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Performance Report: Paragon Australian Long Short Fund

11 Dec 2019 - Australian Fund Monitors

The Paragon Australian Long Short Fund has risen +17.13% over the past 12 months as returned +9.98% p.a. since inception in March 2013.

11 Dec 2019 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	11 December 2019
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	November 2019
Latest Return	0.20%
Latest 6 Months	8.20%
Latest 12 Months	17.13%
Latest 24 Months (pa)	-10.27%
Annualised Since Inception	9.98%
Inception Date	28 February 2013
FUM (millions)	AU$36.1
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 has risen +17.13% over the past 12 months as returned +9.98% p.a. since inception in March 2013. By contrast, the ASX200 Accumulation Index has returned +9.12% p.a. since the fund began. The Fund's down-capture ratio of 42.2% indicates that, on average, the Fund has significantly outperformed during the months the market has fallen since inception. The Fund returned +0.2% in November. Positive contributors included Adriatic, Alacer Gold, Xero and PoistBet. These were offset by declines in Agrimin, Atrum and Alkane. The Fund ended the month with 26 long positions and 6 short position. Paragon discuss their views on Adriatic Metals (ADT) in depth in their latest monthly report. Adriatic Metals is one of the Fund's key long positions. Paragon noted ADT released an outstanding scoping study for its high-grade polymetallic Vares project during the month. They believe that, despite the stock breaking all-time highs, there remains considerable upside.
More Information	Fund Profile Manager's Report

Japan, rugby and a city apart

11 Dec 2019 - Pete Morrissey - APN Property Group

Travelling to Japan is always something to savour. The people, culture, food and experiences are wonderful. And the opportunity to be there during the final stages of the rugby world cup was even better. My most recent trip...

Performance Report: Gyrostat Absolute Return Income Equity Fund

10 Dec 2019 - Australian Fund Monitors

The Gyrostat Absolute Return Income Fund has risen +6.37% over the past 12 months and returned +4.35% p.a. with an annualised volatility if 3.76% since inception in December 2010.

10 Dec 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	10 December 2019
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	November 2019
Latest Return	-0.76%
Latest 6 Months	1.08%
Latest 12 Months	6.37%
Latest 24 Months (pa)	5.06%
Annualised Since Inception	4.35%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - an 'alternative - defensive' asset class. Gyrostat has for 34 consecutive quarters operated within a 'hard' defined risk parameter (no more than 3% capital at risk with our maximum draw-down 2.2% in any circumstances) always in place, delivered regular income at a minimum BBSW90 + 3% by passing through ASX-20 dividends, and met returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The fund buys and holds ASX-20 shares with lowest cost protection always in place with upside. It is an 'alternative - defensive' conservative asset allocation. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.2% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls
Manager Comments	The Gyrostat Absolute Return Income Fund has risen +6.37% over the past 12 months and returned +4.35% p.a. with an annualised volatility if 3.76% since inception in December 2010. Gyrostat noted market volatility was low with returns as per guidance in November. The Fund ended the month down -0.76%. The Fund is a solution for falling interest rates. It has a 'conservative' asset allocation and has for 35 consecutive quarters since inception operated with a 'hard' defined risk parameter (no quarterly NAV drawdowns exceeding 3%), delivered regular equity income (by passing through ASX20 dividends), and has provided superior returns during periods of heightened market volatility due to the Fund's tail hedge on large gains for large market falls. Gyrostat noted they anticipate increasing levels of 'late cycle' market volatility with geopolitical tensions elevated, historically high debt levels and elevated valuations.
More Information	Fund Profile Manager's Report

Brexit From a European Viewpoint

10 Dec 2019 - Marcel von Pfyffer, Arminius Capital

In the wake of the GFC, and again after the June 2016 Brexit referendum, many fund managers left the City of London for European shores, in search of lower tax rates and less regulation, not to mention the fear that Brexit would cut them...

Performance Report: Surrey Australian Equities Fund

9 Dec 2019 - Australian Fund Monitors

The Surrey Australian Equities Fund returned +3.1% in November, taking 12-month performance to +17.99% and annualised performance since inception in June 2018 to +6.23%.

