NEWS
Performance Report: NWQ Fiduciary Fund
28 May 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +1.31% in April, taking annualised performance since inception in May 2013 to +4.54% with an annualised volatility of 5.56%. By contrast, the ASX200 Accumulation Index has returned +5.38% p.a. with an annualised...
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28 May 2020 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The Fund has hedged out 65% of the fall in the Australian market for the calendar year (-5.82% for the Fund vs -16.35% for the market) and NWQ believe they are well positioned for a full recovery. They noted this recovery began in April with the Fund's underlying managers profiting from the combination of greater return dispersion around quality factors and selective participation in capital raisings. NWQ expect these tailwinds to continue in the coming months as the Australian economy works its way out of the COVID-19 induced shutdown. |
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Manager Insights | Cyan Investment Management
27 May 2020 - Australian Fund Monitors
Australian Fund Monitors speaks with Dean Fergie from Cyan Investment Management about the Cyan C3G Fund's activity since last speaking with him in April. Dean also provides his view on the current state of the global economy and Cyan's...
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27 May 2020 - Manager Insights | Cyan Investment Management
By: Australian Fund Monitors
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Australian Fund Monitors speaks with Dean Fergie from Cyan Investment Management about the Cyan C3G Fund's activity since last speaking with him in April. Dean also provides his view on the current state of the global economy and Cyan's outlook for their fund. The Cyan C3G Fund invests in a portfolio of 20 - 40 small and mid-cap companies, weighted appropriately to balance risk and return. Since inception in August 2014, the Fund has returned +11.52% p.a. versus the ASX200 Accumulation Index's annualised return of +4.13% over the same period. The Fund has also achieved a down-capture ratio for performance since inception of 53.89%. |
Performance Report: Datt Capital Absolute Return Fund
27 May 2020 - Australian Fund Monitors
The Datt Capital Absolute Return Fund rose +12.00% in April, outperforming the ASX200 Accumulation Index by +3.22% and taking annualised performance since inception in August 2018 to +3.31% versus the Index's -2.97%. The Fund has...
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27 May 2020 - Performance Report: Datt Capital Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware |
| Manager Comments | Datt Capital noted that, while our social and economic environments have been greatly hamstrung by overzealous government curfews, they are positive that we have seen the worst of it. Datt Capital continue to find opportunities in the market and added that they will remain agile and disciplined in their asset allocation. The Fund's CRE debt portfolio continues to perform in line with Datt Capital's expectations. The Fund continues to benefit from the manager's focus on short duration, low LVR and double-digit yielding deals restricted to the core Australian cities. The Fund's equity portfolio also performed well in April. The Fund recently added Self Wealth to the portfolio, as well as some other new growth opportunities via placements. Datt Capital expect the portfolio to remain fluid in terms of exposures and individual positions going forward. |
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Performance Report: Insync Global Quality Equity Fund
27 May 2020 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +6.14% in April, outperforming AFM's Global Equity Index by +1.99% and taking annualised performance since October 2009 to +13.26% versus the Index's +10.57%. Over the past 12 months the Fund has...
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27 May 2020 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| 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 typically of 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. |
| Manager Comments | The Fund's top 10 holdings as at the end of April included Facebook, Adobe, PayPal, Microsoft, Apple, Bristol-Myers Squibb, Roche, Domino's Pizza, Accenture and S&P Global. The top three megatrends by weighting in the portfolio at month-end were the 'Age related health solutions' megatrend (16%), the 'Digitisation' megatrend (13%) and the 'Cashless Society' megatrend (9%). |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
27 May 2020 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +10.78% in April, outperforming the ASX200 Accumulation Index by +2.0% and taking annualised performance since inception in November 2009 to +8.68% versus the Index's +6.21%.
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27 May 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| 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 | As at the end of April, the portfolio's weightings had been increased in the Discretionary, Industrials, Materials, Communication and Energy sectors, and decreased in the Consumer Staples, Health Care, REIT's and Financials sectors. |
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Performance Report: Ark Global Fund - Class B AUD Hedged
27 May 2020 - Australian Fund Monitors
The Ark Global Fund (Hedged) rose +1.59% in April, taking annualised performance since inception in July 2017 to +9.57% with an annualised volatility of 9.23%. Over the past 12 months, the Fund has returned +6.48% versus AFM's Global...
