News
Performance Report: Bennelong Emerging Companies Fund
27 Mar 2019 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +11.79% in February, outperforming the ASX200 Accumulation Index by +5.81% and taking annualised performance since inception in November 2017 to +17.67% versus the Index's +7.91%.
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27 Mar 2019 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Bennelong noted the sell-down in the December quarter was particularly brutal for smaller cap stocks, however, the recovery since has been just as powerful. They are pleased with how the portfolio performed over the month with most stocks reporting strong numbers and positive full year guidance upgrades or outlook statements. In CY19, the best performers have been technology companies Nearmap, Audinate and Braavura Solution. Bennelong believe that, in general, the sector offers opportunities for strong long-term growth - often structural rather than reliant on cyclical factors. They noted that, importantly, this growth becomes ever more valuable in a low-growth environment. |
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Performance Report: Bennelong Australian Equities Fund
26 Mar 2019 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +5.24% in February, taking annualised performance since inception in Jan 2009 to +13.30% versus the ASX200 Accumulation Index's +10.50%.
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26 Mar 2019 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 +5.24% in February, taking annualised performance since inception in Jan 2009 to +13.30% versus the ASX200 Accumulation Index's +10.50%. This return has been achieved with only slightly higher volatility than the market; 13.12% p.a. versus the Index's 12.16%. The Fund's statistics show that the, despite the slightly higher volatility, the Fund has been successful in outperforming in both rising and falling markets; up-capture ratio of 120% and down-capture ratio of 97%, as well as Sharpe and Sortino ratios of 0.81 and 1.20 respectively versus the Index's Sharpe of 0.66 and Sortino of 0.93. Bennelong noted most stocks in the portfolio reported strong numbers and generally positive outlooks as the February reporting season focused investors back on corporate profits. Top contributors included IDP Education, Breville Group, Fisher & Paykel Healthcare and Corporate Travel. Key detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned;
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Performance Report: KIS Asia Long Short Fund
26 Mar 2019 - Australian Fund Monitors
The KIS Asia Long Short Fund has returned +12.21% p.a. with an annualised volatility of 5.13% since inception in October 2009. By contrast, the ASX200 has returned +7.44% with a volatility of 11.62% over the same period.
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26 Mar 2019 - Performance Report: KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Fund returned -0.15% in February. Given the strong equity market the Fund's short positions were the largest detractors, notably IOOF Holdings (-44bp detraction) and Vocus Group (-40bp detraction). The cost of using index futures to ensure the fund remains hedged also cost the Fund -34bp, however, this is expected in a rising market. Key positive contributors included China Galaxy Securities (+30bp) and Yangtze Optical Fibre and Cable Joint Company. The Fund's largest winner was a short on Inghams Group Ltd. |
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Performance Report: Glenmore Australian Equities Fund
25 Mar 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +9.77% in February, outperforming the ASX200 Accumulation Index by +3.79% and taking annualised performance since inception in June 2017 to +24.39%.
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25 Mar 2019 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Glenmore noted reporting season proved to be very positive for the Fund as investors' focus was brought back to fundamental factors such as earnings delivery and business quality. Many of the Fund's key investments subsequently saw strong gains due to better than expected profit results. Glenmore are also pleased many stocks which had been sold off materially in the last quarter of 2018 rebounded strongly in 2019. Top contributors included Fiducian Group (+32.3%), Jumbo Interactive (+32.0%), Magellan Financial Group (+24.7%), Stanmore Coal (+25.7%), NRW Holdings (+23.6%), Bravura Solutions (+21.9%), Alliance Aviation (+14.3%), Dicker Data (+12.2%), Pinnacle Investment Management (+10.9%), Sydney Airport (+9.8%), Atlas Arteria (+7.1%) and Auckland International Airport (+6.5). The sole detractor was childcare and healthcare property trust Arena REIT (-3.0%). |
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Fund Review: Insync Global Capital Aware Fund February 2019
22 Mar 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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22 Mar 2019 - Fund Review: Insync Global Capital Aware Fund February 2019
By: Australian Fund Monitors
AFM Fund Review - February 2019 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - February 2019 (pdf format)
Performance Report: Bennelong Twenty20 Australian Equities Fund
21 Mar 2019 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +4.95% in February, taking annualised performance since inception in November 2009 to +9.76% versus the ASX200 Accumulation Index's +7.75%.
