NEWS

One Hundred Years of Solitude? (A follow up to 'Love in the time of COVID-19')

17 Apr 2020 - Delft Partners

With a bit of luck, continued good behaviour, and the arrival of more medical equipment, we can see an end to isolation. From here-on, it might not be 100 days, let alone 100 years. People will be glad to be out and about and back to work....

Trial and Error: What SARS-CoV-2 and COVID 19 Exit Planning have in common

17 Apr 2020 - Ken Liow, Realm Investment House

The SARS-CoV-2 virus is the latest pandemic virus to have blighted us. The process of genetic trial and error created yet another exceptionally potent pathogen. As strong social distancing measures are clearly succeeding at 'flattening the...

Performance Report: NWQ Fiduciary Fund

16 Apr 2020 - Australian Fund Monitors

The NWQ Fiduciary Fund outperformed the ASX200 Accumulation Index by +13.62% in March, returning -7.03%. Since inception in May 2013, the Fund has returned +4.40% p.a. with an annualised volatility of 5.58%. By contrast, the Index has...

16 Apr 2020 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	16 April 2020
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	March 2020
Latest Return	-7.03%
Latest 6 Months	-4.57%
Latest 12 Months	-1.19%
Latest 24 Months (pa)	-2.23%
Annualised Since Inception	4.40%
Inception Date	01 May 2013
FUM (millions)	AU$67
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 RBA Cash Rate + 4.0-5.0% 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 outperformed the ASX200 Accumulation Index by +13.62% in March. Since inception in May 2013, the Fund has returned +4.40% p.a. with an annualised volatility of 5.58%. By contrast, the Index has returned +4.17% p.a. with an annualised volatility of 13.74% over the same period. The Fund's capacity to protect investors' capital in falling markets is highlighted by the following statistics (since inception): down-capture ratio of 13.93%, maximum drawdown of -8.77% versus the Index's -26.75% over the same period, and average negative monthly return of -1.14% versus the Index's -3.15%. The Fund has hedged out 70% of the fall in the Australian equity market for the calendar year (-7.04% for the Fund versus -23.10% for the Australian equity market). NWQ believe they are well positioned for a full recovery and a continuation of delivering superior risk-adjusted returns in all market conditions. They noted the recovery is well underway, with the Fund having recovered over 35% of the fall in the first two weeks of April. They expect the opportunity set for active long/short managers to be favourable moving forward. NWQ's investment committee is looking to selectively increase exposure to market neutral and variable net managers in the near term.
More Information	Fund Profile Manager's Report

COVID-19: There Are No Monetarists in Foxholes

15 Apr 2020 - Morphic Asset Management

It is important to remember that markets have often faced great uncertainty about the future; sitting in 1932, your future was uncertain; in 1940 ahead of WW2; in the GFC lows of 2008. So the event changes, but the reaction path is...

What Comes Next?

14 Apr 2020 - Charlie Aitken, Aitken Investment Management

"Unprecedented" is a word that has slipped into our collective vocabulary largely unnoticed these last few weeks, but with good reason: much of what has played out in markets and in our day-to-day lives over the last month has no directly...

Hedge Clippings | 09 April 2020

9 Apr 2020 - Australian Fund Monitors

9 Apr 2020 - Hedge Clippings | 09 April 2020

By: Australian Fund Monitors

Hedge Clippings | Thursday 09 April, 2020

It doesn't take a genius to know, or for that matter to write, that markets have been unbelievably volatile, not only over the past two months, but weekly, daily, and intraday as well. However, making sense of markets, or for that matter the longer-term effects of the unprecedented disruption and dislocation caused by COVID-19, is a whole different matter.

There are obviously varying views in this regard. On the one hand, the market is speaking, rallying sharply off the lows reached on the 23rd of March. At a recent presentation by Longview Economics, CEO Chris Watling quoted Benjamin Graham who said that "In the short run the market is a voting machine, but in the long run the market is a weighing machine".

So, having rallied almost 1,000 points, the market is clearly suggesting that it was oversold. However, as Watling also points out, this merely reflects a voter-registration test that requires only money, not intelligence or emotional stability. In the longer term, the market as a weighing machine will determine how much damage has been done to the global economy, and specifically to individual sectors and companies.

The unprecedented level of government and central bank support is obviously influencing the market's short-term voting machine characteristics. However, this is also influencing its longer-term weighing machine characteristics, which is a trend that is simply continuing (albeit to an even greater degree) the distortions which exceptionally low interest rates have had on markets over the past 3 to 4 years.

