Performance Report: Spectrum Strategic Income Fund

5 Dec 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund returned -0.07% in October. The Fund has returned +4.70% over the past 12 months and +7.85% p.a. since inception in June 2009 with an annualised volatility of 3%.

A week on the ground in Hong Kong

4 Dec 2019 - Curtis Cifuentes - Avenir Capital

Through no prescience (rather a lack thereof) on our part, members of the Avenir team spent all last week in Hong Kong. While our primary purpose for being there was to meet both companies we own as well as potential new investments (and...

Performance Report: Insync Global Quality Equity Fund

4 Dec 2019 - Australian Fund Monitors

The Insync Global Quality Equity Fund has risen +23.01% over the past 12 months, outperforming AFM's Global Equity Index by +8.42%. Since inception in October 2009, the Fund has returned +13.51% p.a. versus the Index's +11.39%.

4 Dec 2019 - Performance Report: Insync Global Quality Equity Fund

By: Australian Fund Monitors

Report Date	04 December 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Quality Equity Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	-0.33%
Latest 6 Months	8.87%
Latest 12 Months	24.01%
Latest 24 Months (pa)	17.84%
Annualised Since Inception	13.51%
Inception Date	01 July 2018
FUM (millions)
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of 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. 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 typically of 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.
Manager Comments	The Insync Global Quality Equity Fund has risen +23.01% over the past 12 months, outperforming AFM's Global Equity Index by +8.42%. Since inception in October 2009, the Fund has returned +13.51% p.a. versus the Index's +11.39%. These returns have been achieved with a similar level of volatility. The Fund's Sortino ratio of 2.07 versus the Index's 1.46 and down-capture ratio for performance since inception of 60% highlight its capacity to avoid the market's downside over the long-term. The Fund returned -0.33% in October after fees. Positive contributors included Apple, Bristol-Myer Squibb, Facebook, Rightmove PLC and Nvidia Corp. Detractors included Heineken, Estee Lauder, Constellation Brands, Accenture and Intuit. The Fund continues to have no currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Insync noted there continued to be a shift from quality growth companies towards cyclical companies during the month, led by optimism around some form of partial trade deal. Whilst central banks globally now have an accommodative monetary policy, Insync continue to hold the view that the global economic backdrop remains challenging, with low growth and low inflation a major headwind for businesses that are reliant on a strong economy to drive their earnings. They believe the current environment continues to favour secular growth businesses with high levels of profitability.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Emerging Companies Fund

4 Dec 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +2.61% in October, outperforming the ASX200 Accumulation Index by +2.96% and taking 12-month performance to +65.51% versus the Index's +19.29%.

Retirement income review consultation paper - an overview and some initial...

3 Dec 2019 - Gyrostat Capital Management

The Retirement Income Review commissioned by the Government issued a consultation paper on 22 November 2019 and called for submissions by 3 February 2020. This article provides an overview of that consultation paper and makes some...

Performance Report: Touchstone Index Unaware Fund

3 Dec 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +1.25% in October, outperforming the ASX200 Accumulation Index by +1.6% and taking 12-month performance to +17.46% with a volatility of +8.24%.

3 Dec 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	03 December 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	1.25%
Latest 6 Months	8.12%
Latest 12 Months	17.46%
Latest 24 Months (pa)	10.11%
Annualised Since Inception	12.00%
Inception Date	04 April 2016
FUM (millions)	AU$4.77
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. 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	The Touchstone Index Unaware Fund rose +1.25% in October, outperforming the ASX200 Accumulation Index by +1.6% and taking 12-month performance to +17.46% with a volatility of +8.24%. Since inception in April 2016, the Fund has returned +12.00% p.a. with an annualised volatility of 9.68%. As at the end of October, the Fund held 20 stocks with a median position size of 4.6%. The portfolio's holdings had an average forward year price/earnings of 16.6, forward year EPS growth of 5.0%, forward year tangible ROE of 22.8% and forward year dividend yield of 4.1%. The Fund's cash weighting was left unchanged at 5.3%. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

3 Dec 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +0.56% in October, outperforming the ASX200 Accumulation Index by +0.91%. Since inception in May 2013, the Fund has returned +5.54% p.a. with an annualised volatility of 4.82%.

