Performance Report: Bennelong Australian Equities Fund

16 Sep 2020 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +11.02% in August, outperforming the ASX200 Accumulation Index by +8.19% and taking 12-month performance to +18.01% vs the ASX200 Accumulation Index's -5.08%. Since inception in February 2009,...

16 Sep 2020 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	16 September 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	11.02%
Latest 6 Months	11.42%
Latest 12 Months	18.01%
Latest 24 Months (pa)	9.78%
Annualised Since Inception	13.99%
Inception Date	30 January 2009
FUM (millions)	AU$640.84
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 +11.02% in August, outperforming the ASX200 Accumulation Index by +8.19% and taking 12-month performance to +18.01% vs the ASX200 Accumulation Index's -5.08%. Since inception in February 2009, the Fund has risen +13.99% p.a. vs the Index's annualised return over the same period of +9.43%. The Fund has an up-capture ratio of 141.6% and Sortino ratio of 1.10 vs the Index's Sortino of 0.67 for performance since inception. This highlights the Fund's capacity significantly outperform in rising markets while avoiding the market's downside volatility. As at the end of August, the Fund's weightings had been increased in the Discretionary and IT sectors, and decreased in the Health Care, Materials, REIT's, Communication, Consumer Staples, Industrials and Financials sectors.
More Information	View Fund's Profile View Manager's Report

Performance Report: NWQ Fiduciary Fund

16 Sep 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +1.93% in August, taking 12-month performing to +8.50% with a volatility of 9.79% vs the ASX200 Accumulation Index's return over the same period of -5.08% with a volatility of 25.30%. Since inception in May...

16 Sep 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	16 September 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	August 2020
Latest Return	1.93%
Latest 6 Months	5.64%
Latest 12 Months	8.50%
Latest 24 Months (pa)	3.25%
Annualised Since Inception	5.98%
Inception Date	01 May 2013
FUM (millions)	AU$67
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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 NWQ Fiduciary Fund rose +1.93% in August, taking 12-month performing to +8.50% with a volatility of 9.79% vs the ASX200 Accumulation Index's return over the same period of -5.08% with a volatility of 25.30%. Since inception in May 2013, the Fund has returned +5.98% p.a. with an annualised volatility of 5.81%. By contrast, the Index has returned +6.60% p.a. with an annualised volatility of 13.81% over the same period. The Fund's capacity to limit capital loss in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.09 vs the Index's 0.45, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.93%. NWQ noted August reporting season presented numerous opportunities for the underlying managers to deliver stock-specific alpha on both the long (companies that beat expectation and re-rated) and short (companies that missed expectations and derated) sides of their portfolios. The Fund continues to maintain a low net market exposure to protect capital in the event of a sustained market selloff. NWQ believe the current market environment continues to present a rich opportunity set for the Fund's underlying managers. They added that these managers have benefited in recent months from the clear and present themes in the market around the winners and losers from COVID-19, elevated return dispersion among stocks within the index and heightened levels of corporate activity. NWQ expect these features of the current environment to continue and believe the Fund is well positioned to capitalise on the rich opportunity set for long/short investing.
More Information	View Fund's Profile View Manager's Report

Performance Report: Bennelong Long Short Equity Fund

15 Sep 2020 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +8.49% in August, outperforming the ASX200 Accumulation Index by +5.66% and taking 12-month performance to +42.43% vs the Index's -5.08%. Since inception in February 2002, the Fund has returned...

15 Sep 2020 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	15 September 2020
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2020
Latest Return	8.49%
Latest 6 Months	14.83%
Latest 12 Months	42.43%
Latest 24 Months (pa)	12.16%
Annualised Since Inception	16.26%
Inception Date	01 January 2003
FUM (millions)	AU$452.3
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund rose +8.49% in August, outperforming the ASX200 Accumulation Index by +5.66% and taking 12-month performance to +42.43% vs the Index's -5.08%. Since inception in February 2002, the Fund has returned +16.26% p.a. against the Index's annualised return over the same period of +7.59%. The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.67 vs the Index's 0.37, maximum drawdown of -17.73% vs the Index's -47.19, and down-capture ratio of -171.44%. The Fund's negative down-capture ratio indicates that, on average, the Fund has risen during the months the market has fallen. A large number of the Fund's long holdings reported very strong financial results in August which Bennelong noted they are very pleased with given the economic conditions. The Fund also benefited from a number of short positions having very poor results. The Fund did not experience any material adverse results in either the long or short portfolio. Given the Fund's increased level of volatility recently, Bennelong are running the fund leverage lower than usual. Top pairs included long Crown (CWN) & Pointsbet (PBH) / short SkyCity (SKC), long Xero (XRO) / short Technology One (TNE) and long Mineral Resources (MIN) / short BHP (BHP). The worst performing pairs included long A2 Milk (A2M) / short Coca-Cola Amatil (CCL), long ResMed (RMD) / short Ansell (ANN) and long Orica (ORI) / short Incitec Pivot (IPL).
More Information	View Fund's Profile View Manager's Report AFM Research Reports