While certainly supporting what governments globally have been doing to ensure there is no repeat of a 1930's type depression, the risk is that the capitalist system which should let companies sink or swim based on their merits - both management and balance sheet - won't operate efficiently, at least in the short to medium term.

Eventually, the question will have to be answered whether capitalism in its pure form still exists. In the meantime, we should all be thankful for government intervention.

Turning for a moment to the performance of funds where the range of returns remains extreme. As might be expected (although forgotten by many during the flood of investors and their capital into low cost, low fee index tracking ETFs), Absolute Return funds as a group have outperformed the index after fees by 13% YTD since December 31, and by 11% over 12 months to the end of March.

There will always be an argument about fees, and value, but the old adage that quality is remembered long after cost is forgotten would seem to hold true.

On that note, have a safe, if somewhat unusual, Easter long weekend.

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Performance Report: Surrey Australian Equities Fund

9 Apr 2020 - Australian Fund Monitors

The Surrey Australian Equities Fund outperformed the ASX200 Accumulation Index in March by +1.95%. During the month, Surrey continued to bolster the Fund's defensive positioning both through stock selection, reduced exposure to micro caps...

9 Apr 2020 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	09 April 2020
Manager	Surrey Asset Management Pty Ltd
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2020
Latest Return	-18.70%
Latest 6 Months	-24.45%
Latest 12 Months	-16.23%
Latest 24 Months (pa)
Annualised Since Inception	-10.49%
Inception Date	01 June 2018
FUM (millions)
Fund Overview	The Investment Manager will be primarily focussed on investing in companies listed in the S&P/ASX Small Ordinaries Index while retaining capacity to invest up to 30% of the Fund in ASX listed companies outside this benchmark. The Investment Manager believes this approach offers attractive, under researched investment opportunities that can provide capital upside and growing dividend income over rolling 5-year periods. The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability.
Manager Comments	The Surrey Australian Equities Fund outperformed the ASX200 Accumulation Index in March by +1.95%. During the month, Surrey continued to bolster the Fund's defensive positioning both through stock selection, reduced exposure to micro caps and increasing cash levels to 27.5%. They expect numerous equity capital raisings over the coming months, similar to what was seen during the GFC, and aim to be well positioned to capitalise on these. Despite the volatility, Surrey believe markets will manage through this challenging period. They noted that all of the Fund's companies have robust balance sheets and continue to generate revenue and cashflow. The Fund's top holdings at the end of March included Cooper Energy (COE), Fisher & Paykel Healthcare (FPH), IMF Group (IMF) now known as Omni Bridgeway (OMN), Saracen Minerals (SAR) and Xero Limited (XRO).
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

8 Apr 2020 - Australian Fund Monitors

The Bennelong Long Short Equity Fund outperformed the ASX200 Accumulation Index by +16.15%, returning -4.5% after fees. The Fund has returned +15.49% p.a. since inception in February 2002 versus the Index's annualised return of +6.68%.

8 Apr 2020 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 April 2020
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	March 2020
Latest Return	-4.50%
Latest 6 Months	17.69%
Latest 12 Months	24.64%
Latest 24 Months (pa)	9.17%
Annualised Since Inception	15.49%
Inception Date	01 January 2003
FUM (millions)	AU$388.7
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund outperformed the ASX200 Accumulation Index by +16.15%, returning -4.5% after fees. The Fund has returned +15.49% p.a. since inception in February 2002 versus the Index's +6.68%. The Fund's down-capture ratio for performance since inception of -171.44% highlights the Fund's capacity to significantly outperform in falling markets (a negative down-capture ratio indicates that, on average, the Fund has risen during the months the market has fallen). The Fund's gearing declined to 3.9X, down from 4.3X at the end of February, to counter market volatility. In this environment Bennelong remain focused on enhancing the attributes they are looking for in both the long and short portfolios. The Fund's trading activity was elevated as a result of volatility and opportunity. Bennelong noted it remains unclear whether the flow-on effects of a health crisis becoming an economic crisis will extend to a full-blown credit crisis. They highlight that the risk of financial distress in the economy is material, with the prolonged backdrop of artificially depressed interest rates via central bank intervention continuing to distort creditworthiness and capital allocation.
More Information	Fund Profile Manager's Report

Performance Report: Australian Eagle Trust Long-Short Fund

7 Apr 2020 - Australian Fund Monitors

The Australian Eagle Trust Long-Short Fund outperformed the ASX200 Accumulation Index by +4.41% in March. Since inception in July 2016, the Fund has returned +12.18% p.a. versus the Index's +3.55%. Australian Eagle noted they remain...

