Fund Review: Bennelong Long Short Equity Fund September 2018

24 Oct 2018 - 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: Cyan C3G Fund

23 Oct 2018 - Australian Fund Monitors

The Cyan C3G Fund has returned +10.99% over the past 12 months. Since inception, the Fund has returned +22.65% p.a. versus the market's +7.13%.

23 Oct 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	23 October 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-2.18%
Latest 6 Months	-1.28%
Latest 12 Months	10.99%
Latest 24 Months	23.81%
Annualised Since Inception	22.65%
Inception Date	24 July 2014
FUM (millions)	AU$38
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 has returned +10.99% over the past 12 months. Since inception, the Fund has returned +22.65% p.a. versus the market's +7.13%. This return has been achieved with a similar level of volatility to the market. The Fund's Sharpe and Sortino ratios, 1.84 and 4.45 respectively, by contrast with the ASX200 Accumulation Index's Sharpe of 0.52 and Sortino of 0.69, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst focusing heavily on avoiding the market's downside. This is supported by the Fund's down-capture ratio since inception of -38.11%, indicating that, on average, the Fund has risen in the months the market has fallen. In September the Fund returned -2.2%, taking the gain for the first quarter of FY19 to a modest +0.7% (after all fees). Throughout the month, there were three positive performers - Acrow, Noni B and newly added Spicers Paper. The remaining 20 or so positions fell between 1% - 13% which Cyan noted was in part due to the slightly bearish market disposition mirrored by the -1.1% fall in the All Ords. In addition, Cyan have been involved in a number of transactions (both IPO's and placements) that they expect to add meaningful value to the Fund in the coming months. Cyan noted that, in light of recent performance, their philosophy acknowledges the reality of stock volatility. They noted that even great multi-year investments will have periods of retracement and consolidation, highlighting the fact that CSL, despite rising more than 500% over the past 10 years, has suffered 15 monthly falls of more than 5% during that timeframe. Cyan aim to ignore market gyrations and focus on the underlying fundamentals and growth paths of their investee companies. Cyan remain confident in the future earnings capabilities of their investments.
More Information	Fund Profile Manager's Report

Bennelong Twenty20 Australian Equities Fund September 2018

22 Oct 2018 - 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.

Fund Review: Bennelong Kardinia Absolute Return Fund September 2018

18 Oct 2018 - 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.

Performance Report: NWQ Fiduciary Fund

17 Oct 2018 - Australian Fund Monitors

The NWQ Fiduciary Fund has returned +9.97% over the past 12 months with a volatility of only 3.56%. Since inception in May 2013, the Fund has returned +6.81% per annum with an annualised volatility of 4.61%.

17 Oct 2018 - Performance Report: NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	17 October 2018
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	September 2018
Latest Return	-0.46%
Latest 6 Months	1.41%
Latest 12 Months	9.97%
Latest 24 Months	10.29%
Annualised Since Inception	6.81%
Inception Date	01 May 2013
FUM (millions)	AU$82
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 +9.97% over the past 12 months with a volatility of only 3.56%. Since inception in May 2013, the Fund has returned +6.81% per annum with an annualised volatility of 4.61%. By contrast, the ASX200 Accumulation Index has returned +8.09% p.a. since the Fund's inception with an annualised volatility of 10.79%. The Fund's Sharpe and Sortino ratios since inception, 1.04 and 1.94 respectively, by contrast with the Index's Sharpe of 0.60 and Sortino of 0.83, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst also delivering superior downside protection. The Fund's down-capture ratio of -5.79% since inception emphasises the Fund's focus on avoiding the market's downside. In September, the Fund returned -0.46%. NWQ noted increasing market volatility due to rising global interest rates, as well as increasing divergence in global growth rates, is likely to continue and present ongoing challenges to risk assets. Market and manager return dispersion remains high and the overall portfolio exposure to the market remains relatively low at approximately 12%. NWQ believe an equity market neutral portfolio that substantially eliminates the likely ongoing equity and bond market volatility should serve investors well over the coming months.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

16 Oct 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund has returned +2.46% over the past quarter and +19.37% over the past 12 months. Since inception in January 2003, the Fund has returned +16.40% p.a. versus the market's +8.19%.

