Performance Report: Quay Global Real Estate Fund

26 Jul 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund delivered a robust +4.90% in June, outperforming the ASX200 Accumulation Index by +1.63%. Since inception in July 2014, the Fund has returned +14.88% per annum.

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

By: Australian Fund Monitors

Report Date	26 July 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	June 2018
Latest Return	4.90%
Latest 6 Months	8.82%
Latest 12 Months	14.83%
Latest 24 Months	12.95%
Annualised Since Inception	14.88%
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 rose +4.90% in June, outperforming the ASX200 Accumulation Index by +1.63%. Quay noted the Fund's unhedged strategy enabled the Fund to benefit by +2.1% from a weaker Australian dollar. Since inception in July 2014, the Fund has returned +14.88% per annum versus the Index's +13.27%. The Fund's cumulative up-capture and down-capture ratios indicate that, since inception, the Fund has captured 85.5% of the market's upside and only 64.2% of its downside. June was a relatively active month for the Fund. The Fund's student accommodation investee, Education Realty Trust (EDR), received an all cash take-over offer from entities associated with Greystar Real Estate Partners which Quay noted they are in no rush to accept. Separately, Quay's decision to hold Hispania Activos despite an April bid from entities associated with Blackstone has reaped additional rewards; in June the initial cash offer of 17.45 euros/share was revised to 18.25 euros/share with approval from the Board. Throughout the month the management team toured the US, Canada and UK, meeting with existing and prospective investees and their competitors, and looking for new investment ideas. Quay mentioned that they added a new investee during the month in the UK student accommodation space. Overall, Quay noted the outlook was positive, albeit with growth at more modest levels consistent with later cycle positioning. The exception was the industrial sector, where Quay believe the consensus outlook has become almost euphoric. They noted that this makes them cautious and is reflected by the under representation of the sector in the current portfolio.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund June 2018

24 Jul 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

23 Jul 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund ended the financial year up +12.73% p.a. with an annualised volatility of only 3.69%.

23 Jul 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	23 July 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	June 2018
Latest Return	-0.16%
Latest 6 Months	2.92%
Latest 12 Months	12.73%
Latest 24 Months	11.08%
Annualised Since Inception	7.21%
Inception Date	01 May 2013
FUM (millions)	AU$86
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 -0.16% in June. Since inception in May 2013, the Fund has returned +7.21% p.a. with an annualised volatility of 4.67%. By contrast, the ASX200 Accumulation Index has returned +8.18% p.a. over the same period with an annualised volatility of 11.01%. The Fund's Sharpe and Sortino ratios, 1.10 and 2.06 respectively, highlight the Fund's ability to achieve better risk-adjusted returns than the market whilst ensuring investors' capital is protected. The Index's Sharpe and Sortino ratios for performance over the same period are 0.59 and 0.82 respectively. Over the financial year, the Fund returned +12.72% with an annualised volatility of 3.69% versus the Index's return of +13.01% with a volatility of 7.15%. NWQ noted there was a small reversal in a number of themes in June that the Fund's Alpha managers had profited from in recent months due to investor portfolio repositioning ahead of the financial year end. NWQ expect the effect of this to be transitory and their outlook for their Alpha managers remains positive given the heightened level of volatility and stock-level dispersion seen in recent months.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund June 2018

20 Jul 2018 - 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: Bennelong Long Short Equity Fund June 2018

19 Jul 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...

Fund Review: ARCO Absolute Trust June 2018

18 Jul 2018 - Australian Fund Monitors

Read the latest Fund Review on ARCO Absolute Trust. ARCO Investment Management is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure...

Performance Report: Qato Capital Market Neutral Fund

17 Jul 2018 - Australian Fund Monitors

The Qato Capital Market Neutral Fund returned -0.95% in June. Qato noted they remain cautious on the outlook of the equity markets, both domestically and abroad.

