NEWS

Performance Report: Wheelhouse Global Equity Income Fund

6 Nov 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund returned +0.71% in September, taking annualised performance since inception in May 2017 to +9.61% with an annualised volatility of 7.41%.

6 Nov 2019 - Performance Report: Wheelhouse Global Equity Income Fund

By: Australian Fund Monitors

Report Date	06 November 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equity Income Fund
Strategy	Equity Income
Latest Return Date	September 2019
Latest Return	0.71%
Latest 6 Months	8.51%
Latest 12 Months	6.78%
Latest 24 Months (pa)	12.60%
Annualised Since Inception	9.61%
Inception Date	26 May 2017
FUM (millions)	AU$20
Fund Overview	The strategy of the Fund is based on the Morningstar Developed Markets ex Australia Wide Moat Focus Index ('Morningstar Portfolio'). However, in addition to this, it is designed to deliver returns with lower volatility, improved capital preservation, and higher income generation as a component of total return. To pursue this objective, the Investment Manager is responsible for actively managing, monitoring and tailoring the integration of derivative contracts alongside the Morningstar Portfolio, while taking into account changing market and stock specific conditions. The Investment Manager is responsible for maximising the structural benefits of short option positions (lowered Volatility, improved capital preservation, higher income generation), whilst mitigating, minimising and monitoring the structural negatives (variable market exposure, option expiries, collateral management and asymmetric return profiles). In addition, long derivatives positions are also used to enhance the capital preservation characteristics of the Fund in more extreme market movements. As a consequence of the integration of Derivatives, returns of the strategy, intra-cycle, are expected to vary from the underlying Morningstar Portfolio due to these characteristics. For example in weak markets, or in extended sideways markets, the Fund is expected to outperform relative to the Morningstar Portfolio. Conversely in strong positive markets the Fund is expected to underperform.
Manager Comments	The Wheelhouse Global Equity Income Fund returned +0.71% in September, taking annualised performance since inception in May 2017 to +9.61% with an annualised volatility of 7.41%. September's return comprised +0.81% from the portfolio (in USD) and -0.10% from the strengthening of the Australian dollar versus the US dollar. Income distributions were 1.5c for the September quarter, taking the rolling 12-month income return to +7.99%. The Fund returned +5.0% during the quarter versus AFM's Global Equity Index's +4.03%. Top contributors included Emerson Electric, Guidewire Software, KLA Corp, Safran and Sanofi. Detractors included Canadian Pacific Railway, Amgen, Salesforce.com, Unilever and ServiceNow. Wheelhouse believe the stock market's huge focus on Fed policy, as opposed to fundamental economic activity, can only ever be temporary. They expect that at some point market prices will reflect current economic reality, with prices responding accordingly.
More Information	Fund Profile Manager's Report

Bank Runs in China

5 Nov 2019 - Marcel von Pfyffer, Arminius Capital

Henan Yichuan Bank, in the inland province of Henan, has assets of only CNY 62 billion (about AUD $13 billion). Last week, locals rushed to withdraw their deposits, even though the central government guarantees all bank deposits up to a...

Performance Report: Bennelong Concentrated Australian Equities Fund

5 Nov 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +2.30% in September, outperforming the ASX200 Accumulation Index by 0.46% and taking annualised performance since inception in January 2009 to +16.51% versus the Index's +11.01%.

5 Nov 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	05 November 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	2.30%
Latest 6 Months	11.96%
Latest 12 Months	5.41%
Latest 24 Months (pa)	11.32%
Annualised Since Inception	16.51%
Inception Date	30 January 2009
FUM (millions)	AU$841.29
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 rose +2.30% in September, outperforming the ASX200 Accumulation Index by 0.46% and taking annualised performance since inception in January 2009 to +16.51% versus the Index's +11.01%. While the Fund's return has been achieved with slightly higher volatility than the market (13.49% versus the Index's 11.93%), the Fund's up and down-capture ratios for performance since inception, 133.81% and 89.82% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. The Fund returned +7.17% over the quarter versus the Index's +2.37%. Bennelong noted most portfolio holdings announced very strong financial results during reporting season in August. These results were largely in line with the investment team's expectations. Some of the largest contributors included CSL, BWX, Reliance Worldwide and Treasury Wine Estates. The Fund is a concentrated portfolio invested at its core in a selection of high quality growth stocks, however, Bennelong noted they are mindful of macro and other risks and thus construct the portfolio in a way that seeks to manage these risks to the extent the investment team consider appropriate.
More Information	Fund Profile Manager's Report

Performance Report: Insync Global Capital Aware Fund

4 Nov 2019 - Australian Fund Monitors

The Insync Global Capital Aware Fund has returned +11.18% p.a. with an annualised volatility of 9.47% since inception in October 2009. Over the past 12 months, the Fund has returned +15.97% against AFM's Global Equity Index's +8.64%.

