Performance Report: Australian Eagle Trust Long-Short Fund

28 Oct 2020 - Australian Fund Monitors

The Australian Eagle Long Short Fund's September return was broadly in line with the ASX200 Accumulation Index's -3.66%, while strongly outperforming by 15.3% over the past year deleivering investors a return of 5.11% vs the market's -10.21%.

Performance Report: Montgomery Small Companies Fund

27 Oct 2020 - Australian Fund Monitors

The Montgomery Small Companies Fund rose +11.92% over the September quarter vs the ASX200 Accumulation Index's -0.44%. Since inception in October 2019, the Fund has returned +15.63% vs the Index's -10.21%.

27 Oct 2020 - Performance Report: Montgomery Small Companies Fund

By: Australian Fund Monitors

Report Date	27 October 2020
Manager	Montgomery Investment Management Pty Ltd
Fund Name	Montgomery Small Companies Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-2.16%
Latest 6 Months	48.62%
Latest 12 Months	15.63%
Latest 24 Months (pa)
Annualised Since Inception	15.63%
Inception Date	20 September 2019
FUM (millions)	AU$43.7
Fund Overview	The Montgomery Small Companies Fund aims to outperform the S&P/ ASX Small Ordinaries Accumulation Index over a rolling five-year period, typically investing in a portfolio of 30 to 50 companies listed on the ASX (outside the top 100) and NZX. The Investment Manager seeks high quality, undervalued small and emerging companies with strong growth potential. Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%.
Manager Comments	The Montgomery Small Companies Fund rose +11.92% over the September quarter vs the ASX200 Accumulation Index's -0.44%. Since inception in October 2019, the Fund has returned +15.63% vs the Index's -10.21%. The Fund's up-capture and down-capture ratios (since inception) of 196.1% and 88.7% respectively highlight its capacity to outperform in both rising and falling markets. The Fund's up-capture ratio indicates that, on average, it has risen almost twice as much as the market during the market's positive months. The Fund returned -2.16% in September, outperforming the Index by +1.5%. Top contributors included Bigtincan Holdings, Corporate Travel Management and Macquarie Telecom Group. The largest detractors included City Chic Collective, Marley Spoon and Sezzle. Montgomery noted the portfolio is structured around the following 'pillars': (1) a core of stocks that are not impacted by COVID-19, (2) exposure to market share winning structural growers, (3) augmented by the best 'tactical' opportunities available. They have been selling some of their bricks and mortar retail and technology exposures and reinvesting that money in stocks they see as levered to the next phase of economic 're-opening'. They have been positioning the Fund to benefit from a resumption in domestic travel and holidays, increased activity in hospitality and a shift from spending on goods and more towards services.
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Performance Report: Laureola Investment Fund

27 Oct 2020 - Australian Fund Monitors

Laureola's Life Settlements fund continued its track record of 89 out of 90 positive returns with a positive 0.4% for the month, 11.3% over 12 months and 8% YTD, against the backdrop of increased market volatility and the COVID pandemic.

Performance Report: Surrey Australian Equities Fund

27 Oct 2020 - Australian Fund Monitors

The Surrey Australian Equities Fund returned -1.80% in September, outperforming the ASX200 Total Return Index by 1.86% and taking 12-month performance to 7.73% vs the Index's -10.21%. Since inception in June 2018, the Fund has returned...

