Performance Report: Surrey Australian Equities Fund

29 Jan 2021 - Australian Fund Monitors

The Surrey Australian Equities Fund rose +2.50% in December, outperforming the ASX200 Accumulation Index by +1.44% and taking CY20 performance to +23.63% vs the Index's +1.40%. Since inception in June 2018, the Fund has returned +11.16%...

29 Jan 2021 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 January 2021
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2020
Latest Return	2.50%
Latest 6 Months	23.28%
Latest 12 Months	23.63%
Latest 24 Months (pa)	21.58%
Annualised Since Inception	11.16%
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 rose +2.50% in December, outperforming the ASX200 Accumulation Index by +1.44% and taking CY20 performance to +23.63% vs the Index's +1.40%. Since inception in June 2018, the Fund has returned +11.16% p.a. vs the Index's +7.45%. The Fund's up-capture ratio (since inception) of 129.4% highlights its capacity to outperform in rising markets. During the month, gains were consistently distributed across the portfolio. Key contributors included Mineral Resources and Cleanspace. Catapult and Tassal Group were the main detractors. The Fund's top holdings at month-end included Auckland International Airports, Mineral Resources, Omni Bridgeway, Pointsbet and Uniti Group. The portfolio was most heavily weighted towards the Industrials and IT sectors. Surrey hold an optimistic outlook for 2021, with both directors of Surrey Asset Management continuing to reinvest money into the Fund over the last quarter. They noted they were particularly active towards the end of the year as they took advantage of stocks they believed were mispriced. This lays the foundation for the 2021 portfolio and is also a further reflection of Surrey's favourable outlook for markets. The Fund finished the year with 1% in cash.
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Performance Report: 4D Global Infrastructure Fund

29 Jan 2021 - Australian Fund Monitors

The 4D Global Infrastructure Fund returned -0.75% in December. Since inception in March 2016, the Fund has returned +9.46% p.a. with an annualised volatility of 12.61%.

29 Jan 2021 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	29 January 2021
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	December 2020
Latest Return	-0.75%
Latest 6 Months	3.52%
Latest 12 Months	-7.38%
Latest 24 Months (pa)	9.47%
Annualised Since Inception	9.46%
Inception Date	07 March 2016
FUM (millions)	AU$186.42
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund.
Manager Comments	The 4D Global Infrastructure Fund returned -0.75% in December. Since inception in March 2016, the Fund has returned +9.46% p.a. with an annualised volatility of 12.61%. The currency impact on the Fund's December return was significant, detracting 3.06% from otherwise positive performance. The strongest performer in December was pure play renewable operator EDP Renewables, up +28.4% on the back of increased global stimulus focusing on the green energy transition. The weakest performer was Canadian midstream operator Pembina Pipeline, down -8.5% as the midstream sector remains out of favour as the global focus turns green. 4D continue to position the portfolio for the prevailing economic outlook and infrastructure as a means of a recovery. Despite the challenges faced throughout 2020, the manager remains optimistic about the global economic outlook and the infrastructure asset class for 2021 and beyond.
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Fund Review: Bennelong Long Short Equity Fund December 2020

29 Jan 2021 - 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...

Performance Report: Laureola Investment Fund

28 Jan 2021 - Australian Fund Monitors

The Laureola Investment Fund rose +0.93% in December, taking CY20 performance to +9.57% with a volatility of 1.98% vs the S&P500 Total Return Index's return of +18.40% with a volatility of 24.84%. Since inception in May 2013, the Fund has...

