Performance Report: Bennelong Concentrated Australian Equities Fund

4 Feb 2020 - Australian Fund Monitors

The Bennelong Concentrated Australian Equity Fund rose +28.37% over 2019, outperforming the ASX200 Accumulation Index by +4.97% and taking annualised performance since inception in February 2009 to +16.68% versus the Index's +10.82%.

4 Feb 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	04 February 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2019
Latest Return	-2.30%
Latest 6 Months	13.08%
Latest 12 Months	28.37%
Latest 24 Months (pa)	8.88%
Annualised Since Inception	16.68%
Inception Date	30 January 2009
FUM (millions)	AU$886.32
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 overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
Manager Comments	The Bennelong Concentrated Australian Equity Fund rose +28.37% over 2019, outperforming the ASX200 Accumulation Index by +4.97% and taking annualised performance since inception in February 2009 to +16.68% versus the Index's +10.82%. The Fund's up-capture and down-capture ratios for performance since inception, 137.85% and 89.34% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets. The Fund returned +5.51% over the December quarter versus the Index's +0.68%. The main contributor to the quarterly return was the Fund's outsized position in the healthcare sector, and in particular its positions in Fisher & Paykel Healthcare and CSL. The other main contributor to the Fund's relative outperformance was avoiding the banks' underperformance - the Fund owns no banks. There were detractors, however they didn't detract significantly from performance. The largest detractor was Afterpay, which gave back some of the outperformance delivered in previous periods. Bennelong believe the many social, political and economic uncertainties that overshadowed markets in 2019 remain. They expect the ASX to produce reasonable returns over the medium term, albeit with ups and downs along the way. The Fund is selectively invested in a group of high quality growth stocks including names such as CSL and Fisher & Paykel Healthcare.
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Performance Report: Datt Capital Absolute Return Fund

3 Feb 2020 - Australian Fund Monitors

The Datt Capital Absolute Return Fund returned +0.84% in December, outperforming the ASX200 Accumulation Index by +3.01% and taking annualised performance since inception in August 2018 to +9.68% versus the Index's +9.28%.

3 Feb 2020 - Performance Report: Datt Capital Absolute Return Fund

By: Australian Fund Monitors

Report Date	03 February 2020
Manager	Datt Capital
Fund Name	Datt Capital Absolute Return Fund
Strategy	Equity Long
Latest Return Date	December 2019
Latest Return	0.84%
Latest 6 Months	12.22%
Latest 12 Months	16.49%
Latest 24 Months (pa)
Annualised Since Inception	9.68%
Inception Date	01 August 2018
FUM (millions)	AU$4
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 returned +0.84% in December, outperforming the ASX200 Accumulation Index by +3.01% and taking annualised performance since inception in August 2018 to +9.68% versus the Index's +9.28%. The Fund's down-capture ratio for performance since inception of 6.85% indicates that, on average, the Fund has significantly outperformed during the months the market has fallen. During December the Fund evaluated 2 debt deals and invested in 1 new opportunity in commercial real estate. Datt Capital continue to monitor a number of fixed income instruments in the distressed and special situation space. The Fund's equity exposure decreased as the manager decided to exit Lynas. The Fund's current equity exposures are: Afterpay, Adriatic Metals, Alice Queen, Argonaut Resources, Valmec, Whitehaven Coal and Yandal Resources. Datt Capital noted they have a full pipeline of potential investment opportunities which they consider materially undervalued and will carefully consider for inclusion in the portfolio at the appropriate time.
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Fund Review: Bennelong Long Short Equity Fund December 2019

3 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: DS Capital Growth Fund

31 Jan 2020 - Australian Fund Monitors

The DS Capital Growth Fund rose +0.51% in December, outperforming the ASX200 Accumulation Index by +2.68% and taking the 12-month return to +27.09% versus the Index's 23.40%. Since inception in December 2012, the Fund has returned +15.41%...

