NEWS
Performance Report: Insync Global Quality Equity Fund
28 Jun 2019 - Australian Fund Monitors
The Insync Global Quality Equity Fund returned -2.25% in May, outperforming AFM's Global Equity Index by +2.21% and taking annualised performance since inception to +12.87% versus the Index's +10.79%.
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28 Jun 2019 - Performance Report: Insync Global Quality Equity Fund
By: Australian Fund Monitors
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| Fund Overview | 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 typically of 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. |
| Manager Comments | Insync attribute the Fund's outperformance in May to strong stock selection. Positive highlights include Adidas, IDEXX Laboratories, Wirecard, Boston Scientific Corp and the London Stock Exchange. Detractors included Facebook, Apple, Booking Holdings, Constellation Brands and Tencent Holdings. The Fund continues to have no currency hedging as Insync consider the main risks to the Australian dollar to be on the downside. Insync's view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They believe if this trend continues then investing in a portfolio of high ROIC stocks benefitting from global megatrends should be beneficial. They noted their portfolio of companies is less dependent on the global economy to generate consistent profitable growth. |
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Cyan Investment Management | Why We Use OLIVIA123
28 Jun 2019 - Australian Fund Monitors
The Cyan C3G Fund has been available on OLIVIA123 for about 4 years now. Cyan receive approximately 95% of their applications through the OLIVIA123 system and Dean Fergie (Director & Portfolio Manager at Cyan Investment Management) says...
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28 Jun 2019 - Cyan Investment Management | Why We Use OLIVIA123
By: Australian Fund Monitors
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The Cyan C3G Fund has been available on OLIVIA123 for about 4 years now. Cyan receive approximately 95% of their applications through the OLIVIA123 system and Dean Fergie (Director & Portfolio Manager at Cyan Investment Management) says the ease of use for them and their investors means they just couldn't live without it. |
Performance Report: Touchstone Index Unaware Fund
27 Jun 2019 - Australian Fund Monitors
The Touchstone Index Unaware Fund rose +0.25% in May, taking annualised performance since inception in April 2016 to +11.01% with an annualised volatility of 9.99%.
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27 Jun 2019 - Performance Report: Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | As at the end of May, the Fund held 21 stocks with a median position size of 4.8%. The portfolio's holdings had an average forward year price/earnings of 15.8, forward year EPS growth of 6.8%, forward year tangible ROE of 24.2% and forward year dividend yield of 4.5%. The Fund's cash weighting was increased to 3.4% from 3.0% as at the end of April. 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. |
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Performance Report: NWQ Fiduciary Fund
27 Jun 2019 - Australian Fund Monitors
The NWQ Fiduciary Fund has risen +5.13% since inception in May 2013 with an annualised volatility of 4.85%. By contrast, the ASX200 Accumulation Index has risen +8.19% p.a. with an annualised volatility of 10.93% over the same period.
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27 Jun 2019 - Performance Report: NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund returned -0.72% in May. NWQ noted the continuation of the 'melt up' in Australian equities was a tailwind for the Fund's Beta managers and presented challenges for its Alpha managers. NWQ maintain their conviction in their Alpha managers for their ability to deliver attractive risk-adjusted returns and provide their investors diversification when equity markets are challenged. |
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Performance Report: Insync Global Capital Aware Fund
27 Jun 2019 - Australian Fund Monitors
The Insync Global Capital Aware Fund has returned 12.60% over the past 12 months versus AFM's Global Equity Index's +7.90%, and +10.46% p.a. since inception in October 2009.
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27 Jun 2019 - Performance Report: Insync Global Capital Aware Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | In May the Fund returned -1.90% after the cost of downside protection, outperforming AFM's Global Equity Index by +2.56%. Strong contributions from stock selection and a positive contribution from the increase in the value of the index 'puts' led to the Capital Aware Fund losing significantly less than the market. Positive highlights include Adidas, IDEXX Laboratories, Wirecard, Boston Scientific Corp and the London Stock Exchange. Detractors included Facebook, Apple, Booking Holdings, Constellation Brands and Tencent Holdings. The Fund continues to have no currency hedging as Insync consider the main risks to the Australian dollar to be on the downside. Insync's view is that current market conditions continue to reflect the trend in place since the GFC of low growth and low inflation. They believe if this trend continues then investing in a portfolio of high ROIC stocks benefitting from global megatrends should be beneficial. They noted their portfolio of companies is less dependent on the global economy to generate consistent profitable growth. |
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How green buildings can cut emissions and increase returns
27 Jun 2019 - Matthew Coleman | APN Property Group
The property sector is one of Australia's largest carbon emitters, contributing more than 20% of Australia's greenhouse gas emissions. In fact, the buildings we live and work in are responsible for half of all global energy...
