NEWS
Performance Report: NWQ Fiduciary Fund
16 Jan 2020 - Australian Fund Monitors
The NWQ Fiduciary Fund Rose +1.68% in December, outperforming the ASX200 Accumulation Index by +3.85% and taking annualised performance since inception in May 2013 to +5.72% with an annualised volatility of 4.78%.
Read more...
16 Jan 2020 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund aims to produce returns after management fees and expenses of RBA Cash Rate + 4.0-5.0% 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 | NWQ noted market volatility was muted in December across the equity, currency and fixed income complexes. Positive reactions from investors on the US/China trade negotiations, the re-election of the Tory Government in the UK, and the additional liquidity provided by the Fed through its repo market interventions were generally supportive of global equities. The Fund's Alpha managers (+2.29% contribution) disproportionately contributed to overall performance, as is to be expected given their market neutral profile. |
| More Information |
Performance Report: Bennelong Long Short Equity Fund
15 Jan 2020 - Australian Fund Monitors
The Bennelong Long Short Equity Fund rose +2.36% in December, outperforming the ASX200 Accumulation Index by +4.53% and taking annualised performance since inception in February 2002 to +15.55% versus the ASX200 Accumulation Index's +8.35%.
Read more...
15 Jan 2020 - Performance Report: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | During the month, 20 out of 30 pairs were profitable, with no disproportionate individual pair contribution. Almost all positive pairs derived profit from the short side and vice versa loss-making pairs were driven by the long side. Portfolio activity included the introduction of a new pair in the materials sector. The top performing pair for the month was long ALS (ALQ) / short Aurizon (AZJ), while the worst performing pair was long Brambles (BXB) / short Amcor (AMC). |
| More Information |
Performance Report: Insync Global Capital Aware Fund
20 Dec 2019 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +4.54% in November, outperforming AFM's Global Equity Index by +0.14% and taking CYTD performance to +33.59% vs the Index's +27.55%. The Fund has returned +11.38% p.a. with an annualised volatility...
Read more...
20 Dec 2019 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | September and October saw a cyclical rotation towards value-based stocks which affected the short-term performance of the Fund. However, Insync noted the one area of consistency in this cycle has been the performance of quality growth companies. Their view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. Positive contributors in November included Walt Disney, Adobe, Accenture and Amadeus. Detractors included Stryker, Zoetis, IDEXX Laboratories and Booking Holdings. Insync continues to have no currency hedging in place as they consider the main risks to the Australian dollar to be on the downside. |
| More Information |
Performance Report: Quay Global Real Estate Fund
20 Dec 2019 - Australian Fund Monitors
The Quay Global Real Estate Fund returned +1.1% in November, assisted by a +1.6% currency tailwind predominantly from a weaker Australian dollar. The Fund has risen +25% over the past 12 months and has returned +11.74% p.a. since inception...
Read more...
20 Dec 2019 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 Fund's exposure to Hong Kong continues to be a mild drag on performance, however, Quay believe the Fund's current exposures offer a good risk/reward payoff for patient investors willing to look past the current noise. Notwithstanding the issues in HK, the Fund's worst performers during November were US Healthcare investees - largely due to investors shying away from classic defensive exposures due to the emerging confidents in the US economy. The Fund's best performing region was the UK as investors took comfort in Prime Minister Johnson's call for a general election. The portfolio remained largely unchanged throughout the month, although Quay noted they have taken the opportunity with recent fund flows to increase their cash weighting. They believe the low interest rate environment and subsequent search for yield is creating distortions across listed real estate valuations. Quay remain confident the portfolio is well positioned to deliver on the Fund's mandate. |
| More Information |
Performance Report: Touchstone Index Unaware Fund
20 Dec 2019 - Australian Fund Monitors
The Touchstone Index Unaware Fund rose +4.04% in November, outperforming the ASX200 Accumulation Index by +0.76% and taking 12-month performance to +26.27% versus the Index's +25.98%.
Read more...
20 Dec 2019 - Performance Report: Touchstone Index Unaware Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | As at the end of November, the Fund held 21 stocks with a median position size of 4.7%. The portfolio's holdings had an average forward year price/earnings of 17.4, forward year EPS growth of 5.5%, forward year tangible ROE of 22.5% and forward year dividend yield of 3.8%. The Fund's cash weighting was increased to 6.1% from 5.3% as at the end of October. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends. |
| More Information |
Performance Report: Glenmore Australian Equities Fund
20 Dec 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund has risen +42.67% CYTD versus the ASX200 Accumulation Index's +26.13%. Since inception in June 2017, the Fund has returned +27.95% p.a. against the Index's +12.09%.
