Performance Report: Loftus Peak Global Disruption Fund

20 Dec 2018 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund has returned +4.90% over the past 12 months versus AFM's Global Equity Index's +2.92%. Since inception in November 2016, the Fund has returned +20.20% per annum.

20 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	20 December 2018
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	November 2018
Latest Return	-2.50%
Latest 6 Months	-1.19%
Latest 12 Months	4.90%
Latest 24 Months	41.23%
Annualised Since Inception	20.20%
Inception Date	15 November 2016
FUM (millions)	AU$58.26
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 has returned +4.90% over the past 12 months versus AFM's Global Equity Index's +2.92%. Since inception in November 2016, the Fund has returned +20.20% per annum versus the Index's +13.59%. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. Loftus Peak noted November was another volatile month, marked by significant uncertainty as China and the US manoeuvred for position in the trade war, resulting in the Fund delivering -2.50%. Key detractors included Nvidia and Apple. Positive contributors included Alibaba, Tencent, NXPI, Broadcom and Tesla. In addition, Loftus peak noted the Australian dollar appreciated 3.24% over the month against the US dollar which hurt the value of the Fund's US dollar positions. As at 30 November 2018, the Fund carried a foreign currency exposure of 99%.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

19 Dec 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund has risen +3.33% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in February 2002, the Fund has returned +15.51% per annum.

19 Dec 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	19 December 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	November 2018
Latest Return	-3.07%
Latest 6 Months	-7.61%
Latest 12 Months	3.33%
Latest 24 Months	17.69%
Annualised Since Inception	15.51%
Inception Date	01 January 2003
FUM (millions)	AU$403.5
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 has risen +3.33% over the past 12 months versus the ASX200 Accumulation Index's -0.96%. Since inception in February 2002, the Fund has returned +15.51% per annum versus the Index's +7.57%. The Fund's Sortino ratio of 1.50 versus the Index's 0.38, in conjunction with the Fund's down-capture ratio since inception of -156.94%, highlight the Fund's capacity to significantly outperform, and thus protect investors' capital, in down markets. The Fund returned -3.07% in November, with performance impacted by elevated market volatility and macro concerns which overshadowed fundamental company news. Bennelong noted earnings updates provided at AGMs and financial results released during the month led to three profit downgrades in the short book, however, this was offset by two downgrades in the long book. The top pairs were long Orica / short Downer EDI and long Harvey Norman / short Myer/Coca-Cola Amatil. The worst performing pairs included long BlueScope Steel / short Sims Metal, long Origin Energy / short AGL Energy and long ALS Ltd / short Aurizon.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: NWQ Fiduciary Fund

18 Dec 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund has returned +5.51% per annum with an annualised volatility of only 4.97% since inception in May 2013. The ASX200 Accumulation Index has returned +6.21% p.a. with a volatility of 11.06% over the same period.

18 Dec 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	18 December 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	November 2018
Latest Return	-2.22%
Latest 6 Months	-5.97%
Latest 12 Months	-0.35%
Latest 24 Months	8.24%
Annualised Since Inception	5.51%
Inception Date	01 May 2013
FUM (millions)	AU$77
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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	The NWQ Fiduciary Fund has returned +5.51% per annum with an annualised volatility of only 4.97% since inception in May 2013. By contrast, the ASX200 Accumulation Index has returned +6.21% p.a. with a volatility of 11.06% over the same period. The Fund's performance statistics, such as the Sortino ratio of 1.16 versus the Index's 0.55, average negative return of -0.98% versus the Index's -2.61% and down-capture ratio of 5.87%, highlight the Fund's strength in protecting investors' capital in falling markets (on average). In light of the Fund's recent underperformance relative to longer term performance, NWQ expect an upcoming period of outperformance to return the Fund to its long-term average. The Fund returned -2.22% in November, with bonds providing only modest support (+0.24%). NWQ noted the relative weakness of high-quality growth stocks (favoured by the underlying managers) compared with defensive value stocks continued into November as markets were choppy and driven more by macro issues than company fundamentals. These macro issues included uncertainty around the Fed tightening cycle and the outlook for US interest rates, the issues faced by PM May in the UK on Brexit and the ongoing trade tensions between the US and China. NWQ believe that as markets gain clarity on these issues company fundamentals will once again be the dominant factor driving stock prices. In addition, they noted the Fund is well placed to benefit from such a shift.
More Information	Fund Profile Manager's Report

Performance Report: Cyan C3G Fund

17 Dec 2018 - Australian Fund Monitors

The Cyan C3G Fund has returned +19.37% per annum since inception in August 2014 versus the ASX200 Accumulation Index's +4.78%. This return has been achieved with a similar level of volatility.

