NEWS

Performance Report: Bennelong Australian Equities Fund

5 Nov 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund has returned +20.41% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +14.20% per annum with an annualised volatility of 12.89%.

5 Nov 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 November 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-4.59%
Latest 6 Months	12.32%
Latest 12 Months	20.41%
Latest 24 Months	33.78%
Annualised Since Inception	14.20%
Inception Date	30 January 2009
FUM (millions)	AU$450.25
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 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	The Bennelong Australian Equities Fund has returned +20.41% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +14.20% per annum with an annualised volatility of 12.89%. By contrast, the Index has returned +10.86% per annum with a volatility of 12.03% per annum over the same period. The Fund's up-capture and down-capture ratios, 121.09% and 94.88% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets since inception. Over the September quarter the Fund returned -2.3% versus the Index's +1.5%. In light of this, Bennelong emphasised that, over time, the quarter-to-quarter performances of the Fund have averaged out to provide clients with very attractive returns and expect that the Fund will continue to do so going forward. Overall, the companies in the portfolio reported strong results and gave reasonable guidance; one of the largest contributors for the quarter, and the largest portfolio position, was CSL Limited. However, in the case of a number of the Fund's larger positions, the market nevertheless reacted negatively which weighed heavily on the Fund's returns. Key detractors over the quarter included Costa Group, Flight Centre and Aristocrat Leisure. Read the Fund's latest quarterly report for their in-depth analysis and outlook for each of these companies. Bennelong noted they increased the Fund's weightings in Costa Group and Flight Centre during the quarter and remain invested in Aristocrat Leisure. Bennelong have neither a bearish or bullish outlook on the market. They see Australian equities to be relatively attractive, however, they still believe there is the need to remain selective. They remain constructive on the market for the following reasons - stock fundamentals look solid, valuations are relatively attractive and investor sentiment is supportive. They also believe there is always a need to be diligent and manage risk and thus have ensured the portfolio is well positioned on a risk/return basis.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Kardinia Absolute Return Fund

2 Nov 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund has returned +10.16% p.a. since inception in May 2006 versus the ASX200 Accumulation Index's +5.93%. This has been achieved with approximately half the market's volatility.

2 Nov 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	02 November 2018
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	September 2018
Latest Return	-1.93%
Latest 6 Months	0.99%
Latest 12 Months	4.46%
Latest 24 Months	6.09%
Annualised Since Inception	10.16%
Inception Date	01 May 2006
FUM (millions)	AU$191.3
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 has returned +10.16% p.a. since inception in May 2006 versus the ASX200 Accumulation Index's +5.93%. This has been achieved with approximately half the market's volatility. The Fund's return in September of -1.93% was impacted significantly by holdings in CSL and Aristocrat which offset good performance in mining stocks. Top contributors included Whitehaven Coal (+34bp contribution), Seven Group (+30bp), Rio Tinto (+29bp), Computershare (+10bp) and Independence Group (+9bp). Detractors included CSL (-60bp), Aristocrat Leisure (-41bp), Afterpay Touch (-24bp) and Qantas (-17bp). Net equity market exposure was decreased from 55.2% to 29.9% (64.5% long and 34.5% short), with the key changes being the sale of Viva Energy and Afterpay Touch, a lower weighting in CSL, and new short positions in financial and infrastructure stocks and Share Price Index Futures.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Insync Global Capital Aware Fund

1 Nov 2018 - Australian Fund Monitors

The Insync Global Capital Aware Fund has risen +21.16% over the past 12 months (after the cost of fees and protection) versus the Global Equity Index's +19.91%.

1 Nov 2018 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	01 November 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-1.03%
Latest 6 Months	11.97%
Latest 12 Months	21.16%
Latest 24 Months	34.74%
Annualised Since Inception	10.69%
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 risen +21.16% over the past 12 months (after the cost of fees and protection) versus the Global Equity Index's +19.91%. Over the quarter, the Fund has returned +3.69% after the cost of fees and protection. In September the Fund returned -1.03% after fees and protection. Top contributors included Boston Scientific, Stryker Corp, Visa and Twenty-First Century Fox. The main negative contributors were Heineken, S&P Global, PayPal and Facebook. 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. Insync continues to utilise 'out of the money' index put options to buffer sharp falls in equity markets for the protected option of the fund. Insync noted they maintain a positive outlook on their stock holdings. They believe the Fund's holdings will continue to benefit from global 'Megatrends' despite trade wars and rate rises. Insync's valuation approach, which seeks to capture the long-term growth of these companies, continues to show a valuation discount. Should markets continue to perform well, the portfolio of stocks will participate in the rally. However, more importantly, if the market suffers a significant correction then the Fund has a downside strategy in place.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: KIS Asia Long Short Fund

31 Oct 2018 - Australian Fund Monitors

The KIS Asia Long Short Fund rose +0.18% in September, outperforming the ASX200 Accumulation Index by +1.44%. Since inception in October 2009, the Fund has returned +12.88% per annum versus the market's 7.67%.

