Performance Report: Bennelong Emerging Companies Fund

24 May 2021 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +5.76% in April, outperforming the ASX200 Accumulation Index by +2.29% and taking 12-month performance to +65.13% vs the Index's +30.76%. Since inception in November 2017, the Fund has returned...

24 May 2021 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	24 May 2021
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	April 2021
Latest Return	5.76%
Latest 6 Months	24.98%
Latest 12 Months	65.13%
Latest 24 Months (pa)	32.46%
Annualised Since Inception	30.74%
Inception Date	01 November 2017
FUM (millions)	AU$79.75
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 +5.76% in April, outperforming the ASX200 Accumulation Index by +2.29% and taking 12-month performance to +65.13% vs the Index's +30.76%. Since inception in November 2017, the Fund has returned +30.74% p.a. vs the Index's +9.12%. The Fund has achieved an up-capture ratio (since inception) of 337.67%, indicating that, on average, it has risen more than three times as much as the market during the market's positive months. The Fund has achieved up-capture ratios over the past 12, 24 and 36 months of 193.63%, 241.75% and 302.62% respectively. Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. They note that, despite the market's inevitable short-term volatility, they believe the portfolio's investments are all incrementally building value which they expect will underpin strong outperformance over the long-term. The portfolio remains diversified across setor and risk-return drivers.
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Performance Report: Atlantic Pacific Australian Equity Fund

21 May 2021 - Australian Fund Monitors

The Atlantic Pacific Australian Equity Fund has risen +8.06% p.a. with an annualised volatility of +10.11% since inception in June 2013. The Fund has achieved negative down-capture ratios over the past 12, 24, 36, 48 and 60 months,...

21 May 2021 - Performance Report: Atlantic Pacific Australian Equity Fund

By: Australian Fund Monitors

Report Date	21 May 2021
Manager	APSEC Funds Management
Fund Name	Atlantic Pacific Australian Equity Fund
Strategy	Equity Long/Short
Latest Return Date	April 2021
Latest Return	-0.50%
Latest 6 Months	-2.14%
Latest 12 Months	-3.86%
Latest 24 Months (pa)	6.53%
Annualised Since Inception	7.93%
Inception Date	01 June 2013
FUM (millions)	AU$44
Fund Overview	The Fund will invest in a diversified portfolio of small to large cap Australian listed securities, and securities in respect of which listing has been proposed. Cash, cash equivalents, convertible notes and derivatives may also be included. The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research.
Manager Comments	The Atlantic Pacific Australian Equity Fund has risen +8.06% p.a. with an annualised volatility of +10.11% since inception in June 2013. The Fund has achieved negative down-capture ratios over the past 12, 24, 36, 48 and 60 months, highlighting its capacity to significantly outperform when markets fall. A negative down-capture ratio indicates that, on average, the Fund has risen during the market's negative months. The Fund's superior performance in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.28 vs the Index's 0.70, worst month of -5.58% vs the Index's -20.65%, maximum drawdown of -7.26% vs the Index's -26.75%, and down-capture ratio of 21.15%. The Fund has also outperformed the Index in 9 out of 10 of the Index's worst months since the Fund's inception, most notably rising +17.2% in March 2020 when the Index fell -20.7%. The Fund returned -0.50% in April. Positive contributors included Cleanaway Waste Management (Long), Commonwealth Bank (Long), Deterra Royalties (Long), and Terracom (Long). Key detractors included Beach Energy (Long), Mesoblast (Long), Origin Energy (Long), and Whitehaven Coal (Long).
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Performance Report: The Airlie Australian Share Fund

21 May 2021 - Australian Fund Monitors

The Airlie Australian Share Fund rose +4.48% in April, outperforming the ASX200 Accumulation Index by +1.01% and taking 12-month performance to +37.33% vs the Index's +30.76%. Since inception in June 2018, the Fund has returned +11.62%...

