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Performance Report: Bennelong Australian Equities Fund

5 Jan 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund returned +0.16% in November, taking annualised performance since inception in January 2009 to +13.79%.

5 Jan 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 January 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2017
Latest Return	0.16%
Latest 6 Months	8.84%
Latest 12 Months	18.79%
Latest 24 Months	25.13%
Annualised Since Inception	13.80%
Inception Date	30 January 2009
FUM (millions)	AU$338.04
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 Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
Manager Comments	The Bennelong Australian Equities Fund returned +0.16% in November, taking annualised performance since inception in January 2009 to +13.79%. By contrast, the ASX200 Accumulation Index has risen by +11.00% per annum over the same period. The Fund's up-capture and down-capture ratios are 111.26% and 93.83%, indicating that the Fund has outperformed on average in both rising and falling markets. At the end of November, the Fund's weightings were increased in the Health Care, Consumer Staples and Materials sectors and were decreased in the Discretionary, Industrials, Utilities and Financials sectors. The Fund's portfolio characteristics, as shown in the latest report, are in line with the Fund's objective of investing in high quality businesses with strong growth outlooks and underestimated earnings and momentum prospects. At the end of November the Fund held 27 stocks, the top 5 being CSL, Westpac, Aristocrat Leisure, NAB and Treasury Wine Estates.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

4 Jan 2018 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +3.09% in November, outperforming the ASX200 Accumulation Index by +1.45%.

4 Jan 2018 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	04 January 2017
Manager	Touchstone Asset Management, A Bennelong Boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	November 2017
Latest Return	3.09%
Latest 6 Months	7.40%
Latest 12 Months	16.66%
Latest 24 Months
Annualised Since Inception	15.76%
Inception Date	04 April 2016
FUM (millions)	AU$4.5
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 rose +3.09% in November, outperforming the ASX200 Accumulation Index by +1.45%. Since inception in April 2016, the Fund has returned +15.76% per annum with a volatility of 9.34%. The Fund's 12-month up-capture and down-capture ratios are 108.22% and 87% respectively, indicating that the fund has outperformed in both rising and falling markets. The Touchstone Index Unaware Fund primarily selects stocks from the S&P/ASX 300 Index and typically holds 10-30 stocks. It 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: 4D Global Infrastructure Fund

3 Jan 2018 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +2.18% in November, outperforming it benchmark (OECD G7 Inflation Index +5.5%) by +1.44%.

3 Jan 2018 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	03 January 2018
Manager	4D Infrastructure, A Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	November 2017
Latest Return	2.18%
Latest 6 Months	6.98%
Latest 12 Months	30.39%
Latest 24 Months
Annualised Since Inception	16.45%
Inception Date	07 March 2016
FUM (millions)	AU$15.73
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund.
Manager Comments	The 4D Global Infrastructure Fund rose +2.18% in November, outperforming it benchmark (OECD G7 Inflation Index +5.5%) by +1.44%. Since inception in March 2016, the Fund has returned +16.59% per annum versus the benchmark's return of +7.15% per annum over the same period. Top performers in November included US Tower operator SBA Communications (+15.7%) and Spanish airport operator AENA (+10.3%). The weakest performer was again UK satellite operator Immarsat, down 18.1% as the market becomes increasingly concerned about Immarsat's guidance and the execution of its maritime strategy. The Manager believes the sell-off has been overdone and expect the long-term investment fundamentals to remain intact and differentiate it from the broader satellite sector. The Manager's outlook for global listed infrastructure over the medium term remains positive. They note there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, resulting in an increasing need for private sector capital as part of the funding solution.
More Information	Fund Profile Manager's Report

Performance Report: MHOR Australian Small Cap Fund

2 Jan 2018 - Australian Fund Monitors

The MHOR Australian Small Cap Fund returned +4.04% in November, outperforming the ASX200 Accumulation Index by +2.4% and taking 12-month performance to +22.80%.