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27 May 2020 - Performance Report: Ark Global Fund - Class B AUD Hedged
By: Australian Fund Monitors
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| Fund Overview | The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses. |
| Manager Comments | The best performing assets for the month were: Silver (+0.88% of NAV), Euro Stoxx 50 (+0.87% of NAV) and TOPIX Index (+0.68% of NAV). The worst performing assets were: E-mini Russell 2000 (-0.69% of NAV), Light Sweet Crude Oil (-0.85% of NAV) and Gold (-0.92% of NAV). |
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Performance Report: Bennelong Emerging Companies Fund
26 May 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +31.93% in April, outperforming the ASX200 Accumulation Index by +23.15%. Since inception in November 2017, the Fund has returned +19.07% p.a. versus the Index's +1.50%.
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26 May 2020 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | Bennelong have taken the volatility as an opportunity to make changes to the portfolio. The Fund remains reasonably diversified across sector and risk-return drivers. For example, the top holdings include Viva Leisure (in gyms), Mader Group (mining services) and BWX (personal care products). Bennelong noted that, while the month-to-month stock price volatility might be high, they believe the companies in which they have invested are incrementally building value as the months turn over which ultimately they expect will underpin strong performance over time. |
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Performance Report: Paragon Australian Long Short Fund
26 May 2020 - Australian Fund Monitors
The Paragon Australian Long Short Fund rose +17.60% in April, outperforming the ASX200 Accumulation Index by +8.82% and taking annualised performance since inception in March 2013 to +6.72% versus the Index's 5.57%. The Fund has...
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26 May 2020 - Performance Report: Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Positive contributors for the Fund in April were across all of Paragon's gold and technology holdings. This was offset by a material write-down of iSignthis (ISX) taken by Paragon on 30 April as a result of ongoing legal proceedings and the adverse impact caused by the ASX suspension as evidenced in their 1Q20 result. The Fund's current median market cap is $1.0bn. Paragon noted compelling drivers for gold continued in April. Their view is that US$ gold will break new all-time highs in the short to medium-term. In their latest report, Paragon highlight that 4 of the 5 best performing ASX gold stocks since the 23 March 2020 bear market low are held by the Fund, including the top 2 - DeGrey and SKY. They also provide updates on three of their key gold holdings - Alacer, West African, and DeGrey's. |
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Performance Report: Australian Eagle Trust Long-Short Fund
25 May 2020 - Australian Fund Monitors
The Australian Eagle Long Short Fund rose in line with the market in April, returning +8.32%. The Fund has returned +14.26% p.a. since inception in July 2016 versus the ASX200 Accumulation Index's +5.77%.
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25 May 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
By: Australian Fund Monitors
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| Manager Comments | Top contributors in April included long positions in Fortescue Metals Group, Oz Minerals and Altium. Key detractors included short positions in Virgin Money UK, Scentre Group and Boral Ltd. The Fund had 32 long and 25 short positions with largest exposure to medical devices & services and technology stocks. The Fund ended the month with relatively less exposure to banking and real estate stocks. Australian Eagle remains focused on taking long term positions in high quality growth companies with strong balance sheets that will be able to take advantage of weaker competitors once this downturn passes. |
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Performance Report: Insync Global Capital Aware Fund
25 May 2020 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +6.16% in April, outperforming AFM's Global Equity Index by +2.01% and taking annualised performance since inception in October 2009 to +11.46% versus the Index's +10.57%.
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25 May 2020 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| 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 | The Fund's focus on protecting investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.67 versus the Index's 1.21, average negative return of -1.69% versus the Index's -2.19%, and down-capture ratio of 57.4% which indicates that, on average, the Fund has fallen slightly more than half as much as the market during the market's negative months. The Fund's top 10 holdings as at the end of April included Facebook, Adobe, PayPal, Microsoft, Apple, Bristol-Myers Squibb, Roche, Domino's Pizza, Accenture and S&P Global. The top three megatrends by weighting in the portfolio at month-end were the 'Age related health solutions' megatrend (16%), the 'Digitisation' megatrend (13%) and the 'Cashless Society' megatrend (9%). |
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