31 Jan 2020 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	31 January 2020
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	December 2019
Latest Return	0.51%
Latest 6 Months	8.34%
Latest 12 Months	27.09%
Latest 24 Months (pa)	10.70%
Annualised Since Inception	15.41%
Inception Date	01 January 2013
FUM (millions)	AU$249
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 +0.51% in December, outperforming the ASX200 Accumulation Index by +2.68% and taking the 12-month return to +27.09% versus the Index's 23.40%. Since inception in December 2012, the Fund has returned +15.41% p.a. versus the Index's +10.40%. The Fund's Sharpe and Sortino ratios, 1.81 and 3.77 respectively, by contrast with the Index's Sharpe of 0.80 and Sortino of 1.17, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund rose +4.43% over the December quarter, outperforming the Index by +3.75%. During November DS Capital visited the UK and found that most businesses were deferring investment decisions due to election and Brexit related uncertainty. Portfolio constituents which made positive announcements during the quarter included Resimac Group, Ooh!Media and Uniti Group. Negative announcements came from McMillan Shakespeare. On the IPO front the Fund realised a profit on a small investment in an infant formula business called Nuchev. The Fund participated in secondary capital raisings for Uniti Group and Zip Co. The Fund has also sold its holdings in Challenger and in Cineworld (UK listed cinema group). DS Capital noted there is a long list of economic and political events that will make headlines in 2020 and influence stock markets to varying degrees. These include Brexit, US elections, trade talks and mid-east tensions. They expect the real influences on investment markets to come from economic fundamentals and corporate profits.
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Performance Report: NWQ Global Markets Fund

31 Jan 2020 - Australian Fund Monitors

The NWQ Global Markets Fund returned -2.61% in December and has returned +1.84% p.a. since inception in September 2018. NWQ noted the month was a challenging one for managers adopting both discretionary and systematic approaches.

Performance Report: Australian Eagle Trust Long-Short Fund

30 Jan 2020 - Australian Fund Monitors

The Australian Eagle Long-Short Fund has risen +29.82% over the past 12 months versus the ASX200 Accumulation Index's +23.40%. Since inception in July 2016, the Fund has returned +19.46% p.a. versus the Index's +11.90%.

30 Jan 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

By: Australian Fund Monitors

Report Date	30 January 2020
Manager	Australian Eagle Asset Management
Fund Name	Australian Eagle Trust Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	December 2019
Latest Return	-1.78%
Latest 6 Months	2.88%
Latest 12 Months	29.82%
Latest 24 Months (pa)	15.82%
Annualised Since Inception	19.46%
Inception Date	27 June 2016
FUM (millions)
Fund Overview	The Australian Eagle Trust Long-Short Fund aims to achieve strong double digit returns by allowing clients to access Australian Eagle's demonstrated historical strength in constructing Australian share portfolios applied to a long-short product. Using a combination of Australian Eagle's actual long investment performance in conjunction with a short selling discipline, suggests that this product can provide strong investment returns along with an alpha performance that is negatively correlated to the broader Australian equity market.
Manager Comments	The Australian Eagle Long-Short Fund has risen +29.82% over the past 12 months versus the ASX200 Accumulation Index's +23.40%. Since inception in July 2016, the Fund has returned +19.46% p.a. versus the Index's +11.90%. The Fund's Sharpe and Sortino ratios, 1.51 and 2.86 respectively, by contrast with the Index's Sharpe of 1.16 and Sortino of 1.96, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios for performance since inception, 133.2% and 72.3% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund returned -1.78% net of fees in December, outperforming the Index by +0.39%. The largest positive contributions came from long positions in Fortescue Metals Group and Pushpay Holdings and a short position in Whitehaven Coal, while the largest detractors were long positions in Treasury Wine Estates, Japara Healthcare and National Australia Bank. The Fund had 29 long positions and 21 short positions at the end of the month, with the largest exposure to medical devices & services and technology stocks. There was relatively less exposure in the banking and materials stocks.
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Performance Report: Gyrostat Absolute Return Income Equity Fund

30 Jan 2020 - Australian Fund Monitors

The Gyrostat Absolute Return Income Fund rose +0.80% in December, taking 12-month performance to +4.50% versus the RBA Cash Rate's +1.50%.

30 Jan 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	30 January 2020
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	December 2019
Latest Return	0.80%
Latest 6 Months	2.31%
Latest 12 Months	4.50%
Latest 24 Months (pa)	6.07%
Annualised Since Inception	4.40%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - an 'alternative - defensive' asset class. Gyrostat has for 34 consecutive quarters operated within a 'hard' defined risk parameter (no more than 3% capital at risk with our maximum draw-down 2.2% in any circumstances) always in place, delivered regular income at a minimum BBSW90 + 3% by passing through ASX-20 dividends, and met returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The fund buys and holds ASX-20 shares with lowest cost protection always in place with upside. It is an 'alternative - defensive' conservative asset allocation. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.2% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls
Manager Comments	The Gyrostat Absolute Return Income Fund rose +0.80% in December, taking 12-month performance to +4.50% versus the RBA Cash Rate's +1.50%. Since inception in December 2010, the Fund has returned +2.87% p.a. with an annualised volatility of 4.41%. The Fund is a solution for falling interest rates. It has a 'conservative' asset allocation and operates with a 'hard' defined risk parameter (no quarterly NAV drawdowns exceeding 3%), delivered regular equity income (by passing through ASX20 dividends), and has provided superior returns during periods of heightened market volatility due to the Fund's tail hedge on large gains for large market falls. Gyrostat noted they anticipate increasing levels of 'late cycle' market volatility with geopolitical tensions elevated, historically high debt levels and elevated valuations.
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Performance Report: Wheelhouse Global Equity Income Fund