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21 Mar 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | As at the end of February, the Fund's top holdings included Commonwealth Bank, BHP Billiton, Westpac Banking, CSL, Goodman, Aristocrat Leisure, ANZ and Dexus Property. In addition, the portfolios weightings had been increased in the REITs, Health Care, Communication and Materials sectors, and decreased in the Discretionary, Consumer Staples, Industrials, Energy and Financials sectors. |
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Performance Report: Spectrum Strategic Income Fund
20 Mar 2019 - Australian Fund Monitors
The Spectrum Strategic Income Fund returned +0.94% in February, taking 12-month performance to +3.83% and annualised performance since inception in June 2009 to +8.06%.
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20 Mar 2019 - Performance Report: Spectrum Strategic Income Fund
By: Australian Fund Monitors
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| Manager Comments | Favourable conditions for both global and Australian corporate bonds continued in February and expectations of sustained or even looser monetary policy continue. Spectrum noted what concerns them the most about Australia's economy is the potential economic fallout from a weakening property sector. As a result, they continue to attempt to shelter the portfolio by diversifying away from direct and indirect residential property risk. The Fund's outperformance of the Australian floating rate note index (+43bp) was largely due to price jumps in a handful of positions in the Fund. Spectrum believe the deteriorating economic growth outlook is resulting in some positive influences for credit spreads, however, they note this could be a temporary benefit; fundamentals eventually come to the fore and thus default rates will eventually rise. Therefore their decision making remains centred around protecting investor capital, collecting coupons and trying to take advantage of mis-pricings and technical forces in the A$ corporate bond market. |
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Performance Report: NWQ Fiduciary Fund
19 Mar 2019 - Australian Fund Monitors
The NWQ Fiduciary Fund rose +1.68% in February, taking annualised performance since inception in May 2013 to +5.56% with an annualised volatility of 4.91%.
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19 Mar 2019 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | NWQ noted the 'risk on' sentiment continued in February and drove the major equity indices higher. The prevailing market sentiment continued to present challenges for the long/short strategies employed by the Fund's underlying managers as these strategies prioritise company fundamentals. However, there were pockets of strong performance in February which NWQ see to be a positive sign that conditions are becoming more favourable for these types of strategies. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
19 Mar 2019 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned +1.55% in February, taking annualised performance since inception in May 2006 to +9.22% versus the ASX200 Accumulation Index's +5.82%.
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19 Mar 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Top contributors included ANZ (+44bp contribution), Macquarie Group (+34bp), Audinate Group (+31bp), Cleanaway (+29bp), Woodside Petroleum (+25bp) and Rio Tinto (+24bp). The short book was the largest detractor (-128bp), with individual stock shorts in the financial, consumer and healthcare sectors and a short in Share Price Index Futures the key detractors. Other detractors included Emeco (-13bp), Evolution Mining (-11bp), Whitehaven Coal (-8bp) and Computershare (-7bp). Net equity market exposure was increased from 40.2% to 42.6% (52.4% long and 9.8% short), with the key changes being new positions in ANZ, Goodman Group and James Hardie, the closure of several short positions and increased weightings in South32, Aristocrat Leisure, Computershare and Magellan. This was partly offset by the sale of positions in Woolworths, Transurban, BHP, Alumina and Evolution. |
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Performance Report: Loftus Peak Global Disruption Fund
18 Mar 2019 - Australian Fund Monitors
The Loftus Peak Global Disruption Fund rose +6.84% in February, outperforming AFM's Global Equity Index by +1.58% and taking annualised performance since inception in November 2016 to +22.19%.
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18 Mar 2019 - Performance Report: Loftus Peak Global Disruption Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Loftus peak believe part of the reason for the Fund's strong performance in recent months lies in the decision to significantly increase their stock weighting during the Q4 sell-off on the basis that the global economic recovery was not so well entrenched as to withstand the aggressive rise in interest rates which was mooted by the US Federal Reserve late last year. Xilinx, Alibaba and Nvidia all contributed positively while Amazon, Baidu and Tencent each detracted slightly. Elsewhere, Loftus Peak noted, they remain focused on the development of 5G for cellular telecommunications which they believe will be a game-changer, impacting infrastructure globally and driving a new wave of connectivity and subsequently productivity. The value of the Fund's US dollar positions increased during the month as the AUD depreciated 2.43% against the USD. As at 28 February 2019, the Fund carried a foreign currency exposure of 99%. |
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