31 Oct 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	31 October 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	September 2018
Latest Return	0.18%
Latest 6 Months	0.12%
Latest 12 Months	5.90%
Latest 24 Months	10.91%
Annualised Since Inception	12.88%
Inception Date	01 October 2009
FUM (millions)	AU$90.12
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Asia Long Short Fund rose +0.18% in September, outperforming the ASX200 Accumulation Index by +1.44%. Since inception in October 2009, the Fund has returned +12.88% per annum with an annualised volatility of only 5.16%. By contrast, the Index has returned +7.67% p.a. with an annualised volatility of 11.45% over the same period. The Fund's Sharpe and Sortino ratios, 1.87 and 4.24 respectively, by comparison with the Index's Sharpe of 0.46 and Sortino of 0.60, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst focusing heavily on avoiding the market's downside. This is also supported by the Fund's down-capture ratio since inception of -95%, indicating that the Fund, on average, has risen during the months the market has fallen. During the month the Fund benefited from long call option positions on the HSECI. KIS noted being long an index is unusual for them as they usually have an excess of long ideas that need to be hedged and hence are short indices. Due to weakness in the Hong Kong markets in the first half of September KIS stopped out of various equity long positions. To avoid the risk of a snap back in the market leading to losses on unhedged short equities KIS bought calls and, in tandem with having been short futures earlier in the month, this contributed +0.22%. Across all of the Fund's index hedges, the rest of which were either short futures or long puts, the Fund generated a total of +0.29%. Other positive contributors included GTN Ltd (+0.23%) and SembCorp Marine Ltd (+0.23%). KIS remain long GTN Ltd and have exited their long position in SembCorp Marine Ltd. Key detractors included Telstra (-0.23%) and Vocus (-0.21%). KIS still see the telecom industry in severe difficulty and expect operators such as TPG Telecom (a significant previous contributor delivering +1.06% on the quarter) to compete fiercely on price to gain market share. The Fund also suffered a -1.08% loss on a long position in Aveo Group (AOG.AX). KIS significantly reduced their holding in AOG after the Four Corners report on poor conditions for aged care residents and the Prime Minister's response of a Royal Commission. They believe the timeline for the Royal Commission would lead to a delay in any developments at AOG.AX.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Capital Aware Fund September 2018

30 Oct 2018 - 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...

Performance Report: Bennelong Concentrated Australian Equities Fund

29 Oct 2018 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund has risen +17.56% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +17.73% p.a. versus the Index's +10.86%.

29 Oct 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 October 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-5.46%
Latest 6 Months	7.45%
Latest 12 Months	17.56%
Latest 24 Months	34.59%
Annualised Since Inception	17.73%
Inception Date	30 January 2009
FUM (millions)	AU$750.75
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 risen +17.56% over the past 12 months versus the ASX200 Accumulation Index's +13.97%. Since inception in February 2009, the Fund has returned +17.73% p.a. versus the Index's +10.86%. The Fund's Sharpe and Sortino ratios since inception of 1.08 and 1.79 respectively, by contrast with the Index's Sharpe of 0.69 and Sortino of 0.98, highlight the Fund's capacity to achieve superior risk-adjusted returns with better down-side performance. This is supported by the Fund's up-capture and down-capture ratios since inception which show that, on average, the Fund has outperformed in both rising and falling markets. As at the end of September, the portfolio's weightings had been increased in the Discretionary, Consumer Staples, Industrials, Communication and Materials sectors, and decreased in the Health Care, IT and Financials sectors. The Fund's cash weighting was reduced from 1.6% to 0.9%. 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 Fund's benchmark (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).
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

26 Oct 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund has risen +16.1% over the past 12 months, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +3.6%. Since inception in July 2014, the Fund has returned +14.45% per annum.

26 Oct 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	26 October 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	September 2018
Latest Return	-2.10%
Latest 6 Months	13.28%
Latest 12 Months	16.09%
Latest 24 Months	20.38%
Annualised Since Inception	14.45%
Inception Date	31 July 2014
FUM (millions)	AU$28
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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 Quay Global Real Estate Fund has risen +16.1% over the past 12 months, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +3.6%. Since inception in July 2014, the Fund has returned +14.45% per annum. In September, the Fund returned -2.1%. Quay noted a slightly weaker $A provided a +0.1% benefit to the total return. Impacting performance in September was across-the-board weakness in the Fund's US REIT exposures, as the US 10-year bond yield rose to +3.1% in the later stages of the month. Performance was also impacted by continued weakness in the HK property names from trade war fears and the strength of the HKD. The largest detractors were Ventas (US Healthcare), Cubesmart (US Storage) and Scentre (Australian Retail). Positive contributors included Unite (UK Student Accommodation), RLJ (US Hotels) and Essex (US Multifamily). Quay noted that during the month they toured Singapore, the UK, Hong Kong and the USA, meeting with numerous management teams from their investees, their competitors and potential investment opportunities. Quay noted they came away with a confident outlook.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

25 Oct 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund has risen +32.29% over the past 12 month versus the ASX200 Accumulation Index's +13.97%. Since inception in June 2017, the Fund has returned +35.56% p.a. versus the Index's +11.01%.

