NEWS
Cor Capital Fund
29 Oct 2015 - Australian Fund Monitors
For the month of September, Cor Capital Fund returned -0.66%.
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29 Oct 2015 - Cor Capital Fund
By: Australian Fund Monitors
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| Fund Overview | The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling. |
| Manager Comments | The greatest positive influence on the portfolio was the gold bullion allocation (+5% for the quarter) which tends to do relatively well when paper currencies fall. The equities weakness was offset by strength in investment grade bonds (+2% for the quarter) in anticipation of lower future interest rates. The portfolio's asset allocation as of 30 September was 25.3% in Gold, 25.4% in Fixed Interest, 24% in Equities and rest in cash at 25.3%. Click below to read the Fund's latest quarterly report. |
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Fund Review Pengana Absolute Return Asia Pacific Fund September 2015
29 Oct 2015 - Australian Fund Monitors
Latest Fund Review now available on Pengana Absolute Return Asia Pacific Fund, which has over 6 years of track record and annualised return of 9.72% p.a.
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29 Oct 2015 - Fund Review Pengana Absolute Return Asia Pacific Fund September 2015
By: Australian Fund Monitors
PENGANA ABSOLUTE RETURN ASIA PACIFIC FUND
Attached is our most recently updated Fund Review on the Pengana Absolute Return Asia Pacific Fund.
- The Pengana Absolute Return Asia Pacific Fund ("PARAP") was established in 2008 by portfolio managers Antonio Meroni and Vikas Kumra. The Fund is a feeder fund into a Cayman Islands AUD share class fund.
- The Fund invests both long and short in Asia Pacific equities, including in Australian and New Zealand, after a stock specific "event" has either occurred or been announced and the portfolio aims to be uncorrelated to the underlying equity markets. A combination of the Manager's experience, thorough research and continuous back- testing identify the most attractive of these events.
- Risk controls include limits on individual positions as well as gross and net exposure. Limits are in place for option exposure and cash borrowing, with stop loss limits on individual positions. Overall the manager is looking to derive returns from the event strategies as opposed to any currency or market exposures.
- Since inception, the Fund has an annualised return of 9.72% p.a., compared to the AFM's Asia Pacific Index of 5.23%. The Fund has achieved this with lower volatility of 6.18% (Index 11.96%).
For further details on the Fund, please do not hesitate to contact us.
Freehold Absolute Return Fund
28 Oct 2015 - Australian Fund Monitors
Freehold Absolute Return Fund delivered -1.38% in a weak equity market (ASX200 Total Return), which declined 2.96%.
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28 Oct 2015 - Freehold Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's research use detailed analysis of the underlying assets integrated with financial analysis to determine a sustainable yield and fundamental DCF valuation for the security. Also the Fund believes in having a strong risk control framework. The Fund will also use trading strategies via rebalancing of core portfolio positions as well as taking advantage of shorter duration inefficiencies in markets caused by an imbalance in demand and supply for global REIT and Infrastructure securities. The Fund focuses on generating absolute returns after fees of 12 to 15% pa over the medium to long term. The long-short nature of the Fund combined with Freehold's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Freehold is focused on providing investment opportunities primarily within core, value-add, opportunistic and development sectors of direct property and across listed and unlisted real estate and infrastructure securities. |
| Manager Comments | The Fund maintained a modest net long market exposure during the month which contributed to the negative performance in September. Positive contributors to the portfolio were APA Group, Dexus and Macquarie Atlas. Negative contributors were Mirvac, Goodman Group and APN Property Group. The Fund Manager is favorable to the two childcare related stocks Folkestone Education (FET), which was discussed in the Fund monthly performance report as the stock of the month, and also Arena REIT (ARF). Click Manager's Report to read more. |
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Insync Global Titans Fund
27 Oct 2015 - Australian Fund Monitors
The Insync Global Titans Fund returned -1.3% in September, compared to its benchmark MSCI All Country World ex-Australia Net Total Return Index ($A) -2.7%.
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27 Oct 2015 - 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 Fund's holdings in Microsoft, BAT, Reckitt Benckiser, Nestle and McDonald's. The main negative contributors were Medtronic, Zimmer, eBay and McGraw-Hill. The Fund continues to have no foreign currency hedging in place as the Fund considers 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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Fund Review: Morphic Global Opportunities Fund September 2015
27 Oct 2015 - Australian Fund Monitors
Read latest September Fund Review on Morphic Global Opportunities Fund.
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27 Oct 2015 - Fund Review: Morphic Global Opportunities Fund September 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.
APN AREIT Fund
26 Oct 2015 - Australian Fund Monitors
APN AREIT Fund returned +0.14% in September compared to the AREIT Index -0.28%, to outperform by 0.42%. Since inception in February 2009, the Fund has returned 17.38% p.a.