Fund Review: Bennelong Twenty20 Australian Equities Fund August 2020

14 Sep 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: Datt Capital Absolute Return Fund

11 Sep 2020 - Australian Fund Monitors

The Datt Capital Absolute Return Fund rose +11.82% in August, outperforming the ASX200 Accumulation Index by +8.99% and taking 12-month performance to +41.41% vs the Index's -5.08%. Since inception in August 2018, the Fund has returned...

11 Sep 2020 - Performance Report: Datt Capital Absolute Return Fund

By: Australian Fund Monitors

Report Date	11 September 2020
Manager	Datt Capital
Fund Name	Datt Capital Absolute Return Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	11.82%
Latest 6 Months	41.69%
Latest 12 Months	41.41%
Latest 24 Months (pa)	22.96%
Annualised Since Inception	23.46%
Inception Date	01 August 2018
FUM (millions)	AU$6
Fund Overview	The Fund utilises a long term investment approach focused on capital preservation and absolute wealth accumulation. Our investment objectives are: 1) To minimise the risk of permanent capital loss 2) Generate a net return of 10% through the economic cycle An unconstrained, concentrated approach focused on superior risk-adjusted returns. The investment strategy: - targets long-term capital growth in a prudent manner, with an emphasis on capital preservation and low volatility in returns - aims to outperform in markets where equities are down - diversifies investments across asset classes and duration to reduce risk while maintaining relatively concentrated exposure to attractive investment opportunities - is an application of the Manager's investment process, that has no institutional constraints and is completely benchmark unaware
Manager Comments	The Datt Capital Absolute Return Fund rose +11.82% in August, outperforming the ASX200 Accumulation Index by +8.99% and taking 12-month performance to +41.41% vs the Index's -5.08%. Since inception in August 2018, the Fund has returned +23.46% p.a. against the Index's annualised return over the same period of +2.36%. The Fund's Sharpe and Sortino ratios for performance since inception, 1.11 and 1.77 respectively, by contrast with the Index's Sharpe of 0.17 and Sortino of 0.08, highlight the Fund's capacity to produce superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios for performance since inception, 140.05% and 52.89% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets since it began. In August, the Fund benefited from its exposure towards precious metals, with gold remaining stable at almost record high prices and silver appreciating significantly during the month. Datt Capital took the opportunity to de-risk the portfolio by cutting back on non-core equity positions. Datt believe they are well positioned to take advantage of any increased volatility in markets resulting from the US elections in November. A number of positive catalysts remain on the near-term horizon for the Fund's core holdings. The manager noted they are finding many opportunities in a variety of sectors, all with high growth potential and return profiles.
More Information	View Fund's Profile View Manager's Report

Performance Report: Surrey Australian Equities Fund

10 Sep 2020 - Australian Fund Monitors

The Surrey Australian Equities Fund rose +7.5% in August, outperforming the ASX200 Accumulation Index by +4.67% and taking 12-month performance to +12.12% vs the Index's -5.08%. Since inception in June 2018, the Fund has returned +7.84%...

10 Sep 2020 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	10 September 2020
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2020
Latest Return	7.50%
Latest 6 Months	18.05%
Latest 12 Months	12.12%
Latest 24 Months (pa)	7.52%
Annualised Since Inception	7.84%
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 rose +7.5% in August, outperforming the ASX200 Accumulation Index by +4.67% and taking 12-month performance to +12.12% vs the Index's -5.08%. Since inception in June 2018, the Fund has returned +7.84% against the Index's annualised return over the same period of +4.29%. The Fund's up-capture ratio for performance since inception of 136% highlights its capacity to significantly outperform in rising markets. Surrey noted that throughout reporting season they have noticed the majority of companies have been on the front foot and upfront with shareholders since the COVID-19 outbreak. This contributed to there being no material earnings surprises within the portfolio. While the Fund had a significant number of positive contributors during the month, on the negative side the fund's gold positions were the main detractors. However, Surrey emphasised that they are very comfortable with each of the Fund's gold holdings and expect them to recover. Looking forward, Surrey are watching the US elections given the divided policies of both candidates. They remain confident in each of their holdings and in the ability of the global economy to recover. The Fund's top holdings at month-end included Austal Limited, Imricor Medical Systems, Omni Bridgeway, Pointsbet and Xero Limited. By sector, the Fund was most heavily weighted towards the IT and industrials sectors. The Fund ended the month with 10% cash and 27 individual stock positions.
More Information	View Fund's Profile View Manager's Report

