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Performance Report: Surrey Australian Equities Fund
27 Oct 2020 - Australian Fund Monitors
The Surrey Australian Equities Fund returned -1.80% in September, outperforming the ASX200 Total Return Index by 1.86% and taking 12-month performance to 7.73% vs the Index's -10.21%. Since inception in June 2018, the Fund has returned...
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27 Oct 2020 - Performance Report: Surrey Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund concluded the month with 27 holdings and 10% in cash. Surrey noted that this larger than normal cash holding is a reflection of stock sales toward the end of the month as opposed to a negative view on the market. The fund top holding at the end of the month included Auckland International Airport, Imricor Medical Systems, Omni Bridgeway, Pointsbet and Xero Limited. In the approach to Christmas Surrey are expecting a large number of Initial Public Offerings (IPOs) as companies look to benefit from liquid markets as well as bolster their balance sheets, following the scare many experienced earlier in the year. |
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Performance Report: Atlantic Pacific Australian Equity Fund
26 Oct 2020 - Australian Fund Monitors
The Atlantic Pacific Australian Equity Fund returned 1.62% for the month of September and 20.63% for the 12 months to the end of September. Both figures are a strong outperformance over the ASX200 Total Return Index of -3.66% for September...
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26 Oct 2020 - Performance Report: Atlantic Pacific Australian Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The primary objective of the Atlantic Pacific Australian Equity Fund is to generate a mixture of capital and income returns for investors with a high risk profile, over a 5 to 7 year investment period. The Investment Manager believes that markets are fundamentally inefficient and that active investment management will result in higher than 'benchmark' returns. The Fund has adopted the S&P/ASX200 Accumulation Index as the benchmark for its performance. The Investment Manager also believes that, on review of many markets globally, no individual style or method of investing will always ensure outperformance in terms of return on investment. In light of this, the Investment Manager may adopt a 'value', 'growth' or 'momentum' style bias, for example, depending on where the market is in its investment cycle. Further, the Investment Manager believes that actual and forecasted events underpin absolute and relative price movements of securities. The Investment Manager will utilise a number of frameworks to assist in positioning the Fund's portfolio of investments. These include fundamental research, quantitative analysis, and macro and catalyst research. |
| Manager Comments | Stocks in the portfolio that contributed to the strong returns for the month were Boral, Citadel Group, Fortescue Metals and Ooh Media. Detractors from performance were Challenger, Iluka Resources, Metcash and Myer Holdings. The fund remains conservatively positioned with APSEC believing that the post-COVID minimisation of office space could lead to an oversupply of assets and a resulting property bubble burst. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund September 2020
23 Oct 2020 - 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.
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23 Oct 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund September 2020
By: Australian Fund Monitors
AFM Fund Review - September 2020 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2020 (pdf format)
Performance Report: Insync Global Capital Aware Fund
23 Oct 2020 - Australian Fund Monitors
The Insync Global Capital Aware Fund rose +0.27% in September, outperforming AFM's Global Equity Index by +0.60% and taking 12-month performance to +23.94% vs the Index's +4.16%. Since inception in October 2009, the Fund has returned...
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23 Oct 2020 - 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 | As at the end of September, the portfolio's top holdings included Domino's Pizza, Dollar General, PayPal, S&P Global, Visa, Facebook, Adobe, JD Sports Fashion, Microsoft and Nvidia. The top three megatrends in the portfolio by weight were the 'Cashless Society' megatrend (14% of the portfolio), the 'Age related health solutions' megatrend (13%) and the 'Digitisation' megatrend (12%). By sector, the portfolio was most heavily weighted towards the IT and Consumer Discretionary sectors. |
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Performance Report: DS Capital Growth Fund
23 Oct 2020 - Australian Fund Monitors
The DS Capital Growth Fund rose +8.31% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in December 2012, the Fund has returned +14.89% p.a. against the Index's annualised return of +7.77%.
