NEWS
9 Oct 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 Bennelong Long Short Equity Fund has risen +36.89% over the past 12 months against the ASX200 Accumulation Index's -10.21%. Since inception in February 2002, the Fund has returned +15.98% p.a. vs the Index's annualised return of +7.34%. The Fund's capacity to outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.63 vs the Index's 0.35, maximum drawdown of -17.73% vs the Index's -47.19%, and down-capture ratio of -162%. The Fund's down-capture ratio indicates that, on average, it has risen during the market's negative months. The Fund returned -3.26% in September, outperforming the Index by +0.4%. Half of the Fund's pairs made a positive contribution. The top and bottom three pairs made a similar offsetting contribution, with the net contribution slightly negative. Bennelong noted the negative return was a result of a broad spread across 15 negative pairs. It was also spread across sectors with no one sector standing out. The top and bottom pairs for the month were long Netwealth (NWL) / short IOOF (IFL) and long PointsBet (PBH) / short SkyCity (SKC). In their latest report, Bennelong discuss the sell-off in equity markets in September. They highlight that the declines were not isolated to those markets that have risen most since the March lows (namely the US and China), with markets like the UK and France, which have struggled to recover, falling further on fears of a resurgence in COVID-19 infections. They also provide their thoughts on why Australia isn't outperforming given the virus is under control, as well as Australia's relatively strong fiscal position. This is discussed in more detail in the report. |
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8 Oct 2020 - Sep '20- Speculative Markets, Deteriorating Backdrop, Where to Hide?
7 Oct 2020 - Deferred loan repayments are hitting the banks
6 Oct 2020 - New Funds on Fundmonitors.com
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New Funds on Fundmonitors.com |
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Totus Alpha Long Short Fund |
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Totus High Conviction Fund |
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RAW Mortgage Fund
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2 Oct 2020 - Hedge Clippings | 02 October 2020
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2 Oct 2020 - Performance Report: Touchstone Index Unaware Fund
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| Fund Overview | The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years. |
| Manager Comments | As at the end of August, the Fund held 19 stocks with a median position size of 4.7%. The portfolio's holdings had an average forward-year price/earnings of 21.9, forward-year tangible ROE of 14.8% and forward-year dividend yield of 2.6%. The Fund ended the month with a cash weighting of 6.1%, up from 5.5% as at the end of July. |
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1 Oct 2020 - Performance Report: Delft Partners Global High Conviction
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| Fund Overview | The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy. |
| Manager Comments | The Strategy has achieved an average positive monthly return of +3.23% vs the Index's +2.94%. The Fund's Sharpe and Sortino ratios for performance since inception are 1.02 and 1.82 respectively. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperform in 7 out of 10 of the Index's worst months and 9 out of 10 of the Index's best months. This highlighted the Strategy's capacity to perform well in both rising and falling markets. |
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1 Oct 2020 - If China Rebounds, Australia Gets an Assist
30 Sep 2020 - Performance Report: Laureola Investment Fund
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| Fund Overview | The investment strategy of The Laureola Investment Fund is dynamic and flexible, designed to take advantage of the frequent but temporary pricing anomalies of an asset class that is not yet fully understood by the majority of participants. Laureola Advisors applies 'best practices' common in the management of traditional assets, particularly the use of independent, in-house, proprietary research. |
| Manager Comments | Performance in August was driven by realised gains as 4 policies matured with a total of $3.3 million in payouts. YTD the Fund has experienced 18 maturities which in Laureola's view is a remarkable number on a portfolio of 165 policies. The maturities allow the Fund's Advisors to offer a 5% payout, highlighting the Fund's credentials as a Fixed Income Alternative. Laureola noted supply in the Life Settlements market is growing at a double digit pace, with the consequences of COVID expected to increase the supply in the secondary market. |
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30 Sep 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged
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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 Fund returned -2.9% in August. The best performing assets for the month were: Euro Stoxx 50 (+1.71% of NAV), Euro/USD (+0.86% of NAV) and 10-yr US Treasury Note (+0.80% of NAV). The worst performing assets were: E-mini S&P500 (-0.47% of NAV), AUD/USD (-1.02% of NAV) and S&P/TSX 60 (-1.39% of NAV). |
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