NEWS
Fund Review: Bennelong Kardinia Absolute Return Fund September 2015
16 Oct 2015 - 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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16 Oct 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund September 2015
By: Australian Fund Monitors
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 an 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 KPI's. The Fund has an annualised return of 12.46% p.a. with a volatility of 7.31%, compared to the ASX200 Accumulation's return of 4.04% p.a. with volatility of 14.36%.
- 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.
QATO Capital Market Neutral Long/Short Fund
15 Oct 2015 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 4.25%, to significantly outperform the
S&P/ASX 100 Price Index, by 7.91%.
S&P/ASX 100 Price Index, by 7.91%.
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15 Oct 2015 - 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 | All long positions, except one, outperformed the market with five of these providing a positive return. The long book delivered a return of -0.12%. Worley, Ansell, Crown & Alumina fell -21.29%, -16.20%, -12.19% & -11.62% for the month producing strong alpha. With thirteen profitable positions, the short book delivered a solid return of +4.41% for the month. Click below to read in more detail the Fund's September Performance Report. |
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The Paragon Fund
14 Oct 2015 - Australian Fund Monitors
The Paragon Fund rose 1.60% after fees for the month of September 2015, to outperform the ASX200 Accumulation Index by 4.56%.
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14 Oct 2015 - 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 | Key positive contributors for September included Longs in NetComm Wireless, Oil Search, Atherton and Blackham Resources, and Shorts in Origin, Alumina and Woodside. At the end of the month the Fund had 27 long positions and 18 short positions. Click below to read the latest Fund Manager's commentary. |
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Fund Review: Jamieson Coote Bonds Active Fund September 2015
14 Oct 2015 - Australian Fund Monitors
September Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.
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14 Oct 2015 - Fund Review: Jamieson Coote Bonds Active Fund September 2015
By: Australian Fund Monitors
JCBAF Fund Review September 2015 (pdf format)
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 Fund Review September 2015 (pdf format)
Meme Australian Share Fund
13 Oct 2015 - Australian Fund Monitors
Meme Australian Share Fund gained 4.93% compared to the ASX200 Accumulation Index's fall of 2.96%, an outperformace of 7.89% for the month of September.
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13 Oct 2015 - 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 number of portfolio stocks increased from 67 to 82 and portfolio cash decrease from over 23% to less than 1% such that at month end the portfolio is fully invested. Relatively to the All Ordinaries Index, the portfolio held significantly higher allocations in Consumer Discretionary, Energy, Consumer Staples and Information Technology and lower allocations in Financials, Property, Telecommunications and Utilities.The top 10 holdings accounted for over 29% of the portfolio. Click below to read the latest Fund Manager's commentary on the Fund. |
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Fund Review: Optimal Australia Absolute Trust September 2015
12 Oct 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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12 Oct 2015 - Fund Review: Optimal Australia Absolute Trust September 2015
By: Australian Fund Monitors
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 September, the Fund outperformed the ASX200 Accumulation Index by 9.05%. The Fund's approach to risk is shown by the Sharpe ratio of 1.46 (Index 0.13), Sortino ratio of 3.26 (Index 0.07), 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.
Bennelong Long Short Equity Fund
12 Oct 2015 - Australian Fund Monitors
Bennelong Long Short Equity Fund rose 5.71% in September to outperform the ASX200 Accumulation Index by 8.67%.
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12 Oct 2015 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. |
| Manager Comments | The majority of return came from profits on short positions, with a modest loss from the long book. Performance was broad based. Across 30 pairs, 20 were profitable while 10 posted a loss. Also, the top and bottom 3 pairs combined accounted for 20% of net return, with 80% coming from the broader portfolio. Fund activity for the month was minimal with some small changes made in the financials sector. Click below to read the Fund Manager's complete commentary and future market outlook. |
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Jamieson Coote Bonds Active Fund
9 Oct 2015 - Australian Fund Monitors
In September, the Jamieson Coote Bonds Active Fund returned +0.52%.
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9 Oct 2015 - 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 reduced risk, closing curve exposures and running less duration at 4 years for the first half of the month. The Fund added duration within seconds of the FED rate decision and added further duration during the dovish FOMC press conference taking the funds duration above index up to 6.1 years. As the market rallied strongly in the following few days, the Fund started lightening risk into the rally, locking in gains and returning the Fund to a more balanced position into quarter end at 4.2 years duration. At month-end, majority (54.23%) of the portfolio was in the Australian Government Bonds, followed by State Government Bonds at 30.65%. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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Bennelong Kardinia Absolute Return Fund
9 Oct 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 1.14% to outperform the equity market (ASX200 Total Return) by 4.1%.
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9 Oct 2015 - 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 | Vitaco, Blackmores, Paragon Care and a short position in Share Price Index Futures were the largest positive contributors to performance, whilst Surfstitch, Ramsay Health Care, Westpac and National Australia Bank were the largest detractors. Net equity market exposure (including derivatives) was reduced to 43.2% (61.7% long and 18.5% short). Click below to read the September 2015 Fund Report. |
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Optimal Australia Absolute Trust
9 Oct 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust rose 1.8% in September, in another tough month for the equity market, with the ASX 200 Accumulation Index down 2.96%.
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9 Oct 2015 - 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 | September's return was again all about stock selection. The Fund was slightly net long invested during the month, with average net exposure around 13% of NAV, and derived no benefit from the further fall in the market. In the Long positions, the positive key contributors by sector were commercial services, chemicals, media and energy. In the Short positions, the positive contributors were energy, steel, healthcare and index futures. The negative contributors were banks, utilities, infrastructure and wealth management. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
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