2 Jan 2018 - Performance Report: MHOR Australian Small Cap Fund

By: Australian Fund Monitors

Report Date	02 January 2018
Manager	MHOR Asset Management
Fund Name	MHOR Australian Small Cap Fund
Strategy	Equity Long
Latest Return Date	November 2017
Latest Return	4.04%
Latest 6 Months	22.96%
Latest 12 Months	22.80%
Latest 24 Months
Annualised Since Inception	14.53%
Inception Date	01 August 2016
FUM (millions)	AU$18
Fund Overview	The MHOR Australian Small Cap Fund aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over a rolling 5-year period after fees and expenses. The portfolio is made up of 25-75 stocks listed on the ASX or NZX. The fund may also invest in stocks to be listed within the next 12 months. The portfolio is constructed to achieve an aggregate exposure that delivers a growth profile that is materially above that of the broader market. The fund may hold between 0% - 50% of its assets in cash. MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years.
Manager Comments	The MHOR Australian Small Cap Fund returned +4.04% in November, outperforming the ASX200 Accumulation Index by +2.4% and taking 12-month performance to +22.80%. Since inception in August 2016, the Fund has returned +14.53% per annum versus the Index's +10.51% per annum. The Fund up-capture and down-capture ratios indicate that, on average, the Fund has achieved positive performance in rising markets and has significantly outperformed in falling markets. The largest positive contributors in November were SpeedCast International (SDA), Orocobre (ORE) and Spirit Telecom (ST1). MHOR noted that SDA rose in response to higher oil prices and an upbeat presentation delivered by management at a broker conference. MHOR still think SDA shares are cheap, with an improving outlook and balance sheet likely to drive further re-rating. MHOR also noted the growing market acceptance of EV as the next global megatrend continues to drive up battery minerals stocks, such as ORE. MHOR entered November with 33 stocks and 13.5% cash, exiting with 33 stocks and 13.1% cash. The key detractor from November's performance was TopBetta (TBH) which slid after the September Quarterly report revealed their higher than anticipated costs to support the very strong turnover growth. After recently meeting with management, MHOR are further convinced on this position and see very near term positive catalysts for the stock price.
More Information	Fund Profile Manager's Report

Performance Report: Qato Capital Market Neutral Fund

1 Jan 2018 - Australian Fund Monitors

The Qato Capital Market Neutral Fund contracted -2.55% in November, with the continued rally in the ASX-100 hindering Qato's short book as it finished up +1.40%.

1 Jan 2018 - Performance Report: Qato Capital Market Neutral Fund

By: Australian Fund Monitors

Report Date	01 January 2018
Manager	Qato Capital
Fund Name	Qato Capital Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2017
Latest Return	-2.55%
Latest 6 Months	-10.19%
Latest 12 Months	-14.47%
Latest 24 Months	-22.60%
Annualised Since Inception	-1.40%
Inception Date	01 August 2014
FUM (millions)	AU$130
Fund Overview	QATO's Market Neutral strategy is managed via an objective, consistent and replicable process utilising Qato Capital's proprietary 'Q-Score' methodology. The Q-Score process is fundamentally based, evaluating improving and deteriorating fundamentals within each business from a variety of financial metrics, such as valuation, growth, risk, quality, earnings & price. The strategy is designed to produce returns uncorrelated to major global equity markets. Moreover, the strategy is designed to produce strong positive returns in times of market distress/volatility, whilst also performing well in normal market conditions. The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks by generally holding up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Manager Comments	The Qato Capital Market Neutral Fund contracted -2.55% in November, with the continued rally in the ASX-100 hindering Qato's short book as it finished up +1.40%. The Fund was heavily exposed to the Real Estate sector which ended up +4.74% in November, with long positions in Stockland (+3.98%), Charter Hall (+8.79%), Investa Office Fund (+7.14%), Dexus (+6.04), Lendlease (-1.91%), and GPT (+6.29%), whilst having just one short position - Westfield Retail Trust (+7.85%). In the IT sector, the fund's short in Link Market Services (+3.4%) countered most of Computershare's return (+5.71%). Qato's short in Santos offset most of the gains in the Fund's long position in Origin Energy, however, Qato successfully selected the only energy company that fell during the month - Oil Search (-4.88%). Other positive and negative contributors included a long in James Hardie (+8.06%), short Graincorp (-4.91%), short TPG Telecomm (+10.19%), short Dulux (+9.42%) and long ALS (-12.66%).
More Information	Fund Profile

