Performance Report: Insync Global Capital Aware Fund

28 Feb 2020 - Australian Fund Monitors

The Insync Global Capital Aware Fund returned +5.31% in January, taking 12-month performance to +35.38% versus AFM's Global Equity Benchmark's +26.09%. Since inception in October 2009, the Fund has returned +11.68% p.a. with an annualised...

28 Feb 2020 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	27 February 2020
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	5.31%
Latest 6 Months	8.63%
Latest 12 Months	35.38%
Latest 24 Months (pa)	18.96%
Annualised Since Inception	11.68%
Inception Date	07 October 2009
FUM (millions)	AU$33.4553
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 returned +5.31% in January, taking 12-month performance to +35.38% versus AFM's Global Equity Benchmark's +26.09%. Since inception in October 2009, the Fund has returned +11.68% p.a. with an annualised volatility of 9.51%. The Fund's down-capture ratio of 56.7% and Sortino ratio of 1.75 for performance since inception highlight the Fund's focus on protecting investor capital in falling markets. Positive contributors during the month included Intuit, Visa, Adobe, S&P Global and Paypal. Detractors were Bookings.com, Treasury Wine Estates, Boston Scientific, Walt Disney and Estee Lauder. The Fund continues to have no currency hedging in place as Insync consider the main risks to the AUD to be skewed to the downside. Insync believe the prevailing low growth and low inflation environment is unlikely to change in the medium term.
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Performance Report: Quay Global Real Estate Fund

27 Feb 2020 - Australian Fund Monitors

The Quay Global Real Estate Fund rose +5.20% in January, taking the 12-month return to +21.85%. Since inception in January 2016, the Fund has returned +11.73% p.a. with an annualised volatility of 10.31%.

27 Feb 2020 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	27 February 2020
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	January 2020
Latest Return	5.20%
Latest 6 Months	9.63%
Latest 12 Months	21.85%
Latest 24 Months (pa)	21.15%
Annualised Since Inception	11.73%
Inception Date	31 July 2014
FUM (millions)	AU$176.4
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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	The Quay Global Real Estate Fund rose +5.20% in January, taking the 12-month return to +21.85%. Since inception in January 2016, the Fund has returned +11.73% p.a. with an annualised volatility of 10.31%. The Fund's January return was derived largely from currency gains (+4.3%) and general market buoyancy across global listed real estate. The Fund's overall return was boosted at the stock level by some of Quay's highest conviction investments, including LEG Immobilien (German Residential). The Fund's relatively high weight to Hong Kong was a headwind for performance. Quay expect the region's strong currency, political turmoil, protests and fears of the impacts of coronavirus to further impact the local economy, however, they noted they refuse to panic and sell out of positions that on almost any measure are very cheap. Quay continue to have zero exposure to US Mall REITs. Their view is that there is simply too much mall space in the US, and they believe it will take many years to rationalise.
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Performance Report: Wheelhouse Global Equity Income Fund

26 Feb 2020 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +4.82% in January, outperforming AFM's Global Equity Benchmark by +1.09% and taking performance since inception in May 2017 to +10.38% p.a. with an annualised volatility of 7.80%.

26 Feb 2020 - Performance Report: Wheelhouse Global Equity Income Fund

By: Australian Fund Monitors

Report Date	26 February 2020
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equity Income Fund
Strategy	Equity Income
Latest Return Date	January 2020
Latest Return	4.82%
Latest 6 Months	8.05%
Latest 12 Months	19.79%
Latest 24 Months (pa)	13.30%
Annualised Since Inception	10.38%
Inception Date	26 May 2017
FUM (millions)	AU$28.87
Fund Overview	The strategy of the Fund is based on the Morningstar Developed Markets ex Australia Wide Moat Focus Index ('Morningstar Portfolio'). However, in addition to this, it is designed to deliver returns with lower volatility, improved capital preservation, and higher income generation as a component of total return. To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform.
Manager Comments	The Wheelhouse Global Equity Income Fund rose +4.82% in January, outperforming AFM's Global Equity Benchmark by +1.09% and taking performance since inception in May 2017 to +10.38% p.a. with an annualised volatility of 7.80%. The Fund's focus on protecting investor capital in falling markets is highlighted by its Sortino ratio of 1.93 and down-capture ratio of 57% for performance since inception. The Fund's January return comprised -0.18% from the portfolio (in USD) and +5.00% from the weakening of the Australian dollar versus the US dollar. Top contributors included ServiceNow, Salesforce, Adobe, Intel Corp and Novo Nordisk. Key detractors included Amgen, Microchip Technology, Richemont, Elekta AB and Bank of America.
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Fund Review: Bennelong Twenty20 Australian Equities Fund January 2020

