Cyan Investment Management | Market Perspective & Fund Overview

30 May 2019 - Australian Fund Monitors

In this video Dean Fergie (Founding Director and Portfolio Manager) gives Cyan's perspective on the market's activity towards the end of 2018 and the rebound seen in the first quarter of 2019. He then discusses how the Cyan C3G...

Performance Report: Bennelong Emerging Companies Fund

30 May 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +14.03% in April, outperforming the ASX200 Accumulation Index by +11.66% and taking 12-month performance to +22.21% versus the Index's +10.41%.

30 May 2019 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	30 May 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	14.03%
Latest 6 Months	21.42%
Latest 12 Months	22.21%
Latest 24 Months (pa)
Annualised Since Inception	28.47%
Inception Date	01 November 2017
FUM (millions)	AU$13.63
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 +14.03% in April, outperforming the ASX200 Accumulation Index by +11.66% and taking 12-month performance to +22.21% versus the Index's +10.41%. Since inception in November 2017, the Fund has returned +28.47% p.a. versus the Index's +9.21%. This return has been achieved with significantly higher volatility than the market, however, this is expected of a fund investing in micro and small caps. The Fund's up-capture and down-capture ratios indicate that, on average, the Fund has captured significantly more of the market's upside than its downside. The Fund's top five holding as at the end of April were Jumbo Interactive, Zip Co, Pinnacle Investment Management, Nearmap and Emerchants. Bennelong believe micro and small-cap stocks can offer more exciting growth prospects than larger companies despite presenting greater investment risks. The investment team aim to be disciplined in focusing on high quality stocks and seek to avoid the higher risk propositions such as minerals explorers, speculative stocks, fads and unproven business models.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

29 May 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund returned +3.57% in April, outperforming the ASX200 Accumulation Index by +1.2% and taking annualised performance since inception in April 2016 to +11.23%.

29 May 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	29 May 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	3.57%
Latest 6 Months	8.64%
Latest 12 Months	7.17%
Latest 24 Months (pa)	7.30%
Annualised Since Inception	11.23%
Inception Date	04 April 2016
FUM (millions)	AU$4.6
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 returned +3.57% in April, outperforming the ASX200 Accumulation Index by +1.2% and taking annualised performance since inception in April 2016 to +11.23%. The Fund's Sharpe and Sortino ratios since inception are 0.96 and 1.50 respectively. As at the end of April, the Fund held 21 stocks with a median position size of 4.9%. The portfolio's holdings had an average forward year price/earnings of 16.0, forward year EPS growth of 6.6%, forward year tangible ROE of 27.1% and forward year dividend yield of 4.5%. The Fund's cash weighting had decreased to 3.0% from 5.0% at the end of March. 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

Performance Report: KIS Asia Long Short Fund

28 May 2019 - Australian Fund Monitors

The KIS Asia Long Short Fund returned -0.41% in April. Since inception in October 2009, the Fund has returned +11.76% p.a. with an annualised volatility of 5.16%.

28 May 2019 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	28 May 2019
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	April 2019
Latest Return	-0.41%
Latest 6 Months	-2.35%
Latest 12 Months	-1.85%
Latest 24 Months (pa)	3.40%
Annualised Since Inception	11.76%
Inception Date	01 October 2009
FUM (millions)	AU$70
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Asia Long Short Fund returned -0.41% in April. Since inception in October 2009, the Fund has returned +11.76% p.a. with an annualised volatility of 5.16%. By contrast, the ASX200 Accumulation Index has returned +7.65% p.a. with an annualised volatility of 11.53% over the same period. Using index options and futures to keep the portfolio hedged and express a small net short bias, over the month KIS averaged -8% of AUM short which cost the Fund 58bp. There were no other losses greater than 30bp. KIS noted they remain cautious on markets and are committed to a market neutral approach, protecting investors' capital against any sudden change in sentiment. They say the rally in equity markets from the December lows feels to have been initially a reaction to looser US monetary conditions and is now a bid for equities for fear of missing out on any further rally and a lack of other investment opportunities. On the winning side the Fund made 31bp on their long position in MedAdvisor Ltd (MDR.AX).
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

28 May 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +3.40% in April, outperforming the ASX200 Accumulation Index by +1.03% and taking annualised performance since inception in February 2009 to +16.34% versus the Index's +10.65%.

28 May 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	28 May 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	3.40%
Latest 6 Months	8.75%
Latest 12 Months	0.92%
Latest 24 Months (pa)	9.86%
Annualised Since Inception	16.34%
Inception Date	30 January 2009
FUM (millions)	AU$831.91
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 overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
Manager Comments	The Bennelong Concentrated Australian Equities Fund rose +3.40% in April, outperforming the ASX200 Accumulation Index by +1.03% and taking annualised performance since inception in February 2009 to +16.34% versus the Index's +10.65%. The Fund's up-capture and down-capture ratios since inception, +139% and 91% respectively, highlight the Fund's capacity to outperform over the long-term regardless of the market's direction. As at the end of April, the Fund's weightings had been increased in the Consumer Staples, Industrials, IT, Communication and Financials sectors, and decreased in the Discretionary, Health Care, Materials and REIT's sectors. The Fund's top holdings include CSL, BHP Billiton and Aristocrat Leisure. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. The data in the table below from the latest monthly report demonstrate that the Fund is in line with its investment objectives;
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Capital Aware Fund

27 May 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +7.24% after fees and protection in April, outperforming AFM's Global Equity Index by +3.15% and taking annualised performance since inception in October 2009 to +10.78%.

