Fund Review: Bennelong Long Short Equity Fund November 2018

12 Dec 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...

Bennelong Twenty20 Australian Equities Fund November 2018

11 Dec 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: NWQ Fiduciary Fund

6 Dec 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51% and taking 12-month performance to +3.59%.

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	06 December 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	October 2018
Latest Return	-3.44%
Latest 6 Months	-2.68%
Latest 12 Months	3.59%
Latest 24 Months	8.96%
Annualised Since Inception	6.03%
Inception Date	01 May 2013
FUM (millions)	AU$79
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. The Fund aims to produce returns, after management fees and expenses of between 8% to 11% 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	The NWQ Fiduciary Fund returned -3.44% in October, outperforming the ASX200 Accumulation Index by +2.51%. Over the past 12 months the Fund has risen +3.59% with a volatility of 4.98 versus the Index's return of 2.94% with a volatility of 9.43%. The Fund's Sortino ratio of 1.39 versus the Index's 0.61 and down-capture ratio of 1.62% highlight the Fund's capacity to avoid the market's downside and hence protect investors' capital. NWQ noted amidst the October turmoil there was a sharp rotation from high-quality growth stocks, which are those expected to outperform in the medium to long term and are typically favoured by the Fund's underlying managers, into defensive value stocks, which are typically candidates for being shorted by the Fund's underlying managers. As a result of this rotation, the short portfolio did not provide sufficient hedge to offset the losses in the long portfolio. NWQ noted there are positive early signs in November that this rotation is reversing. The NWQ Fiduciary Fund is a diversified multi manager portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selected Australian equity fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equities Income Fund

5 Dec 2018 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund has returned +9.84% over the past 12 months versus AFM's Global Equity Index's +7.75%. This has been achieved with a volatility of 7.72% versus the Index's 9.36%.

5 Dec 2018 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	05 December 2018
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	October 2018
Latest Return	-4.39%
Latest 6 Months	5.29%
Latest 12 Months	9.84%
Latest 24 Months
Annualised Since Inception	7.69%
Inception Date	26 May 2017
FUM (millions)	AU$6.99
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 has returned +9.84% over the past 12 months versus AFM's Global Equity Index's +7.75%. This has been achieved with a volatility of 7.72% versus the Index's 9.36%. The Fund's up-capture and down-capture ratios over the past 12 months indicate that, on average, the Fund has captured almost 80% of the market's upside and only 47% of its downside. The Fund returned -4.39% in October, ahead of the benchmark (MSCI World Index ex Australia) return of -5.40%. This return comprised a return of -6.34% from the portfolio (in USD) and a positive return of +1.95% from the weakening of the Australian dollar against the US dollar. The Wheelhouse Global Equity Income 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

Performance Report: Bennelong Emerging Companies Fund

5 Dec 2018 - Australian Fund Monitors

The Bennelong Emerging Companies Fund has returned +19.93% over the past 12 months versus the ASX200 Accumulation Index's +2.94%.

5 Dec 2018 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	05 December 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-12.03%
Latest 6 Months	0.65%
Latest 12 Months	19.93%
Latest 24 Months
Annualised Since Inception	19.93%
Inception Date	01 November 2017
FUM (millions)	AU$13.54
Fund Overview	The Fund invests in ASX-listed securities of small and micro capitalised companies that are covered by the investment research capabilities of Bennelong Australian Equity Partners ('BAEP'). 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 has returned +19.93% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. The Fund's Sharpe and Sortino ratios, 0.84 and 1.23 respectively, by contrast with the Index's Sharpe of 0.20 and Sortino of 0.19, highlight the Fund's capacity to achieve superior risk-adjusted returns in both rising and falling markets. In addition, the Fund's up-capture ratio of 241.1% indicates that, on average, the Fund has captured more than double the market's performance in the months the market has risen. The Fund's top holdings as at the end of October were Baby Bunting, Clover, Helloworld, Cml and Pinnacle Investment Management. 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.
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Capital Aware Fund

4 Dec 2018 - Australian Fund Monitors

The Insync Global Capital Aware Fund has returned +9.98% over the past 12 months versus AFM's Global Equity Index's +7.75%. This return has been achieved with a similar level of volatility and includes the cost of fees and put protection.