16 Oct 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	16 October 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	September 2018
Latest Return	-3.85%
Latest 6 Months	9.51%
Latest 12 Months	19.37%
Latest 24 Months	25.44%
Annualised Since Inception	16.40%
Inception Date	01 January 2003
FUM (millions)	AU$440
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Equity Fund has returned +2.46% over the past quarter and +19.37% over the past 12 months. Since inception in January 2003, the Fund has returned +16.40% p.a. versus the ASX200 Accumulation Index's +8.19%. The Fund has also achieved up-capture and down-capture ratios since inception of 9.65% and -188.95% respectively (a negative down-capture ratio indicates that, on average, the Fund has risen in the months the market has fallen), emphasising the Fund's capacity to achieve positive returns in both rising and falling markets. In September the Fund returned -3.85%, which Bennelong noted was due to a lack of profitable pairs. The short portfolio produced a small positive return whilst the long portfolio fell with the market. At the pair level around one third of pairs were positive, which Bennelong noted was out of the ordinary as a more typical outcome is that between half and two thirds of pairs tend to be profitable. Bennelong noted that, post reporting season, there was limited fundamental news during the month. Noteworthy for the Fund was a strong TPG Telecom FY18 result; the Fund is long TPG/short Telstra. Bennelong are optimistic about the proposed merger with Vodafone. In addition, Sims Metal downgraded their guidance only four weeks after delivering their result and guidance; the Fund is long BlueScope Steel/short Sims Metal.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Emerging Companies Fund

12 Oct 2018 - Australian Fund Monitors

The Bennelong Emerging Companies Fund rose +0.87% in September, outperforming the ASX200 Accumulation Index by +2.13% and taking the Fund's quarterly return to +5.92%.

12 Oct 2018 - Performance Report: Bennelong Emerging Companies Fund

By: Australian Fund Monitors

Report Date	12 October 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	0.87%
Latest 6 Months	17.15%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	40.24%
Inception Date	01 November 2017
FUM (millions)	AU$16.28
Fund Overview	The Fund invests in ASX-listed securities of small and micro capitalised companies that are covered by the investment research capabilities of Bennelong Australian Equity Partners ('BAEP'). 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	The Bennelong Emerging Companies Fund rose +0.87% in September, outperforming the ASX200 Accumulation Index by +2.13% and taking the Fund's quarterly return to +5.92%. Since inception in November 2017, the Fund has returned +36.34% cumulatively versus the ASX200 Accumulation Index's +9.57%. The largest contributor over the quarter was Pinnacle Investment Management whilst the largest detractor was BWX Limited. Read the latest report for the Manager's view on the activities of these two companies over the past quarter. At the end of September, the portfolio composition by sector comprised 29% Discretionary, 17% Industrial, 14% Financials, 11% Materials, 10% Consumer Staples, 9% IT, 7% Health Care and 3% cash. The Fund's top holdings included Pinnacle Investment Management, Baby Bunting, Clover, BWX and Helloworld. The Fund invests predominantly in micro and small-cap stocks listed on the ASX. It is managed via a research-intensive and predominantly bottom-up investment approach. The Fund focuses on high quality stocks and seeks to avoid the higher risk that usually comes with micro and small-cap stocks.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Australian Equities Fund

10 Oct 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +1.75% in August, outperforming the ASX200 Accumulation Index by +0.33% and taking annualised performance since inception in January 2009 to +14.88%.

10 Oct 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	10 October 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2018
Latest Return	-4.59%
Latest 6 Months	12.32%
Latest 12 Months	20.41%
Latest 24 Months	33.78%
Annualised Since Inception	14.20%
Inception Date	30 January 2009
FUM (millions)	AU$450.25
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 Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
Manager Comments	The Bennelong Australian Equities Fund rose +1.75% in August, outperforming the ASX200 Accumulation Index by +0.33% and taking annualised performance since inception in January 2009 to +14.88%. Over the past 12 months, the Fund has returned +28.16% versus the Index's +15.45%. These returns have been achieved with a similar level of volatility to the market. As at the end of August, Bennelong had increased the Fund's weightings in the Discretionary, Health Care, IT, REITs and Financials sectors, and decreased its weightings in the Consumer Staples, Industrials and Materials sectors. The Fund's cash weightings was increased to 0.9% from 0.4% at the end of the previous month. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. By comparison with the ASX300 Accumulation Index, the Fund's holdings, on average, have a higher Return on Equity and lower Debt/Equity (Premium Quality), higher sales growth and higher EPS growth (Superior Growth), and higher Price/Earnings and lower dividend yield (Reasonable Valuation).
More Information	Fund Profile Manager's Report

Performance Report: Quay Global Real Estate Fund

9 Oct 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund rose +4.4% in August, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +0.6%. Since inception in July 2014, the Fund has returned +15.35% per annum.

