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Performance Report: Bennelong Kardinia Absolute Return Fund

23 Jan 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +4.68% with a volatility of 5.05% over CY2019. Since inception in May 2006, the Fund has returned +8.74% p.a. with an annualised volatility of 7.03%.

23 Jan 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	23 January 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2019
Latest Return	-2.84%
Latest 6 Months	-2.34%
Latest 12 Months	4.68%
Latest 24 Months (pa)	-3.00%
Annualised Since Inception	8.74%
Inception Date	01 May 2006
FUM (millions)	AU$72.48
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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	The Bennelong Kardinia Absolute Return Fund rose +4.68% with a volatility of 5.05% over CY2019. Since inception in May 2006, the Fund has returned +8.74% p.a. with an annualised volatility of 7.03%. By contrast, the ASX200 Accumulation Index has returned +6.34% p.a. with an annualised volatility of 13.06% over the same period. The Fund's Sortino ratio of 1.27 versus the Index's 0.29 and down-capture ratio of 43.05% for performance since inception highlight the Fund's capacity to preserve investor capital over the long-term. The Fund returned -2.84% in December, with health care and information technology stocks reversing the gains from last month. Positive contributors during the month included Lifestyle Communities, Rio Tinto, Magellan, Aerometrex and Charter Hall. Key detractors included SPI Futures, Paradigm, Goodman Group, EML Payments and Ecofibre. The Fund's net equity market exposure was held steady at 74.2% (83.6% long and 9.4% short), with the key changes being a new position in Aerometrex, increased weightings in BHP, Commonwealth Bank, CSL and Rio Tinto, partially offset by the sale of Paradigm, Ecofibre and Clover and four new short positions.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

22 Jan 2020 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +25.70% over CY2019 versus the ASX200 Accumulation Index's +23.40%. Since inception in November 2009, the Fund has returned +10.59% p.a. versus the Index's +8.30%.

22 Jan 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	22 January 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2019
Latest Return	-2.14%
Latest 6 Months	7.49%
Latest 12 Months	25.70%
Latest 24 Months (pa)	9.50%
Annualised Since Inception	10.59%
Inception Date	02 December 2015
FUM (millions)	AU$8.78
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. 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	The Bennelong Twenty20 Australian Equities Fund rose +25.70% over CY2019 versus the ASX200 Accumulation Index's +23.40%. Since inception in November 2009, the Fund has returned +10.59% p.a. versus the Index's +8.30%. These returns have been achieved with a similar level of volatility to the market. The Fund's up-capture and down-capture ratios for performance since inception of 109.1% and 94.4% respectively indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund fell in line with the market in December, returning -2.14% versus the Index's -2.17%. Over the quarter the Fund returned +1.89% versus the Index's +0.68%. Bennelong point out the relative performance of the Fund versus the benchmark depends on the ex-20 sleeve of the portfolio. The largest contributors to outperformance over the quarter were Fisher & Paykel Healthcare and Viva Leisure. The main detractor over the quarter was Afterpay, which Bennelong noted 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. They expect the ASX to produce reasonable returns over the medium term, albeit with ups and downs along the way.
More Information	Fund Profile Manager's Report

Performance Report: 4D Global Infrastructure Fund

22 Jan 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +1.34% in December, taking 12-month performance to +29.38% and annualised performance since inception in March 2016 to +14.33%.

22 Jan 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	22 January 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	December 2019
Latest Return	1.34%
Latest 6 Months	6.79%
Latest 12 Months	29.38%
Latest 24 Months (pa)	14.03%
Annualised Since Inception	14.33%
Inception Date	07 March 2016
FUM (millions)	AU$80.07
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. 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 4D Global Infrastructure Fund rose +1.34% in December, taking 12-month performance to +29.38% and annualised performance since inception in March 2016 to +14.33%. The strongest portfolio performer for the month was Brazilian renewable player AES Tiete up 28.1%. 4D noted the company is successfully executing its diversification strategy. The Fund's top performer over CY2019 was Cellnex, up +99% as it successfully executed its growth strategy. The weakest performer in December was Chilean water operator Aguas Andinas, down -3% as a result of ongoing political concerns. The Fund's weakest performer over CY2019 was global port operator DPWorld, down -21% as trade wars and political conflict weighed on the stock. 4D believe DPWorld is offering very attractive value at current levels. 4D Infrastructure noted 2019 was a strong year for the infrastructure sector as well as for the portfolio. Heading into 2020, with a macro backdrop of slower growth and lower interest rates (but no imminent recession), the portfolio remains overweight user pay assets and overweight emerging markets. 4D's biggest concern remains ongoing geopolitical issues compounded by the 2020 US election.
More Information	Fund Profile Manager's Report

