Performance Report: Cyan C3G Fund

12 Mar 2019 - Australian Fund Monitors

The Cyan C3G Fund has returned +18.29% since inception in July 2014 versus the ASX200 Accumulation Index's +6.70% over the same period. This return has been achieved with a similar level of volatility to the market.

12 Mar 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	12 March 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	February 2019
Latest Return	0.60%
Latest 6 Months	-9.76%
Latest 12 Months	-10.76%
Latest 24 Months	18.49%
Annualised Since Inception	18.29%
Inception Date	24 July 2014
FUM (millions)	AU$37
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 has returned +18.29% since inception in July 2014 versus the ASX200 Accumulation Index's +6.70% over the same period. This return has been achieved with a similar level of volatility to the market; 11.20% p.a. versus the Index's 11.39%. The Fund's performance and risk analytics indicate that historically the Fund has been successful in achieving superior upside and downside performance than the market; Sharpe and Sortino ratios of 1.47 and 2.77 respectively versus the Index's Sharpe of 0.47 and Sortino of 0.62, average monthly return of +1.46% versus the Index's +0.60%, and up-capture and down-capture ratios of 78.6% and -3.4% respectively. The Fund posted a modest gain of 0.6% in February following on from a 4.0% rise in January. 8 out of the Fund's 25 positions moved in excess of 20% during the month. Top contributors included Splitit (+58%), Experience Co (+22%) and Afterpay (+15%). Detractors included Murray River Group (-20%) and Motorcycle Holdings (-28%). Despite regretting not having participated in more of the market's upside in recent months, Cyan maintain that the market was too volatile to have been fully invested at the end of 2018. They noted they've added a couple of new and exciting positions to the portfolio and they feel that positive and unexpected (or undiscovered) company performances will be well-rewarded.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund February 2019

11 Mar 2019 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Hedge Clippings | 08 March 2019

8 Mar 2019 - Australian Fund Monitors

The see-saw equity market has been making things difficult for fund managers over the past 6 months - they found the last quarter of 2018 tough enough as the market tanked under the pressure of US investors' reaction to 10-year bond rates...

8 Mar 2019 - Hedge Clippings | 08 March 2019

By: Australian Fund Monitors

The see-saw equity market has been making things difficult for fund managers over the past 6 months - they found the last quarter of 2018 tough enough as the market tanked under the pressure of US investors' reaction to 10-year bond rates at 3.25%, and locally the side effects Hayne Royal Commission. Subsequently the ASX rebounded 6% in February as 10-year US bond returns retreated to yield 2.75%, just as many fund managers reset their portfolios to be more defensive and risk averse.

Of course not helping markets are the multiple geopolitical and associated economic issues they're facing: Brexit is getting closer and closer to the wire without a solution; Europe's economy is slowing partly as a result of Brexit, and partly due to China's slowdown; Trump's mega arm wrestle with Xi isn't going as well as he'd like to tweet, with evidence that it is hurting the US economy as well and possibly as much as China's; and finally the Donald might be realising that negotiating with Korea is not as easy as simply comparing and bragging about the size of his button.

While on the subject of China, an article today on Bloomberg's "Five Things To Start Your Day" (well recommended if you don't already receive it) citing the exodus of Chinese property buyers as the main cause of the property downturn in Australia (having bid it up in the first place), and elsewhere around the globe. Whilst that may be a major reason, so is the banks' tightening of loan eligibility (or possibly just applying what was there in the first place) along with the impending end of 5-year fixed-term interest-only mortgages being switched to principal and interest loans; low wages growth, in turn leading to poor retail sales figures as consumers' confidence is eroded and they pull their collective heads in.

For the property market it is somewhat of a perfect storm, and coming at the end of an extended period of double digit annual growth, bound to fall further. Whilst not property experts, Hedge Clippings would suggest the worst for the property market is not over yet, particularly with the imminent potential of a change in government, and with it the introduction of restrictive negative gearing rules amongst other goodies.

Fund Review: Bennelong Kardinia Absolute Return Fund February 2019

8 Mar 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.

Bennelong Twenty20 Australian Equities Fund February 2019

7 Mar 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.

New Funds on Fundmonitors.com

7 Mar 2019 - Australian Fund Monitors

Here are some of the latest additions to our database. Follow the links to view each fund's profile, where you'll have access to their offer documents, monthly reports, historical returns, performance analytics, rankings, research,...

7 Mar 2019 - New Funds on Fundmonitors.com

By: Australian Fund Monitors

New Funds on Fundmonitors.com

Below are some of the funds we've recently added to our database. Follow the links to view each fund's profile, where you'll have access to their offer documents, monthly reports, historical returns, performance analytics, rankings, research, platform availability, and news & insights.

