NEWS
Totus Alpha Fund
19 Nov 2015 - Australian Fund Monitors
Totus Alpha Fund rose 1.50% net of fees in October to bring the latest 12 months return to 41.77%.
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19 Nov 2015 - 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 | At month-end, the Fund had a net exposure of -4.9% and a gross exposure of 282.0%. The Fund was diversified across a number investment themes and geographies with 132 positions (55 long and 77 short). Top contributors in October were the long positions in SmartGroup +1.22% (Scarce Growth), Macquarie +1.12% (Financial Services) and Appen +0.79% (Scarce Growth). Biggest detractors were the short positions in S&P Futures -0.64% (Futures) and Alibaba -0.59% (Promoter). Click below to read the latest Fund's Monthly Report. |
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Fund Review: Morphic Global Opportunities Fund October 2015
18 Nov 2015 - Australian Fund Monitors
Read latest October Fund Review on Morphic Global Opportunities Fund.
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18 Nov 2015 - Fund Review: Morphic Global Opportunities Fund October 2015
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
Key points include:
- The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
- Morphic's philosophy is that only funds with flexible investment and hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
- The Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
- The Board has a majority of independent members with significant risk and investment experience.
For further details on the Fund, please do not hesitate to contact us.
Fund Review: Morphic Global Opportunities Fund October 2015Pengana Absolute Return Asia Pacific Fund
18 Nov 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific rose 2.97% for the month, compared to the HFR Event Driven Index which closed up 2.20%.
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18 Nov 2015 - 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 M&A sub-strategy contributed 2.6% of the Fund's monthly return as Chinese ADR proposed privatization companies re-rated during the month. Another positive development during the month was the upward revision to terms in the merger between Power Assets (6 HK) and Cheung Kong infrastructure (1038 HK). The Index Futures strategy was the biggest detractors of the month. The Fund's average gross and net exposures remained at 192.3% and 6.1% respectively. Click below to read the latest Fund Manager's Report. |
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Fund Review: Optimal Australia Absolute Trust October 2015
17 Nov 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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17 Nov 2015 - Fund Review: Optimal Australia Absolute Trust October 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 October, the Fund returned 1.42%. The Fund's approach to risk is shown by the Sharpe ratio of 1.49 (Index 0.17), Sortino ratio of 3.35 (Index 0.13), 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.
APN Asian REIT Fund
17 Nov 2015 - Australian Fund Monitors
APN Asian REIT Fund rose 2.82% in October. Since inception, the Fund has an annualised return of 17.96% p.a.
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17 Nov 2015 - 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 (38.3%) and Singapore (29.1%). Over 65% of the Fund allocation was invested in Retail REITs (40.1%) and Office REITs (25.2%) sectors. Top 5 Asian REIT holdings were in Croesus Retail Trust, Keppel Dc REIT, N, Capitaland Retail China Trust, Gip J-REIT and Mapletree Commerical Trust. Click below to read the latest Fund's performance report. |
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Laminar Credit Opportunities Fund
16 Nov 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund rose 0.59% over the month of October and has delivered 7.52% over the past 12 months.
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16 Nov 2015 - Laminar 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 | Since inception, the Fund has an annualised return of 18.11% p.a (RBA Cash Rate Index 3.39% p.a), to give notable Sharpe and Sortino Ratio of 1.91 and 18.96 respectively. Majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 66%, followed by Short-dated loans at 21%. Click on the link below to read the latest Fund Manager's Report. |
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Bennelong Kardinia Absolute Return Fund
13 Nov 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 2.45% to bring annualised return since inception to 12.63% p.a.
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13 Nov 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, Aristocrat and BT Investment Management were the largest positive contributors to performance, whilst a short position in Share Price Index Futures, Telstra and National Australia Bank were the largest detractors. Net equity market exposure (including derivatives) was increased to 58.9% (72.8% long and 13.9% short). Click below to read the October 2015 Fund Report. |
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Jamieson Coote Bonds Active Fund
12 Nov 2015 - Australian Fund Monitors
In October, the Jamieson Coote Bonds Active Fund outperformed the Bloomberg Australian Government Bond Index by +0.85%.
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12 Nov 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 | New bond issuance provided the best trading opportunities of the month with large supply concessions available in the new 24yr ACGB 39's and new 13yr TCV 28's bond which generated the majority of our performance. The Fund set steepening exposure throughout the month and will retain through the November RBA meeting. At month-end, the portfolio mix was adjusted resulting in higher holding (53.67%) of Semi (State) Government Bonds, followed by 27.80% in the Australian Government Bonds, with average duration of 4.47 years. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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Fund Review: Bennelong Long Short Equity Fund October 2015
12 Nov 2015 - Australian Fund Monitors
October Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.25% p.a.
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12 Nov 2015 - Fund Review: Bennelong Long Short Equity Fund October 2015
By: Australian Fund Monitors
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 cap stocks from the ASX/S&P100 Index, with over thirteen year track record and annualised returns of 18.25%.
- The consistent returns across the investment history indicates 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 1.11 (Index 0.30) and 1.91 (Index 0.31) respectively.
For further details on the Fund, please do not hesitate to contact us.
Morphic Global Opportunities Fund
11 Nov 2015 - Australian Fund Monitors
Morphic Global Opportunities Fund rose 4.02% in October, underperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which returned 6.16%, by 2.13%.
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11 Nov 2015 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | According to the Fund Manager, the under-performance of the Fund against its benchmark, can be attributed to three main factors: 1) carrying cash, which is a performance drag in strongly rising markets; 2) style under-performance; and 3) adverse stock outcomes. However, the Fund's biggest win once again came from their large market neutral US Banks position. Other smaller win included a merger-arbitrage position on Australian document storage firm Recall. For the month, the Fund had over 54% of their equity exposure in the North American region and over 20% in the Financials Sector. Click below to read the Fund Manager's monthly report and their September outlook of the market. |
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