Performance Report: Bennelong Australian Equities Fund

22 Aug 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +0.66% in July, taking 12-month performance to +29.32%.

22 Aug 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	22 August 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	0.66%
Latest 6 Months	15.77%
Latest 12 Months	29.34%
Latest 24 Months	34.66%
Annualised Since Inception	14.82%
Inception Date	30 January 2009
FUM (millions)	AU$449.46
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 Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
Manager Comments	The Bennelong Australian Equities Fund rose +0.66% in July, taking 12-month performance to +29.32%. Since inception in January 2009, the Fund has returned +14.81% per annum. By contrast, the ASX200 Accumulation Index has returned +14.70% over the past 12 months and +10.97% p.a. since the Fund's inception. The Fund's up-capture and down-capture ratios since inception show that, on a cumulative basis, the Fund has outperformed in both rising and falling markets. As at the end of July, the Fund's weightings had been increased in the Discretionary, Industrials, Materials and REIT's sectors, and decreased in the Financials, IT and Healthcare sectors. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. By comparison with the ASX300 Accumulation Index, the portfolio characteristics show that its holdings, on average, have a higher Return on Equity and lower Debt/Equity (Premium Quality), higher sales growth and higher EPS growth (Superior Growth), and higher Price/Earnings and lower dividend yield (Reasonable Valuation).
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

21 Aug 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund has risen +12.27% over the past 12 months and +6.97% p.a. since inception in May 2013 with significantly lower volatility than the market.

21 Aug 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	21 August 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	July 2018
Latest Return	-0.58%
Latest 6 Months	1.92%
Latest 12 Months	12.27%
Latest 24 Months	8.40%
Annualised Since Inception	6.97%
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 has returned +12.27% over the past 12 month with a volatility of 3.48%. Since inception in May 2013, the Fund has returned +6.97% p.a. with an annualised volatility of only 4.66%. Although the ASX200 Accumulation Index has achieved moderately better performance over the same period (+8.33% p.a.), this is at the cost of significantly higher risk; annualised volatility of 10.92% for performance since the Fund's inception. The Fund's Sharpe and Sortino ratios, 1.06 and 1.97 respectively, by contrast with the Index's Sharpe of 0.61 and Sortino of 0.85, highlight the Fund's capacity to achieve superior risk-adjusted returns than the market whilst ensuring investors' capital is protected. This is also supported by the Fund's down-capture ratio since inception of -6.90% which says that the Fund, on average, has risen during the months the market has fallen. The Fund returned -0.58% in July. NWQ noted there was a higher level of volatility in the returns of the Alpha and Beta managers during the month, and it was unfortunate that the end of the month coincided with a shift in sentiment that was unfavourable for a select few of these managers. Pleasingly, NWQ noted, the majority of these losses were recovered in the first three trading days in August ahead of earnings season.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

20 Aug 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +1.35% in July, taking performance over the past 12 months to +38.37% and annualised performance since inception in June 2017 to +35.29%.

20 Aug 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	20 August 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	1.35%
Latest 6 Months	6.98%
Latest 12 Months	38.37%
Latest 24 Months
Annualised Since Inception	35.29%
Inception Date	06 June 2017
FUM (millions)	AU$5.2
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 +1.35% in July, taking performance over the past 12 months to +38.37% and annualised performance since inception in June 2017 to +35.29%. The ASX200 Accumulation Index has returned +14.59% over the past 12 months and has an annualised return since the Fund's inception of +12.54%. The Fund's Sharpe and Sortino ratios, 3.44 and 10.64 respectively, by contrast with the Index's Sharpe of 1.59 and Sortino of 2.85, highlight the Fund's capacity to achieve significantly greater risk-adjusted performance whilst focusing strongly on protecting investor capital from the market's downside. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has significantly outperformed in both rising and falling markets. Positive contributors in July included Pinnacle Investments (+15.3%), Pacific Current (+8.2%), Mastermyne (+9.3%), Navigator Global Investments (+8.4%), and WorleyParsons (+5.2%). Detractors included Appen (-18.8%) and Emeco Holdings (-6.7%).
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund July 2018

17 Aug 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: Insync Global Capital Aware Fund June 2018

16 Aug 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...

Fund Review: Bennelong Long Short Equity Fund July 2018

15 Aug 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

14 Aug 2018 - Australian Fund Monitors

The Insync Global Capital Aware Fund performed strongly again in June, returning +3.51% (after the cost of protection) and taking the 12-month return to +17.26%.

14 Aug 2018 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	14 August 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	June 2018
Latest Return	3.51%
Latest 6 Months	12.12%
Latest 12 Months	17.26%
Latest 24 Months	28.57%
Annualised Since Inception	10.55%
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 performed strongly again in June, returning +3.51% (after the cost of protection) and taking 12-month performance to +17.26%. The Fund's Sharpe and Sortino ratios over the financial year, 2.42 and 5.88 respectively, in conjunction with the Fund's 12-month down-capture ratio, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst focusing heavily on capital preservation. By contrast, the Global Equity Index's Sharpe and Sortino ratios for performance over the same period are 1.89 and 4.98 respectively. Performance was driven by positive contributions from Twenty-First Century Fox, Accenture, Monster Beverage Corp, Cognizant Tech Solutions and Google. The main negative contributors in the month were eBay, Estee/Lauder, Booking Holdings and Stryker Corp. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Insync continues to utilise index put options to buffer sharp deep falls in equity markets.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

10 Aug 2018 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +2.92% in June, taking annualised performance since inception in April 2016 to +13.15%.

