NEWS
![](https://www.fundmonitors.com/upload/Image/23872.png)
22 Jul 2020 - Clarity & Opportunity in a COVID-19 World
![](https://www.fundmonitors.com/upload/Image/19181.jpg)
21 Jul 2020 - Performance Report: 4D Global Infrastructure Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | 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 strongest performer in the portfolio in June was Indonesian toll road operator, Jasa Marga, up +24.4% as it rebounded from an oversold position as traffic starts to recover and the government pledges continued support for the growth of the sector. The weakest performer in June was German airport group, Fraport, down -13.2% as flights remain grounded, COVID-19 continues to spread and expectations of a return to normal travel environments get pushed out further. 4D believe the weak environment has been completely priced into the current share price. 4D noted infrastructure investment delivers a significant economic multiplier when capital is efficiently allocated. Their view is that the prospect of increased need for investment, together with stretched government balance sheets, will inevitably lead to a longer-term trend of increased privatisations and more investment opportunities in infrastructure for the private sector. |
More Information |
![](https://www.fundmonitors.com/upload/Image/17497.jpg)
21 Jul 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | 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 | Over the June quarter, the Fund outperformed the Index by +4.23%. Bennelong noted the Fund's outperformance was entirely due to the ex-20 sleeve of the portfolio. The most notable positive contributor was James Hardie, while Afterpay was the main detractor. Bennelong remain reasonably balanced in their outlook for the market, trying to avoid being too bullish or too bearish. They noted they continue to see good prospects for a continued recovery in the economy and market. |
More Information |
![](https://www.fundmonitors.com/upload/Image/23872.png)
21 Jul 2020 - Singapore's legacy for the fourth generation of the People's Action Party
![](https://www.fundmonitors.com/upload/Image/23872.png)
20 Jul 2020 - Is Retail Facing A Fiscal Cliff Or A Speedbump?
![](https://www.fundmonitors.com/upload/Image/23872.png)
20 Jul 2020 - The Afterpay Bubble
![](https://www.fundmonitors.com/upload/Image/21358.jpg)
17 Jul 2020 - Hedge Clippings | 17 July 2020
|
||||||||||||||||||||||||||
If you'd like to receive Hedge Clippings direct to your inbox each Friday
|
![](https://www.fundmonitors.com/upload/Image/23074.png)
17 Jul 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | 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 | Key positive contributors included Commonwealth Bank, JB Hi-Fi, Alumina, Ramelius and REA Group. Key detractors included Virgin Money, Vicinity Centres, Worley and City Chic. Given the major rally in the market, the Short Book was the major detractor from performance this month (-218 basis points). Kardinia reduced the Fund's net equity exposure from 71.3% to a net short position of -4.0% (62.6% long and 66.6% short), with the key change being a significant increase in the Fund's short position in Share Price Index Futures (SPI). Kardinia noted they use SPI to reduce net exposure when they see shorter-term risk as it allows them to keep the long book largely intact whilst protecting the downside. Other key changes to the portfolio included new long positions in Boral, Kogan, Macquarie Group, West African Resources and Zip. Kardinia noted that, with central banks globally attempting to set the shape of the yield curve lower, they believe investors will continue to move capital into equities to chase yield in a world seemingly devoid of such opportunities. |
More Information |
![](https://www.fundmonitors.com/upload/Image/17497.jpg)
17 Jul 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2020
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
![](img/icons/pdf.gif)
![](https://www.fundmonitors.com/upload/Image/10814.jpg)
16 Jul 2020 - Fund Review: Insync Global Capital Aware Fund June 2020
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 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.
![](img/icons/pdf.gif)