9 Dec 2019 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	09 December 2019
Manager	Surrey Asset Management Pty Ltd
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2019
Latest Return	3.10%
Latest 6 Months	8.66%
Latest 12 Months	17.99%
Latest 24 Months (pa)
Annualised Since Inception	6.23%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. 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 Surrey Australian Equities Fund returned +3.1% in November, taking 12-month performance to +17.99% and annualised performance since inception in June 2018 to +6.23%. They Fund ended the month with 31 individual stocks owned, down from 37 as at the end of October. The Fund's month-end cash balance remained at 6%. The Fund's November performance was driven by a range of different companies, highlighting the Fund's diversity. Surrey have been lifting their position in Catapult (CAT) on the back of a strengthened management team, strong product offering, growing cashflows and valuation. Similarly, the Fund's weightings in Xero (XRO) and Pointsbet (PBH) have been increasing and have been of benefit. Negative contributors included Smart Group (SIQ) and Sezzle (SZL). Surrey remain confident in the long-term prospects of both companies. Surrey noted they remain positive on the outlook for local and global equity markets. They encourage investors to continue watching the US 10-year bond yield which they believe is providing a very positive relative valuation benchmark for stocks
More Information	Fund Profile Manager's Report

Hedge Clippings | 06 December 2019

6 Dec 2019 - Australian Fund Monitors

6 Dec 2019 - Hedge Clippings | 06 December 2019

By: Australian Fund Monitors

Hedge Clippings | Friday 06 December, 2019

Hedge Clippings' tends to alternate our weekly commentary between either what's happened in the past (e.g. poor behaviour from the banking sector) or trying to take a forward view on what might be on the horizon, or sometimes a combination of the two.

This week there's the less than surprising antics of Donald in Europe, in Watford of all places, as anyone who has ever been there would attest to, plus the less than surprising news that Australia's economy is holding its head above water, but only just.

As far as the economy goes it seems the average consumer is, either by design or necessity as a result of pressures on the household budget, keeping their hands firmly in their pocket rather than spending the savings from interest rate cuts, or the tax cut delivered a couple of months ago.

New car sales, usually a reliable barometer of consumer spending and confidence have been steadily falling for the past 12 months, and are down almost 10%, and while the Toyota Hi-Lux ute remains the top-selling vehicle, its sales have fallen by 21% over the same period, presumably indicating the pressure the building industry and the bush is under.

And talking of pressure, Australia has taken out a less than commendable silver medal by having the second-highest level of taxes on income and profits (58.8%), second only to Denmark at 63.3% and waa-aay ahead of the OECD average of 34%, or the UK at 35%. Thank goodness Scomo is taking to the public service, although to what extent that will really change things remains to be seen.

It could be worse - had Wee Willie Shorten been elected last time around we'd be heading for the top spot for sure. All jesting (and bias) aside, unless we're competitive, we can't compete (yes, I know that sounds obvious), and we need to be able to do so.

So, looking ahead and we have the UK's election next Thursday, as well as the Democrats' attempt to unseat (or should that be unsettle?) Donald Trump via an impeachment process - a process which we have to admit we don't fully understand. Something to do with politicians not being (or seen to be) dishonest.

Now there's a novel idea!

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Performance Report: Australian Eagle Trust Long-Short Fund

6 Dec 2019 - Australian Fund Monitors

The Australian Eagle Trust Long-Short Fund rose +3.80% in November, outperforming the ASX200 Accumulation Index by +0.52% and taking annualised performance since inception in July 2016 to +20.61% versus the Index's +12.93%.

6 Dec 2019 - Performance Report: Australian Eagle Trust Long-Short Fund

By: Australian Fund Monitors

Report Date	06 December 2019
Manager	Australian Eagle Asset Management
Fund Name	Australian Eagle Trust Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	November 2019
Latest Return	3.80%
Latest 6 Months	11.63%
Latest 12 Months	35.12%
Latest 24 Months (pa)	17.50%
Annualised Since Inception	20.61%
Inception Date	27 June 2016
FUM (millions)
Fund Overview	The Australian Eagle Trust Long-Short Fund aims to achieve strong double digit returns by allowing clients to access Australian Eagle's demonstrated historical strength in constructing Australian share portfolios applied to a long-short product. Using a combination of Australian Eagle's actual long investment performance in conjunction with a short selling discipline, suggests that this product can provide strong investment returns along with an alpha performance that is negatively correlated to the broader Australian equity market.
Manager Comments	The Australian Eagle Trust Long-Short Fund rose +3.80% in November, outperforming the ASX200 Accumulation Index by +0.52% and taking annualised performance since inception in July 2016 to +20.61% versus the Index's +12.93%. The Fund's up-capture and down-capture ratios, 133.2% and 71.0% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. The Fund's Sortino ratio of 3.04 versus the Index's 2.18 also highlights the Fund's capacity to avoid the market's downside volatility over the long-term. The portfolio's largest positive contributions for the month came from long positions in Xero, Cochlear and CSL, while the largest detractors were short positions in Virgin Money UK plc, Caltex Australia and a long position in National Australia Bank. The Fund had 30 long positions and 19 short positions with largest exposure to medical devices & services and technology stocks. There was relatively less exposure to the financial services and materials stocks.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equity Income Fund