27 Oct 2020 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 October 2020
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-1.80%
Latest 6 Months	42.59%
Latest 12 Months	7.73%
Latest 24 Months (pa)	6.13%
Annualised Since Inception	6.71%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. 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	The Surrey Australian Equities Fund returned -1.80% in September, outperforming the ASX200 Total Return Index by 1.86% and taking 12-month performance to 7.73% vs the Index's -10.21%. Since inception in June 2018, the Fund has returned 6.71% against the Index's annualised return over the same period of 2.41%. The Fund's up-capture ratio for performance since inception of 136% highlights its capacity to significantly outperform in rising markets. The Fund concluded the month with 27 holdings and 10% in cash. Surrey noted that this larger than normal cash holding is a reflection of stock sales toward the end of the month as opposed to a negative view on the market. The fund top holding at the end of the month included Auckland International Airport, Imricor Medical Systems, Omni Bridgeway, Pointsbet and Xero Limited. In the approach to Christmas Surrey are expecting a large number of Initial Public Offerings (IPOs) as companies look to benefit from liquid markets as well as bolster their balance sheets, following the scare many experienced earlier in the year.
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Performance Report: Atlantic Pacific Australian Equity Fund

26 Oct 2020 - Australian Fund Monitors

The Atlantic Pacific Australian Equity Fund returned 1.62% for the month of September and 20.63% for the 12 months to the end of September. Both figures are a strong outperformance over the ASX200 Total Return Index of -3.66% for September...

26 Oct 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

By: Australian Fund Monitors

Report Date	26 October 2020
Manager	APSEC Funds Management
Fund Name	Atlantic Pacific Australian Equity Fund
Strategy	Equity Long/Short
Latest Return Date	September 2020
Latest Return	1.62%
Latest 6 Months	7.84%
Latest 12 Months	20.63%
Latest 24 Months (pa)	9.78%
Annualised Since Inception	9.50%
Inception Date	01 June 2013
FUM (millions)	AU$37
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 returned 1.62% for the month of September and 20.63% for the 12 months to the end of September. Both figures are a strong outperformance over the ASX200 Total Return Index of -3.66% for September and -10.21% for the 12 months. The fund has a negative Down Market Capture Ratio of -44.20% for the past 12 months and -32.91% for the past 3 years showing its ability to significantly outperform when markets are negative. Stocks in the portfolio that contributed to the strong returns for the month were Boral, Citadel Group, Fortescue Metals and Ooh Media. Detractors from performance were Challenger, Iluka Resources, Metcash and Myer Holdings. The fund remains conservatively positioned with APSEC believing that the post-COVID minimisation of office space could lead to an oversupply of assets and a resulting property bubble burst.
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Fund Review: Bennelong Twenty20 Australian Equities Fund September 2020

23 Oct 2020 - 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: Insync Global Capital Aware Fund

23 Oct 2020 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +0.27% in September, outperforming AFM's Global Equity Index by +0.60% and taking 12-month performance to +23.94% vs the Index's +4.16%. Since inception in October 2009, the Fund has returned...

23 Oct 2020 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	23 October 2020
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	0.27%
Latest 6 Months	20.49%
Latest 12 Months	23.94%
Latest 24 Months (pa)	19.89%
Annualised Since Inception	12.29%
Inception Date	07 October 2009
FUM (millions)	AU$57.725
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Capital Aware Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	The Insync Global Capital Aware Fund rose +0.27% in September, outperforming AFM's Global Equity Index by +0.60% and taking 12-month performance to +23.94% vs the Index's +4.16%. Since inception in October 2009, the Fund has returned +12.29% p.a. against the Index's annualised return of +10.74%. The Fund's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.85 vs the Index's 1.27 and down-capture ratio of 59.15%. As at the end of September, the portfolio's top holdings included Domino's Pizza, Dollar General, PayPal, S&P Global, Visa, Facebook, Adobe, JD Sports Fashion, Microsoft and Nvidia. The top three megatrends in the portfolio by weight were the 'Cashless Society' megatrend (14% of the portfolio), the 'Age related health solutions' megatrend (13%) and the 'Digitisation' megatrend (12%). By sector, the portfolio was most heavily weighted towards the IT and Consumer Discretionary sectors.
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Performance Report: DS Capital Growth Fund

23 Oct 2020 - Australian Fund Monitors

The DS Capital Growth Fund rose +8.31% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in December 2012, the Fund has returned +14.89% p.a. against the Index's annualised return of +7.77%.

