News
Performance Report: Glenmore Australian Equities Fund
16 Apr 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +2.72% in March, outperforming the ASX200 Accumulation Index by +1.99% and taking annualised performance since inception in June 2017 to +24.98%.
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16 Apr 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 March was a much quieter month in terms of news flows following reporting season in February. Most of the stock price moves were not announcement related but rather driven by investors fully digesting the results and outlooks of the companies that reported in February. Top contributors included Jumbo Interactive (+24.6%), Dicker Data (+23.1%), Charter Hall Group (+16.7%), Bravura Solutions (+7.9%), Arena REIT (+7.8%), Auckland International Airport (+6.4%) and Pinnacle Investment Management (+5.1%). Detractors included Fiducian Group (-5.0%), Worley Parsons (-5.0%) and Stanmore Coal (-3.3%) despite no actual news flow released for these companies during the month. Whilst the rally in equities has clearly seen valuations become more expensive (albeit from oversold levels in late 2018), Glenmore believe equities are likely to be supported given the outlook is for a combination of softening economic growth and benign monetary policy. They see that economic conditions are sufficiently healthy to allow companies to execute on their growth strategies. Overall, Glenmore emphasised that they are long term investors and remain very comfortable with the earnings outlooks for all of their investments. |
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Performance Report: Spectrum Strategic Income Fund
15 Apr 2019 - Australian Fund Monitors
The Spectrum Strategic Income Fund rose +0.74% in March, taking annualised performance since inception in June 2009 to +8.07% with an annualised volatility of 3.07%.
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15 Apr 2019 - Performance Report: Spectrum Strategic Income Fund
By: Australian Fund Monitors
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| Manager Comments | Spectrum continue to tweak the portfolio to take advantage of expected falling A$ credit spreads while maintaining an average credit rating of 'A-'. In their view, a jump in perceived global geopolitical risk is a key risk as they believe the market remains complacent on this matter at present. They also continue to shelter the portfolio from potential fallout from further declines in the local residential property market by diversifying away from direct and indirect exposure to that sector. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
15 Apr 2019 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +0.46% in March, taking annualised performance since inception in May 2006 to +9.20% versus the ASX200 Accumulation Index's +5.84%.
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15 Apr 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 in March included Charter Hall (+25bp contribution), Atlas Arteria (+11bp), Goodman Group (+9bp), Rio Tinto (+24bp) and Audinate (+24bp). The short book made a positive contribution of +15bp, benefiting from shorts in financials and Share Price Index Futures. Detractors included ANZ (-25bp contribution), CBA (-19bp), IMF Bentham (-11bp), Woodside Petroleum (-9bp), WorleyParsons (-8bp), Northern Star (-9bp) and Whitehaven Coal (-8bp). Net equity market exposure was reduced from 42.6% to 38.9% (54.5% long and 15.6% short), with the key changes being new positions in Atlas Arteria, APA Group, Bluescope Steel, Charter Hall and Chorus, the sale of ANZ, Computershare, Orora and Whitehaven Coal as well as some new short positions. |
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Fund Review: Bennelong Long Short Equity Fund March 2019
12 Apr 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...
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12 Apr 2019 - Fund Review: Bennelong Long Short Equity Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 2019 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index, with over 16-years' track record and an annualised returns of 14.98%.
- The consistent returns across the investment history highlight the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.89 and 1.44 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2019 (pdf format)
Performance Report: Cyan C3G Fund
11 Apr 2019 - Australian Fund Monitors
The Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%.
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11 Apr 2019 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Cyan noted general market conditions have improved and the extreme day-to-day volatility has subsided, however, post the February reporting season, individual stock performances at the smaller end have remained spotty. In March, a number of the Fund's positions rallied well and continue to enjoy strong momentum. Top contributors included Afterpay (+11%), AMA Group (12%), Atomos (+45%) and Splitit (+45%). The portfolio currently consists of 25 ASX listed emerging companies at varying stages of maturity along the growth stage of their lifecycle. Cyan have recently invested in a handful of opportunities which they saw emerge at the smaller end of the market and look forward to enjoying the rewards as they grow. |
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Fund Review: Bennelong Kardinia Absolute Return Fund March 2019
11 Apr 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.
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11 Apr 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 2019 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with over ten-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 9.20% p.a. with a volatility of 7.10%, compared to the ASX200 Accumulation's return of 5.84% p.a. with a volatility of 13.30%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2019 (pdf format)
Fund Review: Insync Global Capital Aware Fund March 2019
10 Apr 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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10 Apr 2019 - Fund Review: Insync Global Capital Aware Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 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 - March 2019 (pdf format)
Bennelong Twenty20 Australian Equities Fund March 2019
9 Apr 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.
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9 Apr 2019 - Bennelong Twenty20 Australian Equities Fund March 2019
By: Australian Fund Monitors
AFM Fund Review - March 2019 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2019 (pdf format)
Performance Report: NWQ Global Markets Fund
5 Apr 2019 - Australian Fund Monitors
The NWQ Global Markets Fund rose +2.90% in March, outperforming the ASX200 Accumulation Index by +2.17%.
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5 Apr 2019 - Performance Report: NWQ Global Markets Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | NWQ noted the adoption of a more dovish tone by central banks in March stoked fears of a global slowdown. While this shift had been presaged in recent months, NWQ believe there now appears to be unanimous agreement among central bankers that global growth is under pressure. This, they say, sparked a broad rally in developed market government bonds with the US 10-year bond moving from 2.73% to 2.41% in March (as bond yields fall, bond prices rise). The rally in longer-term bonds saw the yield curve 'invert' meaning that short-term yields became higher than longer-term yields thereby signalling that investors see weaker growth on the horizon. Historically speaking an inverted yield curve has been a good predictor of a recession. Against this market backdrop there were strong contributions to the Fund's overall return from both the systematic (+2.21%) and discretionary (+0.77%) managers. The Fund's currency exposures produced solid gains in March with the main contributors being the long US Dollar, long Japanese Yen, and short Euro positions. The strength of the US economy relative to those in Europe and Asia has been a key theme in recent months. The Fund's fixed income exposures produced modest gains while there were small losses in equities and commodities. |
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Performance Report: Bennelong Concentrated Australian Equities Fund
2 Apr 2019 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum.
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2 Apr 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum. The Fund's up-capture and down-capture ratios for performance since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. In addition, the Fund's Sharpe ratio of 1.50 versus the Index's 0.93 highlights the Fund's capacity to achieve superior risk-adjusted return than the market over the long term. 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, Corporate Travel and BWX. Detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned;
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