Denning Pryce Global Income Fund Quarterly report June 2017
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1 ABN AFSL Tel: Denning Pryce Global Income Fund Quarterly report June 207 Market Overview The quarter was highlighted by the sell-down of the FANG technology stocks in the last two weeks with Google and Apple worst performers, finishing lower by 5 for the month. Google is still higher by 0 for the quarter, with Apple flat. The broader tech sector also came in for selling Microsoft (MSFT), Flextronics (FLEX) and SAP all falling over the same time frame. For once US politics are less intrusive for the markets post the Trump impeachment conversations it appears that reforms in US infrastructure, healthcare and tax are being pushed into 208. This has tempered market enthusiasm for the so called Trump (reform) trades. Volatility was soft for much of the quarter, finishing on the lows by June end. There were briefs surges in volatility when US tech names were sold down and, earlier, into the French election. The result of the French election soothed nerves, with Macron winning the presidential race over the more extreme candidates. It remained a positive quarter for the MSCI World Index. The S&P500 led with a positive 2.6 and the Japanese NKY up Most other markets were flat to down. Notably Australia s S&P/ASX200 was down In resources iron ore was down 20 for the quarter (after the June rally took spot prices higher by 4). The commodity is more volatile than most of the companies in the sector at present. Oil is now down 4 months in a row, and is down 9 for the quarter. Oil-linked equity names struggle. Table : Fund Performance Summary (Full unit performance detail and methodology is set out at Table 3) As at 30 June 207 Month Years p.a. 5 Years p.a. Since Inception p.a. DP Global Income Fund (Institutional unit) Fund benchmark Inception date is 25th July 20. Past performance is not indicative of future performance MSCI World Accumulation Index in Local Currency / 50 Bloomberg AusBond Bank Bill Index Page
2 Fund Commentary As we head into the new financial year we remain excited by the opportunities we see in the global market. Volatility remains at or near the most recent lows. This is either a sign of complacency in what is a complex monetary environment or a straight-forward sign that the global economy is in good shape. We remain confident that this current low volatility environment is an opportunity to position the fund for a future move, which could be in either direction. We are structuring our portfolio risk by combining shares with both long and short option positions to allow the fund to hit our targeted objectives. In doing so we are considerably dampening market volatility for investors. The portfolio currently holds 70 equity and options positions (across various international companies and indices). We allowed several positions to be called away after a strong performance in recent weeks; companies leaving the portfolio included 3M (MMM); DR Horton (DHI) the US home builder; Northrop Grumman (NOC); Vodafone (VOD); Cerner (CERN); and US Defence Company Raytheon (RTN). The funds are now directed into new opportunities. Fund risk allocation The allocations in the two charts below are not so much a top-down view as an expression on where we are finding the best risk-reward opportunities at present Regional risk allocation North America Europe UK Asia Pac Source: Denning Pryce Risk Report 30/06/207 Despite the late quarter sell-off in technology stocks the sector continued to impress. Solid results in April for Amazon and Google saw both names higher by circa 9, both briefly trading through the $000 level. The fund has rolled a buy-write position in Microsoft (MSFT), taking gains on the written calls and rewriting calls in the October expiry. Protected positions in Flextronics (FLEX) and SAP helped maintain some of the recent gains even as both stocks pulled back from their most recent highs. On that topic, after the strong run-up in the large-cap tech names the fund lowered its overall risk to the tech sector by buying puts for downside protection. These puts were trading at multi-year pricing lows and after such a strong run and with momentum slowing we chose to take advantage of this by adding both Nasdaq (NDX) and Google protection. This has not only helped to insure the portfolio against a fall, but has also protected some of the unrealised gains made. Page 2
3 Financial names turned in an impressive June as US regulators gave US banks the approval to both increase dividends and activate share buy backs. After years of regulation and increasing capital requirements it is a sure sign that banks are now in a better position to weather future financial storms. Citi (C) was the best performer, finishing higher by JP Morgan (JPM), Bank of NY Mellon (BK) and State Street (STT) all finished higher. Our long call position in Morgan Stanley (MS) took advantage of the recent low volatility and pullback in the stock price to add upside exposure to the portfolio: this worked well as the stock moved higher by 6 in June. Allocation by sector Consumer Discretionary Consumer Staples Energy Financials Healthcare IT Industrials Materials Real Estate Telecom Utilities Source: Denning Pryce Risk Report 30/06/207 European financials also traded well into the end of the quarter. Deutsche Boerse up 7.6 was the best, and after reporting well it has continued to trade strongly. BNP Paribas (BNP) and ING Groep (INGA) also bounced off their recent May lows to finish the quarter in a positive fashion. A short cash-backed put in BNP and a buywrite position in INGA have added to the premiums we have collected in the fund. Healthcare names continued to be mixed. Thermo Fischer (TMO) was one of the best performers. A return of 3.6 for the quarter partly driven by widespread analyst upgrades highlighting company s prospects. Meanwhile Pfizer (PFE) continues to struggle, underperforming the broader market. Its solid dividend of 4 remains attractive and with volatility trading at the bottom of the 2 year average, we continue to hold the position as a protected equity position. This structure combines a long put and long equity position - ensuring that we earn the dividend yet hold a limited downside exposure should the stock fall. US listed medical device makers Stryker (SYK) and Zimmer Bionet (ZBH) had solid quarters. Both stocks finished higher by 5. We remain partially written (buy-write strategy) in Stryker having rolled a short June call positon out to September. Astra Zeneca (AZN) gave back some of the May gains but we remain written in the name - which has been the correct trade to date. The stock has been relatively volatile in recent months, making for good buy-write conditions. Twenty-First Century Fox (FOXA) was the worst performer in the fund. The stock fell more than analysts expected following poor advertising revenue for the latest quarter. With close competitors experiencing the same challenges, the traditional media sector as a whole has come under pressure. Page 3
