NEWS

Performance Report: Bennelong Emerging Companies Fund

24 Jul 2020 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose in line with the market in June, returning +2.22%. Over FY20, the Fund has risen +17.33% against the ASX200 Accumulation Index's -7.68%. Since inception in November 2017, the Fund has returned...

24 Jul 2020 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	24 July 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	2.22%
Latest 6 Months	-11.34%
Latest 12 Months	17.33%
Latest 24 Months (pa)	16.20%
Annualised Since Inception	23.03%
Inception Date	01 November 2017
FUM (millions)	AU$26.1
Fund Overview	The Fund invests in ASX-listed securities of small and micro capitalised companies that are covered by the investment research capabilities of Bennelong Australian Equity Partners ('BAEP'). 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 rose in line with the market in June, returning +2.22%. Over FY20, the Fund has risen +17.33% against the ASX200 Accumulation Index's -7.68%. Since inception in November 2017, the Fund has returned +23.03% p.a. against the Index's annualised return over the same period of 4.04%. Over the June quarter the Fund outperformed the Index by +31.54% as the micro and small-cap stocks held by the Fund recovered even harder than the broader market. However, Bennelong reiterate that, while micro and small-cap stocks can deliver larger returns, they also come with significantly greater risk. This is highlighted by the fund's annualised volatility since inception of 36.54% against the Index's 17.40%. Top contributors included Viva Leisure, BWX, Baby Bunting, EML Payments and Mader. While each of these companies operate in very different industries, Bennelong noted they are all high quality and believe they have very promising growth prospects. As a result of the volatility seen so far in 2020, particularly in the micro and small-cap end of the market, Bennelong have made a number of changes to the portfolio. They believe the portfolio is currently well positioned for attracted returns over the long-term, regardless of the market's short-term movements.
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Performance Report: Frazis Fund

24 Jul 2020 - Australian Fund Monitors

The Frazis Fund rose +13.9% in June, outperforming AFM's Global Equity Index by +14.25% and taking performance over FY20 to +38.81% against the Index's +3.94%. Since inception in July 2018, the Fund has returned +8.64% p.a. against the...

24 Jul 2020 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	24 July 2020
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	June 2020
Latest Return	13.90%
Latest 6 Months	25.25%
Latest 12 Months	38.81%
Latest 24 Months (pa)	8.64%
Annualised Since Inception	8.64%
Inception Date	01 July 2018
FUM (millions)	AU$13.5
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 +13.9% in June, outperforming AFM's Global Equity Index by +14.25% and taking performance over FY20 to +38.81% against the Index's +3.94%. Since inception in July 2018, the Fund has returned +8.64% p.a. against the Index's annualised return of 7.77%. The Fund's up-capture ratio of 170.31% since inception highlighted its capacity to significantly outperform in rising markets. Of the top 10 ASX stocks over FY20, the Frazis Fund had 3 - Afterpay (#1), Mesoblast and Polynovo. Frazis noted companies with brilliant products and broad customer support are faring significantly better than mature incumbents. Frazis believe there is a strong chance Afterpay will enter the Chinese market with Tencent, or at the very least, Hong Kong, which they expect would add years to the company's current growth runway. Other positive contributors over the quarter included Pinduoduo, Carvana, Tesla, Twist Bioscience and Moderna. Frazis believe the multiples of many technology stocks need to compress by 25-50% to re-enter normal valuation ranges. They noted this could happen quickly tomorrow or slowly over time. With this in mind, they are selectively holding companies that they expect to have 300 - 500% larger revenues in 3 - 5 years. Looking forward, the Fund will continue to be invested across its usual themes: Software, Solar & Renewables, Online Retail, Life Sciences, Fintech, Digital Health and companies that change the way people live.
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Stimulus Fuels Breakdown Between Markets and Economic Reality

24 Jul 2020 - Andrew Clifford, Platinum Asset Management

The global economy has only just commenced its recovery from the depths of the largest economic setback in modern history, yet stock markets have bounced strongly from their mid-March lows to be just 5%-15% below their pre-COVID-19 levels....

The Rise of Restoration: A Focus on Oil and Gas Abandonment

23 Jul 2020 - Stefan Hansen, Nikko Asset Management

As the global petroleum industry matures, an increasing number of projects are fast approaching their end of productive lives. Over the next 50 years in Australia, the estimated decommissioning liability amounts to USD 21bn. In...

Performance Report: Bennelong Australian Equities Fund

23 Jul 2020 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +1.34% in June, taking FY20 performance to +6.24% against the ASX200 Accumulation Index's -7.68%. Since inception in February 2009, the Fund has returned +12.94% p.a. against the Index's...

23 Jul 2020 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	23 July 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	1.34%
Latest 6 Months	-2.40%
Latest 12 Months	6.24%
Latest 24 Months (pa)	4.23%
Annualised Since Inception	12.94%
Inception Date	30 January 2009
FUM (millions)	AU$575.63
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. 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 Bennelong Australian Equities Fund rose +1.34% in June, taking FY20 performance to +6.24% against the ASX200 Accumulation Index's -7.68%. Since inception in February 2009, the Fund has returned +12.94% p.a. against the Index's annualised return of 9.26%. The Fund's up-capture and down-capture ratios for performance since inception, 128.2% and 96.3% respectively, highlight its capacity to significantly outperform in rising markets while not falling further than the market during the market's negative months. Over the June quarter the Fund returned 21.90% against the Index's +16.48%. The main positive contributors to quarterly performance were James Hardie, Breville Group and Fortescue Metals Group. Bennelong noted that, while these stocks were sold off in the market downturn in the previous quarter, their operating businesses have held reasonably well despite covid-related headwinds. The main detractors included CSL and Fisher & Paykel Healthcare, both of which are defensive stocks that significantly outperformed during the previous quarter's downturn but which subsequently underperformed during the June quarter's recovery. Bennelong maintain a reasonably balanced outlook for the market, trying not to be either too bullish or too bearish. They noted that, in this context, they continue to see good prospects for a continued recovery in the economy and market.
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Performance Report: Cyan C3G Fund

22 Jul 2020 - Australian Fund Monitors

The Cyan C3G Fund rose +0.5% in June, taking annualised performance since inception in August 2014 to +12.94% p.a. against the ASX200 Accumulation Index's annualised return over the same period of 5.22%.

