Performance Report: 4D Global Infrastructure Fund

24 Jun 2019 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +0.96% in May, outperforming the benchmark (OECD G7 Inflation Index +5.5%) by +0.18% and taking annualised performance since inception in March 2016 to +13.69%.

24 Jun 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	24 June 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	May 2019
Latest Return	0.96%
Latest 6 Months	19.29%
Latest 12 Months	20.96%
Latest 24 Months (pa)	11.51%
Annualised Since Inception	13.69%
Inception Date	07 March 2016
FUM (millions)	AU$38.69
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 +0.96% in May, outperforming the benchmark (OECD G7 Inflation Index +5.5%) by +0.18% and taking annualised performance since inception in March 2016 to +13.69%. The strongest portfolio performer for May was Brazilian toll road operator CCR (+17.2%). 4D noted this stock was oversold in April on an ongoing flow of corruption rumours and they believe the rebound in May was well justified. The weakest performer was global port operator DP World (-14.5%) as the US/China trade wars remain an overhang on the port story creating volatility. 4D noted that, despite a slowing global macro environment, they believe it remains in positive territory and supportive of the Fund's bias towards user pay assets. They also expect emerging markets to see a recovery with Fed rate hikes stalled. They remain cautious of ongoing geo-political issues and have positioned accordingly, avoiding certain markets until issues are resolved (e.g. Brexit). They are also seeing certain markets move ahead of fundamentals and are looking to take a more defensive stance in these regions.
More Information	Fund Profile Manager's Report

Performance Report: Gyrostat Absolute Return Income Equity Fund

21 Jun 2019 - Australian Fund Monitors

The Gyrostat Absolute Return Income Fund rose +5.29% in May, outperforming the ASX200 Accumulation Index by +3.58% and taking annualised performance since inception to +4.48%.

21 Jun 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	21 June 2019
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	May 2019
Latest Return	5.29%
Latest 6 Months	2.57%
Latest 12 Months	9.22%
Latest 24 Months (pa)	4.44%
Annualised Since Inception	4.48%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Our absolute return income equity fund combines protection, returns and regular income through all stages of the investment cycle (including large market falls). Our objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - an 'alternative - defensive' asset class. Fund features: - holds a diversified portfolio of higher yielding ASX20 stocks. - has the lowest cost protection, always in place, at the stock specific level, with upside. - delivers regular equity income by passing through dividends. Advances in investment risk management enable cost effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, short term bond returns in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.8% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls
Manager Comments	The Gyrostat Absolute Return Income Fund rose +5.29% in May, outperforming the ASX200 Accumulation Index by +3.58% and taking annualised performance since inception to +4.48%. The Fund has returned +9.22% over the past 12 months versus the RBA Cash Rate's +1.50%. The Fund performed strongly in May with solid gains across the portfolio, particularly the banking sector with the post-election rally. Gyrostat noted this was consistent with their track record and guidance of returns increasing with market volatility. The Fund has a tail hedge always in place for increasing gains on large market falls. During 2018-19 Gyrostat's investment view remains that stock market volatility will increased both up and down, consistent with historical 'late cycle' market conditions. Gyrostat noted they prefer trending and volatile markets.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

21 Jun 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund has returned +15.96% p.a. since inception in Jan 2009 versus the ASX200 Accumulation Index's +10.75% p.a. over the same period.