3 Dec 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	03 December 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	October 2019
Latest Return	0.56%
Latest 6 Months	3.96%
Latest 12 Months	2.87%
Latest 24 Months (pa)	3.23%
Annualised Since Inception	5.54%
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 between 8% to 11% 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 +0.56% in October, outperforming the ASX200 Accumulation Index by +0.91%. Since inception in May 2013, the Fund has returned +5.54% p.a. with an annualised volatility of 4.82%. By contrast, the Index has returned +8.58% p.a. with an annualised volatility of 10.76% over the same period. NWQ believe the fact that market indices have risen strongly this year against a backdrop of weakening fundamentals presents the Fund's managers with a rich opportunity set on both the long and short side of their portfolios. They noted there are opportunities in the form of growth companies with fundamental support on the long side and companies that are being propped up by low rates and excess liquidity on the short side. There was a high degree of dispersion in the returns of the underlying managers in October and NWQ believe the Fund's positive return demonstrated the benefits of having a diversified portfolio of managers. The Fund's Alpha managers contributed positively to overall performance in October (+0.85%) while the Beta managers made a small negative contribution (-0.21%).
More Information	Fund Profile Manager's Report

Banks FY2019 - The Pain Goes On and On

2 Dec 2019 - Australian Fund Monitors

The banking sector has underperformed the Australian market since 2015, and the results for the year to 30 September 2019 suggests that another year or two of underperformance is still to come.

Performance Report: Glenmore Australian Equities Fund

2 Dec 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund has risen +37.45% over the past 12 month against the ASX200 Accumulation Index's +19.29%. Since inception in June 2017, the Fund has returned +29.93% p.a. versus the Index's +11.05%.

2 Dec 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	02 December 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	-1.07%
Latest 6 Months	17.05%
Latest 12 Months	37.45%
Latest 24 Months (pa)	25.55%
Annualised Since Inception	29.93%
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 has risen +37.45% over the past 12 month against the ASX200 Accumulation Index's +19.29%. Since inception in June 2017, the Fund has returned +29.93% p.a. versus the Index's +11.05%. The Fund's up-capture and down-capture ratios for performance since inception, 212.5% and 71.0% respectively, highlight the Fund's capacity to significantly outperform in both rising and falling markets. The Fund returned -1.07% in October. Top contributors included Opticomm and Alliance Aviation Services. Key detractors included Stanmore Coal and Phoslock Environmental Technologies. Glenmore continue to have a positive outlook on each of the Fund's holdings. Glenmore noted valuations on the ASX remain elevated, however, they are continuing to find undervalued stocks that fit their criteria in terms of business quality and earnings growth.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

2 Dec 2019 - Australian Fund Monitors

The Quay Global Real Estate Fund rose +0.8% in October, taking 12-month performance to +23.88% and annualised performance since inception in January 2016 to +11.69%.

2 Dec 2019 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	02 December 2019
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	October 2019
Latest Return	0.80%
Latest 6 Months	10.36%
Latest 12 Months	23.88%
Latest 24 Months (pa)	18.31%
Annualised Since Inception	11.69%
Inception Date	31 July 2014
FUM (millions)	AU$28
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged.
Manager Comments	The Quay Global Real Estate Fund rose +0.8% in October, taking 12-month performance to +23.88% and annualised performance since inception in January 2016 to +11.69%. The Fund's October return was despite a -1.1% currency headwind, predominantly from a stronger Australian dollar. Third quarter results and updates from many of the Fund's investees had meaningful impact on monthly returns. Top contributors included Brixmor (US Retail) and Safestore (UK Storage). Two of the biggest detractors in the month, Cubesmart (US Storage) and Ventas (US Healthcare), delivered results that failed to meet expectations. Both Cubesmart and Ventas were negatively impacted by near-term elevated supply. In both cases, Quay noted they continue to look beyond the near-term volatility of quarterly earnings and focus on the long-term fundamentals. Closer to home, Quay's view is that the expectation of a 'lower for longer' interest rate environment is now well entrenched. They believe Quantitative Easing (QE) may be coming to Australia but will likely do little to revive the economy without meaningful fiscal support.
More Information	Fund Profile Manager's Report

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5 Dec 2019 - Performance Report: Spectrum Strategic Income Fund

4 Dec 2019 - A week on the ground in Hong Kong

4 Dec 2019 - Performance Report: Insync Global Quality Equity Fund

4 Dec 2019 - Performance Report: Bennelong Emerging Companies Fund

3 Dec 2019 - Retirement income review consultation paper - an overview and some initial observations

3 Dec 2019 - Performance Report: Touchstone Index Unaware Fund

3 Dec 2019 - Performance Report: NWQ Fiduciary Fund

2 Dec 2019 - Banks FY2019 - The Pain Goes On and On

2 Dec 2019 - Performance Report: Glenmore Australian Equities Fund

2 Dec 2019 - Performance Report: Quay Global Real Estate Fund

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