Performance Report: Cyan C3G Fund

25 Feb 2020 - Australian Fund Monitors

The Cyan C3G Fund has returned +17.79% p.a. since inception in August 2014 with an annualised volatility of 11.39%. By contrast the ASX200 Accumulation Index has returned +8.72% p.a. with an annualised volatility of 10.93% over the same period.

25 Feb 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	25 February 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	-0.26%
Latest 6 Months	-1.07%
Latest 12 Months	14.62%
Latest 24 Months (pa)	1.62%
Annualised Since Inception	17.79%
Inception Date	24 July 2014
FUM (millions)	AU$37
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 has returned +17.79% p.a. since inception in August 2014 with an annualised volatility of 11.39%. By contrast the ASX200 Accumulation Index has returned +8.72% p.a. with an annualised volatility of 10.93% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception, 1.36 and 2.68 respectively, by contrast with the Index's Sharpe of 0.67 and 0.94, highlight the Fund's capacity to achieve superior risk-adjusted performance whilst avoiding the market's downside volatility over the long-term. The Fund returned -0.3% in January. During the month the Fund had 16 positions deliver positive results, 15 negative and four flat. The Fund's strongest positive contributor by price movement rose +39% and the weakest contracted -21%. Top contributors included Quickstep, RPM Global, Readcloud and Alcidion. The Fund also enjoyed some early success from two recent IPO's - Icetana and Open Learning. Notable detractors included Oventus and Schrole. The portfolio contains companies at various stages of the growth cycle. Cyan remain confident that their investment positions will be rewarded over time, noting that they are aware that this never happens in a straight line.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund January 2020

25 Feb 2020 - 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...

Bond yields can be misleading

25 Feb 2020 - Ardea Investment Management

How can a negative yield bond deliver a positive return, or a positive yield bond deliver a loss? Those used to conventional bond investments tend to focus on a bond portfolio's yield as a proxy for its expected return. This...

Performance Report: NWQ Fiduciary Fund

24 Feb 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +1.90% in January. Since inception in May 2013, the Fund has returned +5.94% p.a. with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.20% p.a. with an annualised...

24 Feb 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	24 February 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	January 2020
Latest Return	1.90%
Latest 6 Months	5.56%
Latest 12 Months	9.49%
Latest 24 Months (pa)	2.79%
Annualised Since Inception	5.94%
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 RBA Cash Rate + 4.0-5.0% 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 +1.90% in January. Since inception in May 2013, the Fund has returned +5.94% p.a. with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.20% p.a. with an annualised volatility of 10.79% over the same period. The Fund's Sortino ratio of 1.45 versus the Index's 1.01 and down-capture ratio of 0.89% for performance since inception highlight NWQ's focus on avoiding capital loss in falling markets. The Fund's Alpha and Beta managers both contributed positively to overall performance in January. NWQ noted low interest rates and QE continue to be supportive of equity market valuations generally. This environment presents opportunities for the Fund's underlying managers on both the long and short sides of their portfolios. Overall, the Fund has a market neutral exposure to the equity market (net market exposure of 22%) and is positioned to profit from both long and short opportunities.
More Information	Fund Profile Manager's Report

Hedge Clippings | 21 February 2020

21 Feb 2020 - Australian Fund Monitors

This week we had the good fortune to host Chris Watling of Longview Economics who presented his overview and Latest Global Macro and Market Outlook. We have quoted Longview previously, and we would consider Chris to be one of the most well...

21 Feb 2020 - Hedge Clippings | 21 February 2020

By: Australian Fund Monitors

Hedge Clippings | Friday 21 February, 2020

Hedge Clippings was interested to note (not sure if "miffed" or "pleased" is correct) that he was no longer (assuming he ever was) a member of the informed public according to the Edelman trust barometer released yesterday. Basically, that's because those the survey defines as the "informed public" are tertiary educated, have top quartile income, are 25-64 years old and are relatively high consumers of news. Sadly we fail on nearly all counts, the exception being the high consumer of news (and not the fake news either). Now many of you might have already guessed that we didn't qualify as "informed", but now it has been confirmed.

Apparently the informed public now increasingly share the negative sentiments of the mass public in Australia - or in other words, we presume, the UNinformed public. So be it. Hedge Clippings is always in line with the term "hedge", or at least generally conscious of the potential for the negative to occur, albeit that we would generally like to think of ourselves as positive. Anyway, enough about us!

This week we had the good fortune to host Chris Watling of Longview Economics who presented his overview and Latest Global Macro and Market Outlook. We have quoted Longview previously, and we would consider Chris to be one of the most well informed economists we have come across - and certainly one of the most interesting and entertaining. As testimony to this, last October Longview correctly predicted the outcome of the UK General Election - and not just the overall result, but the number of seats Bojo would win by. At that time the result was anything but certain, but their prediction of a 70-90 seat majority was smack on the money - except sadly we didn't put a cent on the trade.

We digress (again). One of Watling's slides reminded us that it was Warren Buffett who quoted Aesop who in 600 BC said, "A bird in the hand is worth two in the bush". In other words, don't take excessive risks with your capital. Meanwhile, Watling's many charts went on to prove that while there are widespread concerns about earnings ("in the LONG term, it is all about earnings") in fact since 1930 there's been a strong correlation between the US S&P500 and EPS:

Equally, he showed that over the past 39 years there's been no correlation between Earnings and Returns on a one-year outlook, and that over the VERY long term, earnings mean revert:

While over the very short term (1, 3, 5 years) there's no correlation between Valuation and Returns.