Managing Income Expectations in a Low Yield Environment

22 Jan 2020 - Shan Kwee, CFA, Janus Henderson Investors

With negative yielding bonds peaking at more than US$17 trillion, Shan Kwee, Portfolio Manager - Credit at Janus Henderson Investors, discusses why fixed interest investors need to carefully weigh up the risks of preserving their levels of income.

Performance Report: Cyan C3G Fund

20 Jan 2020 - Australian Fund Monitors

The Cyan C3G Fund rose +19.54% over CY19, taking annualised performance since inception in August 2014 to +18.14% versus the ASX200 Accumulation Index's +7.89%.

20 Jan 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	20 January 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	December 2019
Latest Return	-4.19%
Latest 6 Months	4.32%
Latest 12 Months	19.54%
Latest 24 Months (pa)	1.61%
Annualised Since Inception	18.14%
Inception Date	24 July 2014
FUM (millions)	AU$38
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund rose +19.54% over CY19, taking annualised performance since inception in August 2014 to +18.14% versus the ASX200 Accumulation Index's +7.89%. The Fund's Sharpe and Sortino ratios for performance since inception, 1.38 and 2.71 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.83, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. Despite pulling back -4.2% in December and -8.8% over Q4, the Fund ended CY19 up +19.5%. Cyan put the recent retracement down to a lack of momentum resulting in smaller stocks being sold off aggressively for no particular fundamental reason, and widespread forced selling of smaller cap ASX stocks due to a number of bigger institutional funds pulling large mandates from Cyan's competitors. During December the Fund generated some strong positive performance from three recent IPO's - Carbon Revolution (CBR), Aerometrix (AMX) and Amearo (3DA). Key detractors included Alcidion (ALC), Atomos (AMS), Quickstep (QHL), Oventus (OVN), Readcloud (RCL), Victory Offices (VOL) and Jaxsta (JXT). So far in January 2020 the Fund has already pared back more than half its December losses. Cyan's view is that, on the whole due to little negative underlying news, the new year is starting from an attractive base and they hold good hopes for another profitable year in 2020.
More Information	Fund Profile Manager's Report

Hedge Clippings | 17 January 2020

17 Jan 2020 - Australian Fund Monitors

Welcome back to a New Year, and depending on your level of pedantry, a new decade. We did notice a few grumbles in the media that technically we're not in the new decade yet, but as far as a simple-minded Hedge Clippings is concerned, we...

17 Jan 2020 - Hedge Clippings | 17 January 2020

By: Australian Fund Monitors

Hedge Clippings | Friday 17 January, 2020

We closed the last edition of Hedge Clippings with a summary of 2019, so it is only natural to open this year's effort with the picture ahead of us. Firstly, however, a thought for all those affected by Australia's bushfires which, for the time being at least, seem to have subsided. Although, there's a long way to go yet, not only for the remainder of this summer, but the years and decades beyond.

Much like 2019 we would expect 2020 to be dominated by geopolitics with a US election, the real Brexit, Putin and Xi all featuring heavily. Effectively, whilst we may think Australia is on the world stage, that means this year remains in the hands of four people of different persuasions, and different levels of political control domestically and globally.

Economically we wouldn't expect global interest rates to change much either way, although the US economy is showing signs of strength this may not translate into higher inflation - yet. Domestically, however, we're facing bushfire induced headwinds - both economically and politically.