23 Oct 2020 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	23 October 2020
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-0.57%
Latest 6 Months	36.30%
Latest 12 Months	12.30%
Latest 24 Months (pa)	12.04%
Annualised Since Inception	14.90%
Inception Date	01 January 2013
FUM (millions)	AU$260
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value.
Manager Comments	The DS Capital Growth Fund rose +8.31% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in December 2012, the Fund has returned +14.89% p.a. against the Index's annualised return of +7.77%. These returns have been achieved with a similar level of volatility to the market. The Fund's Sharpe and Sortino ratios since inception, 1.13 and 1.65 respectively, by contrast with the Index's Sharpe of 0.49 and Sortino of 0.56, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. The Fund's ability to perform well in falling markets is further supported by its down-capture ratio (since inception) of 45%. The September quarter featured reporting season. The results of businesses in the portfolio were mostly in line with DS Capital's expectations. They noted that outlook commentary, which is usually a focus, was understandably absent. The acceleration in adoption of new technology solutions due to the pandemic has fast tracked several sectors such as online retailers and cloud software businesses and, subsequently, this has had a favourable impact on several of the Fund's technology investments. Notable positive contributors over the quarter included Kogan, Sydney Airport and Breville, while A2 Milk detracted from performance. DS Capital expect COVID-19 will continue to be the dominant influence on stock markets for the foreseeable future. While they are not optimistic of a vaccine in the short-term, they believe that, in the event of a vaccine, the combination of significant stimulus, pent up demand and relief would lead to a rapid and strong recovery in economic conditions.
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Fund Review: Bennelong Kardinia Absolute Return Fund September 2020

22 Oct 2020 - 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: Glenmore Australian Equities Fund

22 Oct 2020 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +0.54% in September, outperforming the ASX200 Accumulation Index by +4.2% and taking performance over the September quarter to +13.70% vs the Index's -0.44%. Since inception in June 2017, the Fund...

22 Oct 2020 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	22 October 2020
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	0.54%
Latest 6 Months	47.47%
Latest 12 Months	-6.96%
Latest 24 Months (pa)	8.64%
Annualised Since Inception	18.70%
Inception Date	06 June 2017
FUM (millions)	AU$9.8
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock.
Manager Comments	The Glenmore Australian Equities Fund rose +0.54% in September, outperforming the ASX200 Accumulation Index by +4.2% and taking performance over the September quarter to +13.70% vs the Index's -0.44%. Since inception in June 2017, the Fund has returned +18.70% p.a. vs the Index's annualised return of +4.57%. The Fund's up-capture ratio since inception of 216.6% highlights its strong performance in rising markets, indicating that, on average, the Fund has risen more than twice as much as the market during the market's positive months. Top contributors in September included Coronado Global Resources, Opticomm, Temple & Webster, People Infrastructure and ARB Corporation. The most notable detractor was Mineral Resources. Glenmore noted that following five consecutive positive months on the ASX, some form of retraction was not surprising. They continue to be positive on the portfolio's holdings despite the clear health crisis posed by COVID-19 and hold the view that most governments are realising living with the virus is the most logical way forward. They also believe fiscal and monetary policy remains supportive to stocks and is likely to remain accommodative for the foreseeable future.
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News

28 Oct 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

27 Oct 2020 - Performance Report: Montgomery Small Companies Fund

27 Oct 2020 - Performance Report: Laureola Investment Fund

27 Oct 2020 - Performance Report: Surrey Australian Equities Fund

26 Oct 2020 - Performance Report: Atlantic Pacific Australian Equity Fund

23 Oct 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund September 2020

23 Oct 2020 - Performance Report: Insync Global Capital Aware Fund

23 Oct 2020 - Performance Report: DS Capital Growth Fund

22 Oct 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2020

22 Oct 2020 - Performance Report: Glenmore Australian Equities Fund

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