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26 Oct 2015 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | Steven Chai is the Portfolio Manager of this Fund, who joined APN in July 2008. Prior to this, Chai was a Senior Analyst responsible for the management of the unit pricing and performance models for the APN AREIT Fund, the APN Property for Income funds and the APN Asian REIT Fund. Steven holds a Bachelor of Commerce Degree (Finance) from the University of Melbourne and is a CFA charterholder. 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 | In September, the Fund had 98% allocation in AREITs and rest in cash. Majority of the underlying property sector allocation was in the Retail sector at 65%, followed by Office sector at 20%. The Top 5 stocks holdings made up 57% of APN AREIT Fund. These stocks were Scentre Group, Federation Centres, Stockland, Charter Hall Retail REIT and Westfield Group. Click below to read the complete Fund Manager's Report. |
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Laminar Credit Opportunities Fund
23 Oct 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund rose 0.63% over the month of September and has delivered 7.42% over the past 12 months.
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23 Oct 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 | The Fund continued to show stability in September amidst the volatility in other markets, returning 62 basis points. Majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 66%, followed by Short-dated loans at 22%. Click on the link below to read the latest Fund Manager's Report. |
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Fund Review: QATO Capital Market Neutral Long/Short Fund September 2015
23 Oct 2015 - Australian Fund Monitors
September Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.
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23 Oct 2015 - Fund Review: QATO Capital Market Neutral Long/Short Fund September 2015
By: Australian Fund Monitors
Qato Capital AFM Fund Review September 2015 (pdf format)
QATO Capital Market Neutral Long/Short Fund
Attached is our most recently updated Fund Review on the QATO Capital Market Neutral Long/Short Fund.
We would like to highlight the following aspects of the Fund;
- Qato Capital is a Melbourne-based boutique fund manager backed by single family office, Larkfield Funds Management.
- Qato has a systematic, market-neutral strategy which invests exclusively in S&P/ASX 100 stocks.
- The QATO Capital's Q-score process captures and quantifies six broad fundamental factors, which assess multiple underlying sub-categories. Those companies with the top score (quality companies) are included in the "long" portfolio, those with the lowest score are sold short.
- The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long & 15 short equally-weighted positions).
- Qato Capital's process is entirely systematic - stock selection and risk management are employed in a rules based approach. The Fund employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Qato Capital AFM Fund Review September 2015 (pdf format)
Fund Review: Totus Alpha Fund September 2015
22 Oct 2015 - Australian Fund Monitors
September Fund Review with key statistics for Totus Alpha Fund is now available.
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22 Oct 2015 - Fund Review: Totus Alpha Fund September 2015
By: Australian Fund Monitors
Totus Alpha Fund AFM Fund Review September 2015 (pdf format)
TOTUS ALPHA FUND
We would like to highlight the following aspects of the Fund;
- Totus Capital is a Sydney based long short fund manager established in 2012 by Ben McGarry which aims to place equal emphasis on performance and capital preservation. The Fund invests mainly in Australia, but also in other developed economies, with a primary exposure to equity markets.
- The Totus Alpha Fund's investment strategy is to identify structural themes, and then seek to drive performance by investing in securities that have concentrated exposure to those themes. Single stock short positions are used to generate alpha, frequently in under researched parts of the market such as the small and mid-cap space. Index derivatives are used to hedge the portfolio's market risk.
- McGarry qualified as a Chartered Accountant with PWC in 1999 and has 14 years market experience, commencing his career covering European building materials and construction sectors at Morgan Stanley in London. Previous experience included analytical roles at Ausbil, a Sydney based $10bn+ long-only manager, and sell side emerging companies experience at UBS. McGarry's emerging company research with UBS included exposure to a range of sectors including energy, materials, industrials, tech, financials, retail and telecommunications.
- The Fund has delivered an annalised return of 30.40% since inception in March 2012 as compared to 9.08% for the ASX 200 Accumulation Index. The standard deviation has been higher than the Index at 14.19% as compared to 12.31% and the Sharpe ratio is 1.77.
Totus Alpha Fund AFM Fund Review September 2015 (pdf format)
Pengana Absolute Return Asia Pacific Fund
22 Oct 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific finished up 1.02% for the month, compared to the Asia Pacific market which fell -4.7% and HFR Event Driven Index which closed down -3.2%.
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22 Oct 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 | Despite the global macro uncertainty, deal activity in September picked up significantly and was well diversified with Hong Kong, Australia and Taiwan the more active markets. The M&A sub-strategy contributed to +0.97% of the Fund's monthly return with China Resource Enterprise (291 HK) and Affinity Education (AFJ) being the two significant contributors. The Capital Management strategy was the biggest detractors of the month. On average, the Fund's net and gross exposures were 6% and 201.1% respectively. Click below to read the complete Fund Manager's Report. |
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