4 Dec 2018 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	04 December 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-5.82%
Latest 6 Months	3.32%
Latest 12 Months	9.98%
Latest 24 Months	31.91%
Annualised Since Inception	9.86%
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 returned +9.98% over the past 12 months versus AFM's Global Equity Index's +7.75%. This return has been achieved with a similar level of volatility and includes the cost of fees and downside protection. Since inception in October 2009, the Fund has returned +9.86% per annum after fees and protection versus the Index's +10.89%. The Fund's strength in protecting investor capital from market falls is demonstrated by the Fund's down-capture ratio since inception of 54.1%, indicating that, on average, the Fund has only fallen half as much as the market during negative months. This trend is consistent for the Fund's performance over the past 12, 24, 36, 48 and 60 months. The Fund posted -5.82% after fees and downside protection in October. Insync noted that, unlike most long-only managers, they don't have a high cash allocation in the Fund should they believe danger lies ahead in shorter term valuations. They believe this enables them to maximise returns by staying focused on longer term outcomes. Additionally, Insync add that, given the indirect way in which they tend to gain exposure to the many positive trends occurring within several emerging markets, the current negative turmoil they are facing has had a very limited negative impact on the Fund. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Glenmore Australian Equities Fund

4 Dec 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund has risen +14.68% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. Since inception in June 2017, the Fund has returned +24.87% per annum.

4 Dec 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	04 December 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-8.70%
Latest 6 Months	6.24%
Latest 12 Months	14.68%
Latest 24 Months
Annualised Since Inception	24.87%
Inception Date	06 June 2017
FUM (millions)	AU$5.4
Fund Overview	The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities. 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 Glenmore Australian Equities Fund has risen +14.68% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. Since inception in June 2017, the Fund has returned +24.87% per annum versus the Index's +5.57% per annum. The Fund's Sharpe and Sortino Ratios, 1.72 and 2.67 respectively, by contrast with the Index's Sharpe of 0.51 an Sortino of 0.63 for performance over the same period, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst ensuring investors' capital is protected from the market's downside. The Fund's up-capture and down-capture ratios since inception, 200.74% and 39.24% respectively, indicate that, on average, the Fund has performance twice as well as the market in rising markets whilst falling less than half as much as the market in negative months. The Fund returned -8.7% in October. This return was driven by a large number of portfolio stocks falling by more than 5% despite no company-specific announcements. Glenmore noted sentiment was the dominant driver of stock prices during the month, with the result that most stocks' prices declined regardless of business quality and earnings growth prospects. In particular, small/mid cap stocks (which the Fund has a strong exposure to) were sold off much more than larger cap stocks, with the Small Ords Accumulation Index declining -9.6%. Glenmore added that it is frustrating to see good quality businesses falling 10-20% on no news, however, they believe at times investors must be willing to incur periods of underperformance in order to achieve above average long-term returns. Key detractors included Pinnacle Investment Management (-30.6%), WorleyParsons (-24.7%) and Navigator Global Investments (-16%). Glenmore remain confident in the composition of the portfolio. Importantly, they noted that during the month there were no negative announcements regarding operational performance from any of the Fund's investments.
More Information	Fund Profile Manager's Report

Performance Report: Loftus Peak Global Disruption Fund

3 Dec 2018 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund has returned +11.07% over the past 12 months, outperforming AFM's Global Equity Index by +3.32%. Since inception in November 2016, the Fund has returned +22.67% per annum.