7 Apr 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

By: Australian Fund Monitors

Report Date	07 April 2020
Manager	Australian Eagle Asset Management
Fund Name	Australian Eagle Trust Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	March 2020
Latest Return	-16.24%
Latest 6 Months	-16.09%
Latest 12 Months	-4.13%
Latest 24 Months (pa)	4.47%
Annualised Since Inception	12.18%
Inception Date	27 June 2016
FUM (millions)
Fund Overview	The Australian Eagle Trust Long-Short Fund aims to achieve strong double digit returns by allowing clients to access Australian Eagle's demonstrated historical strength in constructing Australian share portfolios applied to a long-short product. Using a combination of Australian Eagle's actual long investment performance in conjunction with a short selling discipline, suggests that this product can provide strong investment returns along with an alpha performance that is negatively correlated to the broader Australian equity market.
Manager Comments	The Australian Eagle Trust Long-Short Fund outperformed the ASX200 Accumulation Index by +4.41% in March. Since inception in July 2016, the Fund has returned +12.18% p.a. versus the Index's +3.55%. The Fund's up-capture and down-capture ratios for performance since inception, 132.6% and 79.6% respectively, highlight the Fund's capacity to outperform in both rising and falling markets. The Fund returned -16.24% against the Index's -20.65% in March. The portfolio's largest positive contributions came from long positions in ASX Ltd, Fortescue Metals and Resmed Inc. Key detractors included long positions in Japara Healthcare, QBE Insurance Group Ltd, and a short position in Cimic Group. The Fund had 31 long positions and 24 short positions with largest exposure to medical devices & services and technology stocks. At month-end, the portfolio had relatively less exposure to banking and materials stocks. Australian Eagle noted they remain focused on taking long-term positions in high quality growth companies with strong balance sheets that will be able to take advantage of weaker competitors once this downturn passes. Consequently, outside of minor trades to take advantage of large falls in certain stock prices during the month, they do not intend to trade excessively during this volatile time nor change the net exposure, but allow the strong individual company attributes to produce the Fund's results.
More Information	Fund Profile Manager's Report

Performance Report: Gyrostat Absolute Return Income Equity Fund

6 Apr 2020 - Australian Fund Monitors

The Gyrostat Absolute Return Income Fund rose +5.8% after fees in March, outperforming the ASX200 Accumulation Index by +26.45%. Since inception in December 2010, the Fund has returned +5.27% p.a. with an annualised volatility of 4.20%.

6 Apr 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	06 April 2020
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	March 2020
Latest Return	5.80%
Latest 6 Months	9.31%
Latest 12 Months	16.97%
Latest 24 Months (pa)	10.50%
Annualised Since Inception	5.27%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 37 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls.
Manager Comments	The Gyrostat Absolute Return Income Fund rose +5.8% after fees in March, outperforming the ASX200 Accumulation Index by +26.45% and taking 12-month performance to +16.97% versus the Index's -14.42%. Since inception in December 2010, the Fund has returned +5.27% p.a. with an annualised volatility of 4.20%. The Fund's largest drawdown since inception is -2.97%. Gyrostat are focused on ensuring the Fund is highly defensive, protecting wealth whilst delivering regular income. The Fund has operated for 37 consecutive quarters with a 'hard' pre-defined risk parameter always in place (no more than 3% of capital at risk with a maximum drawdown of -2.2% in any quarter). Gyrostat have expanded the international assets within the Fund to include S&P500, Nasdaq, FANGS, Nikkei, Hand Send, MSCI China, MSCI Developed and developing markets, allowing Gyrostat to offer a broader range of non-correlated assets with significant scale potential.
More Information	Fund Profile Manager's Report

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NEWS

17 Apr 2020 - One Hundred Years of Solitude? (A follow up to 'Love in the time of COVID-19')

17 Apr 2020 - Trial and Error: What SARS-CoV-2 and COVID 19 Exit Planning have in common

16 Apr 2020 - Performance Report: NWQ Fiduciary Fund

15 Apr 2020 - COVID-19: There Are No Monetarists in Foxholes

14 Apr 2020 - What Comes Next?

9 Apr 2020 - Hedge Clippings | 09 April 2020

9 Apr 2020 - Performance Report: Surrey Australian Equities Fund

8 Apr 2020 - Performance Report: Bennelong Long Short Equity Fund

7 Apr 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

6 Apr 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

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