6 Dec 2019 - Australian Fund Monitors

The Wheelhouse Global Quality Equity Fund returned -0.78% in October. Since inception in May 2017, the Fund has returned +8.93% p.a. with an annualised volatility of 7.35%.

6 Dec 2019 - Performance Report: Wheelhouse Global Equity Income Fund

By: Australian Fund Monitors

Report Date	06 December 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equity Income Fund
Strategy	Equity Income
Latest Return Date	October 2019
Latest Return	-0.78%
Latest 6 Months	4.83%
Latest 12 Months	10.81%
Latest 24 Months (pa)	10.32%
Annualised Since Inception	8.93%
Inception Date	26 May 2017
FUM (millions)	AU$24.79
Fund Overview	The strategy of the Fund is based on the Morningstar Developed Markets ex Australia Wide Moat Focus Index ('Morningstar Portfolio'). However, in addition to this, it is designed to deliver returns with lower volatility, improved capital preservation, and higher income generation as a component of total return. To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform.
Manager Comments	The Wheelhouse Global Quality Equity Fund returned -0.78% in October. Since inception in May 2017, the Fund has returned +8.93% p.a. with an annualised volatility of 7.35%. By contrast, AFM's Global Equity Index has risen +12.79% p.a. with an annualised volatility of 10.03% over the same period. The Fund's Sortino ratio of 1.63 and down-capture ratio of 47.9% highlight the Fund's capacity to avoid the market's downside. The Fund's October return comprised +1.30% from the portfolio (in USD) and -2.08% from the strengthening of the Australian dollar against the US dollar. Top contributors included Amgen, Kao Corp, Western Union, Bristol-Myers Squibb and UnitedHealth Group. Detractors included Anheuser-Busch InBev, McDonald's, Nike, Veeva Systems and General Mills. The strategy's high-income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse expect returns to add relative value in weak and low-growth markets and to drag in more positive markets.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

5 Dec 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +1.62% in October, outperforming the ASX200 Accumulation Index by +1.97% and taking 12-month performance to +19.65%. Since inception in January 2009, the Fund has returned +16.55%...

5 Dec 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 December 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	1.62%
Latest 6 Months	10.02%
Latest 12 Months	19.65%
Latest 24 Months (pa)	8.84%
Annualised Since Inception	16.55%
Inception Date	30 January 2009
FUM (millions)	AU$851.97
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 overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
Manager Comments	The Bennelong Concentrated Australian Equities Fund rose +1.62% in October, outperforming the ASX200 Accumulation Index by +1.97% and taking 12-month performance to +19.65%. Since inception in January 2009, the Fund has returned +16.55% p.a. with an annualised volatility of 13.44%. The Fund's up-capture and down-capture ratios, 133.81% and 88.96% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. As at the end of October, the Fund's weightings had been increased in the Discretionary, Health Care and Industrials sectors, and decreased in the Consumer Staples, IT, Communication, REIT's, Materials and Financials sectors. The Fund's top holdings included CSL, Reliance Worldwide and BHP Billiton. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. By comparison with the ASX300 Accumulation Index, the portfolio's holdings, on average, have a higher return on equity, lower debt/equity, higher sales growth, higher EPS growth, high price/earnings and lower dividend yield which collectively highlight that the Fund is in line with its investment objectives.
More Information	Fund Profile Manager's Report

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NEWS

11 Dec 2019 - Performance Report: Paragon Australian Long Short Fund

11 Dec 2019 - Japan, rugby and a city apart

10 Dec 2019 - Two Steps Forward, One Back in Japan

10 Dec 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

10 Dec 2019 - Brexit From a European Viewpoint

9 Dec 2019 - Performance Report: Surrey Australian Equities Fund

6 Dec 2019 - Hedge Clippings | 06 December 2019

6 Dec 2019 - Performance Report: Australian Eagle Trust Long-Short Fund

6 Dec 2019 - Performance Report: Wheelhouse Global Equity Income Fund

5 Dec 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

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