Performance Report: Bennelong Australian Equities Fund

23 Oct 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +2.23% in September, outperforming the ASX200 Accumulation Index by +0.39% and taking annualised performance since inception in February 2009 to +13.74% versus the Index's +11.01%.

23 Oct 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	28 October 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	2.23%
Latest 6 Months	10.65%
Latest 12 Months	9.42%
Latest 24 Months (pa)	14.79%
Annualised Since Inception	13.74%
Inception Date	30 January 2009
FUM (millions)	AU$543.7
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 +2.23% in September, outperforming the ASX200 Accumulation Index by +0.39% and taking annualised performance since inception in February 2009 to +13.74% versus the Index's +11.01%. This return has been achieved with a similar level of volatility to the market. The Fund's up-capture and down-capture ratios for performance since inception, 118.5% and 96.1% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Over the September quarter than Fund returned +4.55% against the Index's +2.37%. Bennelong noted most portfolio holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Bennelong added that these results provided evidence of strong business momentum, better than expected near-term outlooks and bright longer-term prospects. Top contributors included Treasury Wine Estates, Reliance Worldwide and Afterpay. Bennelong believe it is becoming increasingly important to be selective when investing in equities, particularly given earnings risks appear to be on the way up. They have positioned the Fund appropriately and see it offering an attractive risk-reward proposition.
More Information	Fund Profile Manager's Report

Why Telstra Could Be Worth Less Than $2

22 Oct 2019 - Hamish Carlisle, Merlon Capital Partners

In this Insights article, Hamish Carlisle, analyst and portfolio manager at Merlon Capital Partners, discusses in depth why it is he believes Telstra's most recent result is indicative of weak accounting, short termism, and weak board...

Performance Report: Bennelong Twenty20 Australian Equities Fund

22 Oct 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +3.13% in September, outperforming the ASX200 Accumulation Index by +1.29%. Since inception in November 2009, the Fund has returned +10.66% p.a. versus the Index's +8.44%.

22 Oct 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 October 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	3.13%
Latest 6 Months	13.78%
Latest 12 Months	11.28%
Latest 24 Months (pa)	13.16%
Annualised Since Inception	10.66%
Inception Date	02 December 2015
FUM (millions)	AU$6.625
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 +3.13% in September, outperforming the ASX200 Accumulation Index by +1.29%. Since inception in November 2009, the Fund has returned +10.66% p.a. versus the Index's +8.44%. The Fund's up-capture and down-capture ratios of 108.5% and 95.5% respectively indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. Over the September quarter the Fund rose 5.5%, outperforming the Index by +3.13%. This outperformance owes itself to the outperformance of the ex-20 stocks chosen for the portfolio. Bennelong noted most of these ex-20 stock holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Top contributors included BWX, Afterpay and Resmed. Major detractors included REITs (particularly Goodman and Dexus Property) and the Gold sector (in which the Fund is underweight but which performed strongly).
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

21 Oct 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +2.60% in September, outperforming the ASX200 Accumulation Index +0.76% and taking annualised performance since inception in June 2017 to +31.76% versus the Index's +11.63%.

21 Oct 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 October 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	2.60%
Latest 6 Months	26.46%
Latest 12 Months	26.85%
Latest 24 Months (pa)	29.54%
Annualised Since Inception	31.76%
Inception Date	06 June 2017
FUM (millions)	AU$7.8
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 +2.60% in September, outperforming the ASX200 Accumulation Index +0.76% and taking annualised performance since inception in June 2017 to +31.76% versus the Index's +11.63%. The Fund's Sharpe and Sortino ratios for performance since inception, 2.08 and 3.97 respectively, by contrast with the Index's Sharpe of 1.15 and Sortino of 1.80 for performance over the same period, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. The Fund's up-capture and down-capture ratios, 212.5% and 66.1% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets. Top contributors in September included VGI Partners, Dicker Data and AP Eagers. Detractors included Bravura Solutions, Hotel Property Investments and People Infrastructure.
More Information	Fund Profile Manager's Report

Hedge Clippings | 18 October 2019

18 Oct 2019 - Australian Fund Monitors

Regular readers of Hedge Clippings would probably understand that we don't - or didn't - rate Boris Johnson's chances of pulling a Brexit rabbit out of his hat very highly. Well, that shows how much we know - or knew - as it...

18 Oct 2019 - Hedge Clippings | 18 October 2019

By: Australian Fund Monitors

Hedge Clippings | Friday 18 October, 2019

Regular readers of Hedge Clippings would probably understand that we don't - or didn't - rate Boris Johnson's chances of pulling a Brexit rabbit out of his hat very highly.

Well, that shows how much we know - or knew - as it looks as if the irrepressible and unstoppable UK PM has somehow convinced his EU counterparts to agree to a "deal". Far from us understanding what the details are, or what compromises were reached - or threats used - the fact he has achieved what seemed to be unthinkable a couple of weeks ago is impressive.

