NEWS

Performance Report: Frazis Fund

2 May 2019 - Australian Fund Monitors

The Frazis Fund rose +2.9% in March, outperforming AFM's Global Equity Index by +1.67% and taking quarterly performance to +18.94% versus the Index's +11.50%.

2 May 2019 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	02 May 2019
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	March 2019
Latest Return	2.90%
Latest 6 Months	-9.89%
Latest 12 Months	18.53%
Latest 24 Months (pa)
Annualised Since Inception	-12.77%
Inception Date	01 July 2018
FUM (millions)	AU$4.1
Fund Overview	The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile. 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	The Frazis Fund rose +2.9% in March, outperforming AFM's Global Equity Index by +1.67% and taking quarterly performance to +18.94% versus the Index's +11.50%. The Fund's short positions contributed a modest +0.1% during the month. In their latest report Frazis discuss their views and outlook on a number of the Fund's holdings, including Cooper Energy, Lundin Petroleum, Bluebird and Amazon. Frazis noted they have maintained a low gross and net position throughout the quarter. They point out that many of the largest US tech stocks, which comprise the bulk of the US stock indices, are still below their 2018 highs. Frazis believe a continued rally there would cause the market to break to new highs. In addition, they highlight the reassertion of risk as part of their focus. Frazis say they'll continue to use hedges like those described in their March report to isolate value creation from the market.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equities Income Fund

1 May 2019 - Australian Fund Monitors

The Wheelhouse Global Equity Income Fund rose +0.11% in March, taking annualised performance since inception in May 2017 to +7.58% with an annualised volatility of 7.77%.

1 May 2019 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	01 May 2019
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	March 2019
Latest Return	0.11%
Latest 6 Months	-1.59%
Latest 12 Months	10.77%
Latest 24 Months
Annualised Since Inception	7.58%
Inception Date	26 May 2017
FUM (millions)	AU$7.59
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 +0.11% in March, taking annualised performance since inception in May 2017 to +7.58% with an annualised volatility of 7.77%. The March return comprised -0.18% from the portfolio (in USD) and +0.31% from the weakening of the AUD against the USD. Top contributors included Amazon, Unilever, Guidewire Software, Microsoft and Novartis. Detractors included Biogen, EssilorLuxottica, Jones Lang Lasalle, Charles Schwab and John Wiley & Sons. The Fund is designed to deliver equity returns with higher income generation and active downside protection. The strategy's high income generation and active tail risk program are designed to lower risk and deliver equity returns with a smoother, more retiree-friendly return profile. As a result, Wheelhouse intend for returns to add relative value in weak and low-growth markets and to drag in more positive markets.
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

30 Apr 2019 - Australian Fund Monitors

The Quay Global Real Estate Fund rose +3.3% in March, taking 12-month performance to +25.26% and annualised performance since inception in Jan 2016 to +10.32%.

30 Apr 2019 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	30 April 2019
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	March 2019
Latest Return	3.30%
Latest 6 Months	10.64%
Latest 12 Months	25.26%
Latest 24 Months	34.41%
Annualised Since Inception	10.32%
Inception Date	31 July 2014
FUM (millions)	AU$28
Fund Overview	Quay is a boutique investment management business established in 2013 with a focus on preserving and creating wealth for investors through investments in real estate securities. Quay uses a dual manager approach to the investment and portfolio management decision making process. This involves both Principals collaborating to determine significant portfolio investments and positions. 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 Quay Global Real Estate Fund rose +3.3% in March despite a mild -0.2% currency headwind, taking quarterly performance to +13.96% versus AFM's Global Equity Index's +11.50%. Over the past 12 months the Fund has returned +25.26% versus the Index's +11.46%. Since inception in Jan 2016 the Fund has risen +10.32% per annum. Quay believe the portfolio is defensively positioned and are pleased the Fund's performance matched the broader market rally over the first quarter. Top contributors in March included LEG Immobilien (German residential), Scentre Group (Australian retail) and Stag Industrial (US Industrial). Detractors were dominated by the Fund's UK exposures due to ongoing Brexit concerns; Empiric (UK student accommodation) and Safestore (UK and European storage). Quay noted there was very little news regarding their investees and they remain comfortable with their current exposure, risk profile and outlook. There were no changes to the Fund during the month, however they've kept 6% of the portfolio in cash in order to take advantage of any risk-off event in Europe relating to Brexit.
More Information	Fund Profile Manager's Report

Performance Report: NWQ Fiduciary Fund

29 Apr 2019 - Australian Fund Monitors

The NWQ Fiduciary Fund has returned +5.38% per annum since inception in May 2013 with an annualised volatility of 4.89%. By contrast, the ASX200 Accumulation Index has risen +7.70% p.a. with an annualised volatility of 11.06% over the same period.

