Feature article: Equity income in retirement products

20 Sep 2019 - Gyrostat Capital Management

Falling interest rates are highlighting the limited range of investments that deliver a regular and stable income stream with capital security. Article contents: 1. A framework for desired product features -...

Feature article: Sequencing risk for retirees - the consequences of loss 'late...

20 Sep 2019 - Gyrostat Capital Management

Many clients, particularly retirees, are worried about the consequences of another significant market correction. The consensus view is that markets are now 'late cycle'. Most major corrections occur within 8 years, we are now at year 12,...

Performance Report: Harvest Lane Asset Management Absolute Return Fund

20 Sep 2019 - Australian Fund Monitors

The Harvest Lane Absolute Return Fund weathered August's equity market volatility well, remaining remarkably flat over a month when the fell -2.36% to record a loss of just 0.17% by month end.

20 Sep 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

By: Australian Fund Monitors

Report Date	18 September 2019
Manager	Harvest Lane Asset Management
Fund Name	Harvest Lane Asset Management Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2019
Latest Return	-0.17%
Latest 6 Months	-0.04%
Latest 12 Months	6.28%
Latest 24 Months (pa)	10.78%
Annualised Since Inception	8.35%
Inception Date	01 July 2013
FUM (millions)	AU$13.1
Fund Overview	The Fund aims to deliver a return of greater than 10% p.a. after all fees and charges over a 3 year period with low or no correlation to the Australian equity market. By focusing on select takeover and corporate activity the fund aims to achieve this whilst also exhibiting lower than average volatility than the market. Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives.
Manager Comments	Harvest Lane weathered August's volatile equity markets, hit as reporting season and macroeconomic factors combined to see the ASX300 down over 5% at one point. In spite of this the fund's performance managed to remain flat throughout the month, finally preserving capital with a return of just -0.17%. The Manager noted that this could well be a prelude to what happens when the broader equity market runs into difficulty . Harvest Lane reported they were seeing a large amount of deal flow, and were enjoying the benefits of being somewhat spoilt for choice. The fund composition changed markedly from the start of the month, with ten new positions added, and the manager expects the current deals on hand to support strong performance in the months ahead.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Emerging Companies Fund

20 Sep 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +6.80% in August, outperforming the ASX200 Accumulation Index by +9.16%. Since inception in November 2017, the Fund has returned +36.12% p.a. versus the Index's +10.96%.

20 Sep 2019 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	20 September 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	6.80%
Latest 6 Months	41.68%
Latest 12 Months	30.21%
Latest 24 Months (pa)
Annualised Since Inception	36.12%
Inception Date	01 November 2017
FUM (millions)	AU$18.05
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 +6.80% in August, outperforming the ASX200 Accumulation Index by +9.16%. Since inception in November 2017, the Fund has returned +36.12% p.a. versus the Index's +10.96%. As is expected of a fund investing in micro and small caps, this return has been achieved with higher volatility than the market. The Fund's up-capture ratio of +273.13% highlights its capacity to significantly outperform in rising markets. The Fund's top five holdings as at the end of August included Eml Payments, Bwx, Viva Leisure, Prospa and Zip Co. Bennelong noted the portfolio holdings showed good business momentum, strong near-term earnings growth and bright long term outlooks throughout reporting season. They have taken the opportunity to trim or sell out some positions and purchase new stock ideas. The Fund has been sitting with a relatively high cash position recently. Currently, it sits at neatly 20%, but it has been over 10% since May. Bennelong noted this meant less risk and the ability to be opportunistic. They manage the portfolio with a view to appropriately balance out the risks and returns, both of which can be large in the case of micro and small caps.
More Information	Fund Profile Manager's Report

Out-of-sample Data and Quant Quake #2

19 Sep 2019 - Michael Frazis, Frazis Capital Partners

Michael Frazis, Founder of Frazis Capital Partners and Portfolio Manager of the Frazis Fund, provides an update on the Fund's performance in August, as well as his analysis of some of the Fund's holdings.

Performance Report: NWQ Fiduciary Fund

19 Sep 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +0.85% in August, outperforming the ASX200 Accumulation Index by +3.21% and taking annualised performance since inception in May 2013 to +5.58% with an annualised volatility of 4.88%.

