NEWS
Optimal Australia Absolute Trust
9 Jun 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust rose 2.29% in May, against the ASX200 Accumulation Index's 3.09%.
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9 Jun 2016 - Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | 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. |
| Manager Comments | The Fund maintained a net short market exposure for the month of May, averaging 16% of NAV and therefore enjoying no benefit from the market. However, the Fund's stock selection worked well and the long positions made a net contribution of over 4%, with some solid gains in their high-conviction positions in alternative energy, food, media, and banks. Click below to read the latest Fund monthly report. |
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Cyan C3G Fund
8 Jun 2016 - Australian Fund Monitors
Cyan C3G Fund rose 5.7% in May 2016, outperforming the ASX 200 Accumulation Index which returned +3.09%, by 2.61%.
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8 Jun 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 majority of companies in the Fund delivered positive performances, the most notable contributors included Afterpay +50%, BlueSky +14%, Abundant Produce +33%, OPUS Group +17% and Primary Opinion +24%. Animoca Brands -12% and Speedcast -13% were the largest negative contributors for the month. Presently, the Fund has a growth focus with an average forward PE of ~18x. The Fund currently holds 28 individual stocks with the largest holding not exceeding 7% of the total value. At the end of May, the Fund held in excess of 25% in cash. Click below to read the latest Fund Manager's Report. |
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Jamieson Coote Bonds Active Fund
8 Jun 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 1.19% for the month of May 2016.
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8 Jun 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 | The Fund maintained some steepening exposure in the 3yr and 5yr area vs 10yr part of the curve as the Fund Managers believed that the RBA would cut rates, which proved correct. The Fund managed added duration immediately on the announcement and as such produced index returns running only 79% of the index duration risk (delta) through this major market move. Since then the Fund has lightened their duration exposures. The curve flattened late in the month causing small decay vs index into month end (-0.17% net). Spread positions remained very short dated in AAA names only. Click below to read the Fund Manager's market outlook. |
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Meme Australian Share Fund
7 Jun 2016 - Australian Fund Monitors
The Meme Australian Share Fund rose 5.43% for the month of May 2016.
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7 Jun 2016 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | The five most positive contributors to the fund's performance were Infigen Energy, Galaxy Resources, Orocobre Limited, Clean Teq Holdings, and Fisher & Paykel Health, while the five most negative contributors were Gascoyne Resources, Structural Monitors, Emerchants Limited, Doray Minerals and Alumina Limited. Allocations to ASX100 stocks reduced from about 18% to 15.5% of the Fund's holdings while stocks outside the ASX200 continue to account for the bulk of the portfolio's holdings, increasing to about 65% of the Fund's value. By month-end, the total number of portfolio stocks remained steady at 85 separate holdings and the portfolio remained fully invested with cash at less than 1%. Click below to read the latest Fund Manager's commentary on the Fund. |
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Fund Review: Insync Global Titans Fund April 2016
3 Jun 2016 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available.
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3 Jun 2016 - Fund Review: Insync Global Titans Fund April 2016
By: Australian Fund Monitors
AFM Fund Review - April 2016 (pdf format)
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
We would like to highlight the following:
- The Fund's unit price increased 0.70% in April. The performance was driven by positive contributions from our holdings in Medtronic, Zimmer Holdings, BAT and Time Warner Inc. The main negative contributors were McGraw-Hill and Microsoft. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside.
- 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 downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - April 2016 (pdf format)
Fund Review: APN Asian REIT Fund April 2016
3 Jun 2016 - Australian Fund Monitors
April Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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3 Jun 2016 - Fund Review: APN Asian REIT Fund April 2016
By: Australian Fund Monitors
AFM Fund Review - April 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 $A2.1bn 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 annalised return of 17.19% p.a., since inception in July 2011 with a standard deviation of 9.65% p.a. The Sharpe and Sortino ratios are 1.41 and 2.62 respectively.
AFM Fund Review - April 2016 (pdf format)
Insync Global Titans Fund
1 Jun 2016 - Australian Fund Monitors
The Insync Global Titans Fund returned 0.7%, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned 2.3%.
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1 Jun 2016 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Fund Overview | 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 performance was driven by positive contributions from the holdings in Medtronic, Zimmer Holdings, BAT and Time Warner Inc. The main negative contributors were McGraw-Hill and Microsoft. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Click below to read the latest Fund Manager Report. |
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APN Asian REIT Fund
30 May 2016 - Australian Fund Monitors
APN Asian REIT Fund returned 4.57% for the month of April.
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30 May 2016 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. 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 is expected to be dynamic as 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 focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. 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. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. The manager has offered a special 50% reduction in management fee for all existing and new investors who apply by 30 June 2016. |
| Manager Comments | The portfolio was allocated in multiple Asian countries, with the majority in Japan (37.8%) and Singapore (31.1%). Over 66% of the Fund was invested in the Retail REITs (41.1%) and the Office REITs (25.1%) sectors. The top 5 Asian REIT holdings were in Ascendas Real Estate Inv Trust, Link REIT, Gip J-REIT, Japan Retail Fund Investment and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
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APN AREIT Fund
27 May 2016 - Australian Fund Monitors
APN AREIT Fund rose 3.37% in April, outperforming the S&P/ASX300 Property Trust Accumulation Index's return of 2.76%, by 0.61%.
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27 May 2016 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). 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 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 suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | Click below to read the complete Fund Manager's Report. |
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Signature Quantitative Fund
27 May 2016 - Australian Fund Monitors
Signature Quantitative Fund returned -0.30% for the month of April.
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27 May 2016 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | Capital Raisings continued its strong outperformance recently as the capital markets continued to provide numerous opportunities and SQF's market exposure also contributed to performance. Dividend Arbitrage and Alpha Capture strategies underperformed during April's resource-led market rally. Click the link below to view the latest Monthly Report. |
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