NEWS
Performance Report: Bennelong Emerging Companies Fund
21 Feb 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%.
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21 Feb 2020 - 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 | The Bennelong Emerging Companies Fund returned +1.64% in January, taking 12-month performance to +79.31% versus the ASX200 Accumulation Index's +24.72%. Since inception in November 2017, the Fund has returned +35.85% p.a. versus the index's +12.46%. The Fund's top holdings at the end of the month included Viva Leisure, Bwx and Mader. Bennelong believe the portfolio is well positioned to provide attractive returns over time. 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. In their latest report, they give a brief overview of what they believe to be the key benefits of investing in emerging companies. Some of those include greater diversity, more growth potential and less broker coverage and investor attention. |
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Performance Report: Bennelong Kardinia Absolute Return Fund
20 Feb 2020 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose +5.40% in January, outperforming the ASX200 Accumulation Index by +0.42% and taking annualised performance since inception in May 2006 to +9.11% with an annualised volatility of 7.12%.
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20 Feb 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Positive contributors over the month included CSL, James Hardie, Commonwealth Bank, City Chic and Polynovo. Key detractors included Zip Co, Oz Minerals, Rio Tinto and Qantas. The Fund's short book also detracted -30bp from performance. The Fund's net equity market exposure was reduced from 74.2% to 30.9% (64.4% long and 33.5% short), with the key changes being lower weightings in BHP and Rio Tinto, a new short position in Share Price Index Futures, partially offset by new positions in Coles and Santos. |
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Performance Report: Loftus Peak Global Disruption Fund
19 Feb 2020 - Australian Fund Monitors
The Loftus Peak Global Disruption Fund rose +5.98% in January, outperforming the ASX200 Accumulation Index by +1.00% and taking annualised performance since inception in November 2016 to +23.52% versus the Index's +16.82%.
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19 Feb 2020 - Performance Report: Loftus Peak Global Disruption Fund
By: Australian Fund Monitors
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| Fund Overview | The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk. |
| Manager Comments | Loftus Peak noted China's effort to contain the coronavirus negatively impacted performance during the last week of January. They believe this prompted panicked investors to sell great companies on short-term fears. Top contributors during the month included Google, Amazon, Microsoft and Tesla. Detractors included TSMC, Roku and Xilinx. The Australian dollar depreciated -4.3% over the month against the US dollar which increased the value of the Fund's US dollar holdings. As at 31 January 2020, the Fund carried foreign currency exposure of 99%. At month end the Fund was 89% invested in 23 holdings with the balance in cash. |
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Fund Review: Insync Global Capital Aware Fund January 2020
19 Feb 2020 - 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...
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19 Feb 2020 - Fund Review: Insync Global Capital Aware Fund January 2020
By: Australian Fund Monitors
AFM Fund Review - January 2020 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2020 (pdf format)
Performance Report: Glenmore Australian Equities Fund
18 Feb 2020 - Australian Fund Monitors
The Glenmore Australian Equities Fund returned +3.05% in January, taking 12-month performance to +40.58% versus the ASX200 Accumulation Index's +24.72%. Since inception in June 2017, the Fund has returned +26.62% p.a. versus the Index's +12.42%.
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18 Feb 2020 - 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's up-capture and down-capture ratios for performance since inception, 175% and 72% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets. The Fund's Sharpe ratio of 1.81 and Sortino ratio of 3.48 for performance since inception highlight its capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside. By contrast, the Index's Sharpe and Sortino ratios for performance over the same period are 1.22 and 2.00 respectively. Top contributors over the month included Polynovo, People Infrastructure, Arena REIT, Moelis Australia and Hotel Property Investments. Detractors included AP Eagers, Stanmore Coal and VGI Partners. Glenmore noted January is typically a quiet month in terms of news flows, however in February they expect to see the vast majority of the Fund's holdings report their results which they believe will provide a key indication of how the Fund's investments are performing. |
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Performance Report: Bennelong Australian Equities Fund
17 Feb 2020 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +5.79% in January, outperforming the ASX200 Accumulation Index by +0.81% and taking 12-month performance to +29.94% versus the Index's +24.72%. Since inception in February 2009, the Fund has...