27 May 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	27 May 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	7.24%
Latest 6 Months	13.56%
Latest 12 Months	17.33%
Latest 24 Months (pa)	15.44%
Annualised Since Inception	10.78%
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 +7.24% after fees and protection in April, outperforming AFM's Global Equity Index by +3.15% and taking annualised performance since inception in October 2009 to +10.78%. The Fund's average negative return 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% highlight the Fund's focus on protecting investors' capital in falling markets. Of the Fund's top 10 holdings, equating to about 60% of the portfolio, the strongest returns came from Walt Disney (+22.7%) and Facebook (+15), while the weakest performers were Intuit (-5%) and Amadeus IT (-1.1%). The Fund's top holdings as at the end of April included Visa, Intuit, Walt Disney, Accenture, Facebook, Tencent Holdings, Booking Holdings, Amadeus IT, Adobe and Zoetis.
More Information	Fund Profile Manager's Report AFM Research Reports

Bipartisanship - an Albatross for Congress

27 May 2019 - Marcel von Pfyffer, Arminius Capital

As we watch the US and China heading enthusiastically into a full-scale trade war, it is worth taking a step back from President Trump's daily squabbles via the Twittersphere with the rest of Planet Earth, and focusing on the policy areas...

Loftus Peak | Market Update (April 2019)

25 May 2019 - Australian Fund Monitors

Alex Pollak (CIO & Founder) discusses Loftus Peak's performance and portfolio composition as at April 2019. Alex points out that the net debt to equity ratio of the companies in their portfolio as group is negative, meaning they don't have...

Hedge Clippings | The excitement's over, now back to work!

24 May 2019 - Australian Fund Monitors

After all the expectations and then, depending on one's political leanings, the excitement or disappointment of the final result, it's now back to normal. Or as near normal as life ever seems to be.

24 May 2019 - Hedge Clippings | The excitement's over, now back to work!

By: Australian Fund Monitors

Hedge Clippings | Friday 24 May, 2019

The excitement's over, now back to work!

After all the expectations and then, depending on one's political leanings, the excitement or disappointment of the final result, it's now back to normal. Or as near normal as life ever seems to be.

There wouldn't seem to be much that Hedge Clippings could add to the reams that have been written, spoken or broadcast over the past five and a half days, except everything is always much easier to understand when looking in the rear-view mirror. Firstly, Shorten and Bowen underestimated the effect of their franking grab, and Sco-Mo made the most of it, aided and abetted by the financial services sector in general, and Geoff Wilson in particular. For those who missed it first time around, or our reminder on Monday, here's a link to our own effort in the form of the Ballad of Wee Willie Short One.

Secondly, it'll likely be a while before a convoy of environmentalists (probably the kindest thing they were called on their trip once north of the Tweed) travel to Queensland to tell a bunch of prospective coal miners what they should be doing with their employment chances. Amazing how dumb some otherwise intelligent people can be.

And finally, let's not forget Sco-Mo ran a good, direct and clear campaign. Probably the most important outcome was there's presumably now stability in and around the PM's office, and hopefully a clear policy agenda.

Meanwhile the RBA seems more likely than ever to be on the way to easing in June - at least if you listen to financial markets and the bookies - but let's not forget bookies (in spite of Hedge Clipping's previous incorrect prediction) can get it wrong as well. We're still not convinced that a 25 or even 50 bp easing will have any great effect on inflation, as the RBA's firepower looks severely limited. Tax cuts due in July might help stimulate consumer spending to a degree, and the banks' easing of lending restrictions might help the property market, but the view ahead is "caution" in spite of the events of last weekend.

The macro issue - or risk - that we see is an ongoing escalation of the trade war between Presidents Trump and Xi. One would think there's too much to lose to see the situation deteriorate further, but there's too much face to lose for either of them to be seen to be the loser. Having said that, Trump's probably correct in saying enough is enough, but that should have been said by his predecessor - or his predecessor's predecessor.

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Loftus Peak | Auto Industry Disruption

24 May 2019 - Australian Fund Monitors

Alex Pollak, Loftus Peak's CIO & Founder, expects electric vehicles to cause significant disruption to the auto industry. In this video, Alex details Loftus Peak's views on the disruption being caused to the industry and how they're taking...

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30 May 2019 - Cyan Investment Management | Market Perspective & Fund Overview

30 May 2019 - Performance Report: Bennelong Emerging Companies Fund

29 May 2019 - Performance Report: Touchstone Index Unaware Fund

28 May 2019 - Performance Report: KIS Asia Long Short Fund

28 May 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

27 May 2019 - Performance Report: Insync Global Capital Aware Fund

27 May 2019 - Bipartisanship - an Albatross for Congress

25 May 2019 - Loftus Peak | Market Update (April 2019)

24 May 2019 - Hedge Clippings | The excitement's over, now back to work!

24 May 2019 - Loftus Peak | Auto Industry Disruption

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