29 Apr 2019 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	29 April 2019
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	March 2019
Latest Return	-0.58%
Latest 6 Months	-4.60%
Latest 12 Months	-3.25%
Latest 24 Months	9.35%
Annualised Since Inception	5.38%
Inception Date	01 May 2013
FUM (millions)	AU$71
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 has returned +5.38% per annum since inception in May 2013 with an annualised volatility of 4.89%. By contrast, the ASX200 Accumulation Index has risen +7.70% p.a. with an annualised volatility of 11.06% over the same period. Since inception the Fund has had a maximum drawdown of approximately half that of the market (-7.0% vs -13.7%) and has maintained a down-capture ratio of only 6.8%, highlighting the Fund's focus on avoiding the market's downside. The Fund returned -0.58% in March. NWQ noted the adoption of a more dovish tone by central banks in March stoked fears of a global slowdown and that there now seems to be unanimous agreement that global growth is under pressure. This sparked a broad rally in developed market government bonds which saw the yield curve invert, thereby signalling that investors see weaker growth on the horizon. NWQ added that this shift in market sentiment produced mixed results from the Fund's underlying managers. Should this move extend and they see a contraction of price/earnings multiples then this, they expect, will open up more opportunities for those underlying managers with long/short strategies (currently 85% of the portfolio).
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Concentrated Australian Equities Fund

26 Apr 2019 - Australian Fund Monitors

The Bennelong Concentrated Australian Equities Fund rose +1.21% in March, outperforming the ASX200 Accumulation Index by +0.48% and taking annualised performance since inception in Feb 2009 to +16.1% versus the Index's +10.5%.

26 Apr 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date	26 April 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Concentrated Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	1.21%
Latest 6 Months	-5.85%
Latest 12 Months	1.17%
Latest 24 Months	20.12%
Annualised Since Inception	16.10%
Inception Date	30 January 2009
FUM (millions)	AU$804.26
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 +1.21% in March, outperforming the ASX200 Accumulation Index by +0.48% and taking annualised performance since inception in Feb 2009 to +16.1% versus the Index's +10.5%. The Fund's up-capture and down-capture ratios since inception, +137.65% and +91.19% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Over the quarter the Fund rose +8.67%. Top contributors included IDP Education, Rio Tinto and Goodman Group. Key detractors included Costa Group and Reliance Worldwide. Bennelong's view is that investor sentiment still remains cautious despite the strong recovery over the past quarter. They observe that investors are still very much attracted to what is perceived to be safe, as evidenced by the recent outperformance of bonds, gold stocks, REITs, infrastructure and comfort stocks like Woolworths. However, they believe investors are incrementally paying more attention to fundamental drivers like earnings and growth which they expect will be supportive of returns.
More Information	Fund Profile Manager's Report

Performance Report: Loftus Peak Global Disruption Fund

26 Apr 2019 - Australian Fund Monitors

The Loftus Peak Global Disruption Fund rose +3.02% in March, outperforming AFM's Global Equity Index by +1.79% and taking annualised performance since inception in Nov 2016 to +22.86% versus the Index's +14.97%.

