NEWS

Performance Report: Quay Global Real Estate Fund
23 Oct 2019 - Australian Fund Monitors
The Quay Global Real Estate Fund returned +0.9% in September, including a -0.1% return from currency. Since inception in January 2016, the Fund has returned +11.73% p.a. with an annualised volatility of 10.31%.
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23 Oct 2019 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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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 three best contributors for the month in order were Brixmor (US Retail), Unite Group (UK Student Housing) and Coresite (US Data Centres). The largest detractors were Leg Immobilon (German Apartments), Scentre (Aust Retail) and Shurgard (Euro Storage). The investment team noted that during the month they met with investees, their competitors and potential investment opporunities from the US, UK, Europe and Hong Kong. There were no new additions or deletions from the Fund during the month. |
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Performance Report: Bennelong Australian Equities Fund
23 Oct 2019 - Australian Fund Monitors
The Bennelong Australian Equities Fund rose +2.23% in September, outperforming the ASX200 Accumulation Index by +0.39% and taking annualised performance since inception in February 2009 to +13.74% versus the Index's +11.01%.
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23 Oct 2019 - 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 | Over the September quarter than Fund returned +4.55% against the Index's +2.37%. Bennelong noted most portfolio holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Bennelong added that these results provided evidence of strong business momentum, better than expected near-term outlooks and bright longer-term prospects. Top contributors included Treasury Wine Estates, Reliance Worldwide and Afterpay. Bennelong believe it is becoming increasingly important to be selective when investing in equities, particularly given earnings risks appear to be on the way up. They have positioned the Fund appropriately and see it offering an attractive risk-reward proposition. |
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Performance Report: Bennelong Twenty20 Australian Equities Fund
22 Oct 2019 - Australian Fund Monitors
The Bennelong Twenty20 Australian Equities Fund rose +3.13% in September, outperforming the ASX200 Accumulation Index by +1.29%. Since inception in November 2009, the Fund has returned +10.66% p.a. versus the Index's +8.44%.
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22 Oct 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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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 | Over the September quarter the Fund rose 5.5%, outperforming the Index by +3.13%. This outperformance owes itself to the outperformance of the ex-20 stocks chosen for the portfolio. Bennelong noted most of these ex-20 stock holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Top contributors included BWX, Afterpay and Resmed. Major detractors included REITs (particularly Goodman and Dexus Property) and the Gold sector (in which the Fund is underweight but which performed strongly). |
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Performance Report: Glenmore Australian Equities Fund
21 Oct 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +2.60% in September, outperforming the ASX200 Accumulation Index +0.76% and taking annualised performance since inception in June 2017 to +31.76% versus the Index's +11.63%.
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21 Oct 2019 - 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 Sharpe and Sortino ratios for performance since inception, 2.08 and 3.97 respectively, by contrast with the Index's Sharpe of 1.15 and Sortino of 1.80 for performance over the same period, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. The Fund's up-capture and down-capture ratios, 212.5% and 66.1% respectively, indicate that, on average, the Fund has significantly outperformed in both rising and falling markets. Top contributors in September included VGI Partners, Dicker Data and AP Eagers. Detractors included Bravura Solutions, Hotel Property Investments and People Infrastructure. |
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Performance Report: 4D Global Infrastructure Fund
18 Oct 2019 - Australian Fund Monitors
The 4D Global Infrastructure Fund rose +2.22% in September, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +1.75% and taking annualised performance since inception in March 2016 to +14.68%.
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18 Oct 2019 - 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 in September was Brazilian toll road operator Ecorodovias, up +13.7% following finalisation of the Leniency Agreement in Parana state in August as well as a month-end auction win of the BR364/365 toll road which extends their growth pipeline. The weakest performer was Chinese gas distributor ENN Energy, down -9.4% due to a planned stakeholder change in the Group which raised concerns on governance. 4D noted that, despite a slowing global macro environment, it remains supportive of their overweight positioning to user pay assets. However, ongoing geo-political issues see them limiting exposure to certain regions (e.g. UK). |
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Fund Review: Insync Global Capital Aware Fund September 2019
16 Oct 2019 - 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 strongĀ focus on dividend...
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16 Oct 2019 - Fund Review: Insync Global Capital Aware Fund September 2019
By: Australian Fund Monitors
AFM Fund Review - September 2019 (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.


