Fund Review: Insync Global Titans Fund December 2017

5 Feb 2018 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

Performance Report: Bennelong Kardinia Absolute Return Fund

2 Feb 2018 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +1.43% in December, taking performance since inception in May 2006 to +10.90% per annum with a volatility of 6.97%.

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

By: Australian Fund Monitors

Report Date	02 February 2018
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2017
Latest Return	1.43%
Latest 6 Months	5.38%
Latest 12 Months	7.53%
Latest 24 Months	4.90%
Annualised Since Inception	10.90%
Inception Date	01 May 2006
FUM (millions)	AU$225.47
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 +1.43% in December, taking performance since inception in May 2006 to +10.90% per annum with a volatility of 6.97%. The ASX200 Accumulation Index, by contrast, has returned +5.81% per annum over the same period with a volatility of 13.58%. Positive contributors included Birimian (+39bp contribution), Netwealth (+37bp), Whitehaven Coal (+30bp), Independence Group (+29bp) and Alumina (+25bp). Detractors included New Century Zinc (-26bp), European Cobalt (-24bp), Clean TeQ (-18bp), AGL (-8bp) and a short position in Telstra (-8bp). Net equity market exposure (including derivatives) was lowered from 72.3% to 45.0% (66% long and 21.5% short) as the Fund sold positions in BHP, CBA, NAB and RIO and added short positions in Share Price Index Futures.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: MHOR Australian Small Cap Fund

1 Feb 2018 - Australian Fund Monitors

The MHOR Australian Small Cap Fund returned +5.33% in December, marking 8 consecutive positive months. The Fund has returned +23.03% over the past 12 months versus the ASX200 Total Return Index's +11.80%.

1 Feb 2018 - Performance Report: MHOR Australian Small Cap Fund

By: Australian Fund Monitors

Report Date	01 February 2018
Manager	MHOR Asset Management
Fund Name	MHOR Australian Small Cap Fund
Strategy	Equity Long
Latest Return Date	December 2017
Latest Return	5.33%
Latest 6 Months	26.63%
Latest 12 Months	23.03%
Latest 24 Months
Annualised Since Inception	17.86%
Inception Date	01 August 2016
FUM (millions)	AU$18
Fund Overview	The MHOR Australian Small Cap Fund aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over a rolling 5-year period after fees and expenses. The portfolio is made up of 25-75 stocks listed on the ASX or NZX. The fund may also invest in stocks to be listed within the next 12 months. The portfolio is constructed to achieve an aggregate exposure that delivers a growth profile that is materially above that of the broader market. The fund may hold between 0% - 50% of its assets in cash. MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years.
Manager Comments	The MHOR Australian Small Cap Fund returned +5.33% in December, marking 8 consecutive positive months. The Fund has returned +23.03% over the past 12 months versus the ASX200 Total Return Index's +11.80%. Since inception in August 2016 the Fund has returned +17.86% per annum, outperforming the Index by +6.6% per annum. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has captured 61% of the market's upside and has significantly outperformed when the market has fallen. MHOR noted they are excited about the opportunity ahead of them in 2018. They expect the quarterly 4C results of a number of their smaller companies to be positive catalysts for a number of those stocks. The rest of the portfolio will report half year results in February, MHOR expect to uncover some new opportunities during the results period.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

31 Jan 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund fell -1.3% in December, with approximately +1.1% derived from underlying stock exposure and -2.4% deducted as a result of a buoyed Australian dollar.

31 Jan 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	31 January 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	December 2017
Latest Return	-1.30%
Latest 6 Months	5.53%
Latest 12 Months	8.52%
Latest 24 Months	11.90%
Annualised Since Inception	14.39%
Inception Date	31 July 2014
FUM (millions)	AU$24.3
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 fell -1.3% in December, with approximately +1.1% derived from the Fund's underlying stock exposure. Solid economic data around employment buoyed the Australian dollar, deducting -2.4%. The Fund has returned +8.6% after fees over the past 12 months. Over the year, the Funds best performing investees were all located in the UK and Europe. Safestore (European Storage), Unite Group (UK Student Accommodation), LEG Immobilien (Herman Housing) and Hispania (Spanish Hotels) benefited from stronger local currencies, but also very solid underlying fundamentals. Detractors were all US stocks including Brixmor (Retail), EDR (Student Accommodation), ACC (Student Accommodation) and Ventas (Health). The Manager believes the underlying fundamentals of their US exposures are robust. The Manager sees the two biggest risks for real estate to be recession and supply, rather than rising interest rates. They note that, despite long cycles of rising rents and asset prices, development feasibilities are now falling short because construction costs are rising at an even quicker pace than rents. Their view is that falling development yields at a time of rising interest rates shuts-down funding for new projects and therefore supply pretty quickly. They also noted that, despite recent challenges, they remain confident the global real estate market offers enough opportunities that allow them to meet their medium-term total return objective of CPI +5%.
More Information	Fund Profile Manager's Report

