Bennelong Twenty20 Australian Equities Fund April 2018

18 May 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 April 2018

17 May 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: ARCO Absolute Trust (formerly Optimal)

16 May 2018 - Australian Fund Monitors

The ARCO Absolute Trust returned -0.54% in April. Since inception in September 2008, the Fund has returned +8.29% per annum with a volatility of 3.75%.

16 May 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

By: Australian Fund Monitors

Report Date	16 May 2018
Manager	ARCO Investment Management
Fund Name	ARCO Absolute Trust (formerly Optimal)
Strategy	Equity Long/Short
Latest Return Date	April 2018
Latest Return	-0.54%
Latest 6 Months	3.96%
Latest 12 Months	10.17%
Latest 24 Months	11.55%
Annualised Since Inception	8.29%
Inception Date	15 September 2008
FUM (millions)	AU$145
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. *Formerly the Optimal Australia Absolute Trust
Manager Comments	The ARCO Absolute Trust returned -0.54% in April. Since inception in September 2008, the Fund has returned +8.29% per annum with a volatility of 3.75%. By contrast, the ASX200 Accumulation Index has returned +6.22% per annum with a volatility of 13.49% over the same period. The Fund's Sharpe ratio of 2.88 versus the Index's 0.32 highlights the Fund's focus on capital preservation. Over 70% of the long positions in the portfolio were positive contributors to performance during April, most notably BHP, Alumina Ltd, Nufarm, Westfield and Lynas. ARCO increased the Fund's exposure to BHP and Nufarm over the month as their analysis continues to highlight further upside potential from their respective capital and asset management strategies. Negative contributors in the long portfolio included Boral, Link and AHG. The short portfolio also broadly detracted from performance, with the exception of select short positions in the banking sector which ARCO continue to view as a short-side trade.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Bennelong Long Short Equity Fund

15 May 2018 - Australian Fund Monitors

The Bennelong Long Short Equity Fund returned +1.96% in April. Since inception in February 2002, the Fund has returned +16.34% per annum versus the ASX200 Accumulation Index's +8.02%.

15 May 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	15 May 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2018
Latest Return	1.96%
Latest 6 Months	5.55%
Latest 12 Months	10.52%
Latest 24 Months	17.45%
Annualised Since Inception	16.34%
Inception Date	01 January 2003
FUM (millions)	AU$436.9
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 returned +1.96% in April. Since inception in February 2002, the Fund has returned +16.34% per annum. By contrast, the ASX200 Accumulation Index has returned +8.02% p.a. over the same period with slightly higher volatility than the Fund. The Fund's up-capture and down-capture ratios since inception show that, on average, the Fund has achieved positive performance in rising markets and significantly outperformed in falling markets. Positive performance was driven by a wide range of pairs from all sectors. A number of the Fund's best pairs benefited from a positive contribution from the short, as well as the long. With the backdrop of a very strong equity market the overall performance of the short portfolio was a feature of the fund's positive return. On the negative side, the weakest pairs were long Woolworths (WOW) / short Metcash (MTS) and long Ramsay (RHC) / short Healthscope (HSO) / short Primary (PRY).
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Australian Equities Fund

14 May 2018 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +4.56% in April, outperforming the ASX200 Accumulation Index by +0.65%. Since inception in January 2009, the Fund has returned +13.99% per annum.

14 May 2018 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	14 May 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2018
Latest Return	4.56%
Latest 6 Months	7.37%
Latest 12 Months	15.47%
Latest 24 Months	33.07%
Annualised Since Inception	13.99%
Inception Date	30 January 2009
FUM (millions)	AU$386.71
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 +4.56% in April, outperforming the ASX200 Accumulation Index by +0.65%. Since inception in January 2009, the Fund has returned +13.99% per annum versus the Index's annualised return of +10.68% over the same period. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of April, the portfolio's weightings were increased in the Health Care, Consumer Staples, IT, Industrials and Materials sectors, and decreased in the Discretionary and Financials sectors.
More Information	Fund Profile Manager's Report

Fund Review: ARCO Absolute Trust April 2018

11 May 2018 - Australian Fund Monitors

Read the latest Fund Review on ARCO Absolute Trust. ARCO Investment Management is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure...