22 Jul 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	22 July 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	0.50%
Latest 6 Months	-16.74%
Latest 12 Months	-13.14%
Latest 24 Months (pa)	-5.99%
Annualised Since Inception	12.94%
Inception Date	24 July 2014
FUM (millions)	AU$35
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 +0.5% in June, taking annualised performance since inception in August 2014 to +12.94% p.a. against the ASX200 Accumulation Index's annualised return over the same period of 5.22%. The Fund's Sharpe and Sortino ratios for performance since inception, 0.76 and 0.95 respectively, by contrast with the Index's Sharpe of 0.32 and Sortino of 0.31, highlight the Fund's capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. Top positive contributors over the month were Quickfee and Kip McGrath. The largest detractor was Jumbo Interactive. Over FY20, top contributors included Quickfee, Swift Networks, Motorcycle Holdings, Afterpay, Alcidion, Atomos, Schrole and Big River. Key detractors included Victory Offices, Murray River Organics, AMA Group, Experience Co, Jaxsta, Raiz and CarbonXT. Cyan remain optimistic of ongoing positive returns, however, they noted they don't believe it's the time to be running a 'set and forget' portfolio.
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Clarity & Opportunity in a COVID-19 World

22 Jul 2020 - Anton Lawrence - Collins St Asset Management

Anton Lawrence, Chief Strategist at Collins St Asset Management, provides his insights into the current macro-economic issues impacting Australian equity investors. Consideration is given to the structural drivers of key ASX...

Performance Report: 4D Global Infrastructure Fund

21 Jul 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund ended the June quarter up +5.11%, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +3.57% and taking annualised performance since inception in March 2016 to +9.73%.

21 Jul 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	21 July 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	June 2020
Latest Return	-2.04%
Latest 6 Months	-10.52%
Latest 12 Months	-4.45%
Latest 24 Months (pa)	7.72%
Annualised Since Inception	9.73%
Inception Date	07 March 2016
FUM (millions)	AU$146.42
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 ended the June quarter up +5.11%, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +3.57% and taking annualised performance since inception in March 2016 to +9.73%. The strongest performer in the portfolio in June was Indonesian toll road operator, Jasa Marga, up +24.4% as it rebounded from an oversold position as traffic starts to recover and the government pledges continued support for the growth of the sector. The weakest performer in June was German airport group, Fraport, down -13.2% as flights remain grounded, COVID-19 continues to spread and expectations of a return to normal travel environments get pushed out further. 4D believe the weak environment has been completely priced into the current share price. 4D noted infrastructure investment delivers a significant economic multiplier when capital is efficiently allocated. Their view is that the prospect of increased need for investment, together with stretched government balance sheets, will inevitably lead to a longer-term trend of increased privatisations and more investment opportunities in infrastructure for the private sector.
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Performance Report: Bennelong Twenty20 Australian Equities Fund

21 Jul 2020 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +2.23%, outperforming the ASX200 Accumulation Index by +8.59% over FY20. Since inception in November 2009, the Fund has returned +9.42% p.a. against the Index's annualised return of...

21 Jul 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 July 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	2.23%
Latest 6 Months	-6.13%
Latest 12 Months	0.91%
Latest 24 Months (pa)	2.54%
Annualised Since Inception	9.42%
Inception Date	02 December 2015
FUM (millions)	AU$14.16
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 +2.23%, outperforming the ASX200 Accumulation Index by +8.59% over FY20. Since inception in November 2009, the Fund has returned +9.42% p.a. against the Index's annualised return of +6.79% over the same period. The Fund's up-capture and down-capture ratios for performance since inception, 113.5% and 96.0% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Over the June quarter, the Fund outperformed the Index by +4.23%. Bennelong noted the Fund's outperformance was entirely due to the ex-20 sleeve of the portfolio. The most notable positive contributor was James Hardie, while Afterpay was the main detractor. Bennelong remain reasonably balanced in their outlook for the market, trying to avoid being too bullish or too bearish. They noted they continue to see good prospects for a continued recovery in the economy and market.
More Information	View Fund's Profile View Manager's Report AFM Research Reports

Singapore's legacy for the fourth generation of the People's Action Party

21 Jul 2020 - Kevin N. Smith - Delft Partners

The recent election in Singapore provided a gentle reminder to the ruling People's Action Party that their hold on power should not be taken for granted. Singapore has generated significant financial wealth to deal with the impact of the...

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NEWS

24 Jul 2020 - Performance Report: Bennelong Emerging Companies Fund

24 Jul 2020 - Performance Report: Frazis Fund

24 Jul 2020 - Stimulus Fuels Breakdown Between Markets and Economic Reality

23 Jul 2020 - The Rise of Restoration: A Focus on Oil and Gas Abandonment

23 Jul 2020 - Performance Report: Bennelong Australian Equities Fund

22 Jul 2020 - Performance Report: Cyan C3G Fund

22 Jul 2020 - Clarity & Opportunity in a COVID-19 World

21 Jul 2020 - Performance Report: 4D Global Infrastructure Fund

21 Jul 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

21 Jul 2020 - Singapore's legacy for the fourth generation of the People's Action Party

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