Performance Report: Bennelong Kardinia Absolute Return Fund

1 Jan 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund returned +0.35% in November. Since Inception in May 2006, the Fund has returned +10.84% per annum and outperformed the ASX200 Accumulation Index by +5.15%.

1 Jan 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	01 January 2018
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	November 2017
Latest Return	0.35%
Latest 6 Months	4.40%
Latest 12 Months	7.55%
Latest 24 Months	5.22%
Annualised Since Inception	10.84%
Inception Date	01 May 2006
FUM (millions)	AU$226.75
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 returned +0.35% in November. Since Inception in May 2006, the Fund has returned +10.84% per annum with a volatility of 7.00%. By contrast, the ASX200 Accumulation Index has returned +5.15% per annum with a volatility of 13.62% over the same period. The Fund's Sharpe and Sortino ratios are 0.99 and 1.82 respectively compared with the Index' Sharpe ratio of 0.20 and Sortino ratio of 0.18. Positive contributors included New Century Zinc (+21bp contribution), Mineral Resources (+19bp), REA Group (+15bp), Boral (+14bp) and Janus Henderson (+13bp). Negative contributors included ALS Limited (-20bp), Aristocrat Leisure (-18bp), RCR Tomlinson (-16bp), Alumina (-14bp) and BWX (-12bp). Net equity market exposure (including derivatives) was increased from 65.5% to 72.3% (79.5% long and 7.2% short) as Bennelong increased the Fund's position size in CSL and added 10 new stocks including Commonwealth Bank, Star Entertainment, Netwealth and Santos.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Pengana Global Small Companies Fund

29 Dec 2017 - Australian Fund Monitors

The Pengana Global Small Companies Fund rose +2.85% in November, taking annualised performance since inception in April 2015 to +12.06% with a volatility of 8.75%.

29 Dec 2017 - Performance Report: Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	29 December 2017
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	November 2017
Latest Return	2.85%
Latest 6 Months	6.54%
Latest 12 Months	26.05%
Latest 24 Months	38.34%
Annualised Since Inception	12.06%
Inception Date	01 April 2015
FUM (millions)	AU$53.3
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	The Pengana Global Small Companies Fund rose +2.85% in November, taking annualised performance since inception in April 2015 to +12.06% with a volatility of 8.75%. By contrast, the Global Equity Index has risen +9.50% per annum with a volatility of 10.66% over the same period. The Fund's Sharpe and Sortino ratios are 1.15 and 2.02 respectively, superior to the Index's Sharpe ratio of 0.75 and Sortino ratio of 1.22. Pengana noted currency had a positive impact on performance as the AUD depreciated against most major currencies. The largest contributor in November was Motorpoint, a UK auto dealer. PRA also contributed meaningfully this month after some earlier challenges. The Fund added one new holding during the month, a Canadian software business. Pengana noted the company has been an excellent allocator of capital over the last 20 years and that they expect the value creation to continue for an extended period. Pengana noted the Fund's underperformance relative to its benchmark (MSCI All Country World SMID Cap Index unhedged in AUD) was primarily due to the Fund's relatively underweight position in the US. However, the Fund's stocks in the US and the UK outperformed the benchmark, demonstrating strong stock selection.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

29 Dec 2017 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund fell -0.50% in November. Since inception in January 2009 the Fund has returned +18.92% per annum.