10 Aug 2018 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	10 August 2018
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	June 2018
Latest Return	2.92%
Latest 6 Months	2.24%
Latest 12 Months	11.16%
Latest 24 Months	30.08%
Annualised Since Inception	13.15%
Inception Date	04 April 2016
FUM (millions)	AU$4.53
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund rose +2.92% in June, taking annualised performance since inception in April 2016 to +13.15%. The Fund's up-capture and down-capture ratios since inception, 79.13% and 79.54% respectively, highlight the Fund's capacity to capture most of the market's upside whilst limiting downside losses. This is also supported by the Fund's Sharpe and Sortino ratios of 1.30 and 2.57. At the end of the month the Fund held 21 stocks with an median position size of 4.4%. Overall, the portfolio's holdings had an average price/earnings of 15.7, EPS growth of 15.7%, tangible ROE of 22.5% and dividend yield of 4.8%. The Touchstone Index Unaware Fund primarily selects stocks from the S&P/ASX 300 Index and typically holds 10-30 stocks. It seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

7 Aug 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund has returned +6.46% with a volatility of 4.48% over the financial year. Since inception the Fund has returned +10.52% p.a. versus the Index's +5.93%.

7 Aug 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 August 2018
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2018
Latest Return	-0.77%
Latest 6 Months	1.02%
Latest 12 Months	6.46%
Latest 24 Months	9.56%
Annualised Since Inception	10.52%
Inception Date	01 May 2006
FUM (millions)	AU$194.3
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	Over the financial year the Bennelong Kardinia Absolute Return Fund returned +6.46% with a volatility of 4.48%. Since inception in May 2006, the Fund has risen +10.52% p.a. with an annualised volatility of 6.90%. By contrast, the ASX200 Accumulation Index has returned +5.93% p.a. with an annualised volatility of 13.41% over the same period. The Fund fell -0.77% in June, hurt by Bennelong's cautious positioning in response to escalating trade tensions. Positive contributors included Macquarie Group (+34bp contribution), Whitehaven Coal (+29bp), CYBG (+22bp), ANZ (+19bp) and Costa Group (+16bp). A short position in Share Price Index Futures (-152bp contribution) was the biggest detractor for the month given the strong market. The individual short book (-38bp) also detracted from performance, with shorts in energy, consumer and REIT stocks all contributing negatively. Other detractors included long positions in Ausdrill (-50bp), Mineral Resources (-25bp), APA Group (-21bp) and Netwealth (-17bp). Net equity market exposure (including derivatives) was increased late in the month from 12.9% to 40.3% (82.1% long and 41.8% short), with the addition of A2 Milk, ANZ, Magellan, Westpac and Xero, and a reduction in the Fund's short position in Share Price Index Futures contracts as well as some bond proxy and consumer stocks. Bennelong noted this was partly offset by the sale of Ausdrill, Janus Henderson, Kidman Resources and RCR Tomlinson.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Bennelong Concentrated Australian Equities Fund

6 Aug 2018 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +1.57% in June, taking performance over the financial year to +29.08% versus the Index's +13.01%.

6 Aug 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	06 August 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2018
Latest Return	1.57%
Latest 6 Months	12.90%
Latest 12 Months	29.09%
Latest 24 Months	51.43%
Annualised Since Inception	18.96%
Inception Date	30 January 2009
FUM (millions)	AU$556.25
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 +1.57% in June, taking performance over the financial year to +29.08% versus the ASX200 Accumulation Index's +13.01%. The Fund has returned +18.96% p.a. since inception in February 2009, outperforming the Index by +7.97% per annum. The Fund's up-capture and down-capture ratios since inception indicate that, on a cumulative basis, the Fund has significantly outperformed in both rising and falling markets. The Fund returned +13.81% over the quarter, outperforming the Index by +5.34%. The Fund benefited from strong returns from some of its largest holdings; CSL, Reliance Worldwide and Aristocrat Leisure. Bennelong noted these names typify the kind of stocks in which they seek to invest, all are high quality growth companies that proved again this quarter to have better than expected earnings prospects. The Fund is a concentrated portfolio of BAEP's highest conviction stock ideas. It is 'index unaware' and thus able to avoid large benchmark weights if considered appropriate. Over the quarter the Fund's underweight position in the banking sector (less than 1% of the portfolio) contributed to relative performance.
More Information	Fund Profile Manager's Report

Fund Monitors Pty Ltd

News

22 Aug 2018 - Performance Report: Bennelong Australian Equities Fund

21 Aug 2018 - Performance Report: NWQ Fiduciary Fund

20 Aug 2018 - Performance Report: Glenmore Australian Equities Fund

17 Aug 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2018

16 Aug 2018 - Fund Review: Insync Global Capital Aware Fund June 2018

15 Aug 2018 - Fund Review: Bennelong Long Short Equity Fund July 2018

14 Aug 2018 - Performance Report: Insync Global Capital Aware Fund

10 Aug 2018 - Performance Report: Touchstone Index Unaware Fund

7 Aug 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

6 Aug 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

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