21 Jun 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 June 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	-2.09%
Latest 6 Months	7.19%
Latest 12 Months	-8.59%
Latest 24 Months (pa)	9.14%
Annualised Since Inception	15.96%
Inception Date	30 January 2009
FUM (millions)	AU$809.61
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. 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 Bennelong Concentrated Australian Equities Fund has returned +15.96% p.a. since inception in Jan 2009 versus the ASX200 Accumulation Index's +10.75% p.a. over the same period. The Fund's up-capture and down-capture ratios since inception, 133.39% and 91.19% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund returned -2.09% in May. The largest detractor was Reliance Worldwide after the company downgraded its earnings guidance during the month. As Reliance had a significant weighting in the portfolio, the share price decline had a material impact on performance. In their latest report, Bennelong point out a number of issues they believe impacted Reliance's performance, noting that they believe these issues are largely one-off events and that they continue to believe in the company's longer term prospects. Other detractors included Corporate Travel Management and Costa Group. Aristocrat Leisure contributed positively after the company reported a strong interim result during the month, with growth revenues and earnings per share of 30% and 17% respectively. Bennelong's view is that while valuation metrics such as price-to-earnings ratios appear relatively attractive for the ASX, the main risk they see is that of earnings risk; i.e. the risk that companies disappoint investors by delivering earnings below expectations. They noted that share prices have often fallen disproportionately in response to earnings downgrades, such as those seen with Reliance Worldwide and Costa Group. Their conclusion is that investors remain very risk-averse, short-term focused and skittish.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

21 Jun 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund was flat in May, with short positions in banks the key detractors given the strong rally following the unexpected Coalition victory in the federal election. Since inception in May 2006 the Fund...

21 Jun 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	21 June 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	May 2019
Latest Return	-0.03%
Latest 6 Months	2.15%
Latest 12 Months	-7.96%
Latest 24 Months (pa)	-0.39%
Annualised Since Inception	9.12%
Inception Date	01 May 2006
FUM (millions)	AU$135.26
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 was flat in May, with short positions in banks the key detractors given the strong rally following the unexpected Coalition victory in the federal election. Since inception in May 2006 the Fund has returned +9.12% p.a. with an annualised volatility of 7.06%. By comparison, the ASX200 Accumulation Index has returned +6.09% p.a. with an annualised volatility of 13.23% over the same period. Top contributors included Evolution Mining (+33bp contribution), Northern Star (+29bp), Audinate Group (+32bp), Polynovo (+19bp) and Aristocrat Leisure (+19bp). The short book was the biggest detractor (-90bp), driven by short positions in two of the major four banks as well as a short position in Share Price Index Futures. Other detractors included Macquarie Group (-35bp), A2 Milk (-18bp) and Oz Minerals (-15bp). Net equity market exposure was decreased from 51.5% to 13.5% (47.6% long and 34.1% short), with the key changes being the sale of Bluescope, Fortescue and Worley Parsons and a large increase in their short position in Share Price Index Futures. This was partly offset by new positions in Evolution Mining and Flight Centre, as well as increased weightings in Commonwealth Bank, Polynovo and Northern Star.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Bennelong Australian Equities Fund

19 Jun 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund has returned +13.34% p.a. since inception in February 2009 versus the ASX200 Accumulation Index's +10.75%.

19 Jun 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	19 June 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	-1.45%
Latest 6 Months	12.32%
Latest 12 Months	2.01%
Latest 24 Months (pa)	12.56%
Annualised Since Inception	13.34%
Inception Date	30 January 2009
FUM (millions)	AU$498.62
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. 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	The Bennelong Australian Equities Fund has returned +13.34% p.a. since inception in February 2009 versus the ASX200 Accumulation Index's +10.75%. The Fund's up-capture and down-capture ratios for performance since inception, 118.1% and 96.6% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund returned -1.45% in May, taking the YTD return to +13.08%. The largest detractor was Reliance Worldwide after the company downgraded its earnings guidance. Bennelong noted that, as Reliance had a large weighting in the portfolio, the share price decline had a material impact on performance. Other detractors included Corporate Travel Management and Costa Group. The main positive contributor to performance was Aristocrat Leisure. Bennelong's view is that while valuation metrics such as price-to-earnings ratios appear relatively attractive for the ASX, the main risk they see is that of earnings risk; i.e. the risk that companies disappoint investors by delivering earnings below expectations. They note that share prices have often fallen disproportionately in response to earnings downgrades, such as those seen with Reliance Worldwide and Costa Group. Their conclusion is that investors remain very risk-averse, short-term focused and skittish.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund May 2019

18 Jun 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.

Performance Report: Cyan C3G Fund

17 Jun 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +2.81% in May, outperforming the ASX200 Accumulation Index by +1.1% and taking annualised performance since inception in August 2014 to +19.21% versus the Index's +7.39%.

