Performance Report: Spectrum Strategic Income Fund

15 Apr 2019 - Australian Fund Monitors

The Spectrum Strategic Income Fund rose +0.74% in March, taking annualised performance since inception in June 2009 to +8.07% with an annualised volatility of 3.07%.

Performance Report: Bennelong Kardinia Absolute Return Fund

15 Apr 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +0.46% in March, taking annualised performance since inception in May 2006 to +9.20% versus the ASX200 Accumulation Index's +5.84%.

15 Apr 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	15 April 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	March 2019
Latest Return	0.46%
Latest 6 Months	-6.28%
Latest 12 Months	-5.35%
Latest 24 Months	-1.16%
Annualised Since Inception	9.20%
Inception Date	01 May 2006
FUM (millions)	AU$154.73
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	The Bennelong Kardinia Absolute Return Fund rose +0.46% in March, taking annualised performance since inception in May 2006 to +9.20% versus the ASX200 Accumulation Index's +5.84%. This return has been achieved with almost half the volatility as the market; 7.10% p.a. versus the Index's 13.30%. The Fund's Sortino ratio of 1.34 vs the Index's 0.23, average negative return of -1.44% vs the Index's -3.26% and down-capture ratio of 40.1% highlight the Fund's strong focus on protecting investor capital. Top contributors in March included Charter Hall (+25bp contribution), Atlas Arteria (+11bp), Goodman Group (+9bp), Rio Tinto (+24bp) and Audinate (+24bp). The short book made a positive contribution of +15bp, benefiting from shorts in financials and Share Price Index Futures. Detractors included ANZ (-25bp contribution), CBA (-19bp), IMF Bentham (-11bp), Woodside Petroleum (-9bp), WorleyParsons (-8bp), Northern Star (-9bp) and Whitehaven Coal (-8bp). Net equity market exposure was reduced from 42.6% to 38.9% (54.5% long and 15.6% short), with the key changes being new positions in Atlas Arteria, APA Group, Bluescope Steel, Charter Hall and Chorus, the sale of ANZ, Computershare, Orora and Whitehaven Coal as well as some new short positions.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Bennelong Long Short Equity Fund March 2019

12 Apr 2019 - 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: Cyan C3G Fund

11 Apr 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%.

11 Apr 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	11 April 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	3.20%
Latest 6 Months	-4.79%
Latest 12 Months	-6.01%
Latest 24 Months	20.84%
Annualised Since Inception	18.74%
Inception Date	24 July 2014
FUM (millions)	AU$37
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. 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	The Cyan C3G Fund rose +3.2% in March, outperforming the ASX200 Accumulation Index by +2.47% and taking annualised performance since inception in August 2014 to +18.74% vs the Index's +6.74%. The Fund's Sharpe and Sortino ratios, 1.45 and 2.86 respectively, relative to the Index's Sharpe ratio of 0.48 and Sortino ratio of 0.63 highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding much of the market's downside volatility. In addition, the Fund's down-capture ratio of -3.4% indicates that, on average, the Fund has risen during months where the market has fallen. Cyan noted general market conditions have improved and the extreme day-to-day volatility has subsided, however, post the February reporting season, individual stock performances at the smaller end have remained spotty. In March, a number of the Fund's positions rallied well and continue to enjoy strong momentum. Top contributors included Afterpay (+11%), AMA Group (12%), Atomos (+45%) and Splitit (+45%). The portfolio currently consists of 25 ASX listed emerging companies at varying stages of maturity along the growth stage of their lifecycle. Cyan have recently invested in a handful of opportunities which they saw emerge at the smaller end of the market and look forward to enjoying the rewards as they grow.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund March 2019

11 Apr 2019 - 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 March 2019

10 Apr 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 strong focus on dividend...

Bennelong Twenty20 Australian Equities Fund March 2019

9 Apr 2019 - 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: NWQ Global Markets Fund

5 Apr 2019 - Australian Fund Monitors

The NWQ Global Markets Fund rose +2.90% in March, outperforming the ASX200 Accumulation Index by +2.17%.

