Performance Report: Bennelong Twenty20 Australian Equities Fund

25 Sep 2020 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +6.57% in August, outperforming the ASX200 Accumulation Index by +3.74% and taking 12-month performance to +6.67% vs the Index's -5.08%. Since inception in November 2009, the Fund has...

25 Sep 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	25 September 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	6.57%
Latest 6 Months	2.55%
Latest 12 Months	6.67%
Latest 24 Months (pa)	5.75%
Annualised Since Inception	10.06%
Inception Date	02 December 2015
FUM (millions)	AU$15.53
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 +6.57% in August, outperforming the ASX200 Accumulation Index by +3.74% and taking 12-month performance to +6.67% vs the Index's -5.08%. Since inception in November 2009, the Fund has returned +10.06% p.a. vs the Index's annualised return over the same period of +7.00%. The Fund's up-capture and down-capture ratios for performance since inception, 119.18% and 96% respectively, highlight it capacity to significantly outperform when the market rises while not falling further than the market during the market's negative months. As at the end of August, the portfolio's weightings had been increased in the Discretionary, IT and Health Care sectors, and decreased in the Communication, Consumer Staples, Industrials, Materials, Energy and Financial sectors. By comparison with the Fund's benchmark (ASX300 Accumulation Index), the portfolio is significantly more heavily weighted towards the Discretionary sector, with an 'Active Weight' of 19.6%.
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The US senate result could reverberate for decades if under Democrat control...

25 Sep 2020 - Michael Collins, Magellan Asset Management

Democrats are so determined to implement their agenda, especially to ensure action on combating climate change, they are prepared to alter the political system to do so. Part of the reason the Democrats are prepared to take such...

Performance Report: Atlantic Pacific Australian Equity Fund

24 Sep 2020 - Australian Fund Monitors

The Atlantic Pacific Australian Equity Fund rose +0.93% in August, taking 12-month performance to +21.82% vs the ASX200 Accumulation Index's -5.08%. Since inception in June 2013, the Fund has returned +9.37% p.a. against the Index's...

24 Sep 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

By: Australian Fund Monitors

Report Date	24 September 2020
Manager	APSEC Funds Management
Fund Name	Atlantic Pacific Australian Equity Fund
Strategy	Equity Long/Short
Latest Return Date	August 2020
Latest Return	0.93%
Latest 6 Months	24.36%
Latest 12 Months	21.82%
Latest 24 Months (pa)	10.81%
Annualised Since Inception	9.37%
Inception Date	01 June 2013
FUM (millions)	AU$37
Fund Overview	The Fund will invest in a diversified portfolio of small to large cap Australian listed securities, and securities in respect of which listing has been proposed. Cash, cash equivalents, convertible notes and derivatives may also be included. The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research.
Manager Comments	The Atlantic Pacific Australian Equity Fund rose +0.93% in August, taking 12-month performance to +21.82% vs the ASX200 Accumulation Index's -5.08%. Since inception in June 2013, the Fund has returned +9.37% p.a. against the Index's annualised return over the same period of +7.35%. These returns have been achieved with lower volatility than the market. The following statistics (since inception) highlight the Fund's capacity to protect investors' capital in falling markets: Sortino ratio of 1.61 vs the Index's 0.52, maximum drawdown of -7.10% vs the Index's -26.75%, and down-capture ratio of 23.70%. Positive contributors in August included long positions in Adairs, Citadel Group, Mesoblast and Ooh Media. Key detractors included long positions in A2 Milk, Resmed and Terracom, as well as a short position in Altium. Altium noted the portfolio remains conservatively positioned with a continuation of weekend hedges.
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Are Aussies Splashing Or Stashing Their Cash?

24 Sep 2020 - Auscap Asset Management

The last six months has been a uniquely challenging period, with the COVID-19 disruption being significant enough to bring Australia's 29 year recession-free streak to an end. Despite this, one notable bright spot has emerged: spending on...

Fund Review: Insync Global Capital Aware Fund August 2020

23 Sep 2020 - Australian Fund Monitors

Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...