Performance Report: Pengana Global Small Companies Fund

30 Jan 2018 - Australian Fund Monitors

The Pengana Global Small Companies Fund returned +0.90% in December, taking 12-month performance to +23.96%.

30 Jan 2018 - Performance Report: Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	30 January 2018
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	December 2017
Latest Return	0.90%
Latest 6 Months	10.03%
Latest 12 Months	23.96%
Latest 24 Months	39.31%
Annualised Since Inception	12.04%
Inception Date	01 April 2015
FUM (millions)	AU$96.2
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	The Pengana Global Small Companies Fund returned +0.90% in December, taking 12-month performance to +23.96%. Since inception in April 2015, the Fund has returned +12.04% per annum with a volatility of 8.61% versus the Global Equity index which has returned +8.61% per annum over the same period with a volatility of 10.58%. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has captured 83.50% of the market's upside and 57.03% of the market's downside. Top performers in December were all positions added in 2017. Pengana believe that these businesses continue to have significant growth potential and should compound value for years to come. Pengana noted non-AUD currency exposure had a negative impact on performance (detracted -1.8%). The Fund currently has 42 holdings, the top 10 positions represent 35% of the portfolio. This allocation is typical for the Fund and consistent with the Fund's investment mandate and strategy.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

29 Jan 2018 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +3.81% in November, outperforming the ASX200 Accumulation Index by +2.17% and taking performance since inception in June 2017 to +24%.

29 Jan 2018 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 January 2018
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2017
Latest Return	3.66%
Latest 6 Months	26.91%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	53.78%
Inception Date	06 June 2017
FUM (millions)	AU$5.1
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 returned +3.66% in December, outperforming the ASX200 Accumulation Index by +1.85% and taking performance since inception in June 2017 to +28.55%. Positive contributors included NRW Holdings (+19.3%), Praemium (+17.5%) and Alliance Aviation Services (+15.2%). Detractors included Mastermyne (-9.0%), Arena REIT (-8.3%) and Emeco (-3.8%). Glenmore noted there were no specific news releases during December for all three detractors and they remain comfortable holders going into reporting season in February. Glenmore believe valuations of equities are elevated, but not extremely so, with numerous stock specific opportunities still present on the ASX. Glenmore have also observed an increase in risk appetite, and noted the Fund has been selectively trimming positions in companies where the stock price has approached Glenmore's valuation. They note the next 12-18 months is highly likely to see an increase in equity market volatility. Currently, the Fund holds around 20% cash and hence is well positioned for any stock specific opportunities that might be created from a market correction.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund December 2017

26 Jan 2018 - Australian Fund Monitors

Latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available.

Performance Report: Pengana Absolute Return Asia Pacific Fund

25 Jan 2018 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund returned +1.61% in December, taking annualised performance since inception in October 2008 to +8.53% with a volatility of 6.05%.

