Performance Report: Bennelong Emerging Companies Fund

18 Aug 2020 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +1.01% in July, outperforming the ASX200 Accumulation Index by +0.51% and taking 12-month performance to +8.16% against the Index's -9.87%. Since inception in November 2017, the Fund has risen...

18 Aug 2020 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	18 August 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	July 2020
Latest Return	1.01%
Latest 6 Months	-11.89%
Latest 12 Months	8.16%
Latest 24 Months (pa)	15.70%
Annualised Since Inception	22.71%
Inception Date	01 November 2017
FUM (millions)	AU$28.37
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 +1.01% in July, outperforming the ASX200 Accumulation Index by +0.51% and taking 12-month performance to +8.16% against the Index's -9.87%. Since inception in November 2017, the Fund has risen +22.71% p.a. against the Index's annualised return over the same period of 4.10%. The Fund's up-capture ratio for performance since inception of 316.65% highlights its capacity to significantly outperform during rising markets. As is expected of a fund investing in micro and small-cap companies, these returns have been achieved with significantly higher volatility than the market. Bennelong noted they continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the inevitable up's and down's of the market in the short-term, Bennelong believe the portfolio's investments are all incrementally building value which they expect should ultimately underpin decent returns over the long-term. The portfolio remains diversified across sector and risk-return drivers. Bennelong believe it is currently well positioned for attractive returns over the long-term, regardless of the market's short-term activity.
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Performance Report: 4D Global Infrastructure Fund

17 Aug 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund returned -1.78% in July, with the rising AUD detracting from performance. Since inception in March 2016, the Fund has risen +9.09% p.a. with an annualised volatility of 12.31%.

17 Aug 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	17 August 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	July 2020
Latest Return	-1.78%
Latest 6 Months	-16.39%
Latest 12 Months	-6.96%
Latest 24 Months (pa)	6.02%
Annualised Since Inception	9.09%
Inception Date	07 March 2016
FUM (millions)	AU$162.68
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 returned -1.78% in July, with the rising AUD detracting from performance. Since inception in March 2016, the Fund has risen +9.09% p.a. with an annualised volatility of 12.31%. The strongest performer in July was US rail operator, KSU, up +15.1% on the back of solid Q2 reporting and on rumours of a private equity bid for the company. The weakest performer was US Utility, First Energy, down -25.2% on allegations of corporate corruption surrounding the use of a 501(c )4 structure for political lobbying. 4D noted the company is refuting all allegations and they believe the market overreacted to headlines. 4D continue to position the Fund for the prevailing economic outlook and infrastructure as a means of recovery as they look to capitalise on the raft of opportunities on offer.
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Fund Review: Bennelong Twenty20 Australian Equities Fund July 2020

17 Aug 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: Bennelong Australian Equities Fund

14 Aug 2020 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +2.33% in July, outperforming the ASX200 Accumulation Index by +1.83% and taking 12-month performance to +5.35% against the Index's -9.87%. Since inception in February 2009, the Fund has returned...

14 Aug 2020 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	14 August 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2020
Latest Return	2.33%
Latest 6 Months	-5.59%
Latest 12 Months	5.35%
Latest 24 Months (pa)	5.09%
Annualised Since Inception	13.07%
Inception Date	30 January 2009
FUM (millions)	AU$563.33
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 +2.33% in July, outperforming the ASX200 Accumulation Index by +1.83% and taking 12-month performance to +5.35% against the Index's -9.87%. Since inception in February 2009, the Fund has returned +13.07% p.a. against the Index's annualised return over the same period of 9.24%. The Fund's up-capture ratio for performance since inception of 13.07% highlights its capacity to significantly outperform in rising markets. As at the end of July, the Fund's weightings had been increased in the IT, Consumer Staples, REIT's and Financial sectors, and decreased in the Discretionary, Health Care, Materials, Communication and Industrials sectors. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. The portfolio's characteristics, as detailed in the latest report, indicate that the Fund is in line with its investment objective.
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Performance Report: Harvest Lane Asset Management Absolute Return Fund

14 Aug 2020 - Australian Fund Monitors

The Harvest Lane Absolute Return Fund rose +3.75% in July, outperforming the ASX200 Accumulation Index by +3.25% and taking annualised performance since inception in July 2013 to +4.81% with an annualised volatility of 10.62%.

14 Aug 2020 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

By: Australian Fund Monitors

Report Date	14 August 2020
Manager	Harvest Lane Asset Management
Fund Name	Harvest Lane Asset Management Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	July 2020
Latest Return	3.75%
Latest 6 Months	-15.72%
Latest 12 Months	-15.12%
Latest 24 Months (pa)	-5.49%
Annualised Since Inception	4.81%
Inception Date	01 July 2013
FUM (millions)	AU$13.1
Fund Overview	The Fund aims to deliver a return of greater than 10% p.a. after all fees and charges over a 3 year period with low or no correlation to the Australian equity market. By focusing on select takeover and corporate activity the fund aims to achieve this whilst also exhibiting lower than average volatility than the market. Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives.
Manager Comments	The Harvest Lane Absolute Return Fund rose +3.75% in July, outperforming the ASX200 Accumulation Index by +3.25% and taking annualised performance since inception in July 2013 to +4.81% with an annualised volatility of 10.62%. The Fund has maintained a down-capture ratio for performance since inception of 16.29% which indicates that, on average, the Fund has significantly outperformed during the market's negative months. Harvest Lane noted that, while confidence is returning to M&A, they believe it is still lower than justified. The market's unwillingness to pay up has allowed Harvest Lane to add exposure certain positions. They also noted they continue to see numerous opportunities to underpin performance in the months ahead; corporate activity continues to run hot, deal completion rates are returning to normal, transaction spreads remain (unjustifiably) elevated, and 'deal sweeteners' and contested bids are emerging in an effort to secure desired assets. Harvest Lane reiterate their belief that there remains considerable opportunity for the Fund's strategy in the months ahead. They continue to remain active with the portfolio almost fully invested, deal flow remains strong and transaction yields remain attractive.
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Fund Review: Insync Global Capital Aware Fund July 2020