28 Jan 2021 - Performance Report: Laureola Investment Fund

By: Australian Fund Monitors

Report Date	28 January 2021
Manager	Laureola Advisors
Fund Name	Laureola Investment Fund
Strategy	Life Settlements
Latest Return Date	December 2020
Latest Return	0.93%
Latest 6 Months	5.43%
Latest 12 Months	9.57%
Latest 24 Months (pa)	8.71%
Annualised Since Inception	16.36%
Inception Date	01 May 2013
FUM (millions)	US$66
Fund Overview	A 'Life Settlement' is the transfer of the ownership and beneficial interest in a life insurance policy to a third party. The policy owner transfers their rights to the policy in return for an immediate cash payment. The buyer of the policy is then responsible for its maintenance and will be entitled to receive the policy benefits from the insurance company upon maturity. The investment strategy of The Laureola Investment Fund is dynamic and flexible, designed to take advantage of the frequent but temporary pricing anomalies of an asset class that is not yet fully understood by the majority of participants. Laureola Advisors applies 'best practices' common in the management of traditional assets, particularly the use of independent, in-house, proprietary research.
Manager Comments	The Laureola Investment Fund rose +0.93% in December, taking CY20 performance to +9.57% with a volatility of 1.98% vs the S&P500 Total Return Index's return of +18.40% with a volatility of 24.84%. Since inception in May 2013, the Fund has returned +16.36% p.a. with an annualised volatility of 5.60%. By contrast, the Index has returned +14.10% p.a. with an annualised volatility of 13.76% over the same period. The Fund has a down-capture ratio (since inception) of -37.68% which indicates that, on average, the Fund has risen during the S&P500's negative months - this highlights its uncorrelated nature. In their latest report, Laureola emphasise that the quality of returns is critical in Life Settlement Funds - the more generated from realised gains (cash profits) the better. In 2020, all of the Fund's returns (100%) were generated by realised gains. The Fund experienced 23 maturities during the year for a total payout of 19.8 ml, ahead of expectations. Laureola noted performance, especially performance due to mortality, continues to improve as it has since 2018. Laureola highlight that the Fund has been designed from inception to maximise safety; the investment focus is on mortality rather than accounting gains.
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Performance Report: NWQ Fiduciary Fund

28 Jan 2021 - Australian Fund Monitors

The NWQ Fiduciary Fund rose +1.93% in December, taking 12-month performance to +6.42% with a volatility of 10.01% vs the ASX200 Accumulation Index's return of +1.40% with a volatility of 27.24%. Since inception in May 2013, the Fund has...

28 Jan 2021 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	28 January 2021
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	December 2020
Latest Return	1.93%
Latest 6 Months	7.96%
Latest 12 Months	6.42%
Latest 24 Months (pa)	7.17%
Annualised Since Inception	5.81%
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 rose +1.93% in December, taking 12-month performance to +6.42% with a volatility of 10.01% vs the ASX200 Accumulation Index's return of +1.40% with a volatility of 27.24%. Since inception in May 2013, the Fund has returned +5.81% p.a. with an annualised volatility of 5.74%. By contrast, the Index has returned +7.57% p.a. with an annualised volatility of 14.04% over the same period. The Fund's capacity to protect investors' capital in falling and volatile markets is highlighted by the following statistics (since inception): Sortino ratio of 1.09 vs the Index's 0.55, maximum drawdown of -8.77% vs the Index's -26.75%, and down-capture ratio of 13.25%. NWQ noted current equity valuations are high and approaching the unprecedented and short-lived levels at the zenith of the Dot-Com era, supported by record low interest rates, ample central bank liquidity and buoyant customer sentiment. They believe that it's in this environment that it pays to be hedged given the market's susceptibility to sharp reversals. NWQ expect 2021 will present a favourable environment for hedged equity investors with return dispersion between stocks to remain elevated. They added that the pandemic has created both long and short opportunities for the Fund's underlying managers.
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Fund Review: Insync Global Capital Aware Fund December 2020

28 Jan 2021 - Australian Fund Monitors

Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...

Fund Review: Bennelong Twenty20 Australian Equities Fund December 2020

28 Jan 2021 - 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.

Webinar| Laureola Review: Q4 2020

27 Jan 2021 - Laureola Advisors

Please join us for our quarterly webinar. The webinar will give a short intro to Laureola, followed by a dive into performance and key drivers. Tony (our MD) will also cover our market outlook going forward. It should be informative to...

Performance Report: Glenmore Australian Equities Fund

27 Jan 2021 - Australian Fund Monitors

The Glenmore Australian Equities Fund rose +3.96% in December, outperforming the ASX200 Accumulation Index by +2.9% and taking 12-month performance to +13.43% vs the Index's +1.40%. Since inception in June 2017, the Fund has returned...