5 Apr 2019 - Performance Report: NWQ Global Markets Fund

By: Australian Fund Monitors

Report Date	05 April 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Global Markets Fund
Strategy	Multi Strategy
Latest Return Date	March 2019
Latest Return	2.90%
Latest 6 Months	2.14%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	3.02%
Inception Date	01 September 2018
FUM (millions)
Fund Overview	The NWQ Global Markets Fund (Fund), managed by NWQ Capital Management, is a diversified multi manager portfolio. The principal investment objective of the Fund is to produce returns commensurate with the volatility target of 15% p.a. as measured by the long term standard deviation of monthly returns. 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 NWQ Global Markets Fund rose +2.90% in March, outperforming the ASX200 Accumulation Index by +2.17% and taking cumulative performance since inception in September 2018 to +1.75% versus the market's +0.47%. NWQ noted the adoption of a more dovish tone by central banks in March stoked fears of a global slowdown. While this shift had been presaged in recent months, NWQ believe there now appears to be unanimous agreement among central bankers that global growth is under pressure. This, they say, sparked a broad rally in developed market government bonds with the US 10-year bond moving from 2.73% to 2.41% in March (as bond yields fall, bond prices rise). The rally in longer-term bonds saw the yield curve 'invert' meaning that short-term yields became higher than longer-term yields thereby signalling that investors see weaker growth on the horizon. Historically speaking an inverted yield curve has been a good predictor of a recession. Against this market backdrop there were strong contributions to the Fund's overall return from both the systematic (+2.21%) and discretionary (+0.77%) managers. The Fund's currency exposures produced solid gains in March with the main contributors being the long US Dollar, long Japanese Yen, and short Euro positions. The strength of the US economy relative to those in Europe and Asia has been a key theme in recent months. The Fund's fixed income exposures produced modest gains while there were small losses in equities and commodities.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

2 Apr 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum.

2 Apr 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	02 April 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	February 2019
Latest Return	4.32%
Latest 6 Months	-12.04%
Latest 12 Months	-2.50%
Latest 24 Months	22.61%
Annualised Since Inception	16.10%
Inception Date	30 January 2009
FUM (millions)	AU$789.07
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 +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum. The Fund's up-capture and down-capture ratios for performance since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. In addition, the Fund's Sharpe ratio of 1.50 versus the Index's 0.93 highlights the Fund's capacity to achieve superior risk-adjusted return than the market over the long term. Bennelong noted most stocks in the portfolio reported strong numbers and generally positive outlooks as the February reporting season focused investors back on corporate profits. Top contributors included IDP Education, Corporate Travel and BWX. Detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned; Heavily weighted in high quality, strongly growing global business franchises such as CSL, Aristocrat Leisure and Goodman Group; Overweight the resources sector, specifically through positions in the big mining houses, BHP and Rio Tinto; Largely uninvested in, or underweight, the banks, domestic cyclical and the supposedly safe 'blue chips' like Telstra, Woolworths and Commonwealth Bank.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equities Income Fund

1 Apr 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +4.91% in February, comprising +2.37% from the portfolio (in USD) and a positive return of +2.54% from the weakening AUD vs USD.

1 Apr 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	01 April 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	February 2019
Latest Return	4.91%
Latest 6 Months	-0.96%
Latest 12 Months	11.40%
Latest 24 Months
Annualised Since Inception	7.87%
Inception Date	26 May 2017
FUM (millions)	AU$7.49
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 Equity Income Fund rose +4.91% in February, comprising +2.37% from the portfolio (in USD) and a positive return of +2.54% from the weakening AUD vs USD. Since inception in May 2017, the Fund has returned +7.87% p.a. with an annualised volatility of 7.93%. Top contributors included Jones Lang Lasalle, Intel Corp, Zimmer Biomet, ServiceNow Inc and KLA-Tencor. Detractors included Amazon, Essilorluxottica, Kellogg, Gilead Sciences and Western Union. The Fund is designed to deliver equity returns with higher income generation and active downside protection. 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, Wheelhouse intend for returns to add relative value in weak and low-growth markets and to drag in more positive markets.
More Information	Fund Profile Manager's Report

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15 Apr 2019 - Performance Report: Spectrum Strategic Income Fund

15 Apr 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

12 Apr 2019 - Fund Review: Bennelong Long Short Equity Fund March 2019

11 Apr 2019 - Performance Report: Cyan C3G Fund

11 Apr 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2019

10 Apr 2019 - Fund Review: Insync Global Capital Aware Fund March 2019

9 Apr 2019 - Bennelong Twenty20 Australian Equities Fund March 2019

5 Apr 2019 - Performance Report: NWQ Global Markets Fund

2 Apr 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

1 Apr 2019 - Performance Report: Wheelhouse Global Equities Income Fund

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