26 Feb 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: Cyan C3G Fund

25 Feb 2020 - Australian Fund Monitors

The Cyan C3G Fund has returned +17.79% p.a. since inception in August 2014 with an annualised volatility of 11.39%. By contrast the ASX200 Accumulation Index has returned +8.72% p.a. with an annualised volatility of 10.93% over the same period.

25 Feb 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	25 February 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	-0.26%
Latest 6 Months	-1.07%
Latest 12 Months	14.62%
Latest 24 Months (pa)	1.62%
Annualised Since Inception	17.79%
Inception Date	24 July 2014
FUM (millions)	AU$37
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. 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	The Cyan C3G Fund has returned +17.79% p.a. since inception in August 2014 with an annualised volatility of 11.39%. By contrast the ASX200 Accumulation Index has returned +8.72% p.a. with an annualised volatility of 10.93% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception, 1.36 and 2.68 respectively, by contrast with the Index's Sharpe of 0.67 and 0.94, highlight the Fund's capacity to achieve superior risk-adjusted performance whilst avoiding the market's downside volatility over the long-term. The Fund returned -0.3% in January. During the month the Fund had 16 positions deliver positive results, 15 negative and four flat. The Fund's strongest positive contributor by price movement rose +39% and the weakest contracted -21%. Top contributors included Quickstep, RPM Global, Readcloud and Alcidion. The Fund also enjoyed some early success from two recent IPO's - Icetana and Open Learning. Notable detractors included Oventus and Schrole. The portfolio contains companies at various stages of the growth cycle. Cyan remain confident that their investment positions will be rewarded over time, noting that they are aware that this never happens in a straight line.
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Fund Review: Bennelong Long Short Equity Fund January 2020

25 Feb 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: NWQ Fiduciary Fund

24 Feb 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +1.90% in January. Since inception in May 2013, the Fund has returned +5.94% p.a. with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.20% p.a. with an annualised...

24 Feb 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	24 February 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	January 2020
Latest Return	1.90%
Latest 6 Months	5.56%
Latest 12 Months	9.49%
Latest 24 Months (pa)	2.79%
Annualised Since Inception	5.94%
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 +1.90% in January. Since inception in May 2013, the Fund has returned +5.94% p.a. with an annualised volatility of 4.79%. By contrast, the ASX200 Accumulation Index has returned +9.20% p.a. with an annualised volatility of 10.79% over the same period. The Fund's Sortino ratio of 1.45 versus the Index's 1.01 and down-capture ratio of 0.89% for performance since inception highlight NWQ's focus on avoiding capital loss in falling markets. The Fund's Alpha and Beta managers both contributed positively to overall performance in January. NWQ noted low interest rates and QE continue to be supportive of equity market valuations generally. This environment presents opportunities for the Fund's underlying managers on both the long and short sides of their portfolios. Overall, the Fund has a market neutral exposure to the equity market (net market exposure of 22%) and is positioned to profit from both long and short opportunities.
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Performance Report: Bennelong Emerging Companies Fund

21 Feb 2020 - Australian Fund Monitors

The Bennelong Emerging Companies Fund returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%.