17 Jul 2018 - Performance Report: Qato Capital Market Neutral Fund

By: Australian Fund Monitors

Report Date	17 July 2018
Manager	Qato Capital
Fund Name	Qato Capital Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2018
Latest Return	-0.95%
Latest 6 Months	-0.34%
Latest 12 Months	-9.55%
Latest 24 Months	-14.03%
Annualised Since Inception	-1.88%
Inception Date	01 August 2014
FUM (millions)	AU$125
Fund Overview	QATO's Market Neutral strategy is managed via an objective, consistent and replicable process utilising Qato Capital's proprietary 'Q-Score' methodology. The Q-Score process is fundamentally based, evaluating improving and deteriorating fundamentals within each business from a variety of financial metrics, such as valuation, growth, risk, quality, earnings & price. The strategy is designed to produce returns uncorrelated to major global equity markets. Moreover, the strategy is designed to produce strong positive returns in times of market distress/volatility, whilst also performing well in normal market conditions. The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks by generally holding up to 50 S&P/ASX-100 positions (up to 25 long positions & 25 short positions). Historically, the strategy has been uncorrelated to traditional asset classes with a negative beta to equity markets. Qato Capital's process is entirely systematic - stock selection and risk management are all employed in a rules based approach. Positions in Qato's long-portfolio and short-portfolio are rotated monthly dependent upon their Q-Score ranking. The strategy employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Manager Comments	The Qato Capital Market Neutral Fund returned -0.95% in June. Qato noted that, given widening credit spreads, often a precursor to sizeable market selloffs, and the threat of a trade war between the US and China, they maintain a cautious outlook on the local and global equity markets. Long positions in Northern Star (+15.79%) and Evolution Mining (+7.81%) added considerable value to the Fund in June despite spot gold falling -3.49%, whilst the lagging Materials sector contributed to the underperformance of Qato's long book. Of the strong performing oil stocks, Qato's machine learning model held a long position in Santos, adding value to the long book as it rallied on news of an updated dividend policy. The two best contributing positions to Qato's short book were Telstra (-5.80%) and TPG Telecomm (-7.18%) as the telecommunications sector overall fell -5.77%. Qato believe this was due to the detrimental effects of increased production, the NBN rollout and reduced margins.
More Information	Fund Profile

Performance Report: KIS Asia Long Short Fund

16 Jul 2018 - Australian Fund Monitors

The KIS Asia Long Short Fund returned -1.06% in June. Since inception in October 2009, the Fund has returned +13.19% per annum versus the ASX200 Accumulation Index's +7.71% per annum.

16 Jul 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	16 July 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	June 2018
Latest Return	-1.06%
Latest 6 Months	2.11%
Latest 12 Months	9.28%
Latest 24 Months	15.70%
Annualised Since Inception	13.19%
Inception Date	01 October 2009
FUM (millions)	AU$89.97
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 returned -1.06% in June. Since inception in October 2009, the Fund has returned +13.19% p.a. with an annualised volatility of 5.21%. By contrast, the ASX200 Accumulation Index has returned +7.71% p.a. over the same period with an annualised volatility of 11.58%. The Fund's Sharpe and Sortino ratios, 1.90 and 4.29 respectively, are significantly superior to the Index's Sharpe ratio of 0.46 and Sortino ratio of 0.59. The Fund's up-capture and down-capture ratios since inception indicate that, on a cumulative basis, the Fund has achieved positive performance in rising markets and significantly outperformed in falling markets. The Fund's biggest loss in June was on its short position in Woolworths (+7%) which cost 32bp. Click here to read KIS Capital's recent insight piece on their view of the threat to Woolworths' core business earnings from an increase in wage costs. The Fund did not have any other loss or contribution of more than 30bp on any single name. On most of the Fund's small cap holdings there was no significant news, KIS believe the declines were driven by investors looking to realise capital losses before the end of the tax year. KIS expect this anomaly to reverse over the coming weeks or months. KIS noted that so far this year the Fund's returns have been driven very heavily by the short side of the portfolio.
More Information	Fund Profile Manager's Report

Performance Report: Cyan C3G Fund

13 Jul 2018 - Australian Fund Monitors

The Cyan C3G Fund's performance was flat at the end of June. Since inception in August 2014, the Fund has returned +24.02% per annum.

