Performance Report: Paragon Australian Long Short Fund

12 Feb 2021 - Australian Fund Monitors

The Paragon Australian Long Short Fund has returned +21.25% over the past 12 months vs the ASX200 Accumulation Index's -3.11%. Since inception in March 2013, the Fund has returned +11.45% p.a. vs the Index's +7.66%.

12 Feb 2021 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	12 February 2021
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	January 2021
Latest Return	-2.49%
Latest 6 Months	1.59%
Latest 12 Months	21.25%
Latest 24 Months (pa)	23.72%
Annualised Since Inception	11.45%
Inception Date	28 February 2013
FUM (millions)	AU$36.5
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund has returned +21.25% over the past 12 months vs the ASX200 Accumulation Index's -3.11%. Since inception in March 2013, the Fund has returned +11.45% p.a. vs the Index's +7.66%. The Fund's 12-month up-capture ratio of 245% indicates that, on average, the Fund returned more than double the market's return during the market's positive months. The Fund's down-capture ratio (since inception) of 75% highlights its capacity to outperform during the market's negative months over the long-term. The Fund returned -2.5% in January. Paragon noted markets corrected in the last week of the month on excessive optimism, leaving global and local indices mixed. Positive contributors included Pilbara, PointsBet and DeGrey (short), offset by declines in gold and technology holdings impacted by the market sell-off. Paragon's view is that monetary and fiscal stimulus tailwinds remain, with Biden proposing new spending plans at approx. US$2t. They believe the strength in markets is analogous to the recovery and expansion from March 2009 lows. They reiterated their view that this equities bull market is early-stage (and not late).
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4D's 2021 Outlook

12 Feb 2021 - 4D Infrastructure

To state the obvious, 2020 was a year like no other. The COVID-19 pandemic presented challenges the likes of which individuals, businesses and governments have never experienced before. The impact of this was to push an otherwise pretty...

RATES OUTLOOK 2021 - Getting ahead of the year ahead

12 Feb 2021 - Chris Rands, Nikko AM

Forecasting outcomes for the year ahead is challenging in the best of times, let alone during a global pandemic. This year, Chris Rands adopted an alternative strategy for determining where interest rates could land in 2021 and what that...

Performance Report: Surrey Australian Equities Fund

11 Feb 2021 - Australian Fund Monitors

The Surrey Australian Equities Fund has risen +16.21% over the past 12 months, outperforming the ASX200 Accumulation Index by +19.32% and taking annualised performance since inception in June 2018 to +10.17% vs the Index's +7.33%.

11 Feb 2021 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	11 February 2021
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2021
Latest Return	-1.49%
Latest 6 Months	17.45%
Latest 12 Months	16.21%
Latest 24 Months (pa)	18.10%
Annualised Since Inception	10.17%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability.
Manager Comments	The Surrey Australian Equities Fund has risen +16.21% over the past 12 months, outperforming the ASX200 Accumulation Index by +19.32% and taking annualised performance since inception in June 2018 to +10.17% vs the Index's +7.33%. The Fund returned -1.49% in January. Top performers included Pointsbet Holdings, Sezzle, Uniti Wireless and Lifestyle Communities. Heading into reporting season, Surrey are comfortable with their portfolio and look forward to the large number of company meetings they have planned. Surrey made various changes to the portfolio over January and ended the month with 5% in cash and 30 individual holdings. Top holdings included Auckland International Airports, Mineral Resources, Omni Bridgeway, Pointsbet and Unitit Group. By sector, the portfolio was most heavily weighted towards the Industrials and IT sectors.
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Performance Report: AIM Global High Conviction Fund

11 Feb 2021 - Australian Fund Monitors

The AIM Global High Conviction Fund has risen +5.30% over the past 12 months vs AFM's Global Equity Index's +2.59%. Since inception in July 2015, the Fund has returned +4.02% p.a. with an annualised volatility of 11.29%.

11 Feb 2021 - Performance Report: AIM Global High Conviction Fund

By: Australian Fund Monitors

Report Date	11 February 2021
Manager	Aitken Investment Management
Fund Name	AIM Global High Conviction Fund
Strategy	Equity Long
Latest Return Date	January 2021
Latest Return	-2.72%
Latest 6 Months	5.39%
Latest 12 Months	5.30%
Latest 24 Months (pa)	11.39%
Annualised Since Inception	4.02%
Inception Date	07 July 2015
FUM (millions)	AU$100
Fund Overview	AIM are 'business-first' rather than 'security-first' investors, and see themselves as part owners of the businesses they invest in. AIM look for the following characteristics in the businesses they want to own: - Strong competitive advantages that enable consistently high returns on capital throughout an economic cycle, combined with the ability to reinvest surplus capital at high marginal returns. - A proven ability to generate and grow cash flows, rather than accounting based earnings. - A strong balance sheet and sensible capital structure to reduce the risk of failure when the economic cycle ends or an unexpected crisis occurs. - Honest and shareholder-aligned management teams that understand the principles behind value creation and have a proven track record of capital allocation. They look to buy businesses that meet these criteria at attractive valuations, and then intend to hold them for long periods of time. AIM intend to own between 15 and 25 businesses at any given point. They do not seek to generate returns by constantly having to trade in and out of businesses. Instead, they believe the Fund's long-term return will approximate the underlying economics of the businesses they own. They are bottom-up, fundamental investors. They are cognizant of macro-economic conditions and geo-political risks, however, they do not construct the Fund to take advantage of such events. AIM intend for the portfolio to be between 90% and 100% invested in equities. AIM do not engage in shorting, nor do they use leverage to enhance returns. The Fund's investable universe is global, and AIM look for businesses that have a market capitalisation of at least $7.5bn to guarantee sufficient liquidity to investors.
Manager Comments	The AIM Global High Conviction Fund has risen +5.30% over the past 12 months vs AFM's Global Equity Index's +2.59%. Since inception in July 2015, the Fund has returned +4.02% p.a. with an annualised volatility of 11.29%. The Fund's down-capture ratio (since inception) of 81.83% highlights its capacity to outperform in falling markets. The Fund returned -2.7% in January. AIM noted near-term uncertainty regarding the pace of global vaccine rollouts was the main headwind to the Fund's monthly performance. Businesses owned in the Fund that will benefit from a normalisation of their operations as vaccines are increasingly widely distributed over the course of 2021 continued to face operating constraints due to COVID-related lockdowns. The top five contributors to performance were Prosus, Microsoft, Alphabet, ICON and PayPal. The five largest detractors were Coca-Cola Co., Mastercard, Estee Lauder, Accenture and Heineken. AIM emphasised that their focus will remain on owning high quality businesses with resilient cash streams, strong balance sheets, competitive advantages underpinning high returns on capital and run by capable management that understand capital allocation. They added that they will avoid the speculative end of the market.
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Webinar Invitation | Premium China Funds Management

