Performance Report: Sandon Capital Activist Fund

30 Oct 2020 - Australian Fund Monitors

The Sandon Capital Activists Fund returned -0.24% over the past 12 months, outperforming the ASX200 Accumulation Index by +9.97%. Since inception in September 2009, the Fund has returned +10.73% p.a. vs the Index's annualised return of +6.86%.

30 Oct 2020 - Performance Report: Sandon Capital Activist Fund

By: Australian Fund Monitors

Report Date	30 October 2020
Manager	Sandon Capital
Fund Name	Sandon Capital Activist Fund
Strategy	Event Driven
Latest Return Date	September 2020
Latest Return	-2.00%
Latest 6 Months	43.78%
Latest 12 Months	-0.24%
Latest 24 Months (pa)	1.59%
Annualised Since Inception	10.73%
Inception Date	04 September 2009
FUM (millions)	AU$37.74
Fund Overview	The Fund seeks to invest in opportunities that are considered by Sandon Capital to be trading below their intrinsic values. Sandon Capital applies both quantitative and qualitative screens to identity potential opportunities, which are then subject to detailed analysis. Once an opportunity rates on valuation metrics, Sandon Capital assesses whether there is the potential for influencing changes that seek to narrow the discount between the market price and the assessed intrinsic value.
Manager Comments	The Sandon Capital Activist Fund returned -2.00% in September, outperforming the ASX200 Accumulation Index's -3.66%. Over 12 months to the end of September, the fund has returned -0.24% versus the index's -10.21%. The fund has outperformed the Index by an average of 3.84% per month over the past 6 months and has an up-capture ratio of over 150% for the 12 month to the end of September. Since inception in September 2009, the Fund has returned +10.73% p.a. vs the Index's annualised return of +6.86%. The Fund's down-capture ratio of 37.1% (since inception) highlights its capacity to significantly outperform in falling markets. Key detractors for performance for the month were City Chic Collective Ltd (-1.2%) and Iluka Resources Ltd (-1.0%) with positive contributors including Boral Limited. Sandon believe that global markets remain at the mercy of the COVID-19 pandemic, the US presidential election and China tensions, and that the Australian market has been buoyed by the government's significant stimulus announcements. They believe significant proportion of the portfolio is likely to benefit from Federal, State and Local infrastructure spending.
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Webinar: Fund Manager Roundtable on the US Election

29 Oct 2020 - Australian Fund Monitors

The US election is currently front and centre in the media - as it should be given that the outcome will shape the world for the next four years and beyond. Much of the focus is on the incumbents themselves, and much on the political...

Performance Report: Bennelong Twenty20 Australian Equities Fund

29 Oct 2020 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +3.65% over the September quarter, outperforming the ASX200 Accumulation Index by +4.09%. Since inception in November 2009, the Fund has returned +9.55% p.a. vs the Index's annualised...

29 Oct 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	29 October 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-4.15%
Latest 6 Months	25.12%
Latest 12 Months	-0.86%
Latest 24 Months (pa)	5.03%
Annualised Since Inception	9.55%
Inception Date	02 December 2015
FUM (millions)	AU$7.91
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 +3.65% over the September quarter, outperforming the ASX200 Accumulation Index by +4.09%. Since inception in November 2009, the Fund has returned +9.55% p.a. vs the Index's annualised return of +6.58%. The Fund's up-capture and down-capture ratios (since inception), 119.2% and 96.3%, highlight the Fund's capacity to significantly outperform in rising markets while not falling further than the market during the market's negative months. The Fund returned -4.15% in September. At month-end, the portfolio's weightings had been increased in the Health Care, Industrials and Financials sectors, and decreased in the Discretionary, IT, Consumer Staples, Materials and REITs sectors. The portfolio's weightings in the Communication and Energy sectors were left unchanged at 2.4% and 0.9% respectively. The Fund has positions in the top 20 stocks and approximately 20-30 ex-20 stocks. Sector exposures will deviate from the benchmark only to the extent that the actively managed investment in ex-20 stocks results in an over of under-weighting to any particular sector. The Fund has a significantly higher weighting towards the Discretionary sector than the benchmark, with an 'Active Weight' of 21.8%; the Discretionary sector makes up 29.7% of the Fund's portfolio but only 7.8% of the benchmark.
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The Presidential Volatility Kink

28 Oct 2020 - Marcel von Pfyffer

The US share market is the biggest in the world, accounting for 60% of total market capitalization. (The Australian share market is only 2%.) Therefore, when investors in the US are getting scared, the rest of the world sits up and pays attention.

Performance Report: Gyrostat Absolute Return Income Equity Fund

28 Oct 2020 - Australian Fund Monitors

The Gyrostat Absolute Return Income Equity Fund rose +0.71% in September, taking 12-month performance to +7.11%. Since inception in December 2010, the Fund has returned +4.78% p.a. with an annualised volatility of 4.28%.