19 Sep 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	19 September 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	August 2019
Latest Return	0.85%
Latest 6 Months	2.87%
Latest 12 Months	-1.75%
Latest 24 Months (pa)	5.52%
Annualised Since Inception	5.58%
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 returned +0.85% in August, outperforming the ASX200 Accumulation Index by +3.21% and taking annualised performance since inception in May 2013 to +5.58% with an annualised volatility of 4.88% By contrast, the Index has returned +8.57% p.a. with an annualised volatility of 10.89% over the same period. The Fund's down-capture ratio for performance since inception of 5.08%, Sortino ratio of 1.26 versus the Index's 0.90 and average negative return of -0.90% versus the Index's -2.52% highlight the Fund's focus on protecting investor capital. NWQ believe the ongoing deterioration of economic fundamentals across the globe is likely to continue to spur episodic volatility in global markets similar to that which was seen in August. They noted this deterioration in economic fundamentals came through in the August results season, with companies as a whole delivering weak aggregate earnings-per-share growth and flagging future headwinds in outlook statements. This presented the Fund's investee managers with opportunities on both the long and short sides of their portfolios, which is reflected in the fact that both Beta (+0.42%) and Alpha (+0.49%) managers made positive contributions to the Fund's overall return in August.
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Capital Aware Fund

18 Sep 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +2.44% in August, outperforming AFM's Global Equity Index by +3.84%. Since inception in October 2009, the Fund has returned +11.53% p.a. with an annualised volatility of 9.45%.

18 Sep 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	18 September 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	2.44%
Latest 6 Months	21.26%
Latest 12 Months	17.38%
Latest 24 Months (pa)	20.38%
Annualised Since Inception	11.53%
Inception Date	07 October 2009
FUM (millions)	AU$31.2
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 +2.44% in August, outperforming AFM's Global Equity Index by +3.84%, taking 12-month performance to +17.38% versus the Index's +5.91%. Since inception in October 2009, the Fund has returned +11.53% p.a. with an annualised volatility of 9.45%. The Fund has a down-capture ratio of 55.9% for performance since inception, Sortino ratio of 1.7 and average negative return of -1.68% versus the Index's -2.04% since inception. Collectively, these highlight the Fund's focus on protecting investor capital in falling markets. Insync noted stock selection was the key contributor to the Fund's strong outperformance with a small contribution from the index put protection. Positive contributors included Zoetis, Intuit, S&P Global and Booking Holdings Inc. Detractors were Facebook, Amadeus IT Group, Adidas and Tencent Holdings. 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's view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They believe that if this continues over the medium to long-term, investing in a portfolio of high ROIC stocks benefiting from global megatrends should be beneficial as these companies are less dependent on the global economy to generate consistent profitable growth.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Bennelong Kardinia Absolute Return Fund August 2019

18 Sep 2019 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund is a long-biased, research driven, active equity long/short strategy which invests in listed ASX companies with track records greater than 10 years.

Performance Report: Bennelong Australian Equities Fund

17 Sep 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund returned -0.90% in August, outperforming the ASX200 Accumulation Index by +1.46%. Since inception in February 2009, the Fund has returned +13.62% p.a. versus the Index's +10.91%.

17 Sep 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	17 September 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.90%
Latest 6 Months	9.66%
Latest 12 Months	2.12%
Latest 24 Months (pa)	14.41%
Annualised Since Inception	13.62%
Inception Date	30 January 2009
FUM (millions)	AU$533.46
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 returned -0.90% in August, outperforming the ASX200 Accumulation Index by +1.46%. Since inception in February 2009, the Fund has returned +13.62% p.a. versus the Index's +10.91%. The Fund's Sortino ratio of 1.27 versus the Index's 1.01 highlights the Fund's capacity to avoid the market's downside volatility over the long term. The Fund's up-capture and down-capture ratios for performance since inception, 118.04% and 96.07% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of August, the Fund's weightings had been increased in the Health Care, REITs, IT, Communication, Consumer Staples, Industrials and Financials sectors, and decreased in the Discretionary and Materials sectors. The Fund's top three holdings included CSL, BHP and Treasury Wine Estates. The Fund aims to invest in high quality companies with strong growth and outlooks and underestimated earnings momentum. The Fund's portfolio characteristics, as detailed in the latest report, indicate that the Fund is in line with the manager's investment objective.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund August 2019

17 Sep 2019 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

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20 Sep 2019 - Feature article: Equity income in retirement products

20 Sep 2019 - Feature article: Sequencing risk for retirees - the consequences of loss 'late cycle'

20 Sep 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

20 Sep 2019 - Performance Report: Bennelong Emerging Companies Fund

19 Sep 2019 - Out-of-sample Data and Quant Quake #2

19 Sep 2019 - Performance Report: NWQ Fiduciary Fund

18 Sep 2019 - Performance Report: Insync Global Capital Aware Fund

18 Sep 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2019

17 Sep 2019 - Performance Report: Bennelong Australian Equities Fund

17 Sep 2019 - Fund Review: Bennelong Long Short Equity Fund August 2019

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