Of course, he has yet to gain the approval of parliament, or the wily Scots (probably still smarting from no longer being involved in the RWC fun and games in Japan) so it's not all over yet. And even if it is, the challenges ahead will be significant as he tries to implement the deal, and the complications it will involve.

As we oft say: Watch this space, there's a long way to go yet.

Meanwhile, closer to home, the government's Retirement Income Inquiry announced a few weeks ago hasn't escaped our gaze - or concerns. Strange strange things could happen, and the result could be a simplification of the system and an increased alignment of interest between the government, the economy, and the retirement benefits of an ageing population.

Perhaps, at the risk of repeating ourselves, watch this space, there's a long way to go yet.

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Performance Report: 4D Global Infrastructure Fund

18 Oct 2019 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +2.22% in September, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +1.75% and taking annualised performance since inception in March 2016 to +14.68%.

18 Oct 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	18 October 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	September 2019
Latest Return	2.22%
Latest 6 Months	12.15%
Latest 12 Months	25.72%
Latest 24 Months (pa)	15.05%
Annualised Since Inception	14.68%
Inception Date	07 March 2016
FUM (millions)	AU$59.41
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 rose +2.22% in September, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +1.75% and taking annualised performance since inception in March 2016 to +14.68% with an annualised volatility of 9.06%. The strongest portfolio performer in September was Brazilian toll road operator Ecorodovias, up +13.7% following finalisation of the Leniency Agreement in Parana state in August as well as a month-end auction win of the BR364/365 toll road which extends their growth pipeline. The weakest performer was Chinese gas distributor ENN Energy, down -9.4% due to a planned stakeholder change in the Group which raised concerns on governance. 4D noted that, despite a slowing global macro environment, it remains supportive of their overweight positioning to user pay assets. However, ongoing geo-political issues see them limiting exposure to certain regions (e.g. UK).
More Information	Fund Profile Manager's Report

Japan as a Safe Haven for Equity Investors

17 Oct 2019 - Kevin Smith, Delft Partners

We have maintained a positive view regarding Japanese equities for the past year and we express that view with an asset allocation in favour of Japan in excess of 50% in our Asian regional portfolio, whereas many of our competitors...

Fund Review: Insync Global Capital Aware Fund September 2019

16 Oct 2019 - 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...

Recession O'Clock, Australia?

15 Oct 2019 - Marcel von Pfyffer, Arminius Capital

The biggest drivers of GDP growth in Australia are "houses and holes", i.e. residential construction and resource exports. Residential construction is driven by factors internal to the Australian economy, whereas resource exports depend on...

Performance Report: Bennelong Kardinia Absolute Return Fund

14 Oct 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund has returned +9.04% p.a. with an annualised volatility of 7.01%. By contrast, the ASX200 Accumulation Index has returned +6.41% p.a. with an annualised volatility of 13.14%.

14 Oct 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	14 October 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	September 2019
Latest Return	-0.35%
Latest 6 Months	2.56%
Latest 12 Months	-3.88%
Latest 24 Months (pa)	0.20%
Annualised Since Inception	9.04%
Inception Date	01 May 2006
FUM (millions)	AU$95.58
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 has returned +9.04% p.a. with an annualised volatility of 7.01%. By contrast, the ASX200 Accumulation Index has returned +6.41% p.a. with an annualised volatility of 13.14%. The Fund's Sortino ratio of 1.35 versus the Index's 0.29, average negative return of -1.37% versus the Index's -3.24% and down-capture ratio of 40.60% highlight the Fund's strong focus on protecting investor capital in falling markets over the long-term. The Fund returned -0.35% in September, with the short book dragging on performance. Top contributors included Paradigm Biopharmaceuticals (+25bp contribution), City Chic (+21bp), Westpac (+19bp), Nickel Mines (+17bp) and Independence Group (+17bp). Detractors included Appen (-16bp), Evolution (-15bp), Atlas Arteria (-14bp) and Charter Hall (-14bp). The largest detractor was the individual short book (-44bp), with Bellamy's the subject of a takeover bid and shorts in technology, oil and gold stocks impacting performance. Net equity market exposure was increased from 20.3% to 47.9% (51.5% long and 3.6% short), with the key changes being new positions in Boral, Corporate Travel, Cleanaway and Woodside Petroleum, increased weightings in Macquarie Group, James Hardie and Aristocrat, the closure of the Fund's short position in Share Price Index Futures, partially offset by the sale of Westpac and Telstra.
More Information	Fund Profile Manager's Report AFM Research Reports

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23 Oct 2019 - Performance Report: Bennelong Australian Equities Fund

22 Oct 2019 - Why Telstra Could Be Worth Less Than $2

22 Oct 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

21 Oct 2019 - Performance Report: Glenmore Australian Equities Fund

18 Oct 2019 - Hedge Clippings | 18 October 2019

18 Oct 2019 - Performance Report: 4D Global Infrastructure Fund

17 Oct 2019 - Japan as a Safe Haven for Equity Investors

16 Oct 2019 - Fund Review: Insync Global Capital Aware Fund September 2019

15 Oct 2019 - Recession O'Clock, Australia?

14 Oct 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

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