4 Nov 2019 - Performance Report: Insync Global Capital Aware Fund

By: Australian Fund Monitors

Report Date	04 November 2019
Manager	Insync Fund Managers
Fund Name	Insync Global Capital Aware Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	-2.21%
Latest 6 Months	16.28%
Latest 12 Months	15.97%
Latest 24 Months (pa)	18.54%
Annualised Since Inception	11.18%
Inception Date	07 October 2009
FUM (millions)	AU$31.2
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management with the aim of to investing in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Capital Aware Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	The Insync Global Capital Aware Fund has returned +11.18% p.a. with an annualised volatility of 9.47% since inception in October 2009. Over the past 12 months, the Fund has returned +15.97% against AFM's Global Equity Index's +8.64%. The Fund's down-capture ratio of 56.13%, Sortino ratio of 1.62 versus the Index's 1.46 and average negative return of -1.69% versus the Index's -2.03% highlight the Fund's focus on protecting investor capital in falling markets. The Fund returned -2.21% in September after the cost of fees and downside protection. Positive contributors included Apple, London Stock Exchange, Adidas and Bristol-Myer Squibb. Detractors included S&P Global, The Walt Disney Co, Visa and Intuit. The Fund continues to have no currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Insync believe current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They noted that, if this trend continues over the medium to long-term, they expect their portfolio of high ROIC stocks benefitting from global megatrends should outperform as these companies are less dependent on the global economy to generate consistent profitable growth.
More Information	Fund Profile Manager's Report AFM Research Reports

Hedge Clippings | 01 November 2019

1 Nov 2019 - Australian Fund Monitors

1 Nov 2019 - Hedge Clippings | 01 November 2019

By: Australian Fund Monitors

Hedge Clippings | Friday 01 November, 2019

The front page article in today's Financial Review suggests there could, or should, be only one rule to determine the legal obligation when providing a financial service: ""Be Fair". If only it were so simple!

Acting fairly, efficiently and honestly - enshrined in Corporations Law - should be a pretty straightforward and simple task, but in reality it is anything but simple, or straightforward.

The difficulty of course is that fairness, like beauty, is in the eye of the beholder. What might seem fair (and/or reasonable) to most of us, might not seem so straightforward to others. This is not only applicable to financial services, but every other facet of life. As business and social values change and adjust over time or across borders, how do those determining what's fair decide if party A has broken the fairness rules, let alone the law?

Fairness used to be something taught in kindergarten, or a code of conduct to be displayed on the sporting field. With the rise of professional sport that seems to have gone out the window, and that might give a clue to the problems with fairness in financial services - PROFIT!

For some years now Hedge Clippings has been lamenting the fact that there has been a general decline in moral values, and this has infected business, and particularly the financial sector. And yet paradoxically there is greater awareness around other aspects of behaviour, and an increasing consciousness of our moral obligations to society.

So is it just the profit motive, or lure of the big bucks or bonus, or just a change in standards? After all, society changes over time, and what might have passed as reasonable a century ago is now most likely to cause an outcry - and vice versa.

The difficulty is in the definition. I may know what I believe is fair - or unfair as the case may be - and have a very black and white view on it. But I'm not sure in the politically correct world in which we now live I'm even able to describe it in that way for fear of it being labelled a racist term.

Changing tack slightly, and ignoring my natural bias, it would be completely UNFAIR if England didn't win the RWC tomorrow night given they played an entertaining style of rugby last week when South Africa were boring.

If you'd like to receive Hedge Clippings direct to your inbox each Friday

JOIN OUR MAILING LIST

Performance Report: Bennelong Long Short Equity Fund

1 Nov 2019 - Australian Fund Monitors

The Bennelong Long Short Equity Fund's performance was flat in September. Since inception in February 2002, the Fund has returned +14.90% p.a. versus the ASX200 Accumulation Index's +8.43%.

1 Nov 2019 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	01 November 2019
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	September 2019
Latest Return	0.65%
Latest 6 Months	5.91%
Latest 12 Months	-7.54%
Latest 24 Months (pa)	5.06%
Annualised Since Inception	14.90%
Inception Date	01 January 2003
FUM (millions)	AU$355.2
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's performance was flat in September. Since inception in February 2002, the Fund has returned +14.90% p.a. versus the ASX200 Accumulation Index's +8.43%. The Fund's Sharpe and Sortino ratios, 0.89 and 1.45 respectively, by contrast with the Index's Sharpe of 0.41 and Sortino of 0.49, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility over the long-term. The Fund's down-capture ratio of -156.3% indicates that, on average, the Fund has risen during the months the market has fallen. The majority of the Fund's pairs contributed positively during the month (17 of 29). The one negative pair of note was long Challenger (CGF) / short AMP & IOOF (IFL), with IFL experiencing a rally after news that the Federal Court ruled in favour of IFL in a case brought by APRA. On the positive side, the Fund had a solid contribution from a telco pair and two energy pairs. In their latest report, Bennelong highlight a chart which caught their attention in September which shows continued increase in debt levels of US corporates. Measured as a share of GDP, this now sits above prior peak levels. They noted they wonder what the end game is for cheap debt, and how much further indebtedness can rise before risk appetite changes.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: NWQ Fiduciary Fund

1 Nov 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund (Fund) delivered a return of +0.07% in September. Since inception, the Fund has returned 5.52% p.a. with an annualised volatility of 4.85%. By contrast, the ASX200 Accumulation Index has returned +8.76% p.a. with an...

