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Performance Report: Paragon Australian Long Short Fund

8 Aug 2019 - Australian Fund Monitors

The Paragon Australian Long Short Fund rose +9.4% in July, outperforming the ASX200 Accumulation Index by +6.46% and taking annualised performance since inception in February 2013 to +10.87% versus the Index's +9.22%.

8 Aug 2019 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	08 August 2019
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	July 2019
Latest Return	9.40%
Latest 6 Months	25.82%
Latest 12 Months	1.97%
Latest 24 Months (pa)	9.67%
Annualised Since Inception	10.87%
Inception Date	28 February 2013
FUM (millions)	AU$40.2
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund rose +9.4% in July, outperforming the ASX200 Accumulation Index by +6.46% and taking annualised performance since inception in February 2013 to +10.87% versus the Index's +9.22%. Positive contributors came from gold holdings including Alacer Gold, as well as iSignthis, Xero, Agrimin and a short position in Pilbara. Paragon believe the move in gold, particularly the moves in their gold longs, are still in their infancy. Paragon noted they continue to be very constructive on gold, especially A$ gold. They added that gold particularly benefits from accommodative monetary policy (namely low and falling cash rates), quantitative easing (QE), falling bond rates (namely negative or approaching negative real rates) and global market volatility, all four of which arose in the last month. Paragon believe the best returns will be made in identifying key stocks that meet particular criteria: Emerging economic project developments such as RED 5 (discussed in their latest report); High-cost operating and/or leveraged mid-cap producers such as Perseus and Westgold; and Growing large-cap producers such as Northern Star and Alacer Gold (discussed in their latest report).
More Information	Fund Profile Manager's Report

Performance Report: NWQ Global Markets Fund

31 Jul 2019 - Australian Fund Monitors

The NWQ Global Markets Fund rose +0.11% in June, taking performance since inception in September 2018 to +2.30%. There were strong positive contributions to the Fund's overall return in June from its equity and fixed income exposures.

31 Jul 2019 - Performance Report: NWQ Global Markets Fund

By: Australian Fund Monitors

Report Date	31 July 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Global Markets Fund
Strategy	Multi Strategy
Latest Return Date	June 2019
Latest Return	0.11%
Latest 6 Months	-1.41%
Latest 12 Months
Latest 24 Months (pa)
Annualised Since Inception	2.76%
Inception Date	01 September 2018
FUM (millions)
Fund Overview	The NWQ Global Markets Fund (Fund), managed by NWQ Capital Management, is a diversified multi manager portfolio. The principal investment objective of the Fund is to produce returns commensurate with the volatility target of 15% p.a. as measured by the long term standard deviation of monthly returns. This is achieved through active allocations to a select number of liquid alternative managers that employ a variety of strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
Manager Comments	The NWQ Global Markets Fund rose +0.11% in June, taking performance since inception in September 2018 to +2.30%. There were strong positive contributions to the Fund's overall return in June from its equity and fixed income exposures. The Fund also saw a positive contribution from its commodity exposures. However, NWQ noted these were partially offset by losses from the Fund's currency exposures. NWQ's view is that equity and bond market pricing reflect two very different outlooks for the global economy; equity investors are looking through falling earnings and expecting the Fed to step in and cut interest rates to justify current multiples, while bond investors see deteriorating economic fundamentals and geopolitical risks as potentially leading to a recession in the near term. NWQ believe we are likely to see higher levels of volatility whilst these conflicting outlooks resolve themselves. In this scenario they consider having a diversified portfolio of managers a sound way of navigating the potentially challenging times ahead.
More Information	Fund Profile Manager's Report

Performance Report: Loftus Peak Global Disruption Fund

31 Jul 2019 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund rose +6.5% in June, outperforming AFM's Global Equity benchmark by +1.2% and taking annualised performance since inception in November 2016 to +21.94% versus the Index's +15.45%.

31 Jul 2019 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	31 July 2019
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	6.50%
Latest 6 Months	22.40%
Latest 12 Months	12.02%
Latest 24 Months (pa)	18.56%
Annualised Since Inception	21.94%
Inception Date	15 November 2016
FUM (millions)	AU$68.7
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 +6.5% in June, outperforming the ASX200 Accumulation Index by +1.2% and taking annualised performance since inception in November 2016 to +21.94% versus the Index's +15.45%. Loftus Peak noted the Fund's performance in May was largely reversed in June as Presidents Trump and Xi signalled their intentions to restart trade negotiations. As a result, at the end of June a number of Loftus Peak's investee companies performed more strongly after having been unable to sell to Huawei because of the ban. Top contributors included Qualcomm, Xilinx, Nvidia and Apple. Detractors included VMware, Nutanix and Google. At the end of the month the Fund was 82% invested in 23 holdings with the balance in cash. The Australian dollar appreciated +1.3% over the month against the US dollar, which meant the value of the Fund's US dollar positions decreased. As at 30 June 2019, the Fund carried a foreign currency exposure of 99%.
More Information	Fund Profile Manager's Report

Performance Report: Gyrostat Absolute Return Income Equity Fund

30 Jul 2019 - Australian Fund Monitors

The Gyrostat Absolute Return Income Equity Fund returned +7.09% over the financial year, outperforming the RBA Cash Rate by +5.61%. Since inception in December 2010, the Fund has returned +4.39% per annum with an annualised volatility of 3.57%.