From the perspective of investors and their advisors in managed funds, this year is once again going to be a challenge, met with varying levels of success by fund managers as always. 2019 was a stellar year, particularly for global equities (thanks to Donald and low interest rates) and in Australia the small to mid-cap sector. Short of a market shock, expect more of the same, and for the fund managers themselves, the same challenges.

In coming weeks once all funds have reported their December returns we will be providing data on the winners and losers from 2019. In the meantime, below is a roundup of reports received to date, and manager insights.

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Performance Report: Paragon Australian Long Short Fund

17 Jan 2020 - Australian Fund Monitors

The Paragon Australian Long Short Fund outperformed the ASX200 Accumulation Index by +2.47% in December, taking 12-month performance to +24.69% and annualised performance since inception in March 2013 to +9.90%.

17 Jan 2020 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	17 January 2020
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	December 2019
Latest Return	0.30%
Latest 6 Months	7.56%
Latest 12 Months	24.69%
Latest 24 Months (pa)	-12.18%
Annualised Since Inception	9.90%
Inception Date	28 February 2013
FUM (millions)	AU$35
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 outperformed the ASX200 Accumulation Index by +2.47% in December, taking 12-month performance to +24.69% and annualised performance since inception in March 2013 to +9.90%. By contrast, the Index has returned +23.40% over the past 12 months and +8.65% p.a. since the Fund's inception. The Fund's down-capture ratio for performance over the past 12 months of -26.23% and for performance since inception of 41.02% highlight the Fund's capacity to significantly outperform in falling markets. Positive contributors for December included Adriatic and Atrum (resource upgrades), offset by declines in Audinate and Telix Pharma. In their latest report Paragon discuss the Fund's performance over the past 12 months, noting that the Fund outperformed almost all relevant indices. Their latest report also includes Paragon's 2020 outlook. In their view, many macro flags, such as central banks globally resuming quantitative easing and improvements in the US-China trade war, have turned green (from red a year ago). Around half of the Fund's exposure is in Resources (which includes the Fund's gold stocks) and the other half is in structural growth stocks across tech/medtech/fintech. Paragon anticipate near-term catalysts to drive ongoing re-ratings for many of the Fund's stocks and their performance for 2020 and beyond.
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

16 Jan 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund Rose +1.68% in December, outperforming the ASX200 Accumulation Index by +3.85% and taking annualised performance since inception in May 2013 to +5.72% with an annualised volatility of 4.78%.

16 Jan 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	16 January 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	December 2019
Latest Return	1.68%
Latest 6 Months	6.92%
Latest 12 Months	7.92%
Latest 24 Months (pa)	2.03%
Annualised Since Inception	5.72%
Inception Date	01 May 2013
FUM (millions)	AU$67
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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 NWQ Fiduciary Fund Rose +1.68% in December, outperforming the ASX200 Accumulation Index by +3.85% and taking annualised performance since inception in May 2013 to +5.72% with an annualised volatility of 4.78%. By contrast, the Index has returned +8.53% p.a. with an annualised volatility of 10.73% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception of 0.81 and 1.36 respectively highlight the Fund's emphasis on capital preservation and downside avoidance. NWQ noted market volatility was muted in December across the equity, currency and fixed income complexes. Positive reactions from investors on the US/China trade negotiations, the re-election of the Tory Government in the UK, and the additional liquidity provided by the Fed through its repo market interventions were generally supportive of global equities. The Fund's Alpha managers (+2.29% contribution) disproportionately contributed to overall performance, as is to be expected given their market neutral profile.
More Information	Fund Profile Manager's Report

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23 Jan 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

22 Jan 2020 - On the Road Again Part I the UK

22 Jan 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

22 Jan 2020 - Performance Report: 4D Global Infrastructure Fund

22 Jan 2020 - Managing Income Expectations in a Low Yield Environment

21 Jan 2020 - Water Infrastructure in China

20 Jan 2020 - Performance Report: Cyan C3G Fund

17 Jan 2020 - Hedge Clippings | 17 January 2020

17 Jan 2020 - Performance Report: Paragon Australian Long Short Fund

16 Jan 2020 - Performance Report: NWQ Fiduciary Fund

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