1 Nov 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	01 November 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	September 2019
Latest Return	0.07%
Latest 6 Months	3.54%
Latest 12 Months	-1.22%
Latest 24 Months (pa)	4.22%
Annualised Since Inception	5.52%
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 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 (Fund) delivered a return of +0.07% in September. Since inception, the Fund has returned 5.52% p.a. with an annualised volatility of 4.85%. By contrast, the ASX200 Accumulation Index has returned +8.76% p.a. with an annualised volatility of 10.82% over the same period. The Fund's down-capture ratio for performance since inception of 5.08% and maximum drawdown since inception of -7.04% versus the Index's -13.73% highlight the Fund's focus on avoiding the market's downside over the long-term. NWQ's view is that global markets continue to be caught between the conflicting currents of a global economic slowdown and heightened geopolitical risk on the one hand and central bank policies designed to stimulate growth on the other. They noted the relative calm in equity markets during the month presented the Fund's managers with fewer opportunities than in recent months which was reflected in the Fund's flat performance in September. NWQ are satisfied with the Fund's return of +4.17% over the quarter.
More Information	Fund Profile Manager's Report

Invest in Your World

31 Oct 2019 - Anshu Sharma (PM), Loftus Peak

Are investors missing out on the value created from their increasing digital screen time? It won't come as a surprise that over the last decade the average daily time spent on screens, which used to be restricted to television...

Positive developments likely from the Retirement Income Review

30 Oct 2019 - Gyrostat Capital Management

The Australian Government Treasury (Treasury) discussion papers on retirement income highlight the increasing focus on a more comprehensive risk assessment of retirement income products. The recently announced Retirement Income...

Performance Report: Touchstone Index Unaware Fund

29 Oct 2019 - Australian Fund Monitors

The Touchstone Index Unaware Fund rose +2.62% in September, outperforming the ASX200 Accumulation Index by +0.78% and taking annualised performance since inception in April 2016 to +11.91% with an annualised volatility of 9.79%.

29 Oct 2019 - Performance Report: Touchstone Index Unaware Fund

By: Australian Fund Monitors

Report Date	29 October 2019
Manager	Touchstone Asset Management, a Bennelong boutique
Fund Name	Touchstone Index Unaware Fund
Strategy	Equity Long
Latest Return Date	September 2019
Latest Return	2.62%
Latest 6 Months	10.59%
Latest 12 Months	7.31%
Latest 24 Months (pa)	11.78%
Annualised Since Inception	11.91%
Inception Date	04 April 2016
FUM (millions)	AU$4.71
Fund Overview	The Fund aims to deliver capital growth and a sustainable income stream to its investors by investing in a portfolio of primarily listed Australian shares and cash, aiming to provide a total return that exceeds the return of the S&P/ASX300 Accumulation Index by 2% p.a. (before fees and expenses) over a rolling 5 year period. The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years.
Manager Comments	The Touchstone Index Unaware Fund rose +2.62% in September, outperforming the ASX200 Accumulation Index by +0.78% and taking annualised performance since inception in April 2016 to +11.91% with an annualised volatility of 9.79%. As at the end of September, the Fund held 21 stocks with a median position size of 4.6%. The portfolio's holdings had an average forward year price/earnings of 16.6, forward year EPS growth of 4.3%, forward year tangible ROE of 21.6% and forward year dividend yield of 4.2%. The Fund's cash weighting was increased to 5.3% from 5.1% as at the end of August. The Fund primarily seeks to select stocks from the ASX300 Index, typically holding between 10-30 stocks. The Fund seeks to invest in reasonably priced, good quality companies with a significant share of expected returns coming from sustainable dividends.
More Information	Fund Profile Manager's Report

1 ... 370 371 372 373 374 375 376 377 378 ... 691

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

6 Nov 2019 - Performance Report: Wheelhouse Global Equity Income Fund

5 Nov 2019 - Bank Runs in China

5 Nov 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

4 Nov 2019 - Performance Report: Insync Global Capital Aware Fund

1 Nov 2019 - Hedge Clippings | 01 November 2019

1 Nov 2019 - Performance Report: Bennelong Long Short Equity Fund

1 Nov 2019 - Performance Report: NWQ Fiduciary Fund

31 Oct 2019 - Invest in Your World

30 Oct 2019 - Positive developments likely from the Retirement Income Review

29 Oct 2019 - Performance Report: Touchstone Index Unaware Fund

Category

Search

Events Calendar