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27 Jun 2019 - How green buildings can cut emissions and increase returns
By: Matthew Coleman | APN Property Group
Performance Report: Frazis Fund
26 Jun 2019 - Australian Fund Monitors
The Frazis Fund returned -1.8% in May, ahead of the S&P500 Total Return Index by +4.55% and AFM's Global Equity Index by +2.66%. This brings the Fund's CYTD return to +21.01%.
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26 Jun 2019 - Performance Report: Frazis Fund
By: Australian Fund Monitors
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| Fund Overview | The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality |
| Manager Comments | In the latest report, Michael Frazis discusses his views on the outlook for the global economy. He believes the past two years in Australia are suggestive of what may come next in the US. He says it is entirely possible that the recent Australian experience, where technology stocks reach new heights amidst slowing growth and growing uncertainty, will continue overseas. Frazis are tempering their views and positions accordingly. Frazis have high confidence in their portfolio companies and are closely tracking their fundamental value creation. They noted they have increased their short positions in structurally declining and capital intensive industries such as physical retail, coal, and where appropriate, physical commodities. |
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Performance Report: Glenmore Australian Equities Fund
26 Jun 2019 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +2.54% in May, outperforming the ASX200 Accumulation Index by +0.83% and taking annualised performance since inception in June 2017 to +28.43%.
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26 Jun 2019 - Performance Report: Glenmore Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 | Top contributors included Phoslock, Dicker Data, AP Eagers, Polynovo, Auckland International Airport and People Infrastructure. Detractors included Pinnacle Investment, NRW Holdings and Arena REIT. |
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Cyan Investment Management | Why We Like Fundmonitors.com
26 Jun 2019 - Australian Fund Monitors
The Cyan C3G Fund has been on the Fundmonitors.com database since inception in July 2014. Dean Fergie (Founding Director and Portfolio Manager) says what he likes most is the transparency, the ability to monitor their competitors and the...
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26 Jun 2019 - Cyan Investment Management | Why We Like Fundmonitors.com
By: Australian Fund Monitors
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The Cyan C3G Fund has been on the Fundmonitors.com database since inception in July 2014. Dean Fergie (Founding Director and Portfolio Manager) says what he likes most is the transparency, the ability to monitor their competitors and the value for money. |
Performance Report: Quay Global Real Estate Fund
25 Jun 2019 - Australian Fund Monitors
The Quay Global Real Estate Fund rose +1.7% in May, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +0.4% and taking annualised performance since inception in July 2014 to +10.53%.
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25 Jun 2019 - Performance Report: Quay Global Real Estate Fund
By: Australian Fund Monitors
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| Fund Overview | 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 largest positive contributors were Coresite (US Data Centres), Ventas (US Health) and Leg Immobilon (German Apartments). Largest detractors were Wharf REIC (HK Retail), Hysan (HK Diversified) and Safestore (UK Storage). There were no changes to the Fund during the month. Quay toured Hong Kong during May. They noted a recurring discussion topic was the impact the US/China trade wars could have on the HK economy, particularly retail sales, if Chinese visitors were to drop off as a result of RMB weakness and/or weaker economic growth in China. They believe the market is cautious about the near-term. With regards to the Fund's two HK investees (Hysan and Wharf REIC), Quay remain confident in their long-term outlook as both have best-in-class assets and negligible gearing. As for the resignation of UK Prime Minister Theresa May, Quay believe this has added further uncertainty to Brexit and the UK's outlook. The Fund's exposure to the UK consists of three investees exposed to two asset classes - storage and student accommodation, both of which Quay regard as defensive in nature. |
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