14 Aug 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...

Fund Review: Bennelong Kardinia Absolute Return Fund July 2020

13 Aug 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...

Fund Review: Bennelong Long Short Equity Fund July 2020

10 Aug 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...

Performance Report: Bennelong Long Short Equity Fund

7 Aug 2020 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +4.82% in July, outperforming the ASX200 Accumulation Index by +4.32% and taking 12-month performance to +27.99% versus the Index's -9.87%. Since inception in February 2002, the Fund has returned...

7 Aug 2020 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	07 August 2020
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	July 2020
Latest Return	4.82%
Latest 6 Months	6.88%
Latest 12 Months	27.99%
Latest 24 Months (pa)	13.24%
Annualised Since Inception	15.83%
Inception Date	01 January 2003
FUM (millions)	AU$392.4
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 +4.82% in July, outperforming the ASX200 Accumulation Index by +4.32% and taking 12-month performance to +27.99% versus the Index's -9.87%. Since inception in February 2002, the Fund has returned +15.83% p.a. against the Index's annualised return over the same period of +7.46%. The Fund's Sortino ratio for performance since inception of 1.61 vs the Index's 0.36 highlights its capacity to avoid the market's downside volatility. This is also supported by the Fund's down-capture ratio for performance since inception of -171.44% which indicates that, on average, the Fund has risen during the market's negative months. Returns in July were spread across a variety of sectors and the contribution of negative pairs was limited. Leading into reporting season the Fund gained from a number of favourable company updates. ALQ upgraded the outlook with its AGM update which resulted in ALQ/AZJ being the Fund's equal top pair. Long NWL/short AMP and IFL featured NWL confirming earnings guidance with their quarterly update, while AMP preannounced a very weak result with significant FUM outflow and weak financial results across all divisions. IFL also issued a profit warning with poor FUM flow. The Fund's bottom pair was TPG/TLS, giving back a little of last month's return following consummation of the TPG/Vodafone merger. Bennelong noted that, while share markets have recovered and equity volatility has declined, safe haven asset classes remain well bid. In particular, the point out that gold is now at a record level (up +30% CYTD). Their view is that for gold to be reaching new highs despite a lessening in risk aversion says something about other factors influencing its appeal beyond just protection during times of crisis.
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Performance Report: Paragon Australian Long Short Fund

5 Aug 2020 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +13% in July, outperforming the ASX200 Accumulation Index by +12.5% and taking 12-month performance to +19.41% against the Index's -9.87%. Since inception in March 2013, the Fund has returned...

5 Aug 2020 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	05 August 2020
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	July 2020
Latest Return	13.00%
Latest 6 Months	19.07%
Latest 12 Months	19.41%
Latest 24 Months (pa)	10.34%
Annualised Since Inception	11.98%
Inception Date	28 February 2013
FUM (millions)	AU$35.5
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 +13% in July, outperforming the ASX200 Accumulation Index by +12.5% and taking 12-month performance to +19.41% against the Index's -9.87%. Since inception in March 2013, the Fund has returned +11.98% p.a. against the Index's annualised return over the same period of +6.43%. The Fund has a down-capture ratio for performance since inception of 68.7% which highlights its capacity to outperform in falling markets. Positive contributors during the month came from the Fund's gold and polymetallic holdings, with Adriatic the standout, offset by declines in Mesoblast and Telix. OceanaGold is currently the Fund's largest position, having entered at near recent lows. Paragon expect OceanaGold to soon be net cash, unhedged, with enviable self-funded organic growth. The Fund ended the month with 27 long positions and 5 short positions. Paragon believe unprecedented US fiscal and monetary stimulus, combined with ballooning US twin deficits, record government debt and a surging Fed balance sheet (not seen since the post-1940's war era) in time is likely to create an inflation problem. This is one of the factors mentioned in their latest report which they believe to be a key driver for gold.
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18 Aug 2020 - Performance Report: Bennelong Emerging Companies Fund

17 Aug 2020 - Performance Report: 4D Global Infrastructure Fund

17 Aug 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund July 2020

14 Aug 2020 - Performance Report: Bennelong Australian Equities Fund

14 Aug 2020 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

14 Aug 2020 - Fund Review: Insync Global Capital Aware Fund July 2020

13 Aug 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2020

10 Aug 2020 - Fund Review: Bennelong Long Short Equity Fund July 2020

7 Aug 2020 - Performance Report: Bennelong Long Short Equity Fund

5 Aug 2020 - Performance Report: Paragon Australian Long Short Fund

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