4 Table 2: Leading exposures Fund Top Ten by Exposure As discussed in this report, the fund paid away a portion of our returns, and some of the blue sky upside, in order to protect the portfolio as we headed into the financial year end. The fund finishes the year with 8.78 total return from which a 4.3 distribution has been made. Table 3: Investor Information 30 June 207 Institutional Wholesale Retail Total Net Asset Value 2 $48,592,42.4 $2,990,875.4 $42,572.5 $5,625, Net Returns for the month 3 & APIR Code DPR0002AU ZUR0592AU ZUR059AU EX - NAV Price 5 $.0823 $.0559 $.0492 EX - Redemption Price 6 $.0953 $.069 $.0686 Distribution cents per unit Notes:. Performance since inception is from 25 th July 20, and is measured to each full month end. Past Performance is not indicative of future performance. 2. The value of the Fund s assets less the liabilities of the Fund net of fees, costs and taxes. The NAV is the amount of the Fund NAV referable to the respective class. 3. Net returns are calculated using net asset value to net asset value, after fees and expenses and assuming reinvestment of income. 4. The buy/sell spread (currently / -0.20) is an estimate of the costs of buying or selling assets associated with an investment in, or withdrawal from, the Fund. This is not a fee paid to us and is reflected in the respective class unit price. 5. The respective NAV price is determined by calculating the NAV referable to the class divided by the number of units on issue in the relevant class. 6. The respective class redemption price is calculated by decreasing the relevant NAV price by the sell spread (currently 0.20). There are no related party status declarations to be made at this time. Unless otherwise stated, the source of all graphs and tables contained in this report is Denning Pryce. In addition, please note that the following information remains as set out in the PDS for the Fund dated 20 th May 205. Key service providers to the Fund Key service providers to the Fund The Fund s strategy The team of individuals who play a key role in the operation of the Fund Page 4
5 Additional Important Information Denning Pryce Pty Limited ACN AFSL (Denning Pryce) is the investment manager of the Denning Pryce Global Income Fund (ARSN ) (Fund). One Managed Investment Funds Limited (ABN ) (AFSL ) is the responsibility entity of the Fund (OMIFL). The information contained in this document was not prepared by OMIFL but was prepared by other parties. While OMIFL has no reason to believe that the information is inaccurate, the truth or accuracy of the information contained therein cannot be warranted or guaranteed. Anyone reading this report must obtain and rely upon their own independent advice and inquiries. Investors should consider the relevant Product Disclosure Statement (PDS) issued by OMIFL before making any decision regarding the Fund. The PDS contains important information about investing in the Fund and it is important investors obtain and read a copy of the PDS before making a decision about whether to acquire, continue to hold or dispose of units in the Fund. You should also consult a licensed financial adviser before making an investment decision in relation to the Fund. A copy of the current PDS and continuous disclosures may be obtained from or Denning Pryce believes that the information contained in this document is accurate when issued. Denning Pryce does not warrant that such information or advice is accurate, reliable, complete or up-to-date, and to the fullest extent permitted by law, disclaims all liability of Denning Pryce and its associates. This document should be regarded as general information only rather than advice. In preparing this document, Denning Pryce did not take into account the investment objectives, financial situation and particular needs of any individual person. The information contained in this document must not be copied or disclosed in whole or in part without the prior written consent of Denning Pryce, and Denning Pryce accept no liability whatsoever for the actions of third parties in this respect. It is presented for informational purposes only and is not to be construed as a solicitation or an offer or recommendation to buy or sell any securities. Any opinions expressed in this document constitute Denning Pryce s judgement at the time of issue and may be subject to change without notice. Denning Pryce is not obliged to update the information. The information must not be used by recipients as a substitute for the exercise of their own judgment and investigation. Neither Denning Pryce nor any of their directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or part of, or any omission, inadequacy or inaccuracy in, this document. OMIFL and Denning Pryce do not guarantee the performance of the Fund or the repayment of any investor s capital. To the extent permitted by law, neither OMIFL nor Denning Pryce, including their directors, senior executives, employees, consultants, advisers, officers or authorized representatives, are liable for any loss or damage arising as a result of reliance placed on the contents of this document. Denning Pryce only provides services to wholesale clients, as defined in section 76G of the Corporations Act. Past performance is not indicative of future performance. Information in this document is current as at 30 June 207. Third party data is owned by the applicable third party identified and is provided for your internal use only. Such data may not be reproduced or re-disseminated and may not be used to create any financial instruments, products or indices. Such data is provided without any warranties of any kind. Neither the third party data owner nor any other party involved in the publication of this document can be held liable for any error. Page 5
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