The Insync Global Capital Aware Fund rose +1.96% in March, outperforming AFM's Global Equity Index by 0.73% and taking annualised performance since inception in October 2009 to +10.07%. The Fund's average negative return since inception of -1.67% versus the Index's -2.00%, maximum drawdown since inception of -10.98% versus the Index's -13.59% and down-capture ratio of 58.61% collectively highlight the Fund's successful put-protection strategy, the purpose of which is to serve as a buffer against sharp and deep falls in portfolio price.

Positive contributors in March included Accenture, Intuit, Visa, Amadeus IT and Tencent. Negative contributors were RELX, Boston Scientific, Wirecard AG, Twenty-First Century Fox - B and Biogen Idec. No currency hedging continues across both the Global Capital Aware Fund and the Global Quality Equity Fund as Insync consider the main risks to the Australian dollar to be on the downside.

Insync reduced the level of index put protection cover in January after one of the most significant falls in equity markets in December. This is in line with their rules-based process driven approach to managing downside risk. They noted that as the VIX levels have now fallen significantly, combined with the sharp bounce back in equity markets, they are gradually increasing the level of cover which currently sits at approximately 20% of the portfolio.

The Frazis Fund rose +2.9% in March, outperforming AFM's Global Equity Index by +1.67% and taking quarterly performance to +18.94% versus the Index's +11.50%.

The Fund's short positions contributed a modest +0.1% during the month. In their latest report Frazis discuss their views and outlook on a number of the Fund's holdings, including Cooper Energy, Lundin Petroleum, Bluebird and Amazon.

Frazis noted they have maintained a low gross and net position throughout the quarter. They point out that many of the largest US tech stocks, which comprise the bulk of the US stock indices, are still below their 2018 highs. Frazis believe a continued rally there would cause the market to break to new highs.

In addition, they highlight the reassertion of risk as part of their focus. Frazis say they'll continue to use hedges like those described in their March report to isolate value creation from the market.