26 Apr 2019 - Performance Report: Loftus Peak Global Disruption Fund

By: Australian Fund Monitors

Report Date	26 April 2019
Manager	Loftus Peak
Fund Name	Loftus Peak Global Disruption Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	3.02%
Latest 6 Months	0.55%
Latest 12 Months	17.90%
Latest 24 Months	47.15%
Annualised Since Inception	22.86%
Inception Date	15 November 2016
FUM (millions)	AU$68.87
Fund Overview	The fund aims to deliver a return over the MSCI All Countries World Index (net dividends reinvested) in AUD over the medium to long term by bringing a disciplined investment process to listed global companies impacted by disruption. The investment process involves a combination of top-down analysis with fundamental bottom-up qualitative and quantitative research to derive a risk-adjusted discounted cash flow (DCF) valuation of companies in the target universe. The investment team will generally buy stocks from the pool of securities that are trading below Loftus Peaks' valuation and sell them when they are trading above Loftus Peak's valuation. The approach allows for both fundamental accounting information as well as market-oriented inputs to be factored into the portfolio construction process. Loftus Peak's model typically does not rely on leverage to deliver investment returns and specifically takes into account risk in the valuation process. Capital preservation can be managed by holding up to 50% cash. Index and currency options and futures may also be used to manage risk.
Manager Comments	The Loftus Peak Global Disruption Fund rose +3.02% in March, outperforming AFM's Global Equity Index by +1.79% and taking annualised performance since inception in Nov 2016 to +22.86% versus the Index's +14.97%. The Fund's up-capture ratio of 138.85% and Sharpe ratio of 1.44 highlight the Fund's capacity to achieve superior risk-adjusted returns than the market over the long-term. Over the quarter the Fund has returned +18.62%, beating the Index by +7.12%. Loftus Peak noted performance was supported by deploying cash towards companies that were trading at the lower end of their valuation range in the December quarter and taking profits as markets found their strength in the March quarter. Top contributors included Apple, Nvidia and Qualcomm. Detractors included Autodesk, Anritsu and Tesla. The Australian dollar depreciated -0.15% over the month against the US dollar, which meant the value of the Fund's US dollar positions increased. As at 31 March 2019, the Fund carried a foreign currency exposure of 99%. The Fund is 82% invested in 20 holdings with the balance in cash.
More Information	Fund Profile Manager's Report

Performance Report: DS Capital Growth Fund

26 Apr 2019 - Australian Fund Monitors

The DS Capital Growth Fund rose +1.02% in March, taking annualised performance since inception in Jan 2013 to +14.33% versus the ASX200's +9.83%.

26 Apr 2019 - Performance Report: DS Capital Growth Fund

By: Australian Fund Monitors

Report Date	26 April 2019
Manager	DS Capital
Fund Name	DS Capital Growth Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	1.02%
Latest 6 Months	-1.22%
Latest 12 Months	5.90%
Latest 24 Months	17.91%
Annualised Since Inception	14.33%
Inception Date	01 January 2013
FUM (millions)	AU$203.91
Fund Overview	The Fund aims to deliver an average return of at least 10% p.a. through the economic cycle, with a focus on capital preservation. The Fund will comprise a concentrated portfolio of small and mid-cap investments selected through a process of quantitative and qualitative analysis. 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 DS Capital Growth Fund rose +1.02% in March and +7.54% over the quarter, taking annualised performance since inception in Jan 2013 to +14.33% versus the ASX200's +9.83%. This return has been achieved with an annualised volatility of 7.15%, significantly less than the Index's volatility of 11.19% for performance over the same period. The Fund's performance statistics highlight DS Capital's focus on achieving superior returns whilst limiting losses in negative markets; Sharpe and Sortino ratios of 1.65 and 3.28 versus the Index's Sharpe of 0.72 and Sortino of 1.04, average negative return of -1.28% versus the Index's -2.51%, maximum drawdown since inception of -8.80% versus the Index's -13.73% and down-capture ratio of 21.4%. The portfolio performed reasonably well over the quarter, with strong results from several holdings including Breville and Lifestyle Communities. Softer than expected results came from McMillan Shakespeare, Experience Co and Challenger. DS Capital believe softer global economic growth will maintain pressure on global interest rates that have fallen from the multi-year highs of October 2018 deferring a return to higher rates that seemed likely just six months ago. They noted that, while lower interest rates are theoretically favourable for equity markets, weaker economic conditions can make it more difficult for businesses to grow earnings. Post reporting season company meetings, DS Capital have compiled a list of businesses that they would like to own or add to their current holding. They're seeing new opportunities, however, they are looking to deploy their cash (20% of the portfolio) sparingly.
More Information	Fund Profile Manager's Report

Performance Report: KIS Asia Long Short Fund

24 Apr 2019 - Australian Fund Monitors

The KIS Asia Long Short Fund has returned +11.92% p.a. with an annualised volatility of 5.17% since inception in October 2009 versus the ASX200's return of +7.45% p.a. with an annualised volatility of 11.57% over the same period.

