Fund Review: Bennelong Kardinia Absolute Return Fund August 2018

20 Sep 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.

Performance Report: Bennelong Concentrated Australian Equities Fund

19 Sep 2018 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +0.08% in August, taking annualised performance since inception in January 2009 to +18.59% versus the ASX200 Accumulation Index's +11.11%.

19 Sep 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	19 September 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2018
Latest Return	0.08%
Latest 6 Months	10.85%
Latest 12 Months	28.16%
Latest 24 Months	41.07%
Annualised Since Inception	18.59%
Inception Date	30 January 2009
FUM (millions)	AU$750.63
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 rose +0.08% in August, taking annualised performance since inception in January 2009 to +18.59% versus the ASX200 Accumulation Index's +11.11%. The Fund's up-capture and down-capture ratios since inception, 141.17% and 84.23% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. At the end of the month the Fund's weightings had been increased in the Discretionary, Health Care, IT and Financials sectors, and decreased in the Consumer Staples, Industrials and Materials sectors. 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).
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

18 Sep 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +0.80% in August, taking annualised performance since inception in May 2013 to +7.02%.

18 Sep 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	18 September 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	August 2018
Latest Return	0.80%
Latest 6 Months	2.27%
Latest 12 Months	13.31%
Latest 24 Months	10.97%
Annualised Since Inception	7.02%
Inception Date	01 May 2013
FUM (millions)	AU$82
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 +0.80% in August, taking annualised performance since inception in May 2013 to +7.02% with an annualised volatility of 4.62%. By contrast, the ASX200 Accumulation Index has returned +8.48% p.a. with an annualised volatility of 10.84% over the same period. The Fund's Sharpe and Sortino ratios, 1.07 and 2.01 respectively, in conjunction with the Fund's down-capture ratio of -6.90%, highlight the Fund's capacity to achieve superior risk-adjusted return whilst ensuring investors' capital is protected from the market's downside. NWQ noted there was a high degree of dispersion in the returns of the underlying managers in August. This illustrates the diversified nature of the Fund with the constituent managers employing a broad array of hedged equity strategies. This dispersion is also reflective of the heightened level of stock market volatility that is typical of reporting season. NWQ mentioned the earnings announcements were particularly favourable for the Fund's Alpha allocation, which made a strong contribution to overall performance (+1.17%).
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

14 Sep 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +5.94% in August, outperforming the ASX200 Accumulation Index by +4.52%. Since inception in June 2017, the Fund has returned +38.85% p.a. versus the Index's +12.93%.

14 Sep 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	14 September 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2018
Latest Return	5.94%
Latest 6 Months	13.67%
Latest 12 Months	36.96%
Latest 24 Months
Annualised Since Inception	38.85%
Inception Date	06 June 2017
FUM (millions)	AU$6
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. 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 Glenmore Australian Equities Fund rose +5.94% in August, outperforming the ASX200 Accumulation Index by +4.52%. Since inception in June 2017, the Fund has returned +38.85% p.a. versus the Index's +12.93%. Adjusting for risk, the Fund's Sharpe ratio for performance since inception is 3.67 versus the Index's 1.69, highlighting the Fund's capacity to achieve significantly superior risk-adjusted returns than the market. Looking at the downside, the Fund's Sortino ratio of 12.02 versus the Index's 1.34, along with the Fund's down-capture ratio since inception of -123.45%, emphasise the Fund's focus on avoiding downside losses (a negative down-capture ratio indicates that the Fund, on average, has achieved positive performance in the market's negative months). Top contributors in August included Jumbo Interactive (+64.2%), Appen (+41.2%), Bravura Solutions (+30.6%), NRW Holdings (+23.9%), Pinnacle Investments (+19.8%), Alliance Aviation (+19.1%), Fiducian Group (+18.8%), Worley Parsons (+12.6%) and Atlas Arteria (+5.2%). The only notable detractor was Axsesstoday (-19.9%), however, the Fund exited AXL during the month and so didn't incur the full extent of the -19.9% decline. Read the latest report for Glenmore's commentary on some of the Fund's best performing stocks in August.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund August 2018

13 Sep 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: Bennelong Long Short Equity Fund

12 Sep 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund returned a record +10.59% in August, the Fund's best month since inception in January 2003. The Fund is up +28.97% over the past 12 months, and has returned +16.77% p.a. since inception.