25 Jan 2018 - Performance Report: Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	25 January 2018
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	December 2017
Latest Return	1.61%
Latest 6 Months	4.89%
Latest 12 Months	8.27%
Latest 24 Months	5.99%
Annualised Since Inception	8.53%
Inception Date	01 September 2010
FUM (millions)	AU$34.2
Fund Overview	The Pengana Absolute Return Asia Pacific Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective to generate a net annualised return greater than 5% above the Reserve Bank of Australia's Cash Rate Target over a 3 to 5 year period with low volatility and low correlation to Asian stock markets. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	The Pengana Absolute Return Asia Pacific Fund returned +1.61% in December, taking annualised performance since inception in October 2008 to +8.53% with a volatility of 6.05%. By contrast, the Asia Pacific Index has returned +6.93% per annum with a volatility of 11.42% over the same period. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has achieved moderate positive performance in rising markets and has significantly outperformed in falling markets. M&A, Directional and Relative Value strategies all contributed positively for the month. The M&A sub-strategy contributed +0.8%, with a 2017 total contribution of +6.4%. The largest contributor for December was Hutchison Telecom (+10.2%). The Relative Value book contributed +0.5%, the largest contributor was the Fund's long/short position in long SG Holdings / short Yamato Holdings. The Directional Alpha book contributed +0.9% for the month. Key contributors included China Foods (+18.4%), China Travel (+15%) and Wagners Holdings (+28%), whilst the key detractor was Softbank (-6.0%).
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

24 Jan 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +2.80% in December and finished the 2017 calendar year up +12.62% versus the ASX200 Accumulation Index's +11.80%.

24 Jan 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	24 January 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	December 2017
Latest Return	2.80%
Latest 6 Months	9.53%
Latest 12 Months	12.63%
Latest 24 Months	4.70%
Annualised Since Inception	7.35%
Inception Date	16 January 2018
FUM (millions)	AU$91
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 +2.80% in December, taking 12-month performance to +12.62% with a volatility of 3.39%. The ASX200 Accumulation Index has returned +11.80% with a volatility of 6.30% over the same period. The Fund's Sharpe and Sortino ratios for performance since inception in May 2013 are 0.98 and 1.97 respectively, superior to the Index's Sharpe ratio of 0.55 and Sortino ratio of 0.78 for performance over the same period. The recent strong performance of the Fund's underlying managers continued with positive contributions to overall performance made by each underlying manager. The Fund's Beta managers benefited from the tailwinds of rising equity markets in December and both the Alpha and Beta managers made gains on favourable stock-specific developments over the course of the month. NWQ believe with the prospect of global interest rate normalisation--led by the US--ahead in 2018, equity market volatility is likely to increase from its current historic lows. The market neutral or 'hedged' profile of the Fund means that it is appropriately positioned should this heightened volatility materialise.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Australian Equities Fund

23 Jan 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +1.67% in December The Fund has returned +19.13% over the past 12 months, outperforming the ASX200 Accumulation Index by +7.33%.

23 Jan 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	23 January 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2017
Latest Return	1.67%
Latest 6 Months	8.96%
Latest 12 Months	19.13%
Latest 24 Months	21.91%
Annualised Since Inception	13.88%
Inception Date	30 January 2009
FUM (millions)	AU$353.05
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 rose +1.67% in December The Fund has returned +19.13% over the past 12 months, outperforming the ASX200 Accumulation Index by +7.33% with slightly lower volatility than the market. Since inception in February 2009, the Fund has returned +13.88% per annum versus the Index's +11.12% per annum. 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. Over the quarter, top contributors included Treasury Wine Estates, Costa Group and Aristocrat Leisure. Detractors included Reliance Worldwide and Flight Centre. The Fund's underweight position in the Resource and Energy sectors also detracted from relative performance. Bennelong noted portfolio positioning has remained unchanged since the Fund's last quarterly report. The Fund has a heavy concentration to 'all weather' businesses selling relatively defensive products or services and a heavy concentration in global businesses. The Manager remains wary of domestic cyclicals such as retailers, media companies, builders and industrials. The Fund has very little exposure to the banks, commodities companies and selective exposure to bond proxies. The Manager also noted they're unexcited by most blue chips due to their lack of growth.
More Information	Fund Profile Manager's Report

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5 Feb 2018 - Fund Review: Insync Global Titans Fund December 2017

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

1 Feb 2018 - Performance Report: MHOR Australian Small Cap Fund

31 Jan 2018 - Performance Report: Quay Global Real Estate Fund

30 Jan 2018 - Performance Report: Pengana Global Small Companies Fund

29 Jan 2018 - Performance Report: Glenmore Australian Equities Fund

26 Jan 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund December 2017

25 Jan 2018 - Performance Report: Pengana Absolute Return Asia Pacific Fund

24 Jan 2018 - Performance Report: NWQ Fiduciary Fund

23 Jan 2018 - Performance Report: Bennelong Australian Equities Fund

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