29 Dec 2017 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 December 2017
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	November 2017
Latest Return	-0.50%
Latest 6 Months	12.43%
Latest 12 Months	24.36%
Latest 24 Months	37.95%
Annualised Since Inception	18.13%
Inception Date	30 January 2009
FUM (millions)	AU$275.15
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 fell -0.50% in November. Since inception in January 2009 the Fund has returned +18.92% per annum, superior to the ASX200 Accumulation Index's return of +11.00% p.a. over the same period. The Fund's Sharpe and Sortino ratios are 1.09 and 1.80 respectively, by contrast the Index has a Sharpe ratio of 0.67 and Sortino ratio of 0.96. The Fund has an up-capture ratio of 133.12% and a down-capture ratio of 84.22%, indicating that the Fund has outperformed in both rising and falling markets. At the end of November, the Fund's weighting were increased in the Consumer Staples, Health Care and Materials sectors and were decreased in the Discretionary, Industrials and Financials sectors. The Fund currently holds 21 stocks. The Fund's investment philosophy is to selectively invest in high quality companies with strong growth outlooks and underestimated earnings momentum prospects, this is highlighted by the Fund's portfolio characteristics as shown in the latest report.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

28 Dec 2017 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +3.81% in November, outperforming the ASX200 Accumulation Index by +2.17% and taking performance since inception in June 2017 to +24%.

Performance Report: Cyan C3G Fund

27 Dec 2017 - Australian Fund Monitors

The Cyan C3G Fund returned +2.4% in November, taking annualised performance since inception in July 2014 to +28.25%.

27 Dec 2017 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	27 December 2017
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	November 2017
Latest Return	2.40%
Latest 6 Months	21.71%
Latest 12 Months	26.99%
Latest 24 Months	53.87%
Annualised Since Inception	28.25%
Inception Date	24 July 2014
FUM (millions)	AU$22
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 returned +2.4% in November, taking annualised performance since inception in July 2014 to +28.25% with a volatility of 10.37%. The ASX200 Accumulation Index, by contrast, has returned +6.56% p.a. with a volatility of 11.71% over the same period. The Fund's Sharpe and Sortino ratios are 2.30 and 7.15 respectively, significantly superior to the Index's Sharpe ratio of 0.45 and Sortino ratio of 0.57. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has captured almost all (96%) of the market's upside while significantly outperforming when the market has fallen. Positive contributors in November included Experience Co (+19%), Moelis (+10%) and Spirit Telecom (+30%). Negative contributors included Bluesky Alternatives (-9%), Kelly Partners (-6%), PSC Insurance (-4%), Axsesstoday (-2%). Cyan noted none of these retracements were due to company specific news, they view it as short-term profit taking and remain very optimistic about the medium term outlook of each business. Cyan noted the small cap market remains relatively buoyant and their outlook for the companies they hold is positive. Some of the Fund's larger holdings Cyan expect to generate meaningful returns into 2018 include Axsesstoday, Kelly Partners, Experience Co, Motorcycle Holdings, PSC Insurance and Bluesky Alternatives. Cyan hope to complement these with some new positions taken recently in both the IPO and secondary markets. The Fund continues to hold a significant cash balance which Cyan will look to carefully deploy as opportunities arise.
More Information	Fund Profile Manager's Report

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NEWS

5 Jan 2018 - Performance Report: Bennelong Australian Equities Fund

4 Jan 2018 - Performance Report: Touchstone Index Unaware Fund

3 Jan 2018 - Performance Report: 4D Global Infrastructure Fund

2 Jan 2018 - Performance Report: MHOR Australian Small Cap Fund

1 Jan 2018 - Performance Report: Qato Capital Market Neutral Fund

1 Jan 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

29 Dec 2017 - Performance Report: Pengana Global Small Companies Fund

29 Dec 2017 - Performance Report: Bennelong Concentrated Australian Equities Fund

28 Dec 2017 - Performance Report: Glenmore Australian Equities Fund

27 Dec 2017 - Performance Report: Cyan C3G Fund

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