11 Feb 2021 - Premium China Funds Management

We would like to invite you to participate in our February webinars. We will be providing an outlook for the Asian financial markets in 2021. The webinars will be presented by Jonathan Wu - Executive Director, Head of...

Performance Report: DS Capital Growth Fund

10 Feb 2021 - Australian Fund Monitors

The DS Capital Growth Fund was flat in January. Over the past 12 months it has risen +17.62% vs the ASX200 Accumulation Index's -3.11%. Since inception in January 2013, the Fund has returned +15.86% p.a. with an annualised volatility of...

10 Feb 2021 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	10 February 2021
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	January 2021
Latest Return	-0.09%
Latest 6 Months	18.07%
Latest 12 Months	17.62%
Latest 24 Months (pa)	21.83%
Annualised Since Inception	15.86%
Inception Date	01 January 2013
FUM (millions)	AU$311
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 was flat in January. Over the past 12 months it has risen +17.62% vs the ASX200 Accumulation Index's -3.11%. Since inception in January 2013, the Fund has returned +15.86% p.a. with an annualised volatility of 11.40% vs the Index's return of +8.84% p.a. with an annualised volatility of 13.95%. The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.80 vs the Index's 0.67, average negative monthly return of -1.94% vs the Index's -3.14%, and down-capture ratio of 45%. The Fund's down-capture ratio indicates that, on average, it has fallen less than half as much as the market during the market's negative months. The Fund has also outperformed the Index in all 10 of the Index's 10 worst months since the Fund's inception.
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Webinar | Laureola Q4 2020 Review

10 Feb 2021 - Laureola Advisors

Tony Bremness, Managing Director & Chief Investment Officer of the Laureola Investment Fund, discusses the performance of the fund over the last quarter of CY20. The Fund invests in Life Settlements. Since inception in May 2013,...

The Cost Of Carrying Cash

9 Feb 2021 - Tim Carleton

Many investors realise that there is a cost of carrying cash. It is the opportunity cost associated with returns foregone if the cash were invested elsewhere. However cash also provides optionality, such as when a market dislocation...

Performance Report: Bennelong Long Short Equity Fund

8 Feb 2021 - Australian Fund Monitors

The Bennelong Long Short Equity Fund has returned +4.56% over the past 12 months vs the ASX200 Accumulation Index's -3.11%. Since inception in February 2002, the Fund has risen +15.25% p.a. vs the Index's +7.95%.

8 Feb 2021 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 February 2021
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2021
Latest Return	-0.25%
Latest 6 Months	-2.17%
Latest 12 Months	4.56%
Latest 24 Months (pa)	15.29%
Annualised Since Inception	15.25%
Inception Date	01 January 2003
FUM (millions)	AU$376.8
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund has returned +4.56% over the past 12 months vs the ASX200 Accumulation Index's -3.11%. Since inception in February 2002, the Fund has risen +15.25% p.a. vs the Index's +7.95%. The Fund's capacity to significantly outperform in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.54 vs the Index's 0.41, maximum drawdown of -17.73% vs the Index's -47.19%, and down-capture ratio of -162%. The Fund's negative down-capture ratio indicates that, on average, it has risen during the market's negative months. The Fund's return was flat in January (-0.25%). Bennelong noted retail participants in the US market sparked several dramatic rallies in heavily shorted stocks. The Fund's short portfolio delivered a zero contribution for the month. Seven of the Fund's top ten positive contributors were shorts, and four of the ten largest negative contributors were shorts. Bennelong highlighted that they tend to avoid more heavily shorted stocks. There were a number of updates ahead of reporting season. Some notable ones in the long portfolio included large upgrades from BlueScope and JB Hi-Fi, and strong FUM flow data for Netwealth. Bennelong's view is that recent strength of equity markets reconciles with highly positive liquidity conditions but contrasts with a weak and uncertain economic and corporate earnings backdrop.
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12 Feb 2021 - Performance Report: Paragon Australian Long Short Fund

12 Feb 2021 - 4D's 2021 Outlook

12 Feb 2021 - RATES OUTLOOK 2021 - Getting ahead of the year ahead

11 Feb 2021 - Performance Report: Surrey Australian Equities Fund

11 Feb 2021 - Performance Report: AIM Global High Conviction Fund

11 Feb 2021 - Webinar Invitation | Premium China Funds Management

10 Feb 2021 - Performance Report: DS Capital Growth Fund

10 Feb 2021 - Webinar | Laureola Q4 2020 Review

9 Feb 2021 - The Cost Of Carrying Cash

8 Feb 2021 - Performance Report: Bennelong Long Short Equity Fund

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