Performance Report: DS Capital Growth Fund

1 Oct 2019 - Australian Fund Monitors

The DS Capital Growth Fund outperformed the ASX200 Accumulation Index by +1.74% in August, returning -0.62% against the Index's -2.36%. Since inception in January 2013, the Fund has returned +15.07% p.a. with an annualised volatility of only 7.20%.

1 Oct 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	01 October 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.62%
Latest 6 Months	11.59%
Latest 12 Months	8.34%
Latest 24 Months (pa)	11.93%
Annualised Since Inception	15.07%
Inception Date	01 January 2013
FUM (millions)	AU$221
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value.
Manager Comments	The DS Capital Growth Fund outperformed the ASX200 Accumulation Index by +1.74% in August, returning -0.62% against the Index's -2.36%. Since inception in January 2013, the Fund has returned +15.07% p.a. with an annualised volatility of only 7.20%. By contrast, the Index has returned +10.53% p.a. with an annualised volatility of 11.01% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception, 1.73 and 3.58 respectively, by contrast with the Index's Sharpe of 0.79 and Sortino of 1.17, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's down-capture ratio of 22.00%, average negative return of -1.25% versus the Index's -2.51% and maximum drawdown since inception of -8.80% versus the Index's maximum drawdown of -13.73% over the same period collectively demonstrate its capacity to outperform and thus protect investor capital in falling markets. The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund comprises a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis.
More Information	Fund Profile Manager's Report

Why Invest With Insync

1 Oct 2019 - Damen Purcell, Insync Fund Managers

Damen Purcell, National Manager Distribution at Insync Fund Managers, gives a brief overview of what Insync looks for when choosing companies to invest in.

Performance Report: Loftus Peak Global Disruption Fund

30 Sep 2019 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund outperformed AFM's Global Equity Index by +0.74%, returning -0.66% against the Index's -1.40%. Since inception in November 2016, the Fund has returned +21.57% p.a. versus the Index's annualised return...

30 Sep 2019 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	30 September 2019
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.66%
Latest 6 Months	8.94%
Latest 12 Months	5.86%
Latest 24 Months (pa)	18.27%
Annualised Since Inception	21.57%
Inception Date	15 November 2016
FUM (millions)	AU$67.55
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 outperformed AFM's Global Equity Index by +0.74%, returning -0.66% against the Index's -1.40%. Since inception in November 2016, the Fund has returned +21.57% p.a. versus the Index's annualised return of +15.06%. The Fund has an up-capture ratio for performance since inception of 142.64%, highlighting the Fund's capacity to significantly outperform in rising markets. Top contributors in August included Qualcomm, Roku and Microsoft. Detractors included Netflix, Xilinx and Tencent. Loftus Peak noted the high volatility in August led to some negative moves in companies with exposure to China's Huawei. They believe the choppy market will ultimately calm with underlying growth in the Fund's core positions coming to the fore. The Australian dollar depreciated -2.3% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 31 August 2019, the Fund carried a foreign currency exposure of 95%.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

30 Sep 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund outperformed the ASX200 Accumulation Index by +0.44% in August, returning -1.92%. Since inception in April 2016, the Fund has returned +11.37% p.a. with an annualised volatility of 9.87%.

30 Sep 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	30 September 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-1.92%
Latest 6 Months	8.38%
Latest 12 Months	2.61%
Latest 24 Months (pa)	10.56%
Annualised Since Inception	11.37%
Inception Date	04 April 2016
FUM (millions)	AU$4.54
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund outperformed the ASX200 Accumulation Index by +0.44% in August, returning -1.92%. Since inception in April 2016, the Fund has returned +11.37% p.a. with an annualised volatility of 9.87%. The Fund's Sharpe and Sortino ratios for performance since inception are 1.00 and 1.58 respectively. As at the end of August, the Fund held 22 stocks with a median position size of 4.6%. The portfolio's holdings had an average forward year price/earnings of 16.1, forward year EPS growth of 4.0%, forward year tangible ROE of 22.5% and forward year dividend yield of 4.3%. The Fund's cash weighting left unchanged from the previous month at 5.1%. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

Hedge Clippings | 27 September 2019

27 Sep 2019 - Australian Fund Monitors

Political intrigue and change seem to be occurring so frequently, and so rapidly, that it's difficult for Hedge Clippings to keep pace. This week we discuss the drone strike on Saudi Arabia's oil facilities and the potential ramifications...

27 Sep 2019 - Hedge Clippings | 27 September 2019

By: Australian Fund Monitors

Hedge Clippings | Friday 27 September, 2019

Political intrigue and change seem to be occurring so frequently, and so rapidly, that it's difficult for Hedge Clippings to keep pace.

It was less than two weeks ago that the drone strike on Saudi Arabia's oil facilities knocked out 50% of production overnight, causing a near 20% spike in the price of crude as a result. That had the world on edge and wondering about the potential for renewed conflict in the Middle East, and the potential for Iran's war of words with the US to escalate to military conflict.

That would certainly damage world oil supplies. However the US has a vast oil inventory to last 700 days - plus over 8,000 new shale oil wells that had been drilled, but not yet completed - in other words, additional supply which could come online rapidly if required or when/if prices made it economical to do so.

Not so Australia, which has a minuscule stockpile by comparison. In spite of the International Energy Agency (IEA) mandating that countries stockpile 90 days' worth of crude oil, based on current consumption trends we have just 32 days of total petroleum stocks, 28 days of petrol, 30 days of aviation fuel, and 22 days of diesel.

Of course, there is nothing to say that military action won't occur, but one would hope that all parties involved recognise the risks of that happening.