17 Jun 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	17 June 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	2.81%
Latest 6 Months	8.58%
Latest 12 Months	0.68%
Latest 24 Months (pa)	11.43%
Annualised Since Inception	19.21%
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 +2.81% in May, outperforming the ASX200 Accumulation Index by +1.1% and taking annualised performance since inception in August 2014 to +19.21% versus the Index's return of +7.39% over the same period. The Fund's Sharpe and Sortino ratios, 1.51 and 2.99 respectively, by contrast with the Index's Sharpe of 0.54 and Sortino of 0.72 for performance over the same period, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. The Fund's down-capture ratio of -3.37% since inception indicates that, on average, the Fund has risen during the months the market has fallen. Top contributors included Alcidion, Isentia, AMA Group and ReadCloud. Detractors included Kelly Partners, Experience Co and Afterpay, although smaller weightings in these companies curtailed any material negative Fund performance. The Fund has subscribed to a number of smaller placements but has also taken stock in a handful of new IPO's due to list in the next month or two. Some of these include Victory Offices who operate 19 flexible workspace locations, and Quickfee who offer premium funding and payment solutions to the accounting and legal industries in both Australia and the US. Cyan emphasise 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.
More Information	Fund Profile Manager's Report

Performance Report: DS Capital Growth Fund

14 Jun 2019 - Australian Fund Monitors

The DS Capital Growth Fund rose +2.37% in May, outperforming the ASX200 Accumulation Index by +0.66% and taking annualised performance since inception in Jan 2013 to +15.33% with a volatility of 7.30% p.a. versus the Index's return of...

14 Jun 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	14 June 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	May 2019
Latest Return	2.37%
Latest 6 Months	13.44%
Latest 12 Months	11.49%
Latest 24 Months (pa)	11.53%
Annualised Since Inception	15.33%
Inception Date	01 January 2013
FUM (millions)	AU$221
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value.
Manager Comments	The DS Capital Growth Fund rose +2.37% in May, outperforming the ASX200 Accumulation Index by +0.66% and taking annualised performance since inception in Jan 2013 to +15.33% with a volatility of 7.30% p.a. versus the Index's return of +10.25% with an annualised volatility of 11.06% over the same period. The Fund's Sharpe and Sortino ratios, 1.74 and 3.58 respectively, by contrast with the Index's Sharpe of 0.76 and Sortino of 1.11, 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 21.41% since inception provides further evidence of its ability to perform well in falling markets. The Fund performed strongly in May with solid gains across the portfolio. Top performers included Lifestyle Communities, AMA Group and Interxion (US listed). There were no major changes to the portfolio. DS Capital noted the election result was embraced by the stock market with the policy agenda of the winners appearing favourable for economic growth. In the meantime, they expect low interest rates to have a favourable impact on stock market valuations. They add that although rates will ultimately normalise they don't believe this is likely in the near term. DS Capital feel the portfolio is well positioned as they work toward reporting season.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund May 2019

14 Jun 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.

Performance Report: NWQ Global Markets Fund

12 Jun 2019 - Australian Fund Monitors

The NWQ Global Markets Fund returned -1.67% in May. Since inception in September 2018 the Fund has returned +2.18% on a cumulative basis.

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24 Jun 2019 - Performance Report: 4D Global Infrastructure Fund

21 Jun 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

21 Jun 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

21 Jun 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

19 Jun 2019 - Performance Report: Bennelong Australian Equities Fund

18 Jun 2019 - Bennelong Twenty20 Australian Equities Fund May 2019

17 Jun 2019 - Performance Report: Cyan C3G Fund

14 Jun 2019 - Performance Report: DS Capital Growth Fund

14 Jun 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2019

12 Jun 2019 - Performance Report: NWQ Global Markets Fund

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