Bennelong Twenty20 Australian Equities Fund December 2018

25 Jan 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: KIS Asia Long Short Fund

25 Jan 2019 - Australian Fund Monitors

The KIS Asia Long Short Fund rose +1.45% over CY18, outperforming the ASX200 Accumulation Index by +4.29% and taking annualised performance since inception to +12.35%.

25 Jan 2019 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	25 January 2019
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	December 2018
Latest Return	-0.94%
Latest 6 Months	-0.65%
Latest 12 Months	1.45%
Latest 24 Months	9.14%
Annualised Since Inception	12.35%
Inception Date	01 October 2009
FUM (millions)	AU$89
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. 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 KIS Asia Long Short Fund rose +1.45% over CY18, outperforming the ASX200 Accumulation Index by +4.29%. Since inception in October 2009, the Fund has returned +12.35% per annum with an annualised volatility of 5.16%. By contrast, the ASX200 Accumulation Index has returned +6.46% per annum with a volatility of 11.54% since the Fund's inception. The Fund's Sharpe and Sortino ratios, 1.79 and 4.04 respectively, by contrast with the Index's Sharpe of 0.36 and Sortino of 0.44, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected from the market's downside. In addition, the Fund's down-capture ratio for performance since inception of -88.5% indicates that, on average, the Fund has risen during the months the market has fallen. The top contributor for December was Resolute Mining (+38bp contribution). The main detractor was a 45bp loss in the Fund's long position in GTN Ltd/GTN.AX. There were no other loss contributors of more than 20bp. The use of short index futures also generated a profit, helping offset the loss on the Fund's net long equity positions. Futures hedges generated 32bp. KIS noted December saw some capitulation among retail investors who had been quite stubborn reducing risk. This, they believe, sets up for some near term market stability. While their base case is that they expect more bear market behaviour in 2019, KIS say they are reminded that positioning can bring about very sharp rallies which can shake out handy shorts. In their view, 2019 will certainly provide some continued volatility.
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Performance Report: Harvest Lane Asset Management Absolute Return Fund

25 Jan 2019 - Australian Fund Monitors

The Harvest Lane Absolute Return Fund rose +1.27% in December, outperforming the ASX200 Accumulation Index by +1.39% and taking 12-month performance to +13.30% versus the Index's -2.84%.

25 Jan 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

By: Australian Fund Monitors

Report Date	25 January 2019
Manager	Harvest Lane Asset Management
Fund Name	Harvest Lane Asset Management Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2018
Latest Return	1.27%
Latest 6 Months	1.22%
Latest 12 Months	13.30%
Latest 24 Months	15.63%
Annualised Since Inception	9.10%
Inception Date	01 July 2013
FUM (millions)	AU$12
Fund Overview	The Fund aims to deliver a return of greater than 10% p.a. after all fees and charges over a 3 year period with low or no correlation to the Australian equity market. By focusing on select takeover and corporate activity the fund aims to achieve this whilst also exhibiting lower than average volatility than the market. Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives.
Manager Comments	The Harvest Lane Absolute Return Fund rose +1.27% in December, outperforming the ASX200 Accumulation Index by +1.39% and taking 12-month performance to +13.30% versus the Index's -2.84%. Over the past 3 and 6 months the Fund has returned +0.53% and +1.22% respectively, significantly outperforming the Index's 3-month return of -8.24% and 6-month return of -6.83%. Since inception in July 2013, the Fund has returned +9.10% p.a. with an annualised volatility of 7.13%, which is superior to the Index in terms of both performance and volatility; the Index has returned +7.64% p.a. with an annualised volatility of 10.87% over the same period. In addition, the Fund has maintained a modest up-capture ratio and excellent down-capture ratio over the past 12, 24, 36, 48 and 60 months, as well as since inception, highlighting the Fund's capacity to perform well in negative markets; the Fund's down-capture ratio since inception of -35.6% indicates that, on average, the Fund has risen during the months the market has fallen. Harvest Lane noted December was a comparatively quiet period by contrast with previous months, with numerous positions reaching their maturity in the early weeks of the month. A handful of new opportunities arose, although they say the month was largely characterised by adding to existing positions where low cash levels had previously prevented Harvest Lane from reaching their preferred exposure levels. Overall, Harvest Lane say the portfolio is highly prospective moving into 2019 and believe the future returns have the potential to equal or eclipse those of recent times.
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Performance Report: Spectrum Strategic Income Fund

25 Jan 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund returned +0.29% in December, taking 12 month performance to +3.41% and the annualised return since inception in June 2009 to +8.07%.