Key to that must be Donald Trump, never far away from political change or intrigue, who seems to be busy fighting battles over his tax returns, plus his more recent phone records with the Ukrainian government. One hopes he'll be sufficiently occupied with those minor issues and not looking for a distraction on the global stage.

And while on the subject of political change or intrigue, this week's antics of Boris and the UK parliament really must take first prize. It seems somewhat fitting that England is the home of the pantomime. No doubt the musical Boris will be opening in the West End shortly, or maybe they'll just relocate an orchestra to Westminster.

And through all this our own ScoMo seemed to be having a dream run on the world stage. Having enjoyed a State dinner as the guest of the President at the White House, and patching up Malcolm's unfortunate phone call, he even managed to defuse or sidestep the criticism of a Scandinavian teenager.

Having had the turmoil of successive prime ministers from both sides of politics, no doubt it was Australia's turn for some political stability.

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Performance Report: Bennelong Twenty20 Australian Equities Fund

27 Sep 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund outperformed the ASX200 Accumulation Index by +1.92% in August, returning -0.44% versus the Index's -2.36%. Since inception in November 2009, the Fund has returned +10.41% p.a. versus the...

27 Sep 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 September 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.44%
Latest 6 Months	11.02%
Latest 12 Months	4.84%
Latest 24 Months (pa)	12.01%
Annualised Since Inception	10.41%
Inception Date	02 December 2015
FUM (millions)	AU$6.6
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 outperformed the ASX200 Accumulation Index by +1.92% in August, returning -0.44% versus the Index's -2.36%. Since inception in November 2009, the Fund has returned +10.41% p.a. versus the Index's +8.32% per annum. The Fund's up-capture and down-capture ratios for performance since inception, 106.94% and 94.49% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund's top holdings as at the end of August included Commonwealth Bank, CSL, BHP Billiton, Westpac Banking, Goodman, Aristocrat Leisure, ANZ and NAB. As at the end of the month, the Fund's holdings had been increased in the Discretionary, Health Care, Consumer Staples, IT and Industrials sectors, and decreased in the REIT's, Communication, Energy, Materials and Financials sectors.
More Information	Fund Profile Manager's Report AFM Research Reports

Uranium - Bulls Get Ready

26 Sep 2019 - Scott Williams - Fiftyone Capital

As uranium bulls, we are getting excited for the last few months of 2019 - which could see the uranium price appreciate materially. We are expecting the spot price of uranium to close the year somewhere between $30 and $35 (current spot...

Feature article: Comprehensive Income Products for Retirement - Treasury...

25 Sep 2019 - Gyrostat Capital Management

The Australian Government Treasury (Treasury) discussion papers on retirement income highlight the increasing focus on a more comprehensive risk assessment of retirement income products. The risk assessment considers the amount...

Fund Review: Insync Global Capital Aware Fund August 2019

24 Sep 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...

Performance Report: Wheelhouse Global Equity Income Fund

23 Sep 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund returned +2.07% in August, outperforming AFM's Global Equity Index by +3.47% and taking annualised performance since inception in May 2017 to +9.63% with an annualised volatility of 7.54%.

23 Sep 2019 - Performance Report: Wheelhouse Global Equity Income Fund

By: Australian Fund Monitors

Report Date	23 September 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equity Income Fund
Strategy	Equity Income
Latest Return Date	August 2019
Latest Return	2.07%
Latest 6 Months	7.86%
Latest 12 Months	6.83%
Latest 24 Months (pa)	13.57%
Annualised Since Inception	9.63%
Inception Date	26 May 2017
FUM (millions)	AU$15.11
Fund Overview	The strategy of the Fund is based on the Morningstar Developed Markets ex Australia Wide Moat Focus Index ('Morningstar Portfolio'). However, in addition to this, it is designed to deliver returns with lower volatility, improved capital preservation, and higher income generation as a component of total return. To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform.
Manager Comments	The Wheelhouse Global Equity Income Fund returned +2.07% in August, outperforming AFM's Global Equity Index by +3.47% and taking annualised performance since inception in May 2017 to +9.63% with an annualised volatility of 7.54%. By contrast, the Index has returned +12.26% p.a. with an annualised volatility of 10.42% over the same period. The Fund's focus on protecting investor capital in falling markets in highlight by its down-capture ratio of 46.67%. The Fund's return in August comprised -0.22% from the portfolio (in USD) and +2.29% from the weakening of the Australian dollar against the US dollar. Top contributors included Amgen, KLA Corp, EssilorLuxottica, Medtronic and Western Union. Detractors included Union Pacific, Cheniere Energy, Emerson Electric, Pfizer and Bank of America. The Fund is designed to deliver equity returns with higher income generation and active downside protection. The strategy's high income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse intend for returns to add relative value in weak and low-growth markets, as has happened in August, and to drag in more positive markets.
More Information	Fund Profile Manager's Report

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1 Oct 2019 - Performance Report: DS Capital Growth Fund

1 Oct 2019 - Why Invest With Insync

30 Sep 2019 - Performance Report: Loftus Peak Global Disruption Fund

30 Sep 2019 - Performance Report: Touchstone Index Unaware Fund

27 Sep 2019 - Hedge Clippings | 27 September 2019

27 Sep 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

26 Sep 2019 - Uranium - Bulls Get Ready

25 Sep 2019 - Feature article: Comprehensive Income Products for Retirement - Treasury framework

24 Sep 2019 - Fund Review: Insync Global Capital Aware Fund August 2019

23 Sep 2019 - Performance Report: Wheelhouse Global Equity Income Fund

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