The 4D Global Infrastructure Fund rose +1.38% in July, outperforming its benchmark by +0.67% and taking annualised performance since inception in March 2018 to +11.70%. The strongest performer for July was Indonesian toll road operator Jasa Marga, up +12.2% for the month. The weakest performer was Chinese infrastructure conglomerate Shenzhen International, down -11%. Read their latest report for their thoughts on the markets over the past month.

Given the global macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns, plus near-term elections, sees them maintain core exposure to quality defensive utility assets.

The Manager's outlook for global listed infrastructure over the medium term remains positive. They noted there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, resulting in an increasing need for private sector capital as part of the funding solution.

The KIS Asia Long Short Fund rose +0.42% in July, taking annualised performance since inception in October 2009 to +13.11% versus the ASX200 Accumulation Index's +7.81% per annum. This return has been achieved with an annualised volatility of 5.19% versus the Index's 11.53%. The Fund has demonstrated a strong focus on downside protection; Sortino ratio of 4.28 versus the Index's 0.60, and down-capture ratio since inception of -95.13%. A negative down-capture ratio indicates that, on average, the Fund has achieved positive performance in the market's negative months.

Top contributors in July included TPG Telecom (+22bp contribution) and PetroChina. Read KIS Capital's latest Insights article, 'High on Fibre, Low on NBN' for their thoughts on TPG. The largest detractor for the month was OneMarket Ltd (-44bp), which suffered from a significant overhand from risk arbitrage funds exiting their holdings. KIS noted OneMarket Ltd is now trading significantly below its cash position and has a solid management team, thus they remain positive on this position.

The Fund's largest short as of 31st July was in Woolworths. Read KIS Capital's Insights article, 'WOW or WES? And The Award For Most Underpaid Employee Goes To...' for their view on Woolworths and Coles.

The Frazis Fund returned +2.04% in its first month, with top contributors including Afterpay (+1.9%), Cooper Energy (+0.9%) and HCA Healthcare (+0.7%), as well as the Fund's equity shorts (+1.9%). The Fund is 100% invested in the Manager's favourite themes, while hedging in three ways: direct shorts, VIX upside and index hedges. Read the monthly report for the Manager's reasoning behind this hedging strategy.

In the Fund's latest report the Manager highlights Weibo; one of the Fund's new stocks. Weibo is a US$17 billion social media platform in China. Read the full monthly report for the Manager's full view on the company.

Frazis also highlighted their concerns surrounding US unemployment data, noting that US unemployment is now below 4%. They noted that previous lows marked times when economic fundamentals looked excellent, but subsequent returns for investors were poor. The Fund is being positioned carefully for this environment.