Fund Review: Insync Global Capital Aware Fund April 2019

21 May 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: Spectrum Strategic Income Fund

20 May 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund rose +0.31% in April, outperforming the average RBA Cash Rate by +0.18% and taking annualised performance since inception to +8.03%.

The New Zealand electricity company with a high and increasing dividend yield

20 May 2019 - Chris Tan - Pengana Capital Group

From an investment point of view, the New Zealand electricity industry can be considered as far more predictable and future-proof than that of most countries and certainly that of Australia.

Monday Hedge Clippings - Better late than never!

20 May 2019 - Australian Fund Monitors

Hedge Clippings was missing in action for last Friday's edition; maybe we had a premonition that any predictions might put the kybosh on the Sco-Mo Miracle. However, we did feel some-what vindicated when reminded of the poem included in...

20 May 2019 - Monday Hedge Clippings - Better late than never!

By: Australian Fund Monitors

Hedge Clippings | Friday 20 May, 2019

Monday Hedge Clippings - Better late than never!

Hedge Clippings was missing in action for last Friday's edition; maybe we had a premonition that any predictions might put the kybosh on the Sco-Mo Miracle. However, we did feel some-what vindicated when reminded of the poem included in Hedge Clippings on 23rd March, 2018 - almost 14 months ago. While there were other factors in the Liberal's success over the weekend, there's no doubt that Shorten's plan of taxing franking credits, and Bowen's encouragement to those who didn't like the plan to vote against it, cost the labour party dearly.

So, as requested by one eagle eyed recipient, we have reproduced our now prescient poem below:

Wee Willie Short-One was looking for a plan,
to soak the rich and famous and so help the common man;
With an election 'round the corner, it's a chance he couldn't miss,
He tried it with his Mediscare, it might just work with this:

"I know!" he says to Albo, (who's breathing down his neck),
"What about the pensioners, they're fair game - what the heck!
Best of all I'm sure they're Libs, so wouldn't vote for us,
We'll call it taxing millionaires, that'll not cause so much fuss."

No matter that they worked for years to put some funds away,
or started up a super fund just for that rainy day.
"Look at all the franking credits they're getting back in cash -
They'll whinge a bit, poor old folk, but few teeth left to gnash."

"But best of all OUR super's safe, indexed and inflation free,
Fifteen percent and guaranteed, it won't hurt you and me.
If it works I'll get a pension, gold pass, driver and a car,
But only if I make PM - if I can only get that far…"

But Willie's got his facts wrong, as pollies often do,
Didn't understand the people his franking tax will screw,
There's lots of labour voters who he forgot to note,
Have also put some shares away - and bloody hell! they'll vote!

If you'd like to receive Hedge Clippings direct to your inbox each Friday

JOIN OUR MAILING LIST

Bennelong Twenty20 Australian Equities Fund April 2019

16 May 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.

Fund Review: Bennelong Kardinia Absolute Return Fund April 2019

16 May 2019 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund is a long-biased, research driven, active equity long/short strategy which invests in listed ASX companies with track records greater than 10 years.

Warning Signs in the US

15 May 2019 - Marcel von Pfyffer, Arminius Capital

Since the GFC, the world's central banks have got into the habit of publishing regular Financial Stability Reports (FSR). These documents are intended to function as an early warning system, by monitoring financial markets in order to...

Performance Report: NWQ Fiduciary Fund

14 May 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +0.16% in April, taking annualised performance since inception in May 2013 to +5.33% with an annualised volatility of 4.86%.