21 Feb 2020 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	21 February 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	1.64%
Latest 6 Months	22.75%
Latest 12 Months	79.31%
Latest 24 Months (pa)	26.40%
Annualised Since Inception	35.85%
Inception Date	01 November 2017
FUM (millions)	AU$25.65
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 returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%. The Fund's top holdings at the end of the month included Viva Leisure, Bwx and Mader. Bennelong believe the portfolio is well positioned to provide attractive returns over time. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks and seeks to avoid the higher risk that usually comes with micro and small-cap stocks. In their latest report, they give a brief overview of what they believe to be the key benefits of investing in emerging companies. Some of those include greater diversity, more growth potential and less broker coverage and investor attention.
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Performance Report: Bennelong Kardinia Absolute Return Fund

20 Feb 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +5.40% in January, outperforming the ASX200 Accumulation Index by +0.42% and taking annualised performance since inception in May 2006 to +9.11% with an annualised volatility of 7.12%.

20 Feb 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	20 February 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2020
Latest Return	5.40%
Latest 6 Months	2.51%
Latest 12 Months	8.53%
Latest 24 Months (pa)	-0.33%
Annualised Since Inception	9.11%
Inception Date	01 May 2006
FUM (millions)	AU$71.73
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 +5.40% in January, outperforming the ASX200 Accumulation Index by +0.42% and taking annualised performance since inception in May 2006 to +9.11% with an annualised volatility of 7.12%. By contrast, the Index has returned +6.68% with an annualised volatility of 13.08% over the same period. The Fund's Sortino ratio of 1.36 versus the Index's 0.33 and down-capture ratio of 43% for performance since inception highlight the Fund's focus on protecting investor capital over the long-term. Positive contributors over the month included CSL, James Hardie, Commonwealth Bank, City Chic and Polynovo. Key detractors included Zip Co, Oz Minerals, Rio Tinto and Qantas. The Fund's short book also detracted -30bp from performance. The Fund's net equity market exposure was reduced from 74.2% to 30.9% (64.4% long and 33.5% short), with the key changes being lower weightings in BHP and Rio Tinto, a new short position in Share Price Index Futures, partially offset by new positions in Coles and Santos.
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Performance Report: Loftus Peak Global Disruption Fund

19 Feb 2020 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund rose +5.98% in January, outperforming the ASX200 Accumulation Index by +1.00% and taking annualised performance since inception in November 2016 to +23.52% versus the Index's +16.82%.

19 Feb 2020 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	19 February 2020
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	January 2020
Latest Return	5.98%
Latest 6 Months	13.49%
Latest 12 Months	32.97%
Latest 24 Months (pa)	17.97%
Annualised Since Inception	23.52%
Inception Date	15 November 2016
FUM (millions)	AU$79.72
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk.
Manager Comments	The Loftus Peak Global Disruption Fund rose +5.98% in January, outperforming the ASX200 Accumulation Index by +1.00% and taking annualised performance since inception in November 2016 to +23.52% versus the Index's +16.82%. Over the past 12 months the Fund has returned +32.97% versus the Index's +26.09%. The Fund's up-capture ratio for performance since inception of +145.16% highlight's the Fund's capacity to significantly outperform in rising markets, while its Sortino ratio of 2.31 emphasises its ability to avoid the market's downside volatility. Loftus Peak noted China's effort to contain the coronavirus negatively impacted performance during the last week of January. They believe this prompted panicked investors to sell great companies on short-term fears. Top contributors during the month included Google, Amazon, Microsoft and Tesla. Detractors included TSMC, Roku and Xilinx. The Australian dollar depreciated -4.3% over the month against the US dollar which increased the value of the Fund's US dollar holdings. As at 31 January 2020, the Fund carried foreign currency exposure of 99%. At month end the Fund was 89% invested in 23 holdings with the balance in cash.
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News

28 Feb 2020 - Performance Report: Insync Global Capital Aware Fund

27 Feb 2020 - Performance Report: Quay Global Real Estate Fund

26 Feb 2020 - Performance Report: Wheelhouse Global Equity Income Fund

26 Feb 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund January 2020

25 Feb 2020 - Performance Report: Cyan C3G Fund

25 Feb 2020 - Fund Review: Bennelong Long Short Equity Fund January 2020

24 Feb 2020 - Performance Report: NWQ Fiduciary Fund

21 Feb 2020 - Performance Report: Bennelong Emerging Companies Fund

20 Feb 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

19 Feb 2020 - Performance Report: Loftus Peak Global Disruption Fund

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