Read more...
20 Dec 2019 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 returned -1.65% in November. Top contributors included NRW Holdings (+32.4%) and Bravura Solutions (+20.7%). Key detractors included Polynovo (-20.8%) and AP Eagers (-20.1%). In Glenmore's view, the progress being made between the US and China on a trade deal and the view that monetary policy globally will remain favourable for the foreseeable future drove strength on the NASDAQ and other indices during the month. In Australia, Glenmore believe weak earnings trends and capital raisings were to blame for the banks' underperformance and, in the case of Westpac, they noted the beginning of AUSTRAC's civil proceedings impacted sentiment. |
| More Information |
Performance Report: Bennelong Concentrated Australian Equities Fund
20 Dec 2019 - Australian Fund Monitors
The Bennelong Concentrated Australian Equities Fund returned +6.28% in November, outperforming the ASX200 Accumulation Index by +3.00% and taking 12-month performance to +28.01% versus the Index's +25.98%.
Read more...
20 Dec 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | As at the end of the month, the Fund's weightings had been increased in the Discretionary, Health Care, Consumer Staples and Materials sectors, and decreased in the Industrials, IT, Communication, REIT's and Financials sectors. The Fund's top holdings at the end of the month included CSL, BHP Billiton and James Hardy Industries PLC. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks, underestimated earnings momentum and underestimated prospects. By comparison with the ASX300 Accumulation Index, the portfolio's holdings, on average, have a higher return on equity, lower debt/equity, higher sales growth, higher EPS growth, higher price/earnings and lower dividend yield which collectively indicate that the Fund is in line with its investment objectives. |
| More Information |
Performance Report: NWQ Global Markets Fund
20 Dec 2019 - Australian Fund Monitors
The NWQ Global Markets Fund rose +4.75% in November, outperforming the ASX 200 Accumulation Index by +1.47%. Since inception in September 2018 the Fund has returned +4.14% p.a. with an annualised volatility of 9.43%.
Read more...
20 Dec 2019 - Performance Report: NWQ Global Markets Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 performed well given the low volatility environment throughout the month, profiting from relative value trades in the US and European equities as well as from high-frequency systematic trading across Asian equity markets. The Fund's currency and commodity positions were also profitable while there were modest losses from the Fund's fixed income positions. The Fund is a 'long volatility' strategy and higher levels of market volatility than those seen in recent months assist in delivering persistent outperformance over time. However, NWQ noted, the diversity of the underlying managers along the dimensions of strategy, trading approach and trading horizon means that the Fund has the potential to generate returns irrespective of market regime. |
| More Information |
Performance Report: Bennelong Twenty20 Australian Equities Fund
19 Dec 2019 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +3.82% in November, outperforming the ASX200 Accumulation Index +0.54% and taking annualised performance since inception in November 2009 to +10.92% versus the Index's +8.61%.
Read more...
19 Dec 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | As at the end of November, the Fund's weightings had been increased in the Consumer Staples, Health Care, Materials and Energy sectors, and decreased in the Communication and Financials sectors. The Fund's weightings in the Discretionary, IT and Industrials sectors remained unchanged. The Fund's top holdings at the end of the month included Commonwealth Bank, CSL, BHP Billiton, Westpac, Goodman, Aristocrat Leisure, NAB and James Hardie Industries PLC. |
| More Information |
Performance Report: Insync Global Quality Equity Fund
19 Dec 2019 - Australian Fund Monitors
The Insync Global Quality Equity Fund rose +4.62%, outperforming AFM's Global Equity Index by +0.22% and taking 12-month performance to +33.86% versus the Index's +22.88%. Since inception in October 2009, the Fund has returned +13.90% p.a....
Read more...
19 Dec 2019 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 typically of 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. |
| Manager Comments | September and October saw a cyclical rotation towards value-based stocks which affected the short-term performance of the Fund. However, Insync noted the one area of consistency in this cycle has been the performance of quality growth companies. Their view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. Positive contributors in November included Walt Disney, Adobe, Accenture and Amadeus. Detractors included Stryker, Zoetis, IDEXX Laboratories and Booking Holdings. Insync continues to have no currency hedging in place as they consider the main risks to the Australian dollar to be on the downside. |
| More Information |
