NEWS
Fund Review: Bennelong Kardinia Absolute Return Fund October 2016
17 Nov 2016 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has over 10 years of positive track record.
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17 Nov 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2016
By: Australian Fund Monitors
AFM Fund Review - October 2016 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with a nine-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 11.29% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 4.63% p.a. with a volatility of 14.11%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2016 (pdf format)
KIS Asia Long Short Fund
17 Nov 2016 - Australian Fund Monitors
KIS Asia Long Short Fund returned +0.02% in October, taking the return for the most recent 12 months to 13.73%. In comparison, over the last 12 months, the S&P/ASX 200 Accumulation Index returned +5.78%, the MSCI Asia Pacific Ex-Japan...
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17 Nov 2016 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | 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 Fund's result was driven largely by short positions in Ramsay Health Care Ltd (RHC.AX) 0.20%, Isentia Group Ltd (ISD.AX) 0.20% and ComfortDelGro Corp Ltd (CMDG.SI) 0.16%. Detractors for the month included long positions in Ainsworth Game Technology Ltd (AGI.AX) -0.22%, Altium Ltd (ALU.AX) -0.19% and Freelancer Ltd (FLN.AX) -0.17%. Click below to read the latest monthly Fund Report. |
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Cyan C3G Fund
16 Nov 2016 - Australian Fund Monitors
Cyan C3G Fund fell 2.1% in October, outperforming the Small Industrials Accumulation Index which returned -5.3%.
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16 Nov 2016 - Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | 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 investments in Praemium (PPS), Opus Group (OPG), Speedcast (SDA) and PSC Insurance (PSI) delivered positive returns for the month. However, within the portfolio of 25 investments, the majority experienced some price weakness. The biggest detractor for the month was Vita Group (VTG) -18%; a company that had previously been a strong performer for the Fund. Other underperformers included Freelancer (FLN), Bellamy's (BAL) and Afterpay (AFY). Throughout the recent market volatility, the Fund deployed a small portion of their high cash balance to opportunistically increase positions in some of their preferred companies on share price weakness. The Fund continues to look for new investment opportunities that they consider to be at the right price. Click below to read the latest Fund Manager's Report. |
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The Paragon Fund
16 Nov 2016 - Australian Fund Monitors
The Paragon Fund returned -9.0% for the month of October.
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16 Nov 2016 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | October's underperformance was driven by many of the Fund's holdings performing poorly for the month across sectors and market cap spectrum. Main contributors to the negative result in October were declines in Mayne Pharma, Netcomm Wireless, Aconex, Link Administration Holdings, Smartgroup and our gold holdings. At the end of the month, the Fund had 26 long positions and 11 short positions. Click below to read the latest monthly report. |
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Fund Review: Optimal Australia Absolute Trust October 2016
15 Nov 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust.
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15 Nov 2016 - Fund Review: Optimal Australia Absolute Trust October 2016
By: Australian Fund Monitors
AFM Fund Review - October 2016 (pdf format)
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- Optimal Australia 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 comprising 40 to 65 stocks broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In October, the Fund rose 0.35%, to take annualised return since inception to 8.56% p.a. The Fund's approach to risk is shown by the Sharpe ratio of 1.37 (Index 0.19), Sortino ratio of 2.88 (Index 0.16), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2016 (pdf format)
Totus Alpha Fund
15 Nov 2016 - Australian Fund Monitors
Totus Alpha Fund fell 7.1% in October, the ASX 300 Accumulation Index was down 2.2% for the month.
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15 Nov 2016 - Totus Alpha Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | One of the longest investment themes over the past few years has been the declining interest rates, which the Fund has benefited from, through their holdings of dividend paying and growth companies. However, the investment team believes this trend of declining yields may be coming to an end, since the Trump victory. The Fund, therefore, has pulled back its gross exposure, largely exited their long positions in the infrastructure and REIT space and greatly reduced their short positions in resources. The Fund has selectively added to cyclical, financial and US$ exposures while shorting overpriced yield proxies and de-rating growth stocks. Top contributors in October were a long position in Shriro +0.68% and short positions in Estia +0.65% and Coca-Cola Amatil +0.28%. Biggest detractors were long positions in Smartgroup -2.23%, Bapcor -1.60% and Altium -0.81%. Click below to read the latest Fund's Monthly Report. |
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Fund Review: Bennelong Long Short Equity Fund October 2016
14 Nov 2016 - Australian Fund Monitors
October Fund Review is now available on Bennelong Long Short Equity Fund which has an annualised return of 16.77% p.a.
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14 Nov 2016 - Fund Review: Bennelong Long Short Equity Fund October 2016
By: Australian Fund Monitors
AFM Fund Review - October 2016 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large large-caps from the ASX/S&P100 Index, with over fourteen-year track record and annualised returns of 16.77%.
- The consistent returns across the investment history indicate the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 1.00 and 1.67 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - October 2016 (pdf format)
Pengana Global Small Companies Fund
11 Nov 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund returned -1.20% in October 2016, outperforming the MSCI AC World SMID Cap Index which returned -2.4%, by 1.2%.
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11 Nov 2016 - Pengana Global Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The top positive contributors for the month were boohoo.com Plc, Broadleaf Co., Ltd, Credito Real S.A. de C.V., Hostelworld Group Plc, and Spirit Airlines, Inc. However positions in ams AG, NetScout Systems, Inc., Peyto Exploration & Development Corp, Sarine Technologies Ltd, and Wizz Air Holdings Plc detracted from the performance. At month-end, the Fund's top 10 holdings accounted for 36.5% of the Fund's assets, with no single name representing more than 5.1% of the Fund. Cash increased from the prior month to 12.3% of the Fund. Click below to read the latest Fund Manager's report. |
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Bennelong Kardinia Absolute Return Fund
11 Nov 2016 - Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund returned -1.85% in October to take annualised return since inception to 11.29% p.a.
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11 Nov 2016 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with a widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macroeconomic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Healthscope, Bapcor, Star Entertainment and Skycity Entertainment were the largest detractors from performance, whilst a short position in Scentre Group and longs in Rio Tinto, Whitehaven Coal, and Commonwealth Bank were the most significant positive contributors. Net equity market exposure (including derivatives) was reduced to 34.2% (47.7% long and 13.6% short) Click below to read the latest Fund Report. |
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Alexander Credit Opportunities Fund
10 Nov 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.82% in October to take annualised return since inception to 16.56% p.a.
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10 Nov 2016 - Alexander Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | Click below to read the latest monthly report. |
| More Information |