25 Jan 2019 - Performance Report: Spectrum Strategic Income Fund

By: Australian Fund Monitors

Report Date	25 January 2019
Manager	Spectrum Asset Management Limited
Fund Name	Spectrum Strategic Income Fund
Strategy	Credit
Latest Return Date	December 2018
Latest Return	0.29%
Latest 6 Months	1.60%
Latest 12 Months	3.41%
Latest 24 Months	8.62%
Annualised Since Inception	8.07%
Inception Date	31 May 2009
FUM (millions)	AU$67.8
Fund Overview	The Spectrum Strategic Income Fund aims to deliver steady income which is higher than bank deposits but without the volatility of equity markets. The Fund provides daily liquidity and does not use leverage or derivatives. The Fund invests primarily in Australian dollar corporate bonds and limits exposure to long-term interest rate risk by investing mainly in floating rate notes.
Manager Comments	The Spectrum Strategic Income Fund returned +0.29% in December, taking 12 month performance to +3.41% and the annualised return since inception in June 2009 to +8.07%. The Fund's Sharpe and Sortino ratios, 1.66 and 4.55 respectively, highlight the Fund's capacity to achieve good risk-adjusted returns whilst also successfully protecting investors' capital from market falls. The Fund has achieved an average monthly return since inception of +0.65% after fees versus the RBA Cash Rate's +0.23%, showing that the Fund has proven itself thus far to have been a better alternative to cash. The portfolio's top holdings as at the end of December were Cash (7.4%), NAB (6.1%), DBS Group Holdings (5.8%), Suncorp Metway (4.5%), Toyota Finance Australia (4.4%), Network Finance (4.4%), AAI Limited (4.3%), UBS AG Australia (3.7%), Multiplex Sites Trust (3.2%) and APN Regional Property Fund (3.2%). In their latest report, Spectrum discuss the fall in global risk asset prices and the rally in government bonds and their respective contributing factors. These included weaker global economic indicators and heightened geopolitical risk, the draining of liquidity by central banks and plummeting oil prices. Domestically, they noted, A$ credit spreads rose around 8bps over the month, reaching their highest level since early 2017. Spectrum remain concerned the price declines in the residential property markets in Sydney and Melbourne look set to continue, which they say could impact the health of the economy and bond issuers. In their view, A$ bonds from internationally headquartered issuers look appealing as they look outside of Australia for opportunities. Spectrum reiterate that capital preservation remains paramount in their decision making. The Fund maintains a strong floating rate note bias in A$ corporate bonds.
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Performance Report: Bennelong Twenty20 Australian Equities Fund

24 Jan 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund has returned +9.05% per annum since inception in November 2009 versus the ASX200 Accumulation Index's +6.77%.

24 Jan 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	24 January 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2018
Latest Return	-1.44%
Latest 6 Months	-10.89%
Latest 12 Months	-4.62%
Latest 24 Months	10.95%
Annualised Since Inception	9.05%
Inception Date	02 December 2015
FUM (millions)	AU$4.61
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. 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	The Bennelong Twenty20 Australian Equities Fund has returned +9.05% per annum since inception in November 2009 versus the ASX200 Accumulation Index's +6.77%. The Fund's up-capture and down-capture ratios since inception, 110.44% and 95.21% respectively, indicate that, on average, the Fund has captured more of the market's upside than downside since inception. The Twenty20 Fund comprises a passive investment in the ASX20 and an actively managed investment in the ASX ex-20, therefore, any difference in performance between the Fund and the market is due to the ex-20 holdings. Bennelong noted its ex-20 holdings underperformed over the December quarter, however, they say company fundamentals had very little influence. Bennelong believe the 'risk-off' sentiment will tire, and fundamentals will ultimately win out. Key detractors over the December quarter included Aristocrat Leisure, BWX Limited and Flight Centre. Contributors included Costa Group and Goodman Group.
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Performance Report: Bennelong Long Short Equity Fund

23 Jan 2019 - Australian Fund Monitors

The Bennelong Long Short Equity Fund rose +2.09% in December, outperforming the ASX200 Accumulation Index by +2.21% and taking annualised performance since inception to +15.57%.

