NEWS
Pengana Absolute Return Asia Pacific Fund
17 Feb 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished -2.0% for the month, compared to the HFR Event Driven Index which closed -3.8%. Asia Pacific markets sold off sharply -8.0%, with volatility measured by VIX hitting a high of 30.
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17 Feb 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 negative performance of the Fund can be mostly attributed to the M&A sub-strategy where deal spreads widened globally. The Fund exploited this dislocation by increasing gross exposure to 226.3% by month end but maintaining net at 9.2%. Positive contributors for the month were the Stubs and Capital Structuring strategies. Largest detractors by region were USA/Canada, Hong Kong/China and Australia. Japan and Indonesia contributed positively for the month. Click below to read the latest Fund Manager's Report. |
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Fund Review: APN Asian REIT Fund January 2016
16 Feb 2016 - Australian Fund Monitors
January Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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16 Feb 2016 - Fund Review: APN Asian REIT Fund January 2016
By: Australian Fund Monitors
APN Asian REIT Fund AFM Fund Review January 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 a sustainable rental income streams.
- The Fund has delivered an annalised return of 16.15% p.a., since inception in July 2011 with standard deviation of 9.29% p.a. The Sharpe and Sortino ratios are 1.35 and 2.45 respectively.
APN Asian REIT Fund AFM Fund Review January 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
16 Feb 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund returned a solid +4.90% versus the S&P/ASX-100's fall of -5.48%; an outperformance of +10.38%.
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16 Feb 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 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. 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 | Nine of the long positions outperformed the S&P/ASX-100's fall in January. The Fund's long portfolio had six positions which delivered positive returns. These positions delivered a significant amount of alpha for the Fund. The long portfolio outperformed the market by +2.70% this month. Ten of the short positions outperformed the S&P/ASX-100's fall in January. Eight of these companies provided returns in excess of 10% for the month which added a significant amount of value to the Fund.The average net monthly exposure of the portfolio was 7.28%. |
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Fund Review: Meme Australian Share Fund January 2016
15 Feb 2016 - Australian Fund Monitors
January Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.
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15 Feb 2016 - Fund Review: Meme Australian Share Fund January 2016
By: Australian Fund Monitors
Meme Australian Share Fund
Attached is our most recently updated Fund Review on the Meme Australian Share Fund.
We would like to highlight the following aspects of the Fund;
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The Meme Capital Management is a Perth-based boutique Fund Manager, established in 2012 and manages the Meme Australian Share Fund.
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The Fund specializes in technical and quantitative strategies to identify investment opportunities expected to provide both positive price appreciation and relative price out-performance over the medium to long term.
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The Fund's objective is to outperform the S&P/ASX All Ordinaries Accumulation Index over rolling three year periods, through investing in ASX listed securities outside the S&P/ASX 20. The Fund only takes long positions and does not use derivatives.
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Over the past 12 months, the Fund returned positive 18.91%, versus the Index's -6.13% return.
Alexander Credit Opportunities Fund
15 Feb 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund returned +0.43% for the month of January.
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15 Feb 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 | For January majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 54%, followed by Short-dated loans at 21%. In the volatile markets, the credit duration of the Fund has been reduced over the last 6 months to 1.4 years; its lowest level since inception. This defensive bias leaves the Fund in a prime position to take advantage of opportunities in the fixed income markets as they arise. Click on the link below to read the latest Fund Manager's Report. |
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Bennelong Kardinia Absolute Return Fund
12 Feb 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund fell 3.42% in January.
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12 Feb 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 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 macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Ramsay Health Care, Blackmores and NAB were the largest detractors from performance whilst Amaysim, BWX and M2 made significant positive contributions. Net equity market exposure (including derivatives) was substantially reduced during the month to 32.3% (52.4% long and 20.1% short). Click below to read the latest Fund Report. |
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Optimal Australia Absolute Trust
12 Feb 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust recorded a flat return in January, against a 5.48% fall in the ASX 200 Total Return Index.
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12 Feb 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 entered January with a net short exposure. In the longs, the Resources, REITs and Communication Services sectors were key contributors for the month. In the shorts, the Index futures, energy and healthcare sectors were the key contributors for the month. The Fund did give back some ground from stock-specific investments in the retail, media, and utility sectors. The portfolio team believes market volatility is here to stay and therefore they plan to continue looking for stock opportunities, without embracing higher levels of market risk. Click below to read the latest Fund Monthly Report. |
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Fund Review: Jamieson Coote Bonds Active Fund January 2016
12 Feb 2016 - Australian Fund Monitors
January Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.
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12 Feb 2016 - Fund Review: Jamieson Coote Bonds Active Fund January 2016
By: Australian Fund Monitors
JCBAF AFM Fund Review January 2016 (pdf format)
Jamieson Coote Bonds Active Fund
Attached is our most recently updated Fund Review on the Jamieson Coote Bonds Active Fund
We would like to highlight the following aspects of the Fund;
- Jamieson Coote Bonds is a Melbourne-based Boutique Manager launched in December 2014.
- The Founders, Charles Jamieson and Angus Coote bring over 30 years of international experience dealing with central banks, hedge funds and real money managers.
- The Jamieson Coote Active Bond Fund is a long-only macroeconomic investment fund, investing in Australian Dollar denominated bonds backed by AAA and AA+ rated Government, Semi (State) Government and Supranational agencies.
- The Fund Objective is to out-perform the Bloomberg Australian Government Bond Index through active management in a sound risk-framework and usually holds around 20 bond securities of varying maturities.
JCBAF AFM Fund Review January 2016 (pdf format)
Morphic Global Opportunities Fund
11 Feb 2016 - Australian Fund Monitors
Morphic Global Opportunities Fund fell 1.98% in January, outperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 3.35%, by 1.36%.
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11 Feb 2016 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | About half of the outperformance came from the management of the Fund's cash levels. The other major contributor came from the Fund's long short positions in US banks. The basket of short positions in regional banks with heavy exposures to the oil sector also made money for the Fund. On the negative side the Fund lost money on our position in Hong Kong listed China Lesso. The top 2 contributors were Bank Index (67bps), Prosperity Bancshares (12bps). The top 2 detractors were China Lesso (-14bps) and Bank of Ozarks (-12bps). Click below to read more. |
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APN Asian REIT Fund
11 Feb 2016 - Australian Fund Monitors
APN Asian REIT Fund rose 1.95% for January. Since inception, the Fund has an annualised return of 16.15% p.a.
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11 Feb 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. |
| Manager Comments | The Fund's portfolio was geographically allocated in multiple Asian countries, with majority in Japan (38%) and Singapore (27.2%). Over 64% of the Fund allocation was invested in Retail REITs (39.0%) and Office REITs (26.9%) sectors. Top 5 Asian REIT holdings were in Croesus Retail Trust, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
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