25 Oct 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	25 October 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-0.46%
Latest 6 Months	16.41%
Latest 12 Months	32.29%
Latest 24 Months
Annualised Since Inception	35.56%
Inception Date	06 June 2017
FUM (millions)	AU$5.96
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 +32.29% over the past 12 month versus the ASX200 Accumulation Index's +13.97%. Since inception in June 2017, the Fund has returned +35.56% p.a. versus the Index's +11.01%. The Fund's Sharpe and Sortino ratios, 3.33 and 11.24 respectively, by contrast with the Index's Sharpe of 1.41 and Sortino of 2.49 for performance over the same period, highlights the Fund's ability to achieve significantly superior risk-adjusted returns whilst ensuring investor capital is protected in negative markets. This is supported by the Fund's up-capture and down-capture ratios since inception of +200.74% and -87.12% respectively, indicating that the Fund, on average, has significantly outperformed in both rising and falling markets. The Fund returned -0.47% in September, outperforming the Index by +0.79%. Top contributors included Mastermyne (+18.6%) and Alliance Aviation (+10.7%). Other positive contributors included Jumbo Interactive, Pinnacle Investments and Bravura Solutions. Key detractors included Navigator Global Investments (-7.6%) and Emeco Holdings (-5.5%). Following reporting season, Glenmore continue to meet with the management teams of a large number of potential investments for the Fund and remain very optimistic that any volatility in equities markets in the future will create some attractive buying opportunities. Currently the portfolio comprises approximately 16% cash and is therefore well positioned.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund September 2018

24 Oct 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...

Performance Report: Cyan C3G Fund

23 Oct 2018 - Australian Fund Monitors

The Cyan C3G Fund has returned +10.99% over the past 12 months. Since inception, the Fund has returned +22.65% p.a. versus the market's +7.13%.

23 Oct 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	23 October 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-2.18%
Latest 6 Months	-1.28%
Latest 12 Months	10.99%
Latest 24 Months	23.81%
Annualised Since Inception	22.65%
Inception Date	24 July 2014
FUM (millions)	AU$38
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 has returned +10.99% over the past 12 months. Since inception, the Fund has returned +22.65% p.a. versus the market's +7.13%. This return has been achieved with a similar level of volatility to the market. The Fund's Sharpe and Sortino ratios, 1.84 and 4.45 respectively, by contrast with the ASX200 Accumulation Index's Sharpe of 0.52 and Sortino of 0.69, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst focusing heavily on avoiding the market's downside. This is supported by the Fund's down-capture ratio since inception of -38.11%, indicating that, on average, the Fund has risen in the months the market has fallen. In September the Fund returned -2.2%, taking the gain for the first quarter of FY19 to a modest +0.7% (after all fees). Throughout the month, there were three positive performers - Acrow, Noni B and newly added Spicers Paper. The remaining 20 or so positions fell between 1% - 13% which Cyan noted was in part due to the slightly bearish market disposition mirrored by the -1.1% fall in the All Ords. In addition, Cyan have been involved in a number of transactions (both IPO's and placements) that they expect to add meaningful value to the Fund in the coming months. Cyan noted that, in light of recent performance, their philosophy acknowledges the reality of stock volatility. They noted that even great multi-year investments will have periods of retracement and consolidation, highlighting the fact that CSL, despite rising more than 500% over the past 10 years, has suffered 15 monthly falls of more than 5% during that timeframe. Cyan aim to ignore market gyrations and focus on the underlying fundamentals and growth paths of their investee companies. Cyan remain confident in the future earnings capabilities of their investments.
More Information	Fund Profile Manager's Report

1 ... 216 217 218 219 220 221 222 223 224 ... 445

Search

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Events Calendar

No events currently listed.

Fund Monitors Pty Ltd

News

NEWS

5 Nov 2018 - Performance Report: Bennelong Australian Equities Fund

2 Nov 2018 - Performance Report: Bennelong Kardinia Absolute Return Fund

1 Nov 2018 - Performance Report: Insync Global Capital Aware Fund

31 Oct 2018 - Performance Report: KIS Asia Long Short Fund

30 Oct 2018 - Fund Review: Insync Global Capital Aware Fund September 2018

29 Oct 2018 - Performance Report: Bennelong Concentrated Australian Equities Fund

26 Oct 2018 - Performance Report: Quay Global Real Estate Fund

25 Oct 2018 - Performance Report: Glenmore Australian Equities Fund

24 Oct 2018 - Fund Review: Bennelong Long Short Equity Fund September 2018

23 Oct 2018 - Performance Report: Cyan C3G Fund

Category

Search

Events Calendar