9 Oct 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	09 October 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	August 2018
Latest Return	4.40%
Latest 6 Months	21.15%
Latest 12 Months	20.13%
Latest 24 Months	19.58%
Annualised Since Inception	15.35%
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 +4.4% in August, outperforming its benchmark (FTSE/EPRA NAREIT Developed Index Net TR AUD) by +0.6%. Since inception in July 2014, the Fund has returned +15.35% per annum versus the Index's +10.9%. Quay noted the Fund's performance comprised +2.3% from the weaker local currency, as well as +2.0% from the Fund's underlying stocks. Top contributors included LEG Immobilien (German Residential) and Ventas Inc (US Health). Key detractors included Safestore (European Storage) and Wharf REIC (Hong Kong Retail). Quay noted fear that the strength of the USD (and therefore HKD) would curtail inbound tourism, and therefore retail spending, had a negative impact on the Fund's Hong Kong exposure. Quay also noted, with reporting season over, that they were pleased their investees' results and outlooks were generally in line with their expectations. In their latest report they detail their views on Scentre Group's reported results; their view is that Scentre was oversold and, as a result, Quay took advantage and increased their position.
More Information	Fund Profile Manager's Report

Performance Report: Wheelhouse Global Equities Income Fund

5 Oct 2018 - Australian Fund Monitors

The Wheelhouse Global Equities Income Fund rose +4.61% in August, outperforming the ASX200 Accumulation Index by +3.19% and taking 12-month performance to +20.73%.

5 Oct 2018 - Performance Report: Wheelhouse Global Equities Income Fund

By: Australian Fund Monitors

Report Date	05 October 2018
Manager	Wheelhouse Investment Partners, a Bennelong boutique
Fund Name	Wheelhouse Global Equities Income Fund
Strategy	Equity Income
Latest Return Date	August 2018
Latest Return	4.61%
Latest 6 Months	12.48%
Latest 12 Months	20.73%
Latest 24 Months
Annualised Since Inception	11.78%
Inception Date	26 May 2017
FUM (millions)	AU$5.76
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 Equities Income Fund rose +4.61% in August, outperforming the ASX200 Accumulation Index by +3.19% and taking 12-month performance to +20.73%. The Fund's Sharpe and Sortino ratios since inception are 1.44 and 2.49 respectively. The Fund's 12-month up-capture ratio of 74.44% and down-capture ratio of 1.10% show that the Fund has, on average, captured significantly more of the market's upside than its downside. The Manager noted August's return comprised a return of +1.77% from the portfolio (in USD) and a positive return of +2.84% from the strengthening of the Australian dollar versus the US dollar. Top contributors included Guidewire Software, Veeva Systems, Amazon, Salesforce and Express Scripts. Detractors included Nabtesco Corp, Transdigm Group, Microchip Technology, Hoshizaki and Compass Minerals.
More Information	Fund Profile Manager's Report

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24 Oct 2018 - Fund Review: Bennelong Long Short Equity Fund September 2018

23 Oct 2018 - Performance Report: Cyan C3G Fund

22 Oct 2018 - Bennelong Twenty20 Australian Equities Fund September 2018

18 Oct 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2018

17 Oct 2018 - Performance Report: NWQ Fiduciary Fund

16 Oct 2018 - Performance Report: Bennelong Long Short Equity Fund

12 Oct 2018 - Performance Report: Bennelong Emerging Companies Fund

10 Oct 2018 - Performance Report: Bennelong Australian Equities Fund

9 Oct 2018 - Performance Report: Quay Global Real Estate Fund

5 Oct 2018 - Performance Report: Wheelhouse Global Equities Income Fund

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