Fund Review: Bennelong Kardinia Absolute Return Fund August 2019

18 Sep 2019 - Australian Fund Monitors

The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund is a long-biased, research driven, active equity long/short strategy which invests in listed ASX companies with track records greater than 10 years.

Performance Report: Bennelong Australian Equities Fund

17 Sep 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund returned -0.90% in August, outperforming the ASX200 Accumulation Index by +1.46%. Since inception in February 2009, the Fund has returned +13.62% p.a. versus the Index's +10.91%.

17 Sep 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	17 September 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.90%
Latest 6 Months	9.66%
Latest 12 Months	2.12%
Latest 24 Months (pa)	14.41%
Annualised Since Inception	13.62%
Inception Date	30 January 2009
FUM (millions)	AU$533.46
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 returned -0.90% in August, outperforming the ASX200 Accumulation Index by +1.46%. Since inception in February 2009, the Fund has returned +13.62% p.a. versus the Index's +10.91%. The Fund's Sortino ratio of 1.27 versus the Index's 1.01 highlights the Fund's capacity to avoid the market's downside volatility over the long term. The Fund's up-capture and down-capture ratios for performance since inception, 118.04% and 96.07% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of August, the Fund's weightings had been increased in the Health Care, REITs, IT, Communication, Consumer Staples, Industrials and Financials sectors, and decreased in the Discretionary and Materials sectors. The Fund's top three holdings included CSL, BHP and Treasury Wine Estates. The Fund aims to invest in high quality companies with strong growth and outlooks and underestimated earnings momentum. The Fund's portfolio characteristics, as detailed in the latest report, indicate that the Fund is in line with the manager's investment objective.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund August 2019

17 Sep 2019 - 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: Glenmore Australian Equities Fund

16 Sep 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund returned -0.76% in August, outperforming the ASX200 Accumulation Index by +1.6% and taking annualised performance since inception in June 2017 to +31.60% versus the Index's +11.18%.

16 Sep 2019 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	16 September 2019
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	-0.76%
Latest 6 Months	26.60%
Latest 12 Months	23.06%
Latest 24 Months (pa)	29.82%
Annualised Since Inception	31.60%
Inception Date	06 June 2017
FUM (millions)	AU$7.8
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock.
Manager Comments	The Glenmore Australian Equities Fund returned -0.76% in August, outperforming the ASX200 Accumulation Index by +1.6% and taking annualised performance since inception in June 2017 to +31.60% versus the Index's +11.18%. The Fund's Sharpe and Sortino ratios, 2.03 and 3.88 respectively, by contrast with the Index's Sharpe of 1.08 and Sortino of 1.69, highlight the Fund's capacity to achieved superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios since inception, 213.5% and 66.1%, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets since inception. Glenmore noted August was dominated by ASX company results. The Fund didn't have any companies that had results below Glenmore's expectations, and generally the outlook statements were positive. During the month, they met with a large number of the management teams of portfolio stocks which they say was very beneficial in allowing them to better understand the earnings outlook and key catalysts over the next 12-18 months. Top contributors in August included Polynovo, Jumbo Interactive and AP Eagers. Key detractors included Magellan Financial Group and Phoslock Environment Technologies.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Twenty20 Australian Equities Fund August 2019

16 Sep 2019 - 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: 4D Global Infrastructure Fund

13 Sep 2019 - Australian Fund Monitors

The 4D Global Listed Infrastructure Fund rose +1.26% in August, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +0.63%. Since inception in March 2016, the Fund has returned +14.34% per annum with an annualised volatility of 9.15%.

13 Sep 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	13 September 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	August 2019
Latest Return	1.26%
Latest 6 Months	11.98%
Latest 12 Months	23.24%
Latest 24 Months (pa)	14.02%
Annualised Since Inception	14.34%
Inception Date	07 March 2016
FUM (millions)	AU$52
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 Listed Infrastructure Fund rose +1.26% in August, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +0.63%. Since inception in March 2016, the Fund has returned +14.34% per annum with an annualised volatility of 9.15%. The strongest portfolio performer for August was US water operator American Water Works (AWK), up +11.4% for the month. 4D noted AWK is a strong regulated utility benefiting from a pipeline of replacement spend and a market flight to safety. The weakest performer was global port operator DP World (DPW), down -9.1% on the back of global concerns of slowing growth, middle-east conflict and increased US/China trade tensions. 4D's view is that DPW's global footprint offers strong diversified exposure and they believe it is now offering some of the most attractive value within the universe after being completely oversold. 4D noted that, despite a slowing global macro environment, they believe it remains supportive of the Fund's overweight to user pay assets. However, they also believe ongoing geopolitical issues see the Fund avoiding certain markets until issues are resolved (e.g. Brexits).
More Information	Fund Profile Manager's Report

Performance Report: Cyan C3G Fund

13 Sep 2019 - Australian Fund Monitors

The Cyan C3G Fund outperformed the ASX200 Accumulation Index by +2.46% in August, returning +0.1%. Since inception in August 2014, the Fund has returned +19.65% p.a. versus the Index's +7.89%.