27 Jan 2021 - Performance Report: Glenmore Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 January 2021
Manager	Glenmore Asset Management Pty Ltd
Fund Name	Glenmore Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2020
Latest Return	3.96%
Latest 6 Months	32.63%
Latest 12 Months	13.43%
Latest 24 Months (pa)	26.15%
Annualised Since Inception	22.44%
Inception Date	06 June 2017
FUM (millions)	AU$11.8
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 rose +3.96% in December, outperforming the ASX200 Accumulation Index by +2.9% and taking 12-month performance to +13.43% vs the Index's +1.40%. Since inception in June 2017, the Fund has returned +22.44% p.a. vs the Index's +8.05%. The Fund's up-capture ratio (since inception) of 211.26% indicates that, on average, the Fund has returned more than double the market's return during the market's positive months. The Fund has achieved up-capture ratios of over 170% over the past 12, 24 and 36 months. The Fund's Sharpe and Sortino ratios (since inception), 0.95 and 1.12 respectively, vs the Index's Sharpe of 0.50 and Sortino of 0.53, highlight its capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility. Key positive contributors in December included Whitehaven Coal, Mineral Resources, Alliance Aviation Services, ARB Corporation, NRW Holdings and Coronado Global Resources. Notable detractors included Worley and Magellan Financial Group.
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Performance Report: Collins St Value Fund

27 Jan 2021 - Australian Fund Monitors

The Collins St Value Fund rose +10.30% in December, outperforming the ASX200 Accumulation Index by +9.24% and taking CY20 performance to +32.34% vs the Index's +1.40%. Since inception in February 2016, the Fund has returned +17.29% p.a. vs...

27 Jan 2021 - Performance Report: Collins St Value Fund

By: Australian Fund Monitors

Report Date	27 January 2021
Manager	Collins St Asset Management
Fund Name	Collins St Value Fund
Strategy	Equity Long
Latest Return Date	December 2020
Latest Return	10.30%
Latest 6 Months	39.01%
Latest 12 Months	32.34%
Latest 24 Months (pa)	28.94%
Annualised Since Inception	17.29%
Inception Date	05 February 2016
FUM (millions)	AU$96.8
Fund Overview	The Collins Street Value Fund is an index unaware fund which seeks to create strong investment returns over the medium and long term with capital preservation a priority. The managers of the fund intend to maintain a concentrated portfolio of investments in ASX listed companies that they have investigated and consider to be undervalued. They will assess the attractiveness of potential investments using a number of common industry based measures, a proprietary in-house model and by speaking with management, industry experts and competitors. Once the managers form a view that an investment offers sufficient upside potential relative to the downside risk, the fund will seek to make an investment. If no appropriate investment can be identified the managers are prepared to hold cash and wait for the right opportunities to present themselves.
Manager Comments	The Collins St Value Fund rose +10.30% in December, outperforming the ASX200 Accumulation Index by +9.24% and taking CY20 performance to +32.34% vs the Index's +1.40%. Since inception in February 2016, the Fund has returned +17.29% p.a. vs the Index's +10.14%. Despite the Fund's returns having been more volatile than the market's, the Fund's Sortino ratio (since inception) of 1.21 vs the Index's 0.77 and down-capture ratio (since inception) of 38.29% highlight its capacity to outperform during falling and volatile markets. The Fund has maintained down-capture ratios of less than 100% over the past 12, 24, 36 and 48 months. Key drivers throughout the year included Paladin Energy, National Tyre & Wheel, Boom Logistics and Coronado. Collins St are very happy with the Fund's performance throughout CY20, however, they emphasise that they don't anticipate returns of this sort regularly and that their foremost concern is capital preservation. They noted they endeavour to worry less about the macro environment, market movements and share price momentum, and focus instead on the merits of the businesses they look at. In their latest report, they discuss in details how a person's psyche plays a part in their investment decisions and identify tools they believe will assist investors to make decision based more on reason than emotion.
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29 Jan 2021 - Performance Report: Surrey Australian Equities Fund

29 Jan 2021 - Performance Report: 4D Global Infrastructure Fund

29 Jan 2021 - Fund Review: Bennelong Long Short Equity Fund December 2020

28 Jan 2021 - Performance Report: Laureola Investment Fund

28 Jan 2021 - Performance Report: NWQ Fiduciary Fund

28 Jan 2021 - Fund Review: Insync Global Capital Aware Fund December 2020

28 Jan 2021 - Fund Review: Bennelong Twenty20 Australian Equities Fund December 2020

27 Jan 2021 - Webinar| Laureola Review: Q4 2020

27 Jan 2021 - Performance Report: Glenmore Australian Equities Fund

27 Jan 2021 - Performance Report: Collins St Value Fund

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