30 Jul 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	30 July 2019
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	June 2019
Latest Return	-0.42%
Latest 6 Months	2.14%
Latest 12 Months	7.09%
Latest 24 Months (pa)	4.18%
Annualised Since Inception	4.39%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Our absolute return income equity fund combines protection, returns and regular income through all stages of the investment cycle (including large market falls). Our 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 returned +7.09% over the financial year, outperforming the RBA Cash Rate by +5.61%. Since inception in December 2010, the Fund has returned +4.39% per annum with an annualised volatility of 3.57%. The Fund is a 'conservative' asset allocation with 'hard' protection always in place with a 9 year track record of no quarterly NAV draw-downs exceeding 3%, regular equity income and demonstrated returns increasing with volatility levels. The Fund has a tail hedge in place for large gains on large market falls. The Fund's objective is to deliver regular and stable equity income (by passing through ASX 20 dividends) at a minimum of the BBSW 90 + 3% with capital security and growth. The Fund buys and holds ASX 20 shares with lowest cost protection always in place with upside. Gyrostat noted during June 2019 there was very little market volatility - there was a small reduction in NAV of 0-0.42% consistent with the Fund's guidance. Gyrostat believe the Fund is well positioned to benefit from any uplift in market volatility, which is consistent with 'late cycle' market conditions. They continue to be committed to their distinctive 'hard' risk parameter.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Emerging Companies Fund

30 Jul 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +3.44% in June, taking performance over the financial year to +15.08% and annualised performance since inception in November 2017 to +26.58%.

30 Jul 2019 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	30 July 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	3.44%
Latest 6 Months	41.04%
Latest 12 Months	15.08%
Latest 24 Months (pa)
Annualised Since Inception	26.58%
Inception Date	01 November 2017
FUM (millions)	AU$14.81
Fund Overview	The Fund invests in ASX-listed securities of small and micro capitalised companies that are covered by the investment research capabilities of Bennelong Australian Equity Partners ('BAEP'). The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities
Manager Comments	The Bennelong Emerging Companies Fund rose +3.44% in June, taking performance over the financial year to +15.08% and annualised performance since inception in November 2017 to +26.58%. By contrast, the ASX200 Accumulation Index has returned +11.55% over the past 12 months and +11.77% p.a. since the fund's inception. These returns have been achieved with significantly higher volatility than the market, however, this is expected of a fund investing in micro and small caps. The Fund's up-capture and down-capture ratios indicate that, on average, the Fund has captured significantly more of the market's upside than its downside since inception. The Fund returned +16.00% over the June quarter. Assisting performance were strong returns from large positions such as Jump Interactive, Zip Co, EML Payments and Nearmap. Bennelong noted they have since trimmed some of their tech holdings, including some of these names, and have diversified more into other sectors where they are finding opportunities.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

29 Jul 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +2.14% in June. Since inception in April 2016, the Fund has returned +11.43% per annum with an annualised volatility of 9.89%.

29 Jul 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	29 July 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	2.14%
Latest 6 Months	15.92%
Latest 12 Months	7.66%
Latest 24 Months (pa)	9.39%
Annualised Since Inception	11.43%
Inception Date	04 April 2016
FUM (millions)	AU$4.5
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund rose +2.14% in June. Since inception in April 2016, the Fund has returned +11.43% per annum with an annualised volatility of 9.89%. The Fund's Sharpe and Sortino ratios since inception are 1.00 and 1.58 respectively. As at the end of June, the Fund held 22 stocks with a median position size of 4.6%. The portfolio's holdings had an average forward year price/earnings of 16.1, forward year EPS growth of 5.1%, forward year tangible ROE of 23.2% and forward year dividend yield of 4.3%. The Fund's cash weighting was decreased to 3.0% from 3.4% as at the end of May. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

Performance Report: DS Capital Growth Fund

26 Jul 2019 - Australian Fund Monitors

The DS Capital Growth Fund rose +0.75% in June, taking performance since inception in January 2013 to +15.26% p.a. with an annualised volatility of 7.26%. By contrast the ASX200 Accumulation Index has returned +10.72% p.a. with an...