Performance Report: Frazis Fund

23 Sep 2020 - Australian Fund Monitors

The Frazis Fund rose +15.5% in August, taking 12-month performance to +52.02% vs AFM's Global Equity Index's +6.41%. Since inception in July 2018, the Fund has returned +18.57% p.a. vs the Index's annualised return over the same period of +9.39%.

23 Sep 2020 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	23 September 2020
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	August 2020
Latest Return	15.50%
Latest 6 Months	46.89%
Latest 12 Months	52.02%
Latest 24 Months (pa)	18.11%
Annualised Since Inception	18.57%
Inception Date	01 July 2018
FUM (millions)	AU$17.2
Fund Overview	The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile. The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality
Manager Comments	The Frazis Fund rose +15.5% in August, taking 12-month performance to +52.02% vs AFM's Global Equity Index's +6.41%. Since inception in July 2018, the Fund has returned +18.57% p.a. vs the Index's annualised return over the same period of +9.39%. The Fund's capacity to significantly outperform in rising markets is highlighted by its up-capture ratio (since inception) of 219.90% which indicates that, on average, the Fund has risen more than twice as much as the market during the market's positive months. The Fund's August return was achieved with over 35 positions. Since initial purchase, some of the Fund's best performing investments include Afterpay (return since initial purchase of 17x), Carvana (5x), Shopify (5x), Xero (4x) and Tesla (4x). Frazis noted their systematic framework based around customer love and explosive growth is working to identify strong performing stocks long before they become household names. They are currently working on a number of new undisclosed opportunities that, in addition to having a devoted customer fanbase and explosive growth, are trading at the low multiples that marked the stocks mentioned previously as good buys. Frazis aim to remain invested in the highest quality and fastest growing companies they can find.
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Performance Report: Glenmore Australian Equities Fund

22 Sep 2020 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +11.52% in August, outperforming the ASX200 Accumulation Index by +8.69%. Since inception in June 2017, the Fund has returned +19.02% p.a. vs the Index's annualised return over the same period of +5.90%.

22 Sep 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	22 September 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	11.52%
Latest 6 Months	3.65%
Latest 12 Months	-5.05%
Latest 24 Months (pa)	8.09%
Annualised Since Inception	19.02%
Inception Date	06 June 2017
FUM (millions)	AU$8.4
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. 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 Glenmore Australian Equities Fund rose +11.52% in August, outperforming the ASX200 Accumulation Index by +8.69%. Since inception in June 2017, the Fund has returned +19.02% p.a. vs the Index's annualised return over the same period of +5.90%. The Fund's up-capture ratio of 216.6% for performance since inception indicates that, on average, the Fund has risen more than twice as much as the market during the market's positive months. Top contributors to performance in August included People Infrastructure, ARB Corporation, Temple and Webster, Integral Diagnostics, NRW Holdings, Alliance Aviation Services, Fiducian Group, Mineral Resources and Collins Foods. There were no detractors of any materiality during the month. Glenmore noted in their latest report that in Australia, with the exception of Victoria, all other states appear to have the virus under control. They believe the most likely scenario to be a continuation of the current economic settings (low interest rates, subdued economic growth, fiscal stimulus), which they expect will be sufficient for continued positive market conditions for equity investors.
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Performance Report: Bennelong Kardinia Absolute Return Fund

22 Sep 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +5.63% in August, outperforming the ASX200 Accumulation Index by +2.8% and taking 12-month performance to +4.69% vs the Index's -5.08%. Since inception in May 2006, the Fund has returned...

