Performance Report: Wheelhouse Global Equities Income Fund

19 Jul 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +2.43% in June, taking annualised performance since inception in May 2017 to +8.29% with an annualised volatility of 7.71%.

19 Jul 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	19 July 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	June 2019
Latest Return	2.43%
Latest 6 Months	8.90%
Latest 12 Months	8.63%
Latest 24 Months (pa)	10.13%
Annualised Since Inception	8.29%
Inception Date	26 May 2017
FUM (millions)	AU$8.02
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 rose +2.43% in June, taking annualised performance since inception in May 2017 to +8.29% with an annualised volatility of 7.71%. The Fund's June return comprised +3.76% from the portfolio (in USD) and -1.33% from the strengthening of the Australian dollar against the US dollar. Income distributions were 3.5c for the June quarter, taking annual income return for FY19 to 8.11%. The Fund's 12-month returns showcase the objectives of Wheelhouse's approach, which is to deliver a consistent high yield, plus protect and grow the capital base. Wheelhouse believe over time this will lead to equity rates of return delivered mostly in yield rather than capital appreciation. Wheelhouse observe that global share markets are setting record highs against a backdrop of weakening economic data. They believe the share market's huge focus on Fed policy, as opposed to fundamental economic activity, can only be temporary; at some point markets will reflect current economic reality, with prices responding accordingly.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

19 Jul 2019 - 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.

Crazy Bankies Misread APRA

18 Jul 2019 - Elstree Investment Management

Last year, APRA issued a discussion paper on how it intended to add a further 5% of additional capital to protect depositors and governments (who are effectively deposit guarantors) in the case of bank insolvencies. Last week,...

Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

18 Jul 2019 - 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 2019

17 Jul 2019 - 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...

Auto Trader: Finding opportunities amongst the Brexit wreckage

16 Jul 2019 - Will Dowd - Fairlight Asset Management

Auto Trader embodies many of the quality characteristics Fairlight is searching for; recurring revenues, excellent cash flow conversion and strong organic growth. Although quality is paramount when assessing businesses, Fairlight is not...

Performance Report: Cyan C3G Fund

16 Jul 2019 - Australian Fund Monitors

The Cyan C3G Fund rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%.

16 Jul 2019 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	16 July 2019
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2019
Latest Return	1.12%
Latest 6 Months	14.58%
Latest 12 Months	1.76%
Latest 24 Months (pa)	10.73%
Annualised Since Inception	19.13%
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 rose +1.1% in June, taking annualised performance since inception in August 2014 to +19.13% versus the Index's +8.06%. The Fund's Sharpe and Sortino ratios, 1.52 and 3.01 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.81, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. The Fund's down-capture ratio of -3.37% for performance since inception indicates that, on average, the Fund has risen during the months the market has fallen. Cyan noted there were a couple of wins this month that helped drive the Fund higher. Their IPO investment in co-working space provider Victory Offices listed at a 10% premium; Cyan have since added to their initial position. The Fund's best performer in June was Kelly Partners (+25%). The other win they had this month was the revaluation of some escrowed Atomos shares Cyan purchased back in March at 60c. Atomos closed at $1.03 but has traded higher again in July having raised $7.5m in new capital and completed a sell-down. Cyan reiterate in this month's report that, whilst month-to-month volatility can be expected, they have a firm view of long-term opportunity and remain confident in the outlook for the Fund into the future.
More Information	Fund Profile Manager's Report

Performance Report: Glenmore Australian Equities Fund

15 Jul 2019 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +5.21% in June, outperforming the ASX200 Accumulation Index by +1.51% and taking annualised performance since inception in June 2017 to +30.29% versus the Index's +11.85%.

Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2019 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%.

12 Jul 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	12 July 2019
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2019
Latest Return	2.82%
Latest 6 Months	7.18%
Latest 12 Months	-4.63%
Latest 24 Months (pa)	0.76%
Annualised Since Inception	9.29%
Inception Date	01 May 2006
FUM (millions)	AU$115.33
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 +2.82%, taking annualised performance since inception in May 2006 to +9.29% versus the ASX200 Accumulation Index's +6.34%. The Fund's Sortino ratio of 1.38 versus the Index's 0.28, average negative return of -1.41% versus the Index's -3.26% and down-capture ratio of 40.11% highlight the Fund's focus on protecting investor capital in falling markets. The Fund's June return was driven by gold, financials, bond proxies and healthcare stocks. Top contributors included Polynovo, Northern Star, Evolution, Goodman Group, Atlas Arteria and Rhipe. Key detractors included Adairs, A2 Milk, Dubber and Netwealth. The largest detractor was a short position in Share Price Index Futures (-45bp contribution), partly offset by a modest positive contribution from the individual stock short book. Net equity market exposure was increased from 13.5% to 24.9% (67.3% long and 42.4% short), with the key changes being new long positions in National Australia Bank and Telstra as well as increased weightings in Commonwealth Bank, Atlas Arteria, Chorus, APA Group, Northern Star and Rio Tinto. This was partly offset by the sale of Tabcorp, Flight Centre, Netwealth and Adairs, four new individual stock shorts and an increase in the Fund's short position in Share Price Index Futures.
More Information	Fund Profile Manager's Report

Winning at the IPO Game

12 Jul 2019 - Dean Fergie | Cyan Investment Management

At Cyan, over this period, we have considered approximately 50 of these listings (we don't invest in resources or biotechnology which make up many of the new market entrants) and have put money into just 11. Despite both our cynical nature...

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19 Jul 2019 - Performance Report: Wheelhouse Global Equities Income Fund

19 Jul 2019 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2019

18 Jul 2019 - Crazy Bankies Misread APRA

18 Jul 2019 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2019

17 Jul 2019 - Fund Review: Bennelong Long Short Equity Fund June 2019

16 Jul 2019 - Auto Trader: Finding opportunities amongst the Brexit wreckage

16 Jul 2019 - Performance Report: Cyan C3G Fund

15 Jul 2019 - Performance Report: Glenmore Australian Equities Fund

12 Jul 2019 - Performance Report: Bennelong Kardinia Absolute Return Fund

12 Jul 2019 - Winning at the IPO Game

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