Most interesting was his points on listening to those he terms the "Armageddonists" such as Jim Rogers who has repeatedly forecast the end of the boom each year between 2011 and 2017. For instance, in 2011 Rogers predicted a "100% chance of crisis, worse than 2008" and so on through to 2017 when it was "the worst crash in our lifetime". For the record, the S&P500 fell 7.7% in 2011 (at least he got the direction right) and in 2015 it was down 3.3%, but for every other year it rose. We note he stopped, or wasn't quoted, predicting after 2017.

That's the history. For Longview's opinion on the future you can contact them here.

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What an Exciting Time to be Long or Short Tesla

21 Feb 2020 - Michael Frazis, Frazis Capital Partners

Michael Frazis, Founder and Portfolio Manager of the Frazis Fund, discusses his views on the recent sharp rise in Tesla's share price. He notes that, from the lows in 2019 to the recent peak, short sellers have lost over US$20 billion...

Performance Report: Bennelong Emerging Companies Fund

21 Feb 2020 - Australian Fund Monitors

The Bennelong Emerging Companies Fund returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%.

21 Feb 2020 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	21 February 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	1.64%
Latest 6 Months	22.75%
Latest 12 Months	79.31%
Latest 24 Months (pa)	26.40%
Annualised Since Inception	35.85%
Inception Date	01 November 2017
FUM (millions)	AU$25.65
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 returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%. The Fund's top holdings at the end of the month included Viva Leisure, Bwx and Mader. Bennelong believe the portfolio is well positioned to provide attractive returns over time. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks and seeks to avoid the higher risk that usually comes with micro and small-cap stocks. In their latest report, they give a brief overview of what they believe to be the key benefits of investing in emerging companies. Some of those include greater diversity, more growth potential and less broker coverage and investor attention.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

20 Feb 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +5.40% in January, outperforming the ASX200 Accumulation Index by +0.42% and taking annualised performance since inception in May 2006 to +9.11% with an annualised volatility of 7.12%.

20 Feb 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	20 February 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2020
Latest Return	5.40%
Latest 6 Months	2.51%
Latest 12 Months	8.53%
Latest 24 Months (pa)	-0.33%
Annualised Since Inception	9.11%
Inception Date	01 May 2006
FUM (millions)	AU$71.73
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 rose +5.40% in January, outperforming the ASX200 Accumulation Index by +0.42% and taking annualised performance since inception in May 2006 to +9.11% with an annualised volatility of 7.12%. By contrast, the Index has returned +6.68% with an annualised volatility of 13.08% over the same period. The Fund's Sortino ratio of 1.36 versus the Index's 0.33 and down-capture ratio of 43% for performance since inception highlight the Fund's focus on protecting investor capital over the long-term. Positive contributors over the month included CSL, James Hardie, Commonwealth Bank, City Chic and Polynovo. Key detractors included Zip Co, Oz Minerals, Rio Tinto and Qantas. The Fund's short book also detracted -30bp from performance. The Fund's net equity market exposure was reduced from 74.2% to 30.9% (64.4% long and 33.5% short), with the key changes being lower weightings in BHP and Rio Tinto, a new short position in Share Price Index Futures, partially offset by new positions in Coles and Santos.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Loftus Peak Global Disruption Fund

19 Feb 2020 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund rose +5.98% in January, outperforming the ASX200 Accumulation Index by +1.00% and taking annualised performance since inception in November 2016 to +23.52% versus the Index's +16.82%.

19 Feb 2020 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	19 February 2020
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	5.98%
Latest 6 Months	13.49%
Latest 12 Months	32.97%
Latest 24 Months (pa)	17.97%
Annualised Since Inception	23.52%
Inception Date	15 November 2016
FUM (millions)	AU$79.72
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk.
Manager Comments	The Loftus Peak Global Disruption Fund rose +5.98% in January, outperforming the ASX200 Accumulation Index by +1.00% and taking annualised performance since inception in November 2016 to +23.52% versus the Index's +16.82%. Over the past 12 months the Fund has returned +32.97% versus the Index's +26.09%. The Fund's up-capture ratio for performance since inception of +145.16% highlight's the Fund's capacity to significantly outperform in rising markets, while its Sortino ratio of 2.31 emphasises its ability to avoid the market's downside volatility. Loftus Peak noted China's effort to contain the coronavirus negatively impacted performance during the last week of January. They believe this prompted panicked investors to sell great companies on short-term fears. Top contributors during the month included Google, Amazon, Microsoft and Tesla. Detractors included TSMC, Roku and Xilinx. The Australian dollar depreciated -4.3% over the month against the US dollar which increased the value of the Fund's US dollar holdings. As at 31 January 2020, the Fund carried foreign currency exposure of 99%. At month end the Fund was 89% invested in 23 holdings with the balance in cash.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund January 2020

19 Feb 2020 - 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...

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25 Feb 2020 - Performance Report: Cyan C3G Fund

25 Feb 2020 - Fund Review: Bennelong Long Short Equity Fund January 2020

25 Feb 2020 - Bond yields can be misleading

24 Feb 2020 - Performance Report: NWQ Fiduciary Fund

21 Feb 2020 - Hedge Clippings | 21 February 2020

21 Feb 2020 - What an Exciting Time to be Long or Short Tesla

21 Feb 2020 - Performance Report: Bennelong Emerging Companies Fund

20 Feb 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

19 Feb 2020 - Performance Report: Loftus Peak Global Disruption Fund

19 Feb 2020 - Fund Review: Insync Global Capital Aware Fund January 2020

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