22 Sep 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	22 September 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	August 2020
Latest Return	5.63%
Latest 6 Months	2.16%
Latest 12 Months	4.69%
Latest 24 Months (pa)	-0.48%
Annualised Since Inception	8.82%
Inception Date	01 May 2006
FUM (millions)	AU$57.5
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 +5.63% in August, outperforming the ASX200 Accumulation Index by +2.8% and taking 12-month performance to +4.69% vs the Index's -5.08%. Since inception in May 2006, the Fund has returned +8.82% p.a. with an annualised volatility of 7.28%. By contrast, the Index has returned +5.47% p.a. with an annualised volatility of 14.37% over the same period. The Fund's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.29 vs the Index's 0.19, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 45.04%. The best performers in the portfolio in August included stocks leveraged to new technologies whilst more defensive stocks lagged. Positive contributors included Zip Co, Pointsbet, Harvest Technology, Kogan and Charter Hall. Key detractors included West African, Aroa Biosurgery, National Australia Bank, Pilbara and Polynovo. Kardinia increased net market exposure modestly to 74.5% (90.0% long and 15.5% short), with the key changes being new positions in NRW Holdings, Qantas, Redbubble and Vicinity Centres, as well as increased weightings in Austal, Alumina, Flight Centre and Pointsbet. This was partially offset by a short position in Share Price Index Futures. Kardinia believe the portfolio has a good mix of stocks that benefit from both a lockdown scenario and a re-opening scenario, with more recent additions resulting in a tilt towards the latter. They believe good progress is being made on potential vaccines and treatments and expect Governments will increasingly move towards a 'living with the virus' approach as the economic damage from lockdowns becomes apparent.
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Manager Insights | Airlie Funds Management

21 Sep 2020 - Australian Fund Monitors

Chris Gosselin, CEO of Australian Fund Monitors, speaks with Matt Williams, Portfolio Manager of the Airlie Australian Share Fund, about how the fund invests and how it has performed so far throughout 2020. Matt discusses how COVID-19 has...

Performance Report: Insync Global Capital Aware Fund

21 Sep 2020 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +6.52% in August, outperforming the AFM Global Equity Index by +3.73% and taking 12-month performance to +20.86% vs the Index's +6.41%. Since inception in October 2009, the Fund has returned...

21 Sep 2020 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	21 September 2020
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	6.52%
Latest 6 Months	14.90%
Latest 12 Months	20.86%
Latest 24 Months (pa)	19.11%
Annualised Since Inception	12.36%
Inception Date	07 October 2009
FUM (millions)	AU$51.073
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Capital Aware Fund is a concentrated portfolio of large cap global companies with downside protection. 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 Insync Global Capital Aware Fund rose +6.52% in August, outperforming the AFM Global Equity Index by +3.73% and taking 12-month performance to +20.86% vs the Index's +6.41%. Since inception in October 2009, the Fund has returned +12.36% p.a. with an annualised volatility of 9.93%. By contrast, the Index has returned +10.86% p.a. with an annualised volatility of 10.24% over the same period. The Fund's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.86 vs the Index's 1.28 and down-capture ratio of 59.5%. At month-end, the portfolio's top holdings included PayPal, Facebook, Adobe, Visa, Microsoft, Domino's Pizza, S&P Global, JD Sports Fashion, Walt Disney and Nvidia. The top three megatrends in the portfolio by weight were the 'Digitisation' megatrend (14% of the portfolio), 'Age related health solutions' megatrend (12%) and the 'Cashless Society' megatrend (12%). In their latest report, Insync discuss the 'Universal Basic Income' megatrend; a secular shift towards value-for-money based consumption. They expect that by 2040 automation, AI and robots will be in operation in businesses across all industries, improving efficiencies and creating profit while displacing many jobs. The UBI megatrend is one of the 16 global megatrends in the portfolio and exemplifies the diversity of the Fund's investments.
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25 Sep 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

25 Sep 2020 - The US senate result could reverberate for decades if under Democrat control the filibuster goes

24 Sep 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

24 Sep 2020 - Are Aussies Splashing Or Stashing Their Cash?

23 Sep 2020 - Fund Review: Insync Global Capital Aware Fund August 2020

23 Sep 2020 - Performance Report: Frazis Fund

22 Sep 2020 - Performance Report: Glenmore Australian Equities Fund

22 Sep 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

21 Sep 2020 - Manager Insights | Airlie Funds Management

21 Sep 2020 - Performance Report: Insync Global Capital Aware Fund

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