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17 Feb 2020 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | As at the end of January, the portfolio's weightings had been increased in the Health Care, Materials, IT and Industrials sectors, and decreased in the Discretionary, Industrials, Consumer Staples, REIT's and Financials sectors. The Fund's top holdings included CSL, BHP Billiton and Aristocrat Leisure. |
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Performance Report: 4D Global Infrastructure Fund
14 Feb 2020 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +5.11% in January, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +4.48%. Since inception in March 2016, the Fund has returned +15.47% p.a. with an annualised volatility of 8.91%.
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14 Feb 2020 - Performance Report: 4D Global Infrastructure Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund. |
| Manager Comments | The strongest portfolio performer for January was European tower operator Cellnex (+17.1%) as the market recognises management's strong execution of its growth strategy. The weakest performer was US midstream operator Williams (-12.8%) as the market becomes increasingly concerned about the financial viability of some of its counter parties in the Marcellus/Utica region in a low commodity price environment. 4D Infrastructure think the sell-off has been overdone. 4D Infrastructure remain positive about the market outlook for 2020. With some of the big macro issues having progressed, 4D expect to see a lift in market confidence and global economic activity. |
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Performance Report: Surrey Australian Equities Fund
14 Feb 2020 - Australian Fund Monitors
The Surrey Australian Equities Fund increased by +4.8% in January, taking the 12-month return to +20.01%. Since inception in June 2018, the Fund has returned +6.70% p.a. with an annualised volatility of 13.47%.
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14 Feb 2020 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
| Manager Comments | While they remain upbeat on the outlook for equity markets in 2020, after a very strong 2019 Surrey's stance is more cautious than at the beginning of last year. They are wary of the potential for the coronavirus outbreak to impact markets, however, they remain focused on the facts rather than the dramatic headlines. In their latest report they take a closer look at the impacts of past epidemics on global markets and point out that, despite the negative impacts in the short-term, the markets have often rebounded strongly. In February during reporting season the manager will be meeting with a large number of company management teams which they expect will allow them to reassess each of the Fund's positions according to Surrey's valuation roadmaps while also scouring for new investment ideas. |
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Performance Report: Australian Eagle Trust Long-Short Fund
14 Feb 2020 - Australian Fund Monitors
The Australian Eagle Long Short Fund rose +5.45% in January, outperforming the ASX200 Accumulation Index by +0.47%. Since inception in July 2016, the Fund has returned +20.74% p.a. versus the Index's +13.14%.
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14 Feb 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
By: Australian Fund Monitors
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| Manager Comments | The portfolio's largest positive contributions for the month came from long positions in ResMed, CSL and Altium. The largest detractors included long positions in Treasury Wine Estates and Nearmap and a short position in Link Administration Holdings. The Fund had 30 long positions and 21 short positions with largest exposure to medical devices & services and technology stocks. As at the end of January, the portfolio had relatively less exposure to banking and materials stocks. |
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Performance Report: NWQ Global Markets Fund
13 Feb 2020 - Australian Fund Monitors
The NWQ Global Markets Fund returned +7.32% in January, outperforming AFM's Global Equity Index by +3.59% and taking annualised performance since inception in September 2018 to +6.93% with an annualised volatility of 10.87%.
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13 Feb 2020 - Performance Report: NWQ Global Markets Fund
By: Australian Fund Monitors
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| Fund Overview | This is achieved through active allocations to a select number of liquid alternative managers that employ a variety of strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. |
| Manager Comments | The Fund is a highly diversifying return source that is designed to outperform in periods of elevated market volatility. It is a blended portfolio of managers trading any combination of FX, equity, bond, and commodity markets. NWQ noted the market environment in January was favourable for managers adopting a systematic trading approach (+10.30% contribution to performance) while those managers adopting a discretionary approach found it more challenging (-2.51% contribution to performance). The Fund's currency and commodity positions were profitable in January. The profits in the commodity space were largely derived from the oil and natural gas markets. There were modest losses from the Fund's equity and fixed income positions. |
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