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23 Oct 2020 - Performance Report: DS Capital Growth Fund
By: Australian Fund Monitors
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| Fund Overview | The investment team looks for industrial businesses that are simple to understand; they generally avoid large caps, pure mining, biotech and start-ups. They also look for: - Access to management; - Businesses with a competitive edge; - Profitable companies with good margins, organic growth prospects, strong market position and a track record of healthy dividend growth; - Sectors with structural advantage and barriers to entry; - 15% p.a. pre-tax compound return on each holding; and - A history of stable and predictable cash flows that DS Capital can understand and value. |
| Manager Comments | The September quarter featured reporting season. The results of businesses in the portfolio were mostly in line with DS Capital's expectations. They noted that outlook commentary, which is usually a focus, was understandably absent. The acceleration in adoption of new technology solutions due to the pandemic has fast tracked several sectors such as online retailers and cloud software businesses and, subsequently, this has had a favourable impact on several of the Fund's technology investments. Notable positive contributors over the quarter included Kogan, Sydney Airport and Breville, while A2 Milk detracted from performance. DS Capital expect COVID-19 will continue to be the dominant influence on stock markets for the foreseeable future. While they are not optimistic of a vaccine in the short-term, they believe that, in the event of a vaccine, the combination of significant stimulus, pent up demand and relief would lead to a rapid and strong recovery in economic conditions. |
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Fund Review: Bennelong Kardinia Absolute Return Fund September 2020
22 Oct 2020 - Australian Fund Monitors
The latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available. The Fund, which has been in operation for more than 10 years, has a long-biased, research driven, active equity long/short strategy and invests in...
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22 Oct 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2020
By: Australian Fund Monitors
AFM Fund Review - September 2020 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 8.31% p.a. with a volatility of 7.46%, compared to the ASX200 Accumulation's return of 5.16% p.a. with a volatility of 14.37%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Kristiaan Rehder and Stuart Larke have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2020 (pdf format)
Performance Report: Glenmore Australian Equities Fund
22 Oct 2020 - Australian Fund Monitors
The Glenmore Australian Equities Fund rose +0.54% in September, outperforming the ASX200 Accumulation Index by +4.2% and taking performance over the September quarter to +13.70% vs the Index's -0.44%. Since inception in June 2017, the Fund...
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22 Oct 2020 - 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 in September included Coronado Global Resources, Opticomm, Temple & Webster, People Infrastructure and ARB Corporation. The most notable detractor was Mineral Resources. Glenmore noted that following five consecutive positive months on the ASX, some form of retraction was not surprising. They continue to be positive on the portfolio's holdings despite the clear health crisis posed by COVID-19 and hold the view that most governments are realising living with the virus is the most logical way forward. They also believe fiscal and monetary policy remains supportive to stocks and is likely to remain accommodative for the foreseeable future. |
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Fund Review: Insync Global Capital Aware Fund September 2020
21 Oct 2020 - 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...
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21 Oct 2020 - Fund Review: Insync Global Capital Aware Fund September 2020
By: Australian Fund Monitors
AFM Fund Review - September 2020 (pdf format)
INSYNC GLOBAL CAPITAL AWARE FUND
Attached is our most recently updated Fund Review on the Insync Global Capital Aware Fund.
We would like to highlight the following:
- 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 growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - September 2020 (pdf format)
Performance Report: Bennelong Emerging Companies Fund
21 Oct 2020 - Australian Fund Monitors
The Bennelong Emerging Companies Fund rose +12.26% over the September quarter against the ASX200 Accumulation Index's -0.44%. Since inception in November 2017, the Fund has returned +25.75% p.a. against the Index's +3.53%.
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21 Oct 2020 - Performance Report: Bennelong Emerging Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | True to the Fund's investment style, Bennelong continue to seek to invest in high quality companies that they believe have solid growth prospects over the foreseeable future. Despite the market's inevitable short-term volatility, Bennelong believe the portfolio's investments are all incrementally building value which they expect will ultimately underpin strong returns over the long-term. The portfolio remains reasonably diversified across sector and risk-return drivers. |
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Performance Report: Cyan C3G Fund
20 Oct 2020 - Australian Fund Monitors
The Cyan C3G Fund ended the September quarter up +16.34% against the ASX200 Accumulation Index's -0.44%. Since inception in August 2014, the Fund has returned +15.17% p.a. vs the Index's annualised return of +4.93%.
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20 Oct 2020 - Performance Report: Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund returned -5.19% in September. More than half of the Fund's holdings encountered some price pressure during the month which Cyan believe was due to the weak market sentiment and investor profit taking rather than negative company-specific news. Key positive contributors included Kip McGrath Education and Jaxsta, while Quickfee, Swift Networks and City Chic were the main detractors. Cyan noted the divergence of financial performance from month-to-month and across differing companies and industry sectors remains significant. They've seen an enormous flow of capital raisings from companies impacted both positively and negatively by COVID-19 and a regular stream of new IPOs coming to market. Given that Cyan operates so actively in this environment, they're optimistic about the near-term opportunities for the Fund. |
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