Performance Report: Bennelong Kardinia Absolute Return Fund
14 Oct 2019 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund has returned +9.04% p.a. with an annualised volatility of 7.01%. By contrast, the ASX200 Accumulation Index has returned +6.41% p.a. with an annualised volatility of 13.14%.
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14 Oct 2019 - 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 | The Fund returned -0.35% in September, with the short book dragging on performance. Top contributors included Paradigm Biopharmaceuticals (+25bp contribution), City Chic (+21bp), Westpac (+19bp), Nickel Mines (+17bp) and Independence Group (+17bp). Detractors included Appen (-16bp), Evolution (-15bp), Atlas Arteria (-14bp) and Charter Hall (-14bp). The largest detractor was the individual short book (-44bp), with Bellamy's the subject of a takeover bid and shorts in technology, oil and gold stocks impacting performance. Net equity market exposure was increased from 20.3% to 47.9% (51.5% long and 3.6% short), with the key changes being new positions in Boral, Corporate Travel, Cleanaway and Woodside Petroleum, increased weightings in Macquarie Group, James Hardie and Aristocrat, the closure of the Fund's short position in Share Price Index Futures, partially offset by the sale of Westpac and Telstra. |
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Performance Report: DS Capital Growth Fund
11 Oct 2019 - Australian Fund Monitors
The DS Capital Growth Fund rose +2.45% in September, outperforming the ASX200 Accumulation Index by +0.61%. Since inception in December 2012, the Fund has returned +15.28% p.a. versus the Index's +10.69%.
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11 Oct 2019 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
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Fund Overview | The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
Manager Comments | Over the quarter the Fund rose +3.75% versus the Index's +2.37%. DS Capital noted the main influence on stock markets during the quarter continued to be interest rates, ongoing trade negotiations between the US and China and the slowdown in global economic growth. Most of the Fund's holdings delivered good results during reporting season that were in line with DS Capital's expectations. The Fund's cash level finished the quarter at 19%. DS Capital believe central banks will continue trying to stimulate growth by cutting rates, however, they noted, with most official rates at almost zero, rates are seemingly less effective at stimulating growth and therefore other forms of stimulus may be required. DS Capital are working on several new opportunities that they hope to progress to investments for the Fund and will provide more information on these in forthcoming updates. |
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Performance Report: Cyan C3G Fund
8 Oct 2019 - Australian Fund Monitors
The Cyan C3G Fund rose +8.64% in September, outperforming the ASX200 Accumulation Index by +6.78% and taking annualised performance since inception in August 2014 to 21.23%.
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8 Oct 2019 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
Manager Comments | There were numerous positive contributors to performance and few detractors in September. Seven of the Fund's holdings rose more than 30% over the course of the month and another 6 delivered impressive double-digit percentage gains. Top contributors included Alcidion (+65%), Oventus (+49%), Quickstep (+44) and Quickfee (+31%). Cyan noted external factors such as global political uncertainty and trade wars continue to cause bursts of volatility in equity markets. Their view is that, with historically low interest rates, investors are simply not being rewarded for conservative investment decisions. They added that, whilst the market may be trading at a slight premium to long term averages in terms of price to earnings ratios, low interest rates support company valuations and thus Cyan continue to see excellent investment opportunities at the smaller end of the market. |
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Performance Report: Spectrum Strategic Income Fund
4 Oct 2019 - Australian Fund Monitors
The Spectrum Strategic Income Fund rose +0.24% in August, taking annualised performance since inception in June 2009 to +7.98% with an annualised volatility of 3.02%.
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4 Oct 2019 - Performance Report: Spectrum Strategic Income Fund
By: Australian Fund Monitors
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Manager Comments | Spectrum noted the portfolio remains well diversified with a spread of securities by industry sector and legal structure. Bank T2 capital remains at 24% whilst senior unsecured remains at 37%. The Fund continues to maintain a healthy 9% in ASX listed securities. The portfolio continues to maintain an average credit rating of A-. Top 10 holdings as at the end of August included National Australia Bank, DBS Group Holdings, AAI Ltd, QPH Finance Co Pty Ltd, Paccar Financial, Suncorp Metway, Toyoto Finance Australia, Multiplex Sites Trust and Bank of Queensland. The Fund's cash position was 12.7%. Spectrum believe the cash position of 12.7% puts the Fund in a good position to take advantage of movements in spreads or rates. They added that this cash position also offers a level of protection during times of uncertainty. |
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