Performance Report: Insync Global Capital Aware Fund

22 Jul 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund rose +6.02% in June, outperforming AFM's Global Equity Index by +0.72% after the cost of fees and protection. The Fund has returned +11.01% p.a. since inception in October 2009.

22 Jul 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	22 July 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	6.02%
Latest 6 Months	23.68%
Latest 12 Months	15.37%
Latest 24 Months (pa)	16.30%
Annualised Since Inception	11.01%
Inception Date	07 October 2009
FUM (millions)	AU$31.2
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 rose +6.66% in June, outperforming AFM's Global Equity Index by +0.72% after the cost of fees and protection. The Fund has returned +11.01% p.a. since inception in October 2009. For the 12 months to 30 June 2019 the Fund delivered +15.37% versus the Index's +11.74%. The Fund's Sortino Ratio of 1.58 versus the Index's 1.41, down-capture ratio of 59% and average negative return of -1.68 versus the Index's -2.06 highlight the Fund's focus on protecting investor capital over the long-term. Performance was largely driven by strong contributions from stock selection in June. Top contributors included Booking Holdings, Visa, Zoetis, Facebook and Boston Scientific Corp. Detractors included Ross Stores, London Stock Exchange, PayPal Holdings, Reed Elsevier and Amadeus IT. The Fund continues to have no currency hedging as Insync consider the main risks to the Australian dollar to be on the downside.
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Performance Report: Bennelong Australian Equities Fund

22 Jul 2019 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +3.53% in June, taking annualised performance since inception in January 2009 to +13.60% versus the ASX200 Accumulation Index's +11.04%.

22 Jul 2019 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	22 July 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	3.53%
Latest 6 Months	17.08%
Latest 12 Months	2.25%
Latest 24 Months (pa)	13.65%
Annualised Since Inception	13.60%
Inception Date	30 January 2009
FUM (millions)	AU$509.04
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 +3.53% in June, taking annualised performance since inception in January 2009 to +13.60% versus the ASX200 Accumulation Index's +11.04%. The Fund's up-capture and down-capture ratios since inception, +117.8% and 96.6% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Over the June quarter the Fund rose +5.83%. Key detractors included Reliance Worldwide, Corporate Travel Management, Costa Group and Treasury Wine Estates. The Fund's main positive contributor was Aristocrat Leisure after the company reported strong half year financial results in May, above the market's expectations. Bennelong's view is that the market is largely being driven by macro factors at present, however, their belief is that ultimately stock prices won't be able to ignore longer term fundamental drivers of valuations, earnings and growth.
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Performance Report: Wheelhouse Global Equities Income Fund

19 Jul 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +2.43% in June, taking annualised performance since inception in May 2017 to +8.29% with an annualised volatility of 7.71%.

19 Jul 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	19 July 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	June 2019
Latest Return	2.43%
Latest 6 Months	8.90%
Latest 12 Months	8.63%
Latest 24 Months (pa)	10.13%
Annualised Since Inception	8.29%
Inception Date	26 May 2017
FUM (millions)	AU$8.02
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 +2.43% in June, taking annualised performance since inception in May 2017 to +8.29% with an annualised volatility of 7.71%. The Fund's June return comprised +3.76% from the portfolio (in USD) and -1.33% from the strengthening of the Australian dollar against the US dollar. Income distributions were 3.5c for the June quarter, taking annual income return for FY19 to 8.11%. The Fund's 12-month returns showcase the objectives of Wheelhouse's approach, which is to deliver a consistent high yield, plus protect and grow the capital base. Wheelhouse believe over time this will lead to equity rates of return delivered mostly in yield rather than capital appreciation. Wheelhouse observe that global share markets are setting record highs against a backdrop of weakening economic data. They believe the share market's huge focus on Fed policy, as opposed to fundamental economic activity, can only be temporary; at some point markets will reflect current economic reality, with prices responding accordingly.
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Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