24 Apr 2019 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	24 April 2019
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	March 2019
Latest Return	-1.53%
Latest 6 Months	-2.10%
Latest 12 Months	-1.98%
Latest 24 Months	5.66%
Annualised Since Inception	11.92%
Inception Date	01 October 2009
FUM (millions)	AU$87
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Asia Long Short Fund has returned +11.92% p.a. with an annualised volatility of 5.17% since inception in October 2009 versus the ASX200's return of +7.45% p.a. with an annualised volatility of 11.57% over the same period. The Fund's Sharpe and Sortino ratios since inception, 1.71 and 3.81 respectively, by contrast with the Index's Sharpe of 0.45 and Sortino of 0.57, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst protecting investor capital from the market's downside volatility. The Fund's down-capture ratio for performance since inception of -88.53% indicates that, on average, the Fund has risen during the market's negative months. In March the Fund returned -1.53%. Top contributors included a long position in Avita Medical Ltd (+164bp profit) and a long position in Elixinol Global Ltd (+32bp profit). The largest detractor was a long position in GCL Poly/3800.HK (-39bp contribution). During the month KIS travelled to China and met with several Chinese company management teams. They believe sentiment has clearly improved from only 3 months ago. In their view, management across industries were optimistic and much less concerned about the trade war. In addition, they noted the Chinese Communist Party's targeted stimulus has also driven sentiment higher.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Twenty20 Australian Equities Fund

24 Apr 2019 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +0.64% in March, taking annualised performance since inception in November 2009 to +9.74%.

24 Apr 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	24 April 2019
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	March 2019
Latest Return	0.64%
Latest 6 Months	-2.20%
Latest 12 Months	6.58%
Latest 24 Months	14.56%
Annualised Since Inception	9.74%
Inception Date	02 December 2015
FUM (millions)	AU$5.64
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund rose +0.64% in March, taking annualised performance since inception in November 2009 to +9.74%. The Fund's Sharpe ratio of 0.62 versus the ASX200 Accumulation Index's 0.47 highlights the Fund's capacity to provide superior risk-adjusted returns over the long-term. The Fund's up-capture (+107.44%) and down-capture (95.21%) ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. Top contributors over the March quarter included Goodman Group, IDP Education and Breville. Key detractors were Reliance Worldwide, Costa Group and Resmed. Bennelong noted these are all global businesses operating across a range of different industries that again reported very strong financial results. In Bennelong's view, investor sentiment still remains cautious despite the strong recovery over the past quarter. They believe the consensus outlook remains weak, particularly with respect to domestically focused stocks and the broader domestic economy. However, they noted that investors are incrementally paying more attention to fundamental drivers like earnings and growth which expect will benefit the portfolio.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: 4D Global Infrastructure Fund

23 Apr 2019 - Australian Fund Monitors

The 4D Global Infrastructure Fund rose +2.07% in March, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +1.83% and taking annualised performance since inception in March 2016 to +13%.

23 Apr 2019 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	23 April 2019
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	March 2019
Latest Return	2.07%
Latest 6 Months	12.11%
Latest 12 Months	16.21%
Latest 24 Months	28.96%
Annualised Since Inception	12.98%
Inception Date	07 March 2016
FUM (millions)	AU$35.92
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 rose +2.07% in March, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +1.83% and taking annualised performance since inception in March 2016 to +13%. The strongest portfolio performer was European tower operator Cellnex (+22.2%), rallying strongly post a successful capital raise which paves the way for Cellnex's participation in any tower sector M&A across Europe. The weakest performer was Brazilian toll road operator CCR (-17.5%) which 4D believe can be attributed to further press reports of penalties to be paid in the state of Parana, as well as some profit-taking after a very strong price appreciation. They noted that, despite a slowing global macro environment, it remains in positive territory and supportive of the Fund's bias towards user pay assets which have a direct correlation to macro. 4D also believe with Fed rate hikes stalled, emerging markets should see a recovery. However, they remain cautious of ongoing geo-political issues and have positioned accordingly.
More Information	Fund Profile Manager's Report

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NEWS

2 May 2019 - Performance Report: Frazis Fund

1 May 2019 - Performance Report: Wheelhouse Global Equities Income Fund

30 Apr 2019 - Performance Report: Quay Global Real Estate Fund

29 Apr 2019 - Performance Report: NWQ Fiduciary Fund

26 Apr 2019 - Performance Report: Bennelong Concentrated Australian Equities Fund

26 Apr 2019 - Performance Report: Loftus Peak Global Disruption Fund

26 Apr 2019 - Performance Report: DS Capital Growth Fund

24 Apr 2019 - Performance Report: KIS Asia Long Short Fund

24 Apr 2019 - Performance Report: Bennelong Twenty20 Australian Equities Fund

23 Apr 2019 - Performance Report: 4D Global Infrastructure Fund

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