TAMIM Alpha Fund

Inception date: 31 December 2017
Strategy: Equity Long
Geographic mandate: Israel/Global
Investor type: Wholesale

Minimum initial investment: AU$250,000
Distributions: Annually
Management fee: 1.5%
Performance fee: 20%

View Profile

TAMIM Asia Small Companies Fund

Inception date: 02 October 2018
Strategy: Equity Long
Geographic mandate: Asia
Investor type: Wholesale

Minimum initial investment: AU$100,000
Distributions: Annually
Management fee: 1%
Performance fee: 20%

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See also: TAMIM Credit Fund

Greencape Broadcap Fund

Inception date: 11 September 2006
Strategy: Equity Long
Geographic mandate: Australia/Global
Investor type: Wholesale & Retail

Minimum initial investment: AU$10,000
Distributions: Quarterly
Management fee: 0.95%
Performance fee: 15%

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Greencape High Conviction Fund

Inception date: 11 September 2006
Strategy: Equity Long
Geographic mandate: Australia/Global
Investor type: Wholesale & Retail

Minimum initial investment: AU$10,000
Distributions: Quarterly
Management fee: 0.9%
Performance fee: 15%

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Progressive Global Fund

Inception date: 01 April 2018
Strategy: Equity Long/Short
Geographic mandate: Global
Investor type: Wholesale

Minimum initial investment: AU$50,000
Distributions: Annually
Management fee: 1.5%
Performance fee: 20%

View Profile

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Bharti Infratel: One of the best ways to play the emerging Indian consumer...

6 Mar 2019 - Steven Glass

Despite the short-term disruption for Bharti Infratel, the long-term future is bright as telecom operators will need a significant number of additional towers in order to increase their 4G coverage and improve their network.

Performance Report: Bennelong Emerging Companies Fund

5 Mar 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +5.80% in January, outperforming the ASX200 Accumulation Index by +1.93% and taking annualised performance since inception in November 2017 to +8.80% versus the Index's +3.53%.

5 Mar 2019 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	05 March 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	January 2019
Latest Return	5.80%
Latest 6 Months	-15.27%
Latest 12 Months	-10.90%
Latest 24 Months
Annualised Since Inception	8.80%
Inception Date	01 November 2017
FUM (millions)	AU$10.71
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 +5.80% in January, outperforming the ASX200 Accumulation Index by +1.93% and taking annualised performance since inception in November 2017 to +8.80% versus the Index's +3.53%. As would be expected of a fund invested in micro and small-cap stocks, this return has been achieved with significantly higher volatility than the market, however, 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 since inception. As at the end of January, the Fund's top holdings included Nearmap, Cml, Audinate, Helloworld and Apollo Tourism and Leisure. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks and seeks to avoid the higher risk that usually comes with micro and small-cap stocks.
More Information	Fund Profile Manager's Report

Performance Report: Frazis Fund

5 Mar 2019 - Australian Fund Monitors

The Frazis Fund returned +8.74% over January, outperforming AFM's Global Equity index by +4.1%.

5 Mar 2019 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	05 March 2019
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	January 2019
Latest Return	8.74%
Latest 6 Months	-19.12%
Latest 12 Months	18.53%
Latest 24 Months (pa)
Annualised Since Inception	-28.06%
Inception Date	01 July 2018
FUM (millions)	AU$4.1
Fund Overview	The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile. The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality
Manager Comments	The Frazis Fund returned +8.74% over January, outperforming AFM's Global Equity index by +4.1%. The manager noted they reduced the Fund's short positions significantly early in the month, however, they were the Fund's largest detractors. Stanmore Coal fell after an approx. $240m takeover bid failed, which was Frazis' preferred outcome. Frazis exited Samsung above their purchase price which, they noted, was a way of correcting the Fund's underperformance over the past few months caused by their exposure to the global smartphone sector. The Fund has maintained a 4% holding in Apple and approximately a 3% holding in Sunny Optical. In addition, their top energy pick, Lundin Petroleum, has recovered its losses despite the dramatic fall in crude oil. Frazis believe any further upside in crude, while risky for the global economy, should significantly benefit the Fund. As at the end of Jan 2019, Frazis' Australian stocks had significantly outperformed their global investments and are now some of the Fund's largest positions; Afterpay at 7%, Stanmore Coal at 6% and Cooper Energy at 6%. The Fund has also maintained exposure to Chinese tech stocks which Frazis expect to benefit from the stimulus as it makes its way through the economy. They pointed out the stimulus in 2016 reversed falls in PMIs (which have given plenty of false signals over the past decade) and led to a bull market in global stocks. While off their lows, the Fund's US-listed Chinese stocks remain significantly below their 2018 highs, unlike US stocks which have largely recovered.
More Information	Fund Profile Manager's Report

Preparing for the China Crisis

4 Mar 2019 - Marcel von Pfyffer, Arminius Capital

After a decade of pointing out that China was not heading for a financial crisis, we have changed our minds. Recent trends suggest that problems are building in China's corporate bonds, small banks, and consumer loans. We think that a...

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12 Mar 2019 - Performance Report: Cyan C3G Fund

11 Mar 2019 - Fund Review: Bennelong Long Short Equity Fund February 2019

8 Mar 2019 - Hedge Clippings | 08 March 2019

8 Mar 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2019

7 Mar 2019 - Bennelong Twenty20 Australian Equities Fund February 2019

7 Mar 2019 - New Funds on Fundmonitors.com

6 Mar 2019 - Bharti Infratel: One of the best ways to play the emerging Indian consumer (NSE: INFRATEL)

5 Mar 2019 - Performance Report: Bennelong Emerging Companies Fund

5 Mar 2019 - Performance Report: Frazis Fund

4 Mar 2019 - Preparing for the China Crisis

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