17 Dec 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	17 December 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	November 2018
Latest Return	-1.89%
Latest 6 Months	-7.27%
Latest 12 Months	-6.04%
Latest 24 Months	19.33%
Annualised Since Inception	19.37%
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 has returned +19.37% per annum since inception in August 2014 versus the ASX200 Accumulation Index's +4.78%. This return has been achieved with a similar level of volatility. The Fund's Sharpe and Sortino ratios, 1.50 and 3.07 respectively, by contrast with the Index's Sharpe of 0.31 and Sortino of 0.37, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected. In addition, the Fund's up-capture and down-capture ratios since inception, +85.26% and -13.29% respectively, indicate that the Fund has, on average, captured 85% of the market's upside and risen during the markets' negative months. Cyan noted the difficult market conditions continued to drag on performance in November, resulting in the Fund retracing -1.9%. The Fund has retained slightly more cash than it did last month which has helped in the bearish environment. Key detractors included Pivotal Systems (-20%) and Motorcycle Holdings (-27%). Positive contributors included Afterpay (+15%), Experience Co (+16%), Freelancer (+30%). Cyan exited their position in Pivotal Systems and entered a new position in Isentia (ISD).
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund November 2018

13 Dec 2018 - 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 November 2018

12 Dec 2018 - 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...

Bennelong Twenty20 Australian Equities Fund November 2018

11 Dec 2018 - 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: NWQ Fiduciary Fund

6 Dec 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51% and taking 12-month performance to +3.59%.

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	06 December 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	October 2018
Latest Return	-3.44%
Latest 6 Months	-2.68%
Latest 12 Months	3.59%
Latest 24 Months	8.96%
Annualised Since Inception	6.03%
Inception Date	01 May 2013
FUM (millions)	AU$79
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. 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	The NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51%. Over the past 12 months the Fund has risen +3.59% with a volatility of 4.98 versus the Index's return of 2.94% with a volatility of 9.43%. The Fund's Sortino ratio of 1.39 versus the Index's 0.61 and down-capture ratio of 1.62% highlight the Fund's capacity to avoid the market's downside and hence protect investors' capital. NWQ noted amidst the October turmoil there was a sharp rotation from high-quality growth stocks, which are those expected to outperform in the medium to long term and are typically favoured by the Fund's underlying managers, into defensive value stocks, which are typically candidates for being shorted by the Fund's underlying managers. As a result of this rotation, the short portfolio did not provide sufficient hedge to offset the losses in the long portfolio. NWQ noted there are positive early signs in November that this rotation is reversing. The NWQ Fiduciary Fund is a diversified multi manager portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selected Australian equity fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equities Income Fund

5 Dec 2018 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund has returned +9.84% over the past 12 months versus AFM's Global Equity Index's +7.75%. This has been achieved with a volatility of 7.72% versus the Index's 9.36%.

5 Dec 2018 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	05 December 2018
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	October 2018
Latest Return	-4.39%
Latest 6 Months	5.29%
Latest 12 Months	9.84%
Latest 24 Months
Annualised Since Inception	7.69%
Inception Date	26 May 2017
FUM (millions)	AU$6.99
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 has returned +9.84% over the past 12 months versus AFM's Global Equity Index's +7.75%. This has been achieved with a volatility of 7.72% versus the Index's 9.36%. The Fund's up-capture and down-capture ratios over the past 12 months indicate that, on average, the Fund has captured almost 80% of the market's upside and only 47% of its downside. The Fund returned -4.39% in October, ahead of the benchmark (MSCI World Index ex Australia) return of -5.40%. This return comprised a return of -6.34% from the portfolio (in USD) and a positive return of +1.95% from the weakening of the Australian dollar against the US dollar. 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.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Emerging Companies Fund

5 Dec 2018 - Australian Fund Monitors

The Bennelong Emerging Companies Fund has returned +19.93% over the past 12 months versus the ASX200 Accumulation Index's +2.94%.

5 Dec 2018 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	05 December 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-12.03%
Latest 6 Months	0.65%
Latest 12 Months	19.93%
Latest 24 Months
Annualised Since Inception	19.93%
Inception Date	01 November 2017
FUM (millions)	AU$13.54
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 has returned +19.93% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. The Fund's Sharpe and Sortino ratios, 0.84 and 1.23 respectively, by contrast with the Index's Sharpe of 0.20 and Sortino of 0.19, highlight the Fund's capacity to achieve superior risk-adjusted returns in both rising and falling markets. In addition, the Fund's up-capture ratio of 241.1% indicates that, on average, the Fund has captured more than double the market's performance in the months the market has risen. The Fund's top holdings as at the end of October were Baby Bunting, Clover, Helloworld, Cml and Pinnacle Investment Management. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks and seeks to avoid the higher risk that usually comes with micro and small-cap stocks.
More Information	Fund Profile Manager's Report

Fund Monitors Pty Ltd

News

20 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

19 Dec 2018 - Performance Report: Bennelong Long Short Equity Fund

18 Dec 2018 - Performance Report: NWQ Fiduciary Fund

17 Dec 2018 - Performance Report: Cyan C3G Fund

13 Dec 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund November 2018

12 Dec 2018 - Fund Review: Bennelong Long Short Equity Fund November 2018

11 Dec 2018 - Bennelong Twenty20 Australian Equities Fund November 2018

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

5 Dec 2018 - Performance Report: Wheelhouse Global Equities Income Fund

5 Dec 2018 - Performance Report: Bennelong Emerging Companies Fund

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