NEWS
Touchstone Index Unaware Fund
2 May 2017 - Australian Fund Monitors
Touchstone Index Unaware Fund slightly outperformed the market over the month, advancing by +3.38% versus the Index return of +3.32%.
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2 May 2017 - Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund benefited from its holding in Star Entertainment (+12.1% mom, +7.4% qoq) which has risen steadily since its interim result in February. QBE Insurance (+7.5% mom, +6.5% qoq) also rallied higher for the month. The main detractor for the month was Trade Me Group (-3.0% mom, -2.4% qoq), which was impacted as its largest shareholder sold down part of its stake in the company. Resmed (-0.8% mom, +8.8% qoq) was also a negative contributor, due to the concerns around continuing production delays for its new mask range. The investment team regards both these companies as attractive investment options and therefore continue to hold them in the portfolio. With the current political risks elevated globally, combined with market uncertainties, the investment team remains focused on downside protection. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund March 2017
1 May 2017 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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1 May 2017 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2017
By: Australian Fund Monitors
AFM Fund Review - March 2017 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2017 (pdf format)
MHOR Australian Small Cap Fund
28 Apr 2017 - Australian Fund Monitors
MHOR Small Cap Fund returned +1.57% for the month of March, compared to the Small Ordinaries index which returned +2.66%.
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28 Apr 2017 - MHOR Australian Small Cap Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund's largest positive contributions came from Spirit Telecom (ST1), NextDC (NXT) and AirXpanders (AXP). While the major detractor was Ellex Medical Lasers (ELX). The portfolio continues to have growth bias and has considerable exposure to stocks that the investment team believes to have attractive undervalued growth opportunities. The team continues to search and find new emerging small cap equity stories with little or no institutional ownership, picking those that have the scope to be discovered by larger small-cap funds has so far served the fund well. |
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Bennelong Twenty20 Australian Equities Fund
28 Apr 2017 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund rose 3.43% for the month of March, slightly outperforming the S&P/ASX-300 Accumulation Index return of 3.28%, by +0.16%
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28 Apr 2017 - Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | This quarter's performance was due to the large out-performances of Aristocrat, Treasury Wine Estates and BWX. On the other hand, the Fund has a large position in Domino's Pizza Enterprises, which performed poorly. In terms of the active ex-20 sleeve of the portfolio, the investment team continues to remain focused on the company fundamentals, particularly in an environment of macro and political uncertainty, to find high quality, above average growing companies for the portfolio. |
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4D Global Infrastructure Fund
27 Apr 2017 - Australian Fund Monitors
4D Global Infrastructure Fund recorded a net gain of 5.91% for the month of March, outperforming the FTSE infrastructure Index, which returned 3.20%, by 2.71%.
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27 Apr 2017 - 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | 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 strongest performer for March was OHL Mexico, which was up 25.7% on the revival of take-out rumors with its parent. The UK satellite operator, Inmarsat, was again up 19.5% for the month. The weakest performer was the Brazilian contract generator AES Tiete, on news that hydrology for 2017 was not looking great. The Fund remains overweight Europe and Emerging Markets at the expense of the USA and utilities. The investment team continues to have a positive outlook for global listed infrastructure (GLI) over the medium term, due to a number of powerful macro forces that support the sector. |
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Bennelong Australian Equities Fund
27 Apr 2017 - Australian Fund Monitors
Bennelong Australian Equities Fund returned a positive 3.37% in March, compared to the S&P/ASX-300 Accumulation Index, which returned 3.28%.
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27 Apr 2017 - Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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%. |
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Fund Review: Bennelong Kardinia Absolute Return Fund March 2017
26 Apr 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has an annualised return since inception of 11.09% p.a.
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26 Apr 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2017
By: Australian Fund Monitors
AFM Fund Review - March 2017 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with over ten-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 11.09% p.a. with a volatility of 7.14, compared to the ASX200 Accumulation's return of 5.59% p.a. with a volatility of 13.95%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2017 (pdf format)
Pengana PanAgora Absolute Return Global Equities Fund
26 Apr 2017 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund gained 0.59% for the month of March. The Fund has a low systematic risk (beta) to the ASX 200 and the MSCI World Indices of 0.07 and 0.08 respectively.
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26 Apr 2017 - Pengana PanAgora Absolute Return Global Equities Fund
By: Australian Fund Monitors
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| Fund Overview | PanAgora believes the best way to find opportunities in the global markets is to combine fundamental analysis with robust quantitative techniques in order to filter the investment universe and select the investments. The Fund invests primarily in listed equity securities from a global universe of developed markets and a select group of emerging market countries. The Fund's objective is to seek absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. These inefficiencies are primarily exploited through the use of a long/short equity strategy which aims to construct a portfolio that is generally neutral to market movements. As such the performance of the investment strategy is largely independent of the market's performance. The Fund seeks to achieve its objective by using a diversified set of strategies that have low correlation to one another. In addition, because many of these strategies are designed to generate profit under different market conditions, their combination is expected to result in more stable returns over time than any individual strategy in and of itself. |
| Manager Comments | The March performance was driven by the long-term portfolio (+0.61%), primarily from the U.S. sleeve. The U.S. portfolio contributed +0.84% to performance, with Information Technology and Health Care, being the top performing sectors (+0.44% and +0.34% respectively). A short position in Palo Alto Networks, Inc was the top contributor in the portfolio (+0.30%). However, the international portfolio detracted -0.23%, largely due to the reversals in the post-US election reflation trade, which resulted in stocks that benefit the most from rising GDP growth and firmer monetary policies to underperform in March. The intermediate-term portfolio also detracted slightly (-0.02%), while the short-term portfolio ended flat for the month. |
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KIS Asia Long Short Fund
24 Apr 2017 - Australian Fund Monitors
KIS Asia Long Short Fund rose 0.8% in March, taking the return for the most recent 12 months to 13.27%.
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24 Apr 2017 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | 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 month's performance was driven largely by long positions in Cardinal Resources Ltd (CDV.AX) 0.41%, Wynn Macau Ltd (1128.HK) 0.21% and Primary Health Care Ltd (PRY.AX) 0.21%. Detractors for the month included short positions in Metcash Ltd (MTS.AX) -0.33%, MTR Corp (0066.HK) -0.18% and Woodside Petroleum Limited (WPL.AX) -0.16%. |
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Affluence Investment Fund
24 Apr 2017 - Australian Fund Monitors
Affluence Investment Fund increased 0.60% in March, resulting in a +12.72% return for the latest 12 months.
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24 Apr 2017 - Affluence Investment Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one external manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | The top performing investments for the month included the Terra Capital Natural Resources Fund, the India Avenue Equity Fund, the Smallco Broadcap Fund and the Smallco Investment Fund. However, the Fund's small holding in the Baker Steel Gold Fund and the Brookfield Prime Property Fund detracted from the performance. At the end of March, the Fund provided exposure to over 25 unlisted funds, and over 20 LIC's, and other listed entities. Around 15% of the portfolio was in cash. |
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