Fund Review: Bennelong Long Short Equity Fund April 2018

10 May 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, with over...

Performance Report: Insync Global Titans Fund

9 May 2018 - Australian Fund Monitors

The Insync Global Titans Fund returned -0.69% in March. Since inception in October 2009, the Fund has returned +9.88% per annum after fees and the cost of protection.

9 May 2018 - Performance Report: Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	09 May 2018
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	March 2018
Latest Return	-0.69%
Latest 6 Months	8.20%
Latest 12 Months	17.07%
Latest 24 Months	25.66%
Annualised Since Inception	9.88%
Inception Date	07 October 2009
FUM (millions)	AU$31
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection. 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	The Insync Global Titans Fund returned -0.69% in March. Since inception in October 2009, the Fund has returned +9.88% per annum after fees and the cost of protection. Insync noted that since the beginning of this year, as markets hit troubled waters, the Fund is +5.09% ahead of the market after fees, and +2.71% ahead of the market after the cost of protection. Performance in March was driven by positive contributions from Heineken, Zoetis, Booking Holdings, Estee Lauder and London Stock Exchange. The main negative contributors were eBay, Accenture, Google and Facebook. The Fund continues to have no foreign currency hedging in place as Insync considers the main risks to the Australian dollar to be on the downside. Insync continues to utilise index put options to buffer sharp falls in equity markets (catastrophes) not yet having cause to exercise them.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Quay Global Real Estate Fund

8 May 2018 - Australian Fund Monitors

The Quay Global Real Estate Fund rose +4.7% in March, outperforming its benchmark (FTSE/NAREIT Developed Index) by +0.7%. The Fund has returned +12.72% p.a. since inception in July 2014.

8 May 2018 - Performance Report: Quay Global Real Estate Fund

By: Australian Fund Monitors

Report Date	08 May 2018
Manager	Quay Global Investors
Fund Name	Quay Global Real Estate Fund
Strategy	Real Estate
Latest Return Date	March 2018
Latest Return	4.70%
Latest 6 Months	2.49%
Latest 12 Months	7.25%
Latest 24 Months	10.15%
Annualised Since Inception	12.72%
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 +4.7% in March, outperforming its benchmark (FTSE/NAREIT Developed Index) by +0.7%. The Fund has returned +12.72% p.a. since inception in July 2014. Approximately +3.1% of the Fund's return was derived from underlying stock exposure. A weaker AUD added to monthly performance, while underlying stocks bounced back from heavy selling earlier in the year. Top performers included Essex Property Trust (US Multifamily), Leg Immobilien (German Housing) and Hispania Activos (Spanish Hotels). Spectrum GGP (US Malls), Brixmor (US Shopping) and Hysan (Hong Kong Diversified) were the only three detractors.
More Information	Fund Profile Manager's Report

Fund Review: Insync Global Titans Fund March 2018

7 May 2018 - Australian Fund Monitors

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

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18 May 2018 - Bennelong Twenty20 Australian Equities Fund April 2018

17 May 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2018

16 May 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

15 May 2018 - Performance Report: Bennelong Long Short Equity Fund

14 May 2018 - Performance Report: Bennelong Australian Equities Fund

11 May 2018 - Fund Review: ARCO Absolute Trust April 2018

ARCO ABSOLUTE TRUST (formerly Optimal Australia Absolute Trust)

10 May 2018 - Fund Review: Bennelong Long Short Equity Fund April 2018

9 May 2018 - Performance Report: Insync Global Titans Fund

8 May 2018 - Performance Report: Quay Global Real Estate Fund

7 May 2018 - Fund Review: Insync Global Titans Fund March 2018

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