3 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	03 December 2018
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-8.00%
Latest 6 Months	7.12%
Latest 12 Months	11.07%
Latest 24 Months	50.47%
Annualised Since Inception	22.67%
Inception Date	15 November 2016
FUM (millions)	AU$58.7
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. 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	The Loftus Peak Global Disruption Fund has returned +11.07% over the past 12 months, outperforming AFM's Global Equity Index by +3.32%. Since inception in November 2016, the Fund has returned +22.67% per annum. The Fund's up-capture and down-capture ratios over the past 12 months and since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. In reference to the market's performance in October, Loftus Peak noted it is never the case that stock market performance is linear. They therefore used the weakness in October to add to a number of key strategic holdings at low prices, starting the month with 10% in cash and finishing with 2%. The Fund is 98% invested in 24 holdings which the manager considers likely outperformers. Key detractors included Nvidia, Tencent, Alibaba, Amazon and Qualcomm, whilst on the positive side Tesla performed well on the back of US$1.4b of operating cashflow in the quarter. Loftus see the falls in Tencent and Alibaba to be the result of the impact of tariffs on China, whilst they believe the fall in Amazon was expected after some very aggressive price targets. They believe Nvidia to hold an important role in machine learning and global data centres, and thus remain invested. They also see Qualcomm as being key in the roll out of the 5G network, which is why they continue to invest. In addition, the Australian dollar depreciated 2.05% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 30 October 2018, the Portfolio carried a foreign currency exposure of 99%.
More Information	Fund Profile Manager's Report

Performance Report: Touchstone Index Unaware Fund

3 Dec 2018 - Australian Fund Monitors

The Touchstone Index Unaware Fund has returned +3.23% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. Since inception in April 2016, the Fund has returned +9.96% per annum.

3 Dec 2018 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	03 December 2018
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-7.50%
Latest 6 Months	-1.36%
Latest 12 Months	3.23%
Latest 24 Months	21.50%
Annualised Since Inception	9.96%
Inception Date	04 April 2016
FUM (millions)	AU$4.36
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 has returned +3.23% over the past 12 months versus the ASX200 Accumulation Index's +2.94%. Since inception in April 2016, the Fund has returned +9.96% per annum. As at the end of October, the Fund held 20 stocks with a median position size of 4.6%. The portfolio's holdings had average price/earnings of 14.9, EPS growth of 11.8%, tangible ROE of 27.0% and dividend yield of 4.9%. The Fund's cash weighting increased to 7.0% from 4.5% at the end of September. The Touchstone Index Unaware Fund primarily selects 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	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

30 Nov 2018 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund has returned +16.24% per annum since inception in February 2009 versus the ASX200 Accumulation Index's +10.06% p.a. over the same period.

30 Nov 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	30 November 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	October 2018
Latest Return	-10.48%
Latest 6 Months	-7.20%
Latest 12 Months	-1.00%
Latest 24 Months	24.25%
Annualised Since Inception	16.24%
Inception Date	30 January 2009
FUM (millions)	AU$702.87
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 returned +16.24% per annum since inception in February 2009 versus the ASX200 Accumulation Index's +10.06% p.a. over the same period. This return has been achieved with a similar level of volatility to the market. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. This is also true for performance over the past 36, 48 and 60 months, whilst over the past 24 months the Fund has still managed to capture more of the market's upside than its downside. As at the end of October, the Fund's weightings had been increased in the Health Care, Industrials, Materials and REIT's sectors, and decreased in the Discretionary, Consumer Staples, Communication and Financials sectors. The Fund's cash weighting was increased from 0.9% at the end of September to 1.6%. The Fund is most heavily weighted towards the Discretionary, Health Care and Consumer Staples sectors, each with weightings of 30.7%, 22.1% and 19.0% respectively. 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 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), highlighting that the Fund is in line with its objective.
More Information	Fund Profile Manager's Report

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12 Dec 2018 - Fund Review: Bennelong Long Short Equity Fund November 2018

11 Dec 2018 - Bennelong Twenty20 Australian Equities Fund November 2018

6 Dec 2018 - Performance Report: NWQ Fiduciary Fund

5 Dec 2018 - Performance Report: Wheelhouse Global Equities Income Fund

5 Dec 2018 - Performance Report: Bennelong Emerging Companies Fund

4 Dec 2018 - Performance Report: Insync Global Capital Aware Fund

4 Dec 2018 - Performance Report: Glenmore Australian Equities Fund

3 Dec 2018 - Performance Report: Loftus Peak Global Disruption Fund

3 Dec 2018 - Performance Report: Touchstone Index Unaware Fund

30 Nov 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

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