19 Jul 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.

Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

18 Jul 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.

Fund Review: Bennelong Long Short Equity Fund June 2019

17 Jul 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: Cyan C3G Fund

16 Jul 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%.

16 Jul 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	16 July 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	1.12%
Latest 6 Months	14.58%
Latest 12 Months	1.76%
Latest 24 Months (pa)	10.73%
Annualised Since Inception	19.13%
Inception Date	24 July 2014
FUM (millions)	AU$35
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 rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%. The Fund's Sharpe and Sortino ratios, 1.52 and 3.01 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.81, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's down-capture ratio of -3.37% for performance since inception indicates that, on average, the Fund has risen during the months the market has fallen. Cyan noted there were a couple of wins this month that helped drive the Fund higher. Their IPO investment in co-working space provider Victory Offices listed at a 10% premium; Cyan have since added to their initial position. The Fund's best performer in June was Kelly Partners (+25%). The other win they had this month was the revaluation of some escrowed Atomos shares Cyan purchased back in March at 60c. Atomos closed at $1.03 but has traded higher again in July having raised $7.5m in new capital and completed a sell-down. Cyan reiterate in this month's report that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund into the future.
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Performance Report: Glenmore Australian Equities Fund

15 Jul 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +5.21% in June, outperforming the ASX200 Accumulation Index by +1.51% and taking annualised performance since inception in June 2017 to +30.29% versus the Index's +11.85%.

Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%.

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

By: Australian Fund Monitors

Report Date	12 July 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2019
Latest Return	2.82%
Latest 6 Months	7.18%
Latest 12 Months	-4.63%
Latest 24 Months (pa)	0.76%
Annualised Since Inception	9.29%
Inception Date	01 May 2006
FUM (millions)	AU$115.33
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 +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%. The Fund's Sortino ratio of 1.38 versus the Index's 0.28, average negative return of -1.41% versus the Index's -3.26% and down-capture ratio of 40.11% highlight the Fund's focus on protecting investor capital in falling markets. The Fund's June return was driven by gold, financials, bond proxies and healthcare stocks. Top contributors included Polynovo, Northern Star, Evolution, Goodman Group, Atlas Arteria and Rhipe. Key detractors included Adairs, A2 Milk, Dubber and Netwealth. The largest detractor was a short position in Share Price Index Futures (-45bp contribution), partly offset by a modest positive contribution from the individual stock short book. Net equity market exposure was increased from 13.5% to 24.9% (67.3% long and 42.4% short), with the key changes being new long positions in National Australia Bank and Telstra as well as increased weightings in Commonwealth Bank, Atlas Arteria, Chorus, APA Group, Northern Star and Rio Tinto. This was partly offset by the sale of Tabcorp, Flight Centre, Netwealth and Adairs, four new individual stock shorts and an increase in the Fund's short position in Share Price Index Futures.
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Performance Report: Bennelong Long Short Equity Fund

8 Jul 2019 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +3.00% in June, taking annualised performance since inception in February 2002 to +14.81% versus the ASX200 Accumulation Index's +8.41%.

8 Jul 2019 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 July 2019
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2019
Latest Return	3.00%
Latest 6 Months	-4.19%
Latest 12 Months	-9.70%
Latest 24 Months (pa)	0.25%
Annualised Since Inception	14.81%
Inception Date	01 January 2003
FUM (millions)	AU$375.2
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 +3.00% in June, taking annualised performance since inception in February 2002 to +14.81% versus the ASX200 Accumulation Index's +8.41%. The Fund has a down-capture ratio for performance since inception of -163.51%, Sortino ratio of 1.43 versus the Index's 0.48 and average negative return of -2.43% versus the Index's -3.07%. Bennelong say net improved fundamental news flows across the portfolio in May was a contributing factor to June's performance. At the sector level, Consumer Discretionary was the strongest, followed by Industrials, whilst Information Technology and Energy were the weakest. The number of positive pairs exceeded the number of negative pairs in June. Long Woolworths / short Metcash was the strongest pair after Metcash announced its full-year results which disappointed due to further weakness in its wholesale grocery business. Long Magellan / short Perpetual was also a solid contributor following consensus earnings upgrades to Magellan after strong fund performance. The weakest pair was long Link Administration / short Computershare following Link downgrading earnings. Long Challenger / short IOOF / short AMP was also a negative contributor following Challenger lowering its earnings outlook.
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News

22 Jul 2019 - Performance Report: Insync Global Capital Aware Fund

22 Jul 2019 - Performance Report: Bennelong Australian Equities Fund

19 Jul 2019 - Performance Report: Wheelhouse Global Equities Income Fund

19 Jul 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

18 Jul 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

17 Jul 2019 - Fund Review: Bennelong Long Short Equity Fund June 2019

16 Jul 2019 - Performance Report: Cyan C3G Fund

15 Jul 2019 - Performance Report: Glenmore Australian Equities Fund

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

8 Jul 2019 - Performance Report: Bennelong Long Short Equity Fund

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