NEWS
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17 Apr 2020 - Manager Insights | Cyan Investment Management
Australian Fund Monitors speaks with Dean Fergie from Cyan Investment Management about the current market conditions and how the investment team are navigating the Cyan C3G Fund through this tumultuous period. 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 +10.03% p.a. versus the ASX200 Accumulation Index's annualised return of +2.66% over the same period. The Fund has also achieved a down-capture ratio for performance since inception of 53.89%. |
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17 Apr 2020 - Finding Defensive Funds in a Disorderly World | Loftus Peak & Delft Partners
Australian Fund Monitors' CEO, Chris Gosselin, speaks with Robert Swift from Delft Partners and Alex Pollak from Loftus Peak to get their perspectives on the current economic environment. Loftus Peak is a global fund manager with a focus on investing in listed disruptive businesses. They manage the Loftus Peak Global Disruption Fund. Delft Partners is wholly owned and managed by an experienced team with a global presence. They operate three main strategies: Asia Small Companies, Global High Conviction and Global Infrastructure.
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17 Apr 2020 - One Hundred Years of Solitude? (A follow up to 'Love in the time of COVID-19')
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17 Apr 2020 - Trial and Error: What SARS-CoV-2 and COVID 19 Exit Planning have in common
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16 Apr 2020 - Performance Report: NWQ Fiduciary Fund
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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's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): down-capture ratio of 13.93%, maximum drawdown of -8.77% versus the Index's -26.75% over the same period, and average negative monthly return of -1.14% versus the Index's -3.15%. The Fund has hedged out 70% of the fall in the Australian equity market for the calendar year (-7.04% for the Fund versus -23.10% for the Australian equity market). NWQ believe they are well positioned for a full recovery and a continuation of delivering superior risk-adjusted returns in all market conditions. They noted the recovery is well underway, with the Fund having recovered over 35% of the fall in the first two weeks of April. They expect the opportunity set for active long/short managers to be favourable moving forward. NWQ's investment committee is looking to selectively increase exposure to market neutral and variable net managers in the near term. |
More Information |
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15 Apr 2020 - COVID-19: There Are No Monetarists in Foxholes
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14 Apr 2020 - What Comes Next?
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9 Apr 2020 - Hedge Clippings | 09 April 2020
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9 Apr 2020 - Performance Report: Surrey Australian Equities Fund
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Fund Overview | 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 | Despite the volatility, Surrey believe markets will manage through this challenging period. They noted that all of the Fund's companies have robust balance sheets and continue to generate revenue and cashflow. The Fund's top holdings at the end of March included Cooper Energy (COE), Fisher & Paykel Healthcare (FPH), IMF Group (IMF) now known as Omni Bridgeway (OMN), Saracen Minerals (SAR) and Xero Limited (XRO). |
More Information |
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8 Apr 2020 - Performance Report: Bennelong Long Short Equity Fund
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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 | The Fund's gearing declined to 3.9X, down from 4.3X at the end of February, to counter market volatility. In this environment Bennelong remain focused on enhancing the attributes they are looking for in both the long and short portfolios. The Fund's trading activity was elevated as a result of volatility and opportunity. Bennelong noted it remains unclear whether the flow-on effects of a health crisis becoming an economic crisis will extend to a full-blown credit crisis. They highlight that the risk of financial distress in the economy is material, with the prolonged backdrop of artificially depressed interest rates via central bank intervention continuing to distort creditworthiness and capital allocation. |
More Information |