News
Performance Report: Bennelong Twenty20 Australian Equities Fund
27 Nov 2020 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose 4.07% over the month of October, outperforming the ASX200 Accumulation Index by 2.14%. Since inception in November 2009, the Fund has returned +9.87% p.a. vs the Index's annualised...
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27 Nov 2020 - Performance Report: 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 | At month-end, the portfolio's weightings had been increased in the Discretionary, IT and Communications sectors, and decreased in the Health Care sector. The Fund has positions in the top 20 stocks and approximately 20-30 ex-20 stocks. Sector exposures will deviate from the benchmark only to the extent that the actively managed investment in ex-20 stocks results in an over of under-weighting to any particular sector. The Fund has a significantly higher weighting towards the Discretionary sector than the benchmark, with an 'Active Weight' of 23.1%; the Discretionary sector makes up 30.9% of the Fund's portfolio but only 7.8% of the benchmark. |
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Performance Report: Cyan C3G Fund
27 Nov 2020 - Australian Fund Monitors
The Cyan C3G Fund returned -2.02% against the ASX200 Accumulation Index's 1.93%. Including this recent result, the fund has outperformed the ASX 200 Accumulation Index by an average of 2.57% per month for the last 6 months.
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27 Nov 2020 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Cyan noted the overall monthly figures belie the market volatility which has been an ongoing feature for much of 2020. At one stage during October the Index was up almost 7%, but US election uncertainty, along with some profit taking, saw those early gains pared back significantly by month's end. |
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Performance Report: Quay Global Real Estate Fund
26 Nov 2020 - Australian Fund Monitors
The Quay Global Real Estate Fund returned 0.77% in September outperforming the Global Equity Index which fell -0.57%. The return was assisted by a weaker Australian dollar that added 1.8% to the total return.
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26 Nov 2020 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in a number of global listed real estate companies, groups or funds. The investment strategy is to make investments in real estate securities at a price that will deliver a real, after inflation, total return of 5% per annum (before costs and fees), inclusive of distributions over a longer-term period. The Investment Strategy is indifferent to the constraints of any index benchmarks and is relatively concentrated in its number of investments. The Fund is expected to own between 20 and 40 securities, and from time to time up to 20% of the portfolio maybe invested in cash. The Fund is $A un-hedged. |
| Manager Comments | At a fund level, self-storage (Europe and US) and industrial continued to perform well. Positions in Hong Kong contributed positively, particularly Hysan, as the region appears to have done well to contain the COVID-19 virus. Conversely, urban residential (Equity Residential) and retail property were a drag on performance. Quay noted that the recent surge (or third wave) of the coronavirus in the Northern Hemisphere is a concern, and as such the portfolio remains defensively positioned. Cash has increased during the month to almost 7%. Part of this reflects dividends received, and part reflect recent net fund flows that they expect to invest in the near term. Quay also highlighted that they believe valuations across many REIT sectors are extremely attractive. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
26 Nov 2020 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned 2.26% for the month of October outperforming the ASX 200 Accumulation Index which returned 1.93%. Over 12 months to the end of October the fund has returned 12.23% versus the...
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26 Nov 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 funds portfolio weightings remain significantly overweight to the Discretionary (30.7% active) and Health Care (11.0% active) sectors. Both these active position have increased slightly from the previous month. The fund continues to hold zero exposure to the Communications, Energy and Utilities Sectors with significant underweight exposure to Financials (-19.9%). |
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Performance Report: 4D Global Infrastructure Fund
25 Nov 2020 - Australian Fund Monitors
The 4D Global Infrastructure Fund has returned 7.82% p.a. with an annualised volatility of 12.11% p.a. since inception in March 2016. This return has been achieved with a down-capture ratio of 82.20%, highlighting the Fund's capacity to...