28 Oct 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	28 October 2020
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	September 2020
Latest Return	0.71%
Latest 6 Months	-2.01%
Latest 12 Months	7.11%
Latest 24 Months (pa)	7.90%
Annualised Since Inception	4.78%
Inception Date	10 December 2010
FUM (millions)	AU$55
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 38 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls.
Manager Comments	The Gyrostat Absolute Return Income Equity Fund rose +0.71% in September, taking 12-month performance to +7.11%. Since inception in December 2010, the Fund has returned +4.78% p.a. with an annualised volatility of 4.28%. The Fund has operated for 40 consecutive quarters with a 'hard' pre-defined risk parameter in place (no more than 3% of capital at risk and a maximum drawdown of 2.2% regardless of market conditions). Market conditions in September enabled Gyrostat to enter positions for more elevated returns on any uplift in market volatility. The Fund's investment strategy allows for up to 15% of assets to be invested in international assets, with positions in S&P500, Nasdaq, Hang Seng, MSCI Developed and Emerging Markets (among others). Gyrostat anticipate returns in all market environments of at least BBSW 90 +3% which they expect will enable investors to receive income and capital growth. The Fund also includes a 'tail hedge' for gains on large market falls. Gyrostat anticipate increasing levels of 'late cycle' market volatility with elevated geopolitical risk, historically high debt levels and elevated valuations.
More Information	View Fund's Profile View Manager's Report

Performance Report: Australian Eagle Trust Long-Short Fund

28 Oct 2020 - Australian Fund Monitors

The Australian Eagle Long Short Fund's September return was broadly in line with the ASX200 Accumulation Index's -3.66%, while strongly outperforming by 15.3% over the past year deleivering investors a return of 5.11% vs the market's -10.21%.

Performance Report: Montgomery Small Companies Fund

27 Oct 2020 - Australian Fund Monitors

The Montgomery Small Companies Fund rose +11.92% over the September quarter vs the ASX200 Accumulation Index's -0.44%. Since inception in October 2019, the Fund has returned +15.63% vs the Index's -10.21%.

27 Oct 2020 - Performance Report: Montgomery Small Companies Fund

By: Australian Fund Monitors

Report Date	27 October 2020
Manager	Montgomery Investment Management Pty Ltd
Fund Name	Montgomery Small Companies Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-2.16%
Latest 6 Months	48.62%
Latest 12 Months	15.63%
Latest 24 Months (pa)
Annualised Since Inception	15.63%
Inception Date	20 September 2019
FUM (millions)	AU$43.7
Fund Overview	The Montgomery Small Companies Fund aims to outperform the S&P/ ASX Small Ordinaries Accumulation Index over a rolling five-year period, typically investing in a portfolio of 30 to 50 companies listed on the ASX (outside the top 100) and NZX. The Investment Manager seeks high quality, undervalued small and emerging companies with strong growth potential. Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%.
Manager Comments	The Montgomery Small Companies Fund rose +11.92% over the September quarter vs the ASX200 Accumulation Index's -0.44%. Since inception in October 2019, the Fund has returned +15.63% vs the Index's -10.21%. The Fund's up-capture and down-capture ratios (since inception) of 196.1% and 88.7% respectively highlight its capacity to outperform in both rising and falling markets. The Fund's up-capture ratio indicates that, on average, it has risen almost twice as much as the market during the market's positive months. The Fund returned -2.16% in September, outperforming the Index by +1.5%. Top contributors included Bigtincan Holdings, Corporate Travel Management and Macquarie Telecom Group. The largest detractors included City Chic Collective, Marley Spoon and Sezzle. Montgomery noted the portfolio is structured around the following 'pillars': (1) a core of stocks that are not impacted by COVID-19, (2) exposure to market share winning structural growers, (3) augmented by the best 'tactical' opportunities available. They have been selling some of their bricks and mortar retail and technology exposures and reinvesting that money in stocks they see as levered to the next phase of economic 're-opening'. They have been positioning the Fund to benefit from a resumption in domestic travel and holidays, increased activity in hospitality and a shift from spending on goods and more towards services.
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Performance Report: Laureola Investment Fund

27 Oct 2020 - Australian Fund Monitors

Laureola's Life Settlements fund continued its track record of 89 out of 90 positive returns with a positive 0.4% for the month, 11.3% over 12 months and 8% YTD, against the backdrop of increased market volatility and the COVID pandemic.

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...

27 Oct 2020 - Performance Report: Surrey Australian Equities Fund

By: Australian Fund Monitors

Report Date	27 October 2020
Manager	Surrey Asset Management
Fund Name	Surrey Australian Equities Fund
Strategy	Equity Long
Latest Return Date	September 2020
Latest Return	-1.80%
Latest 6 Months	42.59%
Latest 12 Months	7.73%
Latest 24 Months (pa)	6.13%
Annualised Since Inception	6.71%
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 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 6.71% against the Index's annualised return over the same period of 2.41%. The Fund's up-capture ratio for performance since inception of 136% highlights its capacity to significantly outperform in rising markets. 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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3 Places to Invest as Interest Rates Head South

27 Oct 2020 - Roger Montgomery, Montgomery Investment Management

With interest rates heading to zero, keeping your money in the bank has become a poor way to increase - or even preserve - your wealth. A better strategy, I believe, is a well-chosen portfolio of stocks. In this article, I highlight three...

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30 Oct 2020 - Performance Report: Sandon Capital Activist Fund

29 Oct 2020 - Webinar: Fund Manager Roundtable on the US Election

29 Oct 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

28 Oct 2020 - The Presidential Volatility Kink

28 Oct 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

28 Oct 2020 - Performance Report: Australian Eagle Trust Long-Short Fund

27 Oct 2020 - Performance Report: Montgomery Small Companies Fund

27 Oct 2020 - Performance Report: Laureola Investment Fund

27 Oct 2020 - Performance Report: Surrey Australian Equities Fund

27 Oct 2020 - 3 Places to Invest as Interest Rates Head South

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