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

Hedge Clippings | 29 November 2019

29 Nov 2019 - Australian Fund Monitors

When it comes to Big Banks, Hedge Clippings is frequently shocked, often surprised, but rarely astounded. Westpac's alleged breaking of AML/KYC regulations a staggering 23 million times for a total value of $11 billion changes all that....

29 Nov 2019 - Hedge Clippings | 29 November 2019

By: Australian Fund Monitors

Hedge Clippings | Friday 29 November, 2019

When it comes to Big Banks, Hedge Clippings is frequently shocked, often surprised, but rarely astounded.

Westpac's alleged breaking of AML/KYC regulations a staggering 23 million times for a total value of $11 billion changes all that. Furthermore, the fact that the board was aware of the issue for some time, having reported itself to AUSTRAC, leaves one wondering how much communication or control the board has, or had, over the business or management.

Setting up a financial crimes committee seems somewhat like closing the stable door long after the horse has bolted, and one can only wonder about the atmosphere at WBC head office right now.

Compounding the issue with child sex exploitation adds to their issues, as it would seem does the recent capital raising with ASIC rightfully asking if the market was properly informed - which of course it wasn't.

Brian Hartzer's timing of his acceptance of the top job at Westpac couldn't have been worse, and Gail Kelly's retirement couldn't have been better. But it's worth remembering Westpac's AML woes go back a long way.

So, we now have three of Australia's top financial institutions - CBA, AMP and Westpac - with their corporate reputations' In tatters. No doubt ANZ and NAB will be nervously auditing their own processes as a matter of some urgency.

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Performance Report: Insync Global Capital Aware Fund

29 Nov 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund has risen +22.05% after fees and protection over the past 12 months against AFM's Global Equity Index's +15.59%. Since inception in October 2009, the Fund has returned +10.99% p.a. with an annualised...

29 Nov 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	29 November 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	-0.89%
Latest 6 Months	7.46%
Latest 12 Months	22.05%
Latest 24 Months (pa)	15.86%
Annualised Since Inception	10.99%
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 has risen +22.05% after fees and protection over the past 12 months against AFM's Global Equity Index's +15.59%. Since inception in October 2009, the Fund has returned +10.99% p.a. with an annualised volatility of 9.45%. The Fund's down-capture ratio for performance since inception of 56.13% and average negative monthly return of -1.67% versus the Index's -2.03% highlight the Fund's focus on protecting investors' capital in falling markets. The Fund returned -0.89% after fees and downside protection in October. Positive contributors included Apple, Bristol-Myer Squibb, Facebook, Rightmove PLC and Nvidia Corp. Detractors were Heineken, Estee Lauder, Constellation Brands, Accenture and Intuit. The Fund continues to have no currency hedging as Insync consider to main risks to the Australian dollar to be on the downside. Insync noted there continued to be a shift from quality growth companies to wards 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 AFM Research Reports

Performance Report: Surrey Australian Equities Fund

29 Nov 2019 - Australian Fund Monitors

The Surrey Australian Equities Fund returned -1.69% after fees in October, taking performance CYTD to +19.42%. The portfolio ended the period with 37 individual stock holdings and a cash balance of 6%.

29 Nov 2019 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 November 2019
Manager	Surrey Asset Management Pty Ltd
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2019
Latest Return	-1.69%
Latest 6 Months	1.50%
Latest 12 Months	13.70%
Latest 24 Months (pa)
Annualised Since Inception	4.34%
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 -1.69% after fees in October, taking performance CYTD to +19.42%. The portfolio ended the period with 37 individual stock holdings and a cash balance of 6%. The Fund's top holdings included Cooper Energy Ltd (COE), IMF Group (IMF), Jumbo Interactive (JIN), Smart Group (SIQ) and Xero Limited (XRO). The majority of the Fund's holdings have a market capitalisation of less than $1bn, with the Industrials and IT sectors carrying the greatest weighting. Surrey Asset Management noted that, overall, they remain pleased with the operational performance of the companies within their portfolio. Some exceptions include Costa Group (CGC) and IMF Bentham (IMF). The Manager has reduced the Fund's exposure to Costa Group and noted they don't believe the current IMF share price represents its true long-term value. While IMF and CGC negatively impacted the Fund's performance, Surrey Asset Management remain comfortable with both positions at current levels. They discuss both in detail in their latest monthly report while also highlighting the franking credits they received by retaining the Fund's holding in GBST (GBT) into its final takeover.
More Information	Fund Profile Manager's Report

Performance Report: Paragon Australian Long Short Fund

29 Nov 2019 - Australian Fund Monitors

The Paragon Australian Long Short Fund has returned +10.08% p.a. since inception in March 2013, outperforming the ASX200 Accumulation Index by +1.37% on an annualised basis.

29 Nov 2019 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	29 November 2019
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	October 2019
Latest Return	-1.60%
Latest 6 Months	19.22%
Latest 12 Months	17.95%
Latest 24 Months (pa)	-5.19%
Annualised Since Inception	10.08%
Inception Date	28 February 2013
FUM (millions)	AU$35.9
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 returned +10.08% p.a. since inception in March 2013, outperforming the ASX200 Accumulation Index by +1.37% on an annualised basis. The Fund's capacity to significantly outperform in falling markets is highlighted by its down-capture ratio for performance since inception of 42.2%. The Fund returned -1.6% after fees in October, in line with all Australian indices. Paragon noted October was a challenging month as they saw a continuing rotation of value to growth stocks. Positive contributors included Alacer Gold, Xero and PointsBet. These were offset by declines in Jumbo, Prospa and the Fund's other gold holdings. Adriatic and PointsBet both conducted successful capital raisings to fund growth initiatives. Xero delivered another solid interim result and Alacer released another excellent quarterly result, both continuing to break multi-year highs, and remain key long positions for the Fund. Paragon discuss their views on Xero and Alacer in more depth in their latest report.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Twenty20 Australian Equities Fund October 2019

29 Nov 2019 - Australian Fund Monitors

The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.

Retirement income policy - issues & background

28 Nov 2019 - Gyrostat Capital Management

This paper: - Identifies two key issues that Gyrostat believes would, if appropriately addressed, progress the development of retirement income products. - Provides a summary of the retirement income policy development in...

Presentation - Gyrostat Absolute Return Income Equity Fund

28 Nov 2019 - Gyrostat Capital Management

The Fund is designed for retiree income with protection, and to address sequencing risk. The distinctive features are 'hard' protection always in place and a track record of returns increasing with market volatility. Gyrostat...

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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

29 Nov 2019 - Hedge Clippings | 29 November 2019

29 Nov 2019 - Performance Report: Insync Global Capital Aware Fund

29 Nov 2019 - Performance Report: Surrey Australian Equities Fund

29 Nov 2019 - Performance Report: Paragon Australian Long Short Fund

29 Nov 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund October 2019

28 Nov 2019 - Retirement income policy - issues & background

28 Nov 2019 - Presentation - Gyrostat Absolute Return Income Equity Fund

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