13 Sep 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	13 September 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	August 2019
Latest Return	0.10%
Latest 6 Months	15.27%
Latest 12 Months	4.03%
Latest 24 Months (pa)	10.37%
Annualised Since Inception	19.65%
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 outperformed the ASX200 Accumulation Index by +2.46% in August, returning +0.1%. Since inception in August 2014, the Fund has returned +19.65% p.a. versus the Index's +7.89%. Despite having a similar level of volatility to the market, the Fund has a down-capture ratio since inception of -3.5% which indicates that, on average, the Fund has risen during months where the market has fallen. This, in conjunction with the Fund's Sortino ratio of 3.15 versus the Index's 0.80, highlights the Fund's capacity to avoid the market's downside. The Fund's Sharpe ratio of 1.57 versus the Index's 0.59 highlights its capacity to achieved superior risk-adjusted returns. Positive contributors in August included Quickstep Holdings, Motorcycle Holdings, Afterpay, Atomos and Victory Offices. Detractors included PSI Insurance, Freelancer and Murray River Organics. Cyan notes the companies in which they have invested continue to thrive in their respective niches and so, from a bottom-up perspective, they remain bullish on the Fund's prospects.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

12 Sep 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund outperformed the ASX200 Accumulation Index by +1.53% in August, falling -0.83% against the Index's -2.36%. Since inception in May 2006 the Fund has returned +9.13% p.a. versus the Index's 6.30%.

12 Sep 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	12 September 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	August 2019
Latest Return	-0.83%
Latest 6 Months	3.40%
Latest 12 Months	-5.40%
Latest 24 Months (pa)	0.71%
Annualised Since Inception	9.13%
Inception Date	01 May 2006
FUM (millions)	AU$103.98
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 outperformed the ASX200 Accumulation Index by +1.53% in August, falling -0.83% against the Index's -2.36%. Since inception in May 2006 the Fund has returned +9.13% p.a. with an annualised volatility of 7.03%. By contrast, the Index has returned +6.30% p.a. with an annualised volatility of 13.17%. The Fund's low net market exposure, stop loss discipline and a high success rate during reporting season led to the Fund's outperformance of the Index. Kardinia noted at its worst point during the month the ASX300 was down -6.03% whilst the Fund had only fallen -1.27%, demonstrating Kardinia's overarching philosophy of capital protection. A short position in Share Price Index Futures was the biggest positive contributor. The individual short book also made a positive contribution with shorts in financial services stocks the key driver. Other positive contributors included Charter Hall, City Chic, West African Resources, Ramelius Resources and Evolution, the last three of which benefited from strong gold prices. Detractors included A2 Milk, Cleanaway, Rio Tinto and Rhipe. Net equity market exposure was decreased from 40.5% to 20.3% (33.1% long and 12.8% short), with the key changes being the sale of Commonwealth Bank, Chorus and A2 Milk, lower weightings in Westpac, Macquarie Group, Rio Tinto and CSL, partially offset by a reduction in the Fund's short position in Share Price Index Futures contracts.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Gyrostat Absolute Return Income Equity Fund

9 Sep 2019 - Australian Fund Monitors

The Gyrostat Absolute Return Income Equity Fund rose +3.97% in August, outperforming the ASX200 Accumulation Index by +6.33%. Since inception in December 2010, the Fund has returned +4.61% per annum with an annualised volatility of 3.78%.

9 Sep 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	09 September 2019
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	August 2019
Latest Return	3.97%
Latest 6 Months	5.26%
Latest 12 Months	8.02%
Latest 24 Months (pa)	5.34%
Annualised Since Inception	4.61%
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. Fund features: - holds a diversified portfolio of higher yielding ASX20 stocks. - has the lowest cost protection, always in place, at the stock specific level, with upside. - delivers regular equity income by passing through dividends. 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, short term bond returns in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.8% 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 Equity Fund rose +3.97% in August, outperforming the ASX200 Accumulation Index by +6.33%. Since inception in December 2010, the Fund has returned +4.61% per annum with an annualised volatility of 3.78%. The Fund is a solution for falling interest rates. It has a 'conservative' asset allocation and has for 34 consecutive quarters since inception operated within a 'hard' defined risk parameter (no quarterly NAV draw-downs exceeding 3%), delivered regular equity income (by passing through ASX20 dividends), and returns increasing with volatility levels (including a tail hedge for large gains on 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.
More Information	Fund Profile Manager's Report

Performance Report: NWQ Global Markets Fund

6 Sep 2019 - Australian Fund Monitors

The NWQ Global Markets Fund rose +2.11% in August, outperforming the ASX200 Accumulation Index by +4.47% and marking 12 months since inception in September 2019. The Fund has returned +7.50% versus the Index's +5.91% over that period.

Fund Monitors Pty Ltd

News

18 Sep 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2019

17 Sep 2019 - Performance Report: Bennelong Australian Equities Fund

17 Sep 2019 - Fund Review: Bennelong Long Short Equity Fund August 2019

16 Sep 2019 - Performance Report: Glenmore Australian Equities Fund

16 Sep 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2019

13 Sep 2019 - Performance Report: 4D Global Infrastructure Fund

13 Sep 2019 - Performance Report: Cyan C3G Fund

12 Sep 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

9 Sep 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

6 Sep 2019 - Performance Report: NWQ Global Markets Fund

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