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25 Nov 2020 - Performance Report: 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 October was Chinese gas distributor ENN Energy Holdings up 16.1% for the month as volumes and growth outlook continue to be positive. The weakest performer in October was Brazilian toll road operator Ecorodovias down 15.6% on no stock specific news. 4D noted the stock has been oversold and this is a buying opportunity. 4D continue to position for the prevailing economic outlook and infrastructure as a means of a recovery as they continue to capitalise on the raft of opportunities currently on offer. |
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Performance Report: Bennelong Australian Equities Fund
25 Nov 2020 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose 3.83% over October, outperforming the ASX200 Accumulation Index by 1.90%. Over the past 12 months the Fund has returned 16.62%, outperforming the Index by 24.77%. Since inception in February...
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25 Nov 2020 - Performance Report: 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%. |
| Manager Comments | The Fund's up-capture ratio of 144.31% and Sortino ratio of 1.10 vs the Index's 0.64 highlights its capacity to significantly outperform in rising markets while avoiding the market's downside volatility. As at the end of the month, the Fund maintains a significant overweight position in the Discretionary sector and significant underweight positions in the Consumer Staples, Industrials and Financials sectors. |
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Performance Report: Prime Value Emerging Opportunities Fund
24 Nov 2020 - Australian Fund Monitors
The Prime Value Emerging Opportunities Fund returned 0.71% for the month of October outperforming the funds internal benchmark of 0.66% (8% p.a.). The fund outperformed the ASX Small Ordinaries for the month which returned 0.46% and...
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24 Nov 2020 - Performance Report: Prime Value Emerging Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is comprised of a concentrated portfolio of securities outside the ASX100. The fund may invest up to 10% in global equities but for this portion typically only invests in New Zealand. Investments are primarily made in ASX listed and other exchange listed Australian securities, however, it may also invest up to 10% in unlisted Australian securities. The Fund is designed for investors seeking medium to long term capital growth who are prepared to accept fluctuations in short term returns. The suggested minimum investment time frame is 3 years. |
| Manager Comments | Key positive contributors for the month were Mainstream, Mainfreight and Oceania Healthcare with the key detractors being Austal, Omni Bridgeway and EQT Holdings. Prime have noted that the portfolio remains well balanced with a number of attractively priced companies that will benefit from an effective vaccine (e.g. travel, leisure, cyclicals), while being heavily weighted to those which can grow with little dependence on the economic cycle. |
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Fund Review: Insync Global Capital Aware Fund October 2020
24 Nov 2020 - 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...
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24 Nov 2020 - Fund Review: Insync Global Capital Aware Fund October 2020
By: Australian Fund Monitors
AFM Fund Review - October 2020 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2020 (pdf format)
Performance Report: Surrey Australian Equities Fund
23 Nov 2020 - Australian Fund Monitors
The Surrey Australian Equities Fund has risen +8.43% over the past 12 months, outperforming the ASX200 Accumulation Index by +16.58%. Since inception in June 2018, the Fund has returned +6.01% p.a. vs the Index's annualised return of...
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23 Nov 2020 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | Surrey used the daily fluctuations throughout the month to reduce exposures such as Xero (XRO) and Imricor (IMR) while adding to holdings in stocks such as Auckland Airports and initiating new positions in companies including Cleanspace (CSX) and Betmakers (BET). Surrey expect these changed to position the Fund positively for the future. Top contributors during the month included Cleanspace (CSX) and Xero (XRO). Detractors included Catapult (CAT) and Omni Bridgeway (OBL), both of which were caught up around the ongoing spread of COVID-19 in Europe and the US. Surrey remain comfortable with the investment positions of both CAT and OBL over the medium term. The portfolio overall continues to be positioned for positive risk adjusted returns. Surrey noted they remain positive about the outlook for continued outperformance. |
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Performance Report: NWQ Fiduciary Fund
23 Nov 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund rose -0.53% in October, underperforming the ASX200 Accumulation Index by 2.46% and taking 12-month performance to 7.59% vs the Index's -8.51%. Since inception in May 2013, the Fund has returned 5.81% with an...
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23 Nov 2020 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% 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 Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.07 vs the Index's 0.42, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. The Fund's returns have been produced with a low net exposure to the market, demonstrating that the Fund's returns are largely independent of the direction of the equity market. NWQ believe the Fund's low net market exposure should also serve investors well in the event of a sustained market selloff. NWQ noted that the return dispersion among constituents of the ASX200 has produced a rich opportunity set for the Fund's long/short managers. |
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