News
Performance Report: Bennelong Concentrated Australian Equities Fund
29 Oct 2018 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund has risen +17.56% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +17.73% p.a. versus the Index's +10.86%.
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29 Oct 2018 - 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 | As at the end of September, the portfolio's weightings had been increased in the Discretionary, Consumer Staples, Industrials, Communication and Materials sectors, and decreased in the Health Care, IT and Financials sectors. The Fund's cash weighting was reduced from 1.6% to 0.9%. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. By comparison with the Fund's benchmark (ASX300 Accumulation Index), the portfolio's holdings, on average, have a higher return on equity and lower debt/equity (Premium Quality), higher sales growth and higher EPS growth (Superior Growth), as well as higher price/earnings and lower dividend yield (Reasonable Valuation). |
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Performance Report: Quay Global Real Estate Fund
26 Oct 2018 - Australian Fund Monitors
The Quay Global Real Estate Fund has risen +16.1% over the past 12 months, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +3.6%. Since inception in July 2014, the Fund has returned +14.45% per annum.
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26 Oct 2018 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Impacting performance in September was across-the-board weakness in the Fund's US REIT exposures, as the US 10-year bond yield rose to +3.1% in the later stages of the month. Performance was also impacted by continued weakness in the HK property names from trade war fears and the strength of the HKD. The largest detractors were Ventas (US Healthcare), Cubesmart (US Storage) and Scentre (Australian Retail). Positive contributors included Unite (UK Student Accommodation), RLJ (US Hotels) and Essex (US Multifamily). Quay noted that during the month they toured Singapore, the UK, Hong Kong and the USA, meeting with numerous management teams from their investees, their competitors and potential investment opportunities. Quay noted they came away with a confident outlook. |
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Performance Report: Glenmore Australian Equities Fund
25 Oct 2018 - Australian Fund Monitors
The Glenmore Australian Equities Fund has risen +32.29% over the past 12 month versus the ASX200 Accumulation Index's +13.97%. Since inception in June 2017, the Fund has returned +35.56% p.a. versus the Index's +11.01%.
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25 Oct 2018 - 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 | The Fund returned -0.47% in September, outperforming the Index by +0.79%. Top contributors included Mastermyne (+18.6%) and Alliance Aviation (+10.7%). Other positive contributors included Jumbo Interactive, Pinnacle Investments and Bravura Solutions. Key detractors included Navigator Global Investments (-7.6%) and Emeco Holdings (-5.5%). Following reporting season, Glenmore continue to meet with the management teams of a large number of potential investments for the Fund and remain very optimistic that any volatility in equities markets in the future will create some attractive buying opportunities. Currently the portfolio comprises approximately 16% cash and is therefore well positioned. |
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Fund Review: Bennelong Long Short Equity Fund September 2018
24 Oct 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...
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24 Oct 2018 - Fund Review: Bennelong Long Short Equity Fund September 2018
By: Australian Fund Monitors
AFM Fund Review - September 2018 (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 15-years' track record and an annualised returns of over 16%.
- The consistent returns across the investment history indicate 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 0.99 and 1.66 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2018 (pdf format)
Performance Report: Cyan C3G Fund
23 Oct 2018 - Australian Fund Monitors
The Cyan C3G Fund has returned +10.99% over the past 12 months. Since inception, the Fund has returned +22.65% p.a. versus the market's +7.13%.
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23 Oct 2018 - 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 | In September the Fund returned -2.2%, taking the gain for the first quarter of FY19 to a modest +0.7% (after all fees). Throughout the month, there were three positive performers - Acrow, Noni B and newly added Spicers Paper. The remaining 20 or so positions fell between 1% - 13% which Cyan noted was in part due to the slightly bearish market disposition mirrored by the -1.1% fall in the All Ords. In addition, Cyan have been involved in a number of transactions (both IPO's and placements) that they expect to add meaningful value to the Fund in the coming months. Cyan noted that, in light of recent performance, their philosophy acknowledges the reality of stock volatility. They noted that even great multi-year investments will have periods of retracement and consolidation, highlighting the fact that CSL, despite rising more than 500% over the past 10 years, has suffered 15 monthly falls of more than 5% during that timeframe. Cyan aim to ignore market gyrations and focus on the underlying fundamentals and growth paths of their investee companies. Cyan remain confident in the future earnings capabilities of their investments. |
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Bennelong Twenty20 Australian Equities Fund September 2018
22 Oct 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.
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22 Oct 2018 - Bennelong Twenty20 Australian Equities Fund September 2018
By: Australian Fund Monitors
AFM Fund Review - September 2018 (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 - September 2018 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund September 2018
18 Oct 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.
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18 Oct 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2018
By: Australian Fund Monitors
AFM Fund Review - September 2018 (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 10.16% p.a. with a volatility of 6.89%, compared to the ASX200 Accumulation's return of 5.93% p.a. with a volatility of 13.29%.
- 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 - September 2018 (pdf format)
Performance Report: NWQ Fiduciary Fund
17 Oct 2018 - Australian Fund Monitors
The NWQ Fiduciary Fund has returned +9.97% over the past 12 months with a volatility of only 3.56%. Since inception in May 2013, the Fund has returned +6.81% per annum with an annualised volatility of 4.61%.
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17 Oct 2018 - 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 | In September, the Fund returned -0.46%. NWQ noted increasing market volatility due to rising global interest rates, as well as increasing divergence in global growth rates, is likely to continue and present ongoing challenges to risk assets. Market and manager return dispersion remains high and the overall portfolio exposure to the market remains relatively low at approximately 12%. NWQ believe an equity market neutral portfolio that substantially eliminates the likely ongoing equity and bond market volatility should serve investors well over the coming months. |
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Performance Report: Bennelong Long Short Equity Fund
16 Oct 2018 - Australian Fund Monitors
The Bennelong Long Short Equity Fund has returned +2.46% over the past quarter and +19.37% over the past 12 months. Since inception in January 2003, the Fund has returned +16.40% p.a. versus the market's +8.19%.
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16 Oct 2018 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | In September the Fund returned -3.85%, which Bennelong noted was due to a lack of profitable pairs. The short portfolio produced a small positive return whilst the long portfolio fell with the market. At the pair level around one third of pairs were positive, which Bennelong noted was out of the ordinary as a more typical outcome is that between half and two thirds of pairs tend to be profitable. Bennelong noted that, post reporting season, there was limited fundamental news during the month. Noteworthy for the Fund was a strong TPG Telecom FY18 result; the Fund is long TPG/short Telstra. Bennelong are optimistic about the proposed merger with Vodafone. In addition, Sims Metal downgraded their guidance only four weeks after delivering their result and guidance; the Fund is long BlueScope Steel/short Sims Metal. |
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Performance Report: Bennelong Emerging Companies Fund
12 Oct 2018 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +0.87% in September, outperforming the ASX200 Accumulation Index by +2.13% and taking the Fund's quarterly return to +5.92%.
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12 Oct 2018 - 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 | At the end of September, the portfolio composition by sector comprised 29% Discretionary, 17% Industrial, 14% Financials, 11% Materials, 10% Consumer Staples, 9% IT, 7% Health Care and 3% cash. The Fund's top holdings included Pinnacle Investment Management, Baby Bunting, Clover, BWX and Helloworld. 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. |
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