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

Performance Report: Touchstone Index Unaware Fund

4 Sep 2018 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +1.47% in July, slightly outperforming the ASX200 Accumulation Index. Since inception in April 2016, the Fund has returned +13.36% per annum.

4 Sep 2018 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	04 September 2018
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	1.47%
Latest 6 Months	3.53%
Latest 12 Months	13.49%
Latest 24 Months	24.74%
Annualised Since Inception	13.36%
Inception Date	04 April 2016
FUM (millions)	AU$4.57
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 +1.47% in July, slightly outperforming the ASX200 Accumulation Index. Since inception in April 2016, the Fund has returned +13.36% per annum. The Fund's cumulative up-capture and down-capture ratios since inception show that the Fund has captured more of the market's upside than downside on average; approximately 88.0% of the market's upside and 79.5% of the downside. At the end of the month the Fund held 20 stocks with an median position size of 4.7%. Overall, the portfolio's holdings had an average price/earnings of 15.8, EPS growth of 15.1%, tangible ROE of 19.8% 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: Wheelhouse Global Equities Income Fund

3 Sep 2018 - Australian Fund Monitors

The Wheelhouse Global Equities Income Fund rose +1.36% in July, taking the Fund's 12-month return to +16.41%.

3 Sep 2018 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	03 September 2018
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	July 2018
Latest Return	1.36%
Latest 6 Months	8.49%
Latest 12 Months	16.41%
Latest 24 Months
Annualised Since Inception	8.63%
Inception Date	26 May 2017
FUM (millions)	AU$5.47
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 Equities Income Fund rose +1.36% in July, taking the Fund's 12-month return to +16.41%. The Fund's return in July comprised +1.89% from the portfolio (in USD) and -0.53% from the strengthening Australian dollar. 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, returns are expected to add relative value in weak and low-growth markets, and to drag in more positive markets. Over the past 12 months and since inception, the Fund has maintained lower volatility than the market. In addition, the Fund has captured 66.4% of the markets upside and only 1.1% of its downside over the past 12 months. Top performers in July included IQVIA Holdings, Pfizer, Transdigm Group, United Technologies and Eli Lilly. Detractors included Polaris Industries, Twenty-First Century Fox, Julius Baer Gruppe, Facebook and Kao Corp.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

31 Aug 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund has returned +14.47% per annum since inception in July 2014 versus the Global Equity benchmark's return of +13.81% p.a. over the same period.

31 Aug 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	31 August 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	July 2018
Latest Return	-0.30%
Latest 6 Months	13.60%
Latest 12 Months	16.10%
Latest 24 Months	11.93%
Annualised Since Inception	14.47%
Inception Date	31 July 2014
FUM (millions)	AU$28
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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	The Quay Global Real Estate Fund has returned +14.47% per annum since inception in July 2014 versus the Global Equity benchmark's return of +13.81% p.a. over the same period. In July the Fund returned -0.3%, with a local return of +0.4% before factoring in the effect of currency. Top contributors included Empiric Student Property (UK). Laggards included Cubesmart and Scentre Group. Quay believe the market is divided on Scentre Group's prospects, however, their view is that Scentre is well positioned to deliver very attractive total returns with its uniquely positioned business model and high-quality assets. Quay have been satisfied with their investees' results throughout reporting season. Most of the Fund's investees are meeting or exceeding Quay's expectations and lifting guidance. They highlight the sharp decline in new home sales in the US (an eight month low) as rising construction costs and higher interest rates reduce affordability. Quay see that this is an indication the environment is ripe for the residential accommodation sector. They're beginning to see this play out in recent results, with Multifamily/Apartment REITs reporting a clear improvement in rental growth occupancy. Quay believe that the industrial sector is the most likely real estate sector to be impacted by trade and tariffs. However, the Fund's exposure is relatively small due to near euphoric valuation and a clear surge in new supply, particularly in the US.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

30 Aug 2018 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +0.66% in July, taking 12-month performance to +19.67% versus the ASX200 Accumulation Index's +14.59%.

30 Aug 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	30 August 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	July 2018
Latest Return	0.66%
Latest 6 Months	8.04%
Latest 12 Months	19.67%
Latest 24 Months	27.68%
Annualised Since Inception	11.04%
Inception Date	02 December 2015
FUM (millions)	AU$3.93
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund rose +0.66% in July, taking 12-month performance to +19.67% versus the ASX200 Accumulation Index's +14.59%. Since inception in November 2009, the Fund has returned +11.04% p.a. versus the Index's +8.14%. This return has been achieved with a similar level of volatility as the market. The Fund's up-capture and down-capture ratios since inception indicate that, on a cumulative basis, the Fund has outperformed in both rising and falling markets. As at the end of July, the Funds weightings were increased in the Industrials, Telco's and REIT's sectors, and decreased in the Discretionary, Consumer Staples, Health Care, IT, Energy, Financials and Materials sectors. The Fund's top holdings include CBA, BHP, Westpac, CSL, Reliance Worldwide, ANZ, NAB and Aristocrat Leisure. The Fund combines a passive investment in the S&P/ASX20 Index and an actively managed investment in the S&P/ASX ex-20. The passive position is achieved by investing individually in each of the ASX20 Index's Individual stocks with approximately the same weightings they represent in the S&P/ASX300. Currently, this weight is approximately 60% of the Fund's portfolio. The active position in ex-20 stocks aims to allow the Fund to outperform the broader market.
More Information	Fund Profile Manager's Report AFM Research Reports

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News

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

4 Sep 2018 - Performance Report: Touchstone Index Unaware Fund

3 Sep 2018 - Performance Report: Wheelhouse Global Equities Income Fund

31 Aug 2018 - Performance Report: Quay Global Real Estate Fund

30 Aug 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

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