21 May 2021 - Performance Report: The Airlie Australian Share Fund

By: Australian Fund Monitors

Report Date	21 May 2021
Manager	Airlie Funds Management
Fund Name	The Airlie Australian Share Fund
Strategy	Equity Long
Latest Return Date	April 2021
Latest Return	4.48%
Latest 6 Months	22.58%
Latest 12 Months	37.33%
Latest 24 Months (pa)	15.16%
Annualised Since Inception	11.62%
Inception Date	01 June 2018
FUM (millions)	AU$76.55
Fund Overview	The Fund aims to provide investors with long-term capital growth and regular income through investment in Australian equities. The Fund is long-only with a bottom-up focus. It has a concentrated portfolio of 15-35 stocks (target 25). Maximum cash holding of 10% with an aim to be fully invested. Airlie employs a prudent investment approach that identifies companies based on their financial strength, attractive durable business characteristics and the quality of their management teams. Airlie invests in these companies when their view of their fair value exceeds the prevailing market price. It is jointly managed by Matt Williams and Emma Fisher. Matt has over 25 years' investment experience and formerly held the role of Head of Equities and Portfolio Manager at Perpetual Investments. Emma has over 8 years' investment experience and has previously worked as an investment analyst within the Australian equities team at Fidelity International and, prior to that, at Nomura Securities.
Manager Comments	The Airlie Australian Share Fund rose +4.48% in April, outperforming the ASX200 Accumulation Index by +1.01% and taking 12-month performance to +37.33% vs the Index's +30.76%. Since inception in June 2018, the Fund has returned +11.62% p.a. vs the Index's +9.37%. The Fund's up-capture and down-capture ratios (since inception), 106% and 96% respectively, highlight its capacity to outperform in both rising and falling markets. At month-end, the portfolio's top 10 positions included Aristocrat Leisure, BHP Group, CBA, CSL, Healius, Macquarie Group, NAB, PWR Holdings, Wesfarmers and Woolworths. By sector, the portfolio was most heavily weighted towards the Financials, Consumer Discretionary and Materials sectors.
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Performance Report: Bennelong Australian Equities Fund

21 May 2021 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +5.73% in April, outperforming the ASX200 Accumulation Index by +2.26% and taking 12-month performance to +50.85% vs the Index's +30.76%. Since inception in February 2009, the Fund has returned...

21 May 2021 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 May 2021
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2021
Latest Return	5.73%
Latest 6 Months	20.03%
Latest 12 Months	50.85%
Latest 24 Months (pa)	22.74%
Annualised Since Inception	15.06%
Inception Date	30 January 2009
FUM (millions)	AU$850.55
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 rose +5.73% in April, outperforming the ASX200 Accumulation Index by +2.26% and taking 12-month performance to +50.85% vs the Index's +30.76%. Since inception in February 2009, the Fund has returned +15.06% p.a. vs the Index's +10.39%. The Fund's up-capture and down-capture ratios (since inception), 143.42% and 96.02% respectively, highlight the Fund's capacity to significantly outperform in rising markets while typically not falling further than the market during the market's negative months. As at the end of April, the portfolio's weightings had been increased in the Health Care, Communication and Materials sectors, and decreased in the Discretionary, IT, Industrials, REIT's and Financial sectors. Relative to the ASX300 Index, the portfolio was significantly overweight the Discretionary sector (Fund weight: 43.6%, benchmark weight: 8.0%) and underweight the Financials sector (Fund weight: 6.2%, benchmark weight: 29.2%).
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Performance Report: Delft Partners Global High Conviction Strategy

20 May 2021 - Australian Fund Monitors

The Delft Global High Conviction Strategy has risen +25.12% over the past 12 months, outperforming AFM's Global Equity Index by +1.9% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.34%.

20 May 2021 - Performance Report: Delft Partners Global High Conviction Strategy

By: Australian Fund Monitors

Report Date	20 May 2021
Manager	Delft Partners
Fund Name	Delft Partners Global High Conviction Strategy
Strategy	Equity Long
Latest Return Date	April 2021
Latest Return	-0.93%
Latest 6 Months	25.60%
Latest 12 Months	25.12%
Latest 24 Months (pa)	12.42%
Annualised Since Inception	15.95%
Inception Date	15 July 2011
FUM (millions)	AU$10.8
Fund Overview	The Global High Conviction Strategy seeks to outperform the MSCI World Index by 3-5% p.a. over rolling 5 year periods. The Fund invests in companies listed on major global developed market exchanges by combining 'fundamental' analysis with quantitative stock selection tools. There is typically a bias to large caps and a 'value' tilt resulting in higher dividend yield than the index. The quantitative model is proprietary and designed in-house. The critical elements are Valuation, Momentum, and Quality (VMQ) and every stock in the global universe is scored and ranked. Verification of the quant model scores is then cross checked by fundamental analysis in which a company's Accounting policies, Governance, and Strategic positioning is evaluated. The manager believes strategy is suited to investors seeking returns from investing in global companies, diversification away from Australia and a risk aware approach to global investing. It should be noted that this is a strategy in an IMA format and is not offered as a fund. An IMA solution can be a more cost and tax effective solution, for clients who wish to own fewer stocks in a long only strategy.
Manager Comments	The Delft Global High Conviction Strategy has risen +25.12% over the past 12 months, outperforming AFM's Global Equity Index by +1.9% and taking annualised performance since inception in August 2011 to +15.95% vs the Index's +14.34%. The Strategy returned -0.93% in April. The Strategy's Sharpe and Sortino ratios (since inception) are 1.14 and 2.15 respectively, highlighting its capacity to achieve good risk-adjusted returns while avoiding the market's downside volatility. The Strategy has an average positive monthly return of +3.38% and an average negative monthly return of -2.03%. With respect to the Index's 10 best and worst months since the Strategy's inception, the Strategy has outperformed in 9 out of 10 of the Index's best months and 6 out of 10 of the Index's worst months, highlighting its capacity to outperform in both rising and falling markets.
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Fund Review: Bennelong Twenty20 Australian Equities Fund April 2021