12 Sep 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	12 September 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2018
Latest Return	10.59%
Latest 6 Months	14.85%
Latest 12 Months	28.96%
Latest 24 Months	29.09%
Annualised Since Inception	16.77%
Inception Date	01 January 2003
FUM (millions)	AU$466.2
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 returned a record +10.59% in August, the Fund's best month since inception in January 2003. The Fund has returned +28.97% over the past 12 months with an up-capture ratio of +103.97% and a down-capture ratio of -149.86% (a negative down-capture ratio indicates that the Fund, on average, has risen during the market's negative months). Since inception, the Fund has returned +16.77% p.a. versus the Index's +8.32%. Both the long and short books made positive contributions in August, which reflected Bennelong's experience during company reporting season in which they enjoyed a strong hit rate in terms of hits and misses vs market expectations. Top performing pairs included long TPG Telecom / short Telstra, long ALS Limited / short Aurizon, long Bluescope Steel / short Sims Metal. The only notable detracting pair was long Origin Energy / short AGL Energy. In their latest report, Bennelong provide an overview the Fund's returns and their correlation to the share market. They show that, over 12 months, the Fund has been positive in 69.7% of the market's positive months, positive in 22.9% of the market's negative months and negative in 0% of the market's negative months. This highlights the Fund's capacity to achieve strong positive returns regardless of the market's direction. Read the latest report for more.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Bennelong Long Short Equity Fund August 2018

11 Sep 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...

Performance Report: Insync Global Capital Aware Fund

10 Sep 2018 - Australian Fund Monitors

The Insync Global Capital Aware Fund has risen +18.11% over the past 12 months, and +10.35% p.a. since inception in October 2009.

10 Sep 2018 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	10 September 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	-0.78%
Latest 6 Months	7.67%
Latest 12 Months	18.11%
Latest 24 Months	27.32%
Annualised Since Inception	10.35%
Inception Date	07 October 2009
FUM (millions)	AU$28.7
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Capital Aware Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	The Insync Global Capital Aware Fund has risen +18.11% over the past 12 months, and +10.35% p.a. since inception in October 2009. Insync noted that, after being considerably ahead of the benchmark for most of July, the sell-off in Facebook and four other holdings in the last three days of the month saw the Fund end July down -0.78%, having been up close to 4% prior to these three days. Insync highlight this as an example of the broader market temporary swing from growth to value stocks. Positive contributions from the Fund's holdings in Alphabet, Microsoft, Amadeus IT and Visa helped offset the Fund's losses, underlining Insync's strong approach to portfolio construction. Insync noted the Fund's core holdings remain, including Facebook. In Insync's view, Facebook exemplifies Insync's disciplined process and unique methodology of assessing ROIC and utilising Megatrends (Insync's unique investment process). Insync believe Facebook remains an excellent quality growth investment. Insync remain positive about their stock holdings and believe they will continue to benefit from global Megatrends. Insync's valuation approach, which seeks to capture the long-term growth of these companies, continues to show a valuation discount. They noted they continue to invest in companies with strong growth prospects and which are less sensitive to market fluctuations. Should the market continue to perform, the Fund will participate in the rally, however, the Fund is also prepared in the event the market suffers a significant correction.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Insync Global Capital Aware Fund July 2018

6 Sep 2018 - 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 Concentrated Australian Equities Fund

5 Sep 2018 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund has risen +31.90% over the past year, outperforming the ASX200 Accumulation Index by +17.31%. Since inception in January 2009, the Fund has returned +18.76% p.a. versus the Index's +11.05%.

5 Sep 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 September 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	-0.21%
Latest 6 Months	12.86%
Latest 12 Months	31.90%
Latest 24 Months	39.89%
Annualised Since Inception	18.76%
Inception Date	30 January 2009
FUM (millions)	AU$690.84
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 has risen +31.90% over the past year, outperforming the ASX200 Accumulation Index by +17.31%. Since inception in January 2009, the Fund has returned +18.76% p.a. versus the Index's +11.05%. The Fund's Sharpe and Sortino ratios since inception, 1.15 and 1.94 respectively, by comparison with the Index's Sharpe of 0.70 and Sortino of 1.00 for performance over the same period, show that the Fund has succeeded in achieving superior risk-adjust returns than the market with better downside protection. This is supported by the Fund's up-capture and down-capture ratios since inception which indicate that, on a cumulative basis, the Fund has outperformed in both rising and falling markets. In July, the Fund returned -0.21%. At the end of the month the Fund's weightings had been increased in the Discretionary, Health Care and Industrials sectors, and decreased in the Consumer Staples, Materials and Financials sectors. 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). The portfolio consists of a selection of 22 stocks out of a universe of 297.
More Information	Fund Profile Manager's Report

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News

20 Sep 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2018

19 Sep 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

18 Sep 2018 - Performance Report: NWQ Fiduciary Fund

14 Sep 2018 - Performance Report: Glenmore Australian Equities Fund

13 Sep 2018 - Bennelong Twenty20 Australian Equities Fund August 2018

12 Sep 2018 - Performance Report: Bennelong Long Short Equity Fund

11 Sep 2018 - Fund Review: Bennelong Long Short Equity Fund August 2018

10 Sep 2018 - Performance Report: Insync Global Capital Aware Fund

6 Sep 2018 - Fund Review: Insync Global Capital Aware Fund July 2018

5 Sep 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

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