |
| More Information |