Fund Review: Bennelong Long Short Equity Fund August 2020

10 Sep 2020 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Fund Review: Bennelong Kardinia Absolute Return Fund August 2020

9 Sep 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: Paragon Australian Long Short Fund

7 Sep 2020 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +8.9% in August, outperforming the ASX200 Accumulation Index by +6.07% and taking 12-month performance to +26.74% against the Index's -5.08%. Since inception in March 2013, the Fund has returned...

7 Sep 2020 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	07 September 2020
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	August 2020
Latest Return	8.90%
Latest 6 Months	52.19%
Latest 12 Months	26.74%
Latest 24 Months (pa)	17.92%
Annualised Since Inception	13.12%
Inception Date	28 February 2013
FUM (millions)	AU$39.1
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund rose +8.9% in August, outperforming the ASX200 Accumulation Index by +6.07% and taking 12-month performance to +26.74% against the Index's -5.08%. Since inception in March 2013, the Fund has returned +13.12% p.a. vs the Index's annualised return over the same period of +6.75%. The Fund's up-capture and down-capture ratios for performance since inception, 93.3% and 68.7% respectively, highlight its capacity to perform well in rising markets while, on average, outperforming when the market falls. Positive contributors in August included PointsBet, Sezzle, BigTincan and the Fund's gold and silver holdings. These were offset by declines in Oceana and Stockland (short). The Fund ended the month with 29 long positions, 5 short positions and a net exposure of 125%. Paragon noted they are pleased that the Fund is now back at new highs and they remain excited about their outlook.
More Information	View Fund's Profile View Manager's Report

Performance Report: Ark Global Fund - Class B AUD Unhedged

4 Sep 2020 - Australian Fund Monitors

The Ark Global Fund (unhedged) has returned +9.62% p.a. with an annualised volatility of 13.29% since inception in July 2017. The Fund's down-capture ratio for performance since inception of -69.36% highlights its capacity to significantly...

4 Sep 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

By: Australian Fund Monitors

Report Date	04 September 2020
Manager	AI Funds Management Pty Ltd
Fund Name	Ark Global Fund - Class B AUD Unhedged
Strategy	Managed Futures
Latest Return Date	July 2020
Latest Return	-4.68%
Latest 6 Months	-9.17%
Latest 12 Months	-1.05%
Latest 24 Months (pa)	6.99%
Annualised Since Inception	9.62%
Inception Date	01 September 2019
FUM (millions)	AU$2.45
Fund Overview	The Ark Global Fund (AGF) invests in Fund One which is an open-ended exempted company incorporated with limited liability in the Cayman Islands with registration number 287801, with a Singapore Investment Manager called Swiss Asia Financial Services (SAFS). The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses.
Manager Comments	The Ark Global Fund (unhedged) has returned +9.62% p.a. with an annualised volatility of 13.29% since inception in July 2017. The Fund's down-capture ratio for performance since inception of -69.36% highlights its capacity to significantly outperform in falling markets, indicating that, on average, the Fund has risen during the months the market has fallen. The Fund returned -4.68% in July. The best performers during the month were: Gold (+2.37% of NAV), Euro Stoxx 50 (+2.24% of NAV) and HSCEI (+1.05% of NAV). The worst-performing assets for the month were: Euro Bund (-1.33% of NAV), DAX Index (-1.52% of NAV) and Silver (-1.98% of NAV).
More Information	View Fund's Profile View Manager's Report

Fund Monitors Pty Ltd

News

16 Sep 2020 - Performance Report: Bennelong Australian Equities Fund

16 Sep 2020 - Performance Report: NWQ Fiduciary Fund

15 Sep 2020 - Performance Report: Bennelong Long Short Equity Fund

14 Sep 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2020

11 Sep 2020 - Performance Report: Datt Capital Absolute Return Fund

10 Sep 2020 - Performance Report: Surrey Australian Equities Fund

10 Sep 2020 - Fund Review: Bennelong Long Short Equity Fund August 2020

9 Sep 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2020

7 Sep 2020 - Performance Report: Paragon Australian Long Short Fund

4 Sep 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged

Funds Found

Featured Fund