NEWS
Pengana Absolute Return Asia Pacific Fund
25 Jul 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund returned -4.90% for the month of June 2016, compared to Asia Pacific markets which were down -0.2%.
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25 Jul 2016 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The drawdown was largely due to unsystematic factors including M&A deal breaks. The Fund was resilient around the Brexit event, with minimal impact on the portfolio from this macro event. The Fund was hurt by two positions which were unexpectedly delayed or called off; namely Inotera Memories (3474 TT) and West China Cement (2233 HK). Collectively, these two deals negatively impacted the Fund by -4.60%. The Fund navigated the month with an average gross and net exposure of 247.2% and 11.3% respectively. The Index Futures and Capital Raising strategies contributed positively to the Fund's June performance. Click below to read the latest Fund Manager's Report. |
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Jamieson Coote Bonds Active Fund
22 Jul 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 1.39% for the month of June 2016.
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22 Jul 2016 - Jamieson Coote Bonds Active Fund
By: Australian Fund Monitors
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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | Click below to read the Fund Manager's market outlook. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund June 2016
21 Jul 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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21 Jul 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
21 Jul 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 5.05% in June versus the S&P/ASX-100's fall of -2.80%, an outperformance of +7.85%.
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21 Jul 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through long and short positions. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | Sixty-seven percent of the long positions provided a positive return in June, leading to the long book returning +0.20% (gross) - significantly outperforming the S&P/ASX-100's return of -2.8% and generating +3.0% of alpha. The Fund was short Henderson Group which was the worst performer in the S&P/ASX-100 in June and 90% of the short positions outperformed the index's monthly return. Qato is currently positioned both long and short to the mining and material companies, after being net short exposure for a prolonged period. Long exposures include positions such as Alumina, Bluescope, Fortescue, and South32, due largely to their significant fundamental improvements from cost cuts and rising commodity prices. These positions profited from the rebound in asset prices and positively impacted June returns. These have continued into July. |
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KIS Asia Long Short Fund
20 Jul 2016 - Australian Fund Monitors
KIS Asia Long Short Fund rose 2.41% for the month of June 2016.
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20 Jul 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 | Click below to read the latest monthly Fund Report. |
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NWQ Fiduciary Fund
20 Jul 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -0.44% in June and returned +8.96% over the last 12 months.
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20 Jul 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | 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 portfolio's Beta managers utilising a range of long/short equity strategies, contributed -0.42% for the month. Positive attribution came from the Alpha managers, with the strategy attributing a modest +0.07% for the month. The portfolio continues to have an overweight allocation to the Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
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Fund Review: APN Asian REIT Fund June 2016
20 Jul 2016 - Australian Fund Monitors
June Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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20 Jul 2016 - Fund Review: APN Asian REIT Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
APN Asian REIT Fund
Attached is our most recently updated Fund Review on the APN Asian REIT Fund.
We would like to highlight the following aspects of the Fund;
- APN is an ASX-listed fund manager specialising in property investment, with an investment team of six. Established in 1996, APN now has FUM of $A2.4bn including four REIT (Real Estate Investment Trust) funds.
- The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region, with the ability to hold some cash and fixed interest investments.
- The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe can include new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus.
- The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product.
- APN's Asian REIT Fund invests in a portfolio of 25-40 listed Asian REITs with a core philosophy of investing in properties with sustainable rental income streams.
- The Fund has delivered an annualised return of 17.22% p.a., since inception in July 2011 with a standard deviation of 9.49% p.a. The Sharpe and Sortino ratios are 1.43 and 2.68 respectively.
AFM Fund Review - June 2016 (pdf format)
Pengana Global Small Companies Fund
19 Jul 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund returned -4.60% in June 2016, compared to a -4.10% return for the MSCI AC World SMID Cap Index.
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19 Jul 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 five holdings in alphabetical order were Boohoo, LiLAC Group, Moleskine, Peyto Exploration, and Spirit Airlines. The largest positive contributors to June performance were: Tegma Gestao Logistica, Liberty Tax, Daikokutenbussan, Pico Far East, and a UK IT company; while the largest detractors were: LiLAC Group, Babcock & Wilcox, Rami Levi Chain Stores, Moleskine, and Credito Real. Click below to read the latest Fund Manager's report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund June 2016
19 Jul 2016 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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19 Jul 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 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 11.54% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 4.98% p.a. with a volatility of 14.18%.
- 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 - June 2016 (pdf format)
Fund Review: Optimal Australia Absolute Trust June 2016
18 Jul 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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18 Jul 2016 - Fund Review: Optimal Australia Absolute Trust June 2016
By: Australian Fund Monitors
AFM Fund Review - June 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 June, the Fund returned 0.11%. The Fund's approach to risk is shown by the Sharpe ratio of 1.52 (Index 0.17), Sortino ratio of 3.51 (Index 0.14), 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 - June 2016 (pdf format)