13 Jul 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	13 July 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2018
Latest Return	0.05%
Latest 6 Months	-2.74%
Latest 12 Months	20.50%
Latest 24 Months	34.35%
Annualised Since Inception	24.02%
Inception Date	24 July 2014
FUM (millions)	AU$35
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 returned +0.05% in June which Cyan believe reflected underlying stock volatility. Since inception in August 2014, the Fund has returned +24.02% per annum, superior to the ASX200 Total Return Index's annualised return of +7.19% over the same period. The Fund's Sharpe ratio of 1.93 and Sortino ratio of 4.74, in conjunction with the Fund's cumulative up-capture and down-capture ratios, highlight the Fund's capacity for achieving superior risk-adjusted returns whilst protecting investors' capital. By contrast, the Index's Sharpe and Sortino ratios for performance over the same period are 0.51 and 0.68 respectively. Positive contributors in June included Readcloud (RCL +24%) and AfterpayTouch (+20%). Key detractors included Roots (-23%) and AxsessToday (-7%). With respect to the Fund's holdings for the financial year to June 2018, Cyan noted the following results: Afterpay Touch (+217%), Moelis Australia (+74%), Axsess Today (+59%), Psc Insurance (+30%), Capitol Health (+27%), AMA Group (+10%), Opus Group (+7%), Experience Co (0%) and Kelly Partners (-11%). The Fund has taken a handful of new investment positions in the past couple of months, deploying a portion of its defensive cash balance. Cyan envisage further investment in the coming quarter as more new opportunities have now been identified. They noted they have also reduced a couple of exposure as they are approaching Cyan's valuation target.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

12 Jul 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +4.01% in June, outperforming the ASX200 Accumulation Index by +0.74% and taking annualised performance since inception to +36.77%.

12 Jul 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	12 July 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2018
Latest Return	4.01%
Latest 6 Months	9.22%
Latest 12 Months	38.60%
Latest 24 Months
Annualised Since Inception	36.77%
Inception Date	06 June 2017
FUM (millions)	AU$5.2
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 rose +4.01% in June, outperforming the ASX200 Accumulation Index by +0.74%. Since inception in June 2016 the Fund has returned +36.77% p.a. versus the Index's +12.14%. The Fund's Sharpe and Sortino ratios, 3.48 and 10.65 respectively, highlight the Fund's capacity to achieve strong risk adjusted returns whilst limiting downside losses. The Fund's up-capture and down-capture ratios since inception indicate that, on a cumulative basis, the Fund has significantly outperformed in both rising and falling markets. Top performers in the portfolio in June included Appen (+31.0%), Stanmore Coal (+26.1%), NRW Holdings (+25.1%), Navigator Global Investments (+16.1%), Alliance Aviation Services (+12.2%), Lifestyle Communities (+10.8%), Pacific Current (+8.4%) and Emeco (+7.1%). Negative contributors included Imdex (-5.0%) and Atlas Arteria (-3.3%). Read Glenmore's latest report for their commentary on three of the Fund's top performing stocks - Appen (APX), Stanmore Coal (SMR) and NRW Holdings (NWH).
More Information	Fund Profile Manager's Report

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

24 Jul 2018 - Bennelong Twenty20 Australian Equities Fund June 2018

23 Jul 2018 - Performance Report: NWQ Fiduciary Fund

20 Jul 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2018

19 Jul 2018 - Fund Review: Bennelong Long Short Equity Fund June 2018

18 Jul 2018 - Fund Review: ARCO Absolute Trust June 2018

ARCO ABSOLUTE TRUST (formerly Optimal Australia Absolute Trust)

17 Jul 2018 - Performance Report: Qato Capital Market Neutral Fund

16 Jul 2018 - Performance Report: KIS Asia Long Short Fund

13 Jul 2018 - Performance Report: Cyan C3G Fund

12 Jul 2018 - Performance Report: Glenmore Australian Equities Fund

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