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29 Jan 2020 - Performance Report: Insync Global Quality Equity Fund
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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 fell in line with the market in December, returning -0.35%. Positive contributors included London Stock Exchange, Bristol-Myers Squibb, Booking Holdings and Apple. Detractors included Walt Disney, Intuit, PayPal and Facebook. The Fund continues to have no currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. |
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28 Jan 2020 - Performance Report: Bennelong Emerging Companies Fund
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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 | The Bennelong Emerging Companies Fund returned +86.64% after fees over CY2019, outperforming the ASX200 Accumulation Index by +66.24% and taking annualised performance since inception in November 2017 to +36.43% versus the Index's +10.47%. As is expected of a fund investing in micro and small caps, these returns have been achieved with significantly higher volatility than the market. Over the December quarter the Fund returned +2.87% versus the Index's +0.68%. The largest contributors to quarterly performance were Viva Leisure and BWX, while the biggest detractor was Prospa. They discussed these stocks in some detail in their September quarterly report. Bennelong noted that, while performance through the year was very strong, they continue to find select opportunities among emerging companies that they believe should position the fund for decent returns over time. They also emphasise that investors should not expect future returns to be as good as they were in 2019. |
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28 Jan 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 | The Fund's cash weighting totalled 11% at month-end with 29 individual stock holdings. The top holdings included Bravura Solutions, Cooper Energy, Corporate Travel, IMF Group and Xero Limited. From a macro/global perspective, Surrey noted two features that have emerged include an increasing shift toward gold and the rise in the oil price, both of which are correlated to increasing tensions in the middle-east. Surrey believe the Fund is well positioned for this uncertainty and the Fund's gold and energy weightings increasing materially at the start of January. |
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28 Jan 2020 - On the Road Again Part 2 Germany Calling
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24 Jan 2020 - Hedge Clippings | 24 January 2020
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24 Jan 2020 - Performance Report: Harvest Lane Asset Management Absolute Return Fund
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Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
Manager Comments | Harvest Lane noted that, aside from a partial deal break in Panoramic Resources after Independence Group withdrew its bid, the remaining softness in December was predominantly a result of widening spreads rather than fundamental catalysts. Consequently, should the Fund's current positions see their respective transactions complete then Harvest Lane expect a substantial portion of the underperformance to be recouped in time. Harvest Lane saw a steady stream of deals announced to market throughout the month, giving them the opportunity to add several new positions to the portfolio. Transactions in Konekt Limited and Bellamy's Australia closed towards the end of the month, carrying with them a healthy dose of franking credits which are in addition to the Fund's reported performance. Harvest Lane are encouraged by the current positions in the portfolio and believe 2020 offers a favourable outlook for merger and acquisition activity. |
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24 Jan 2020 - Performance Report: Glenmore Australian Equities Fund
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Fund Overview | The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
Manager Comments | The Fund returned -1.67% in December, outperforming the Index by +0.5%. Top contributors included Moelis Australia (+10.2%), Polynovo (+10.1%), Magellan Financial Group (+8.5%), NRW Holdings and Stanmore Coal. Key detractors included Jumbo Interactive (-27.3%), Phoslock Environmental Technologies (-10.1%), VGI Partners (-8.8%) and Opticomm (-7.0%). Glenmore noted there were no company announcements from VGI or OPC during the month, however both had been strong performers in 2019 and thus some retracement was not unexpected. Glenmore believe the main driver of strong performance in equities throughout 2019 was low interest rates, which continue to underpin demand for stocks. Despite the Fund's significant outperformance over the past 12 months, Glenmore continue to find undervalued stocks in their universe and feel optimistic about the prospects for the portfolio in the year ahead. |
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24 Jan 2020 - Performance Report: Insync Global Capital Aware Fund
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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 fell in line with the market in December, returning -0.61% after the cost of downside protection. Positive contributors included London Stock Exchange, Bristol-Myers Squibb, Booking Holdings and Apple. Detractors included Walt Disney, Intuit, PayPal and Facebook. The Fund continues to have no currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. |
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23 Jan 2020 - Performance Report: Bennelong Australian Equities Fund
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Fund Overview | 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 Fund returned +4.12% over quarter, outperforming the Index by +3.44%. The main contributor to quarterly performance was the fund's outsized position in the healthcare sector, particularly its positions in Fisher & Paykel Healthcare and CSL. The other main contributor was the significant underweight stance to the underperforming banks. The largest detractor was Afterpay, which gave back some of the outperformance delivered in previous periods. Bennelong believe many of the social, political and economic uncertainties that overshadowed markets over 2019 remain. The Fund is selectively invested in a group of high quality growth stocks which include names like CSL and Fisher & Paykel Healthcare. Some general themes across the portfolio include: a growth bias, a significant weighting to global and offshore companies, underweight the top 20 stocks, underweight bond proxies such as utilities and teclo's, selective exposure to commodities and very little exposure to domestic cyclicals. |
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investment philosophy and process underpin the successful year and longer-term track record.