30 Jan 2020 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +14.69% over 2019, taking annualised performance since inception in May 2017 to +8.78% per annum with an annualised volatility of 7.52%.

30 Jan 2020 - Performance Report: Wheelhouse Global Equity Income Fund

By: Australian Fund Monitors

Report Date	30 January 2020
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equity Income Fund
Strategy	Equity Income
Latest Return Date	December 2019
Latest Return	-2.25%
Latest 6 Months	5.32%
Latest 12 Months	14.69%
Latest 24 Months (pa)	10.94%
Annualised Since Inception	8.78%
Inception Date	26 May 2017
FUM (millions)	AU$26.57
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 +14.69% over 2019, taking annualised performance since inception in May 2017 to +8.78% per annum with an annualised volatility of 7.52%. The Fund's Sortino ratio of 1.57 and down-capture ratio for performance since inception of 56.7% highlight the Fund's focus on protecting investor capital in falling markets. The Fund returned -2.25% in December. The return comprised a return of +1.57% from the portfolio (in USD) and a negative return of -3.82% from the strengthening of the Australian dollar versus the US dollar. Income distributions were 1.5c for the December quarter, taking the rolling 12-month income return to +8.49%. Over 2019 the Fund's return (+14.69%) came mostly from income generation. Wheelhouse noted that due to the capped but more certain nature of the Fund's income generation program the Fund's 2019 return is in line with their expectations of relative underperformance in strong markets and more stable and predictable returns throughout the whole cycle.
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Fund Review: Bennelong Twenty20 Australian Equities Fund December 2019

29 Jan 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: Quay Global Real Estate Fund

29 Jan 2020 - Australian Fund Monitors

The Quay Global Real Estate Fund returned +23.82% over 2019, driven almost entirely by underlying stock performance and exceeding Quay's investment objective of CPI +5%. Since inception in January 2016, the Fund has returned +10.58% per annum.

29 Jan 2020 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	29 January 2020
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	December 2019
Latest Return	-3.20%
Latest 6 Months	5.88%
Latest 12 Months	23.82%
Latest 24 Months (pa)	15.44%
Annualised Since Inception	10.58%
Inception Date	31 July 2014
FUM (millions)	AU$28
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 returned +23.82% over 2019, driven almost entirely by underlying stock performance (FX added just +1.1% over the year) and exceeding Quay's investment objective of CPI +5%. Since inception in January 2016, the Fund has returned +10.58% per annum. The Fund returned -3.2% in December, impacted by a -2.8% headwind from currency. The AUD appreciated against all of the Fund's foreign currency holdings during the month. Top performers included Big Yellow Group and Safestore Holdings, two UK storage investees which benefited from the 'Boris Bounce'. Wharf REIC (HK Retail) also performed well as Hong Kong saw a relatively calm month on the protest front. Bottom performers included Sun Communities (US Manufactured Housing) and Store Capital (US Triple Net). Quay noted both investees had a strong 2019 (+50% and +35% price appreciation respectively) and believe profit taking contributed to their performance in December. The Fund's Residential investees also performed relatively poorly during the month as new home sales trend upwards. Quay believe the portfolio is well placed to take advantage of the significant demographic tailwinds they expect over the first half of this decade (Healthcare, Affordable Housing), and should hold up well in the event of an unforeseen economic disruption given its defensive positioning.
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News

4 Feb 2020 - Performance Report: Bennelong Concentrated Australian Equities Fund

3 Feb 2020 - Performance Report: Datt Capital Absolute Return Fund

3 Feb 2020 - Fund Review: Bennelong Long Short Equity Fund December 2019

31 Jan 2020 - Performance Report: DS Capital Growth Fund

31 Jan 2020 - Performance Report: NWQ Global Markets Fund

30 Jan 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

30 Jan 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

30 Jan 2020 - Performance Report: Wheelhouse Global Equity Income Fund

29 Jan 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund December 2019

29 Jan 2020 - Performance Report: Quay Global Real Estate Fund

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