14 May 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	14 May 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	April 2019
Latest Return	0.16%
Latest 6 Months	-1.05%
Latest 12 Months	-3.70%
Latest 24 Months (pa)	4.52%
Annualised Since Inception	5.33%
Inception Date	01 May 2013
FUM (millions)	AU$70
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 between 8% to 11% 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 +0.16% in April, taking annualised performance since inception in May 2013 to +5.33% with an annualised volatility of 4.86%. By contrast, the ASX200 Accumulation Index has returned +8.01% p.a. with an annualised volatility of 11% over the same period. The Fund's average negative return of -0.94% versus the Index's -2.52%, maximum drawdown of -7.04% versus the Index's -13.73% and down-capture ratio of 6.79% collectively illustrate the Fund's capacity to avoid the market's downside, thus protecting investors' capital from significant losses over the long-term. The 'melt up' as the S&P500 entered new territory was a tailwind for the Fund's Beta managers, however, it was a more challenging environment for the Alpha managers with fundamentally supported relative value opportunities scarce as stocks rose indiscriminately. NWQ noted the trend of desynchronization in growth outlooks and policy settings across the major global economies continued in April. They pointed out the latest manufacturing PMI data (a barometer of economic activity) indicates that the US economy is relatively strong compared with those in Europe and Asia. However, they added, due to stubbornly low inflation in the US, traders are betting the next move from the Fed will be a rate cut.
More Information	Fund Profile Manager's Report

Performance Report: Cyan C3G Fund

14 May 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +2.07% in April, taking annualised performance since inception in August 2014 to +18.89% versus the ASX200's +7.15%.

14 May 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	14 May 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	April 2019
Latest Return	2.07%
Latest 6 Months	3.61%
Latest 12 Months	1.27%
Latest 24 Months (pa)	10.01%
Annualised Since Inception	18.89%
Inception Date	24 July 2014
FUM (millions)	AU$35
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 rose +2.07% in April, taking annualised performance since inception in August 2014 to +18.89% versus the ASX200's +7.15%. The Fund's Sharpe and Sortino ratios of 1.48 and 2.91 respectively, by contrast with the Index's Sharpe of 0.52 and Sortino of 0.69, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. Top contributors in April included Alcidion, Freelancer, and Readcloud. Key detractors included Atomos and Jaxsta. Cyan have met with all of their core holdings in the past couple of months and remain excited about their medium-term outlooks. They reiterate that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund into the future.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

13 May 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +0.55% in April, taking annualised performance since inception in May 2006 to +9.18% versus the ASX200's +5.99%.

13 May 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	13 May 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2019
Latest Return	0.55%
Latest 6 Months	-0.06%
Latest 12 Months	-6.29%
Latest 24 Months (pa)	-0.75%
Annualised Since Inception	9.18%
Inception Date	01 May 2006
FUM (millions)	AU$148.22
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 +0.55% in April, taking annualised performance since inception in May 2006 to +9.18% with an annualised volatility of 7.07% versus the ASX200's +5.99% with an annualised volatility of 13.27%. The Fund's Sortino ratio of 1.34 versus the Index's 0.24, average negative return of -1.44% versus the Index's -3.26% and down-capture ratio of 40.11% highlight the Fund's focus on protecting investor capital in negative markets. Top contributors included A2 Milk (+35 basis point contribution), Polynovo (+23bp), Afterpay (+17bp) and Macquarie Group (+16bp). Detractors included Northern Star (-15bp), Independence Group (-14bp), Charter Hall (-14bp), Fortescue Metals (-12bp), Rio Tinto (-10bp) and Oz Minerals (-10bp). The short book made a negative contribution of -46bp, with shorts in financials and Share Price Index Futures the key detractors. Net equity market exposure was increased from 38.9% to 51.5% (57.0% long and 5.6% short), with the key changes being new positions in Commonwealth Bank, Fortescue and Rhipe, increased weightings in Macquarie Group, A2 Milk and Polynovo, and a reduction in several short positions, including Share Price Index futures contracts.
More Information	Fund Profile Manager's Report

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Fund Monitors Pty Ltd

News

NEWS

21 May 2019 - Fund Review: Insync Global Capital Aware Fund April 2019

20 May 2019 - Performance Report: Spectrum Strategic Income Fund

20 May 2019 - The New Zealand electricity company with a high and increasing dividend yield

20 May 2019 - Monday Hedge Clippings - Better late than never!

16 May 2019 - Bennelong Twenty20 Australian Equities Fund April 2019

16 May 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2019

15 May 2019 - Warning Signs in the US

14 May 2019 - Performance Report: NWQ Fiduciary Fund

14 May 2019 - Performance Report: Cyan C3G Fund

13 May 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

Category

Search

Events Calendar