23 Jan 2019 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	23 January 2019
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2018
Latest Return	2.09%
Latest 6 Months	-5.76%
Latest 12 Months	2.51%
Latest 24 Months	24.16%
Annualised Since Inception	15.57%
Inception Date	01 January 2003
FUM (millions)	AU$398.8
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 +2.09% in December, outperforming the ASX200 Accumulation Index by +2.21% and taking annualised performance since inception in February 2002 to +15.57%. By contrast, the ASX200 Accumulation Index has returned +7.52% per annum since the Fund's inception. The Fund's Sortino ratio of 1.51 and down-capture ratio since inception of -163.51% highlight the Fund's superior performance in negative markets (a negative down-capture ratio indicates that the Fund has, on average, risen during the months the market has fallen). Over the past 12 months, the Fund has achieved a return of +2.51% versus the Index's -2.84%. Bennelong noted there was an even number of positive and negative pairs which contributed to the Fund's return in December. The strongest pairs included long Challenger / short IOOF Holdings and ANZ, long Ramsay Health Care / short Healius and long Woolworths / short Metcash. The weakest pair for the month was long Iluka Resources / short Rio Tinto.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund December 2018

21 Jan 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...

Performance Report: Bennelong Emerging Companies Fund

21 Jan 2019 - Australian Fund Monitors

The Bennelong Emerging Companies Fund returned -2.12% in November, outperforming the ASX200 Accumulation Index by +0.09% and taking annualised performance since inception in November 2017 to +15.2%.

Performance Report: Bennelong Concentrated Australian Equities Fund

18 Jan 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund returned -0.67% in November, outperforming the ASX200 Accumulation Index by +1.54% and taking annualised performance since inception in Jan 2009 to +16%.

18 Jan 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	18 January 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2018
Latest Return	-2.57%
Latest 6 Months	-18.20%
Latest 12 Months	-7.65%
Latest 24 Months	18.76%
Annualised Since Inception	15.56%
Inception Date	30 January 2009
FUM (millions)	AU$723.58
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 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 returned -0.67% in November, outperforming the ASX200 Accumulation Index by +1.54% and taking annualised performance since inception in Jan 2009 to +16%. The Fund's up-capture and down-capture ratios since inception, +141.2% and 91.2% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of November, the Fund's weightings had been increased in the Materials and REIT's sectors and decreased in the Discretionary, Health Care, Consumer Staples and Industrials sectors. The Fund's Communications sectors weighting remained unchanged at 1.7% of the portfolio.
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Performance Report: Wheelhouse Global Equities Income Fund

18 Jan 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund returned -0.86% in November, outperforming AFM's Global Equity Index by +0.94% and taking annualised performance since inception in May 2017 to +7%.

18 Jan 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	18 January 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	December 2018
Latest Return	-1.50%
Latest 6 Months	-0.25%
Latest 12 Months	7.32%
Latest 24 Months
Annualised Since Inception	5.38%
Inception Date	26 May 2017
FUM (millions)	AU$7.12
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 returned -0.86% in November, outperforming AFM's Global Equity Index by +0.94% and taking annualised performance since inception in May 2017 to +7%. The Fund's November return comprised +2.31% from the portfolio (in USD) and -3.17% from the strengthening of the AUD vs the USD. Top contributors during the month included Nabtesco Corp, Biogen, Pfizer, Amgen and Kao Corp. Detractors included Richemont, Essilorluxottica, Julius Baer Gruppe, Symrise and Facebook. The Wheelhouse Global Equity Income Fund is designed to deliver equity returns with higher income generation and active downside protection. The strategy's high-income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse intend for returns to add relative value in weak and low-growth markets and to drag in more positive markets.
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News

25 Jan 2019 - Bennelong Twenty20 Australian Equities Fund December 2018

25 Jan 2019 - Performance Report: KIS Asia Long Short Fund

25 Jan 2019 - Performance Report: Harvest Lane Asset Management Absolute Return Fund

25 Jan 2019 - Performance Report: Spectrum Strategic Income Fund

24 Jan 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

23 Jan 2019 - Performance Report: Bennelong Long Short Equity Fund

21 Jan 2019 - Fund Review: Insync Global Capital Aware Fund December 2018

21 Jan 2019 - Performance Report: Bennelong Emerging Companies Fund

18 Jan 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

18 Jan 2019 - Performance Report: Wheelhouse Global Equities Income Fund

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