20 May 2021 - 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.

Performance Report: Bennelong Kardinia Absolute Return Fund

19 May 2021 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +3.26% in April, taking 12-month performance to +14.05%. Since inception in May 2006, the Fund has returned +8.93% p.a. with an annualised volatility of 7.62%.

19 May 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	19 May 2021
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2021
Latest Return	3.26%
Latest 6 Months	15.01%
Latest 12 Months	14.05%
Latest 24 Months (pa)	7.33%
Annualised Since Inception	8.93%
Inception Date	01 May 2006
FUM (millions)	AU$41.84
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 +3.26% in April, taking 12-month performance to +14.05%. Since inception in May 2006, the Fund has returned +8.93% p.a. with an annualised volatility of 7.62%. By contrast, the ASX200 Accumulation Index has returned +6.39% p.a. with an annualised volatility of 14.34% over the same period. The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.28 vs the Index's 0.29, maximum drawdown of -11.71% vs the Index's -47.19%, and down-capture ratio of 48.66%. Top contributors in April included Cyprium Metals, NAB, Bluescope Steel, Graincorp and Pentanet. Key detractors included Zip Co, Fortescue, Proteomics, Nickel Mines and the Fund's Short Book. Kardinia kept their net market exposure relatively steady at 68.4% (87.1% long and 18.7% short) with new positions including Cyprium and Webjet offset by reduced positions in some resource holdings and the sale of Independence Group. They maintain a bias towards stocks that benefit from a re-opening of economies scenario, with Banks, Resources and Technology the largest sector weights.
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Fund Review: Bennelong Kardinia Absolute Return Fund April 2021

18 May 2021 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...

Performance Report: 4D Global Infrastructure Fund

17 May 2021 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +2.38% in April, taking 12-month performance to +11.04%. Since inception in March 2016, the Fund has returned +9.71% p.a. with an annualised volatility of 12.60%.

17 May 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	17 May 2021
Manager	4D Infrastructure, a Bennelong Boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	April 2021
Latest Return	2.38%
Latest 6 Months	13.63%
Latest 12 Months	11.04%
Latest 24 Months (pa)	3.65%
Annualised Since Inception	9.71%
Inception Date	07 March 2016
FUM (millions)	AU$215.77
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 +2.38% in April, taking 12-month performance to +11.04%. Since inception in March 2016, the Fund has returned +9.71% p.a. with an annualised volatility of 12.60%. The strongest performer for April was US rail company Kansas City South up 10.7% as the two Canadian rail heavy weights (Canadian Pacific and Canadian National) target its assets with competing takeout offers on the table. The weakest performer in April was Brazilian contract generator AES Brasil down 21.1%. This was partly timing, with a recovery on 1 May, and partly ahead of an anticipated weak Q1. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalize on the raft of opportunities currently on offer.
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Performance Report: Longlead Pan-Asian Absolute Return Fund

17 May 2021 - Australian Fund Monitors

The Longlead Pan-Asian Absolute Return Fund generated a net return of +1.18% in the month of April. The month's performance was achieved on the back of varied conditions across the region's equity markets with markets such as Japan...

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24 May 2021 - Performance Report: Bennelong Emerging Companies Fund

21 May 2021 - Performance Report: Atlantic Pacific Australian Equity Fund

21 May 2021 - Performance Report: The Airlie Australian Share Fund

21 May 2021 - Performance Report: Bennelong Australian Equities Fund

20 May 2021 - Performance Report: Delft Partners Global High Conviction Strategy

20 May 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund April 2021

19 May 2021 - Performance Report: Bennelong Kardinia Absolute Return Fund

18 May 2021 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2021

17 May 2021 - Performance Report: 4D Global Infrastructure Fund

17 May 2021 - Performance Report: Longlead Pan-Asian Absolute Return Fund

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