26 Jul 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	26 July 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	0.75%
Latest 6 Months	17.31%
Latest 12 Months	10.00%
Latest 24 Months (pa)	11.57%
Annualised Since Inception	15.26%
Inception Date	01 January 2013
FUM (millions)	AU$223
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 +0.75% in June, taking performance since inception in January 2013 to +15.26% p.a. with an annualised volatility of 7.26%. By contrast the ASX200 Accumulation Index has returned +10.72% p.a. with an annualised volatility of 11.05% over the same period. The Fund's Sharpe and Sortino ratios, 1.72 and 3.59 respectively, by contrast with the Index's Sharpe of 0.80 and Sortino of 1.18 highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund returned +10.00% after fees over the financial year. In most cases, the Fund's core Australian investments delivered the earnings growth DS Capital were expecting. Top contributors included Lifestyle Communities, CME Group, Credit Corp, AMA, Interxion, MYOB, Zip Co, Collins Foods, Rightmove, Vista Group, Over the Wire, Uniti Wireless, Experience Co, Seven Group Holdings and Premier Asset Management. Key detractors included Challenger and Axesstoday. DS Capital don't expect interest rates to rise significantly in the short term, however, they remain conscious of the stock market's sensitivity to increases in interest rates and the potential for a rotation from equities back to bank deposits and have therefore positioned the portfolio accordingly. They expect the market to remain susceptible to macro-economic issues, particularly the trade relationship between the US and China.
More Information	Fund Profile Manager's Report

Performance Report: Spectrum Strategic Income Fund

25 Jul 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund returned +0.45% in June, marking 10 years since inception in June 2009. Over that time the Fund has returned +8.01% p.a. with a maximum drawdown of -1.58%.

25 Jul 2019 - Performance Report: Spectrum Strategic Income Fund

By: Australian Fund Monitors

Report Date	25 July 2019
Manager	Spectrum Asset Management Limited
Fund Name	Spectrum Strategic Income Fund
Strategy	Credit
Latest Return Date	June 2019
Latest Return	0.45%
Latest 6 Months	3.43%
Latest 12 Months	5.08%
Latest 24 Months (pa)	4.50%
Annualised Since Inception	8.01%
Inception Date	31 May 2009
FUM (millions)	AU$68.27
Fund Overview	The Spectrum Strategic Income Fund aims to deliver steady income which is higher than bank deposits but without the volatility of equity markets. The Fund provides daily liquidity and does not use leverage or derivatives. The Fund invests primarily in Australian dollar corporate bonds and limits exposure to long-term interest rate risk by investing mainly in floating rate notes.
Manager Comments	The Spectrum Strategic Income Fund returned +0.45% in June, marking 10 years since inception in June 2009. Over that time the Fund has returned +8.01% p.a. with an annualised volatility of 3.04%. The Fund has achieved Sharpe and Sortino ratios for performance since inception of 1.70 and 4.68 respectively. Since June 2009 the Fund's largest drawdown was -1.58% whereas the largest drawdown of the ASX200 Accumulation Index over the same period was -15.13%, highlighting the Fund's capacity to preserve capital. Spectrum believe the bond market has adopted a 'wait and see' attitude with regards to the prospect of a Fed rate cut. This, they say, explains why bonds are trading in a tight range both domestically and internationally. Spectrum add that markets are reacting to dovish central banks, persistently low inflation, negative interest rates in Europe and the legacy of QE. Their view is that in this environment anything that provides a yield looks attractive and therefore it's these factors which are driving both equity and bond market rallies. Spectrum say the outlook and demand for credit remain resilient, especially so if equity markets continue to rally. They noted it's hard to say what could change this view, however a geopolitical event such as a conflict between the US and Iran could lead to a surge of bond buying. They don't believe this is likely.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

25 Jul 2019 - Australian Fund Monitors

The Quay Global Real Estate Fund returned +0.3% in June, in line with its benchmark (FTSE/EPRA NAREIT Developed Index Net TD AUD). Since inception in January 2016, the Fund has returned +10.36% per annum.

25 Jul 2019 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	25 July 2019
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	June 2019
Latest Return	0.30%
Latest 6 Months	16.94%
Latest 12 Months	15.60%
Latest 24 Months (pa)	15.32%
Annualised Since Inception	10.36%
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 +0.3% in June, in line with its benchmark (FTSE/EPRA NAREIT Developed Index Net TD AUD). Since inception in January 2016, the Fund has returned +10.36% per annum. Quay noted financial year returned were pleasing, noting the Fund benefited from a weak AUD over the year. For the 12 months to June, the largest positive contributors to returned were Sun Communities (US Manufactured Holdings), Ventas (US Health) and Store Capital (Triple net). The largest detractors were Scentre Group (Aust Retail), Boardwalk REIT (Canada Housing) and RLJ (US Hotels).
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund June 2019

25 Jul 2019 - Australian Fund Monitors

Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...

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News

8 Aug 2019 - Performance Report: Paragon Australian Long Short Fund

31 Jul 2019 - Performance Report: NWQ Global Markets Fund

31 Jul 2019 - Performance Report: Loftus Peak Global Disruption Fund

30 Jul 2019 - Performance Report: Gyrostat Absolute Return Income Equity Fund

30 Jul 2019 - Performance Report: Bennelong Emerging Companies Fund

29 Jul 2019 - Performance Report: Touchstone Index Unaware Fund

26 Jul 2019 - Performance Report: DS Capital Growth Fund

25 Jul 2019 - Performance Report: Spectrum Strategic Income Fund

25 Jul 2019 - Performance Report: Quay Global Real Estate Fund

25 Jul 2019 - Fund Review: Insync Global Capital Aware Fund June 2019

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