NEWS
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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Fund Review: Meme Australian Share Fund October 2015
10 Nov 2015 - Australian Fund Monitors
October 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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10 Nov 2015 - Fund Review: Meme Australian Share Fund October 2015
By: Australian Fund Monitors
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 17.11%, versus the Index's 8.51% return.
The Paragon Fund
10 Nov 2015 - Australian Fund Monitors
The Paragon Fund rose 2.50% after fees for the month of October 2015, to bring annualised return since inception to 18.03%.
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10 Nov 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 October included Longs in Macquarie Group, Henderson Group, NetComm Wireless, APN Outdoor, and Amaysim while detractors included our short positions in general given the strong market. At the end of the month the Fund had 30 long positions and 15 short positions. Click below to read the latest Fund Manager's commentary. |
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Optimal Australia Absolute Trust
9 Nov 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust rose 1.4% in October to bring annualised return to 9.15%.
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9 Nov 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 | The Fund was slightly net long invested during October, but reduced exposure into the rally. The Fund's return was very much driven by stock selection. The long positions strongly outperformed the market, with attribution of +4.1% on average long exposure of 52% of NAV. Key contributors included financials, retail, and commodity group. Short positions were difficult in such a strong market, with attribution of -2.1% on average short (stock) exposure of 29.4%. Click below to read the latest Fund Monthly Report. |
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Bennelong Long Short Equity Fund
6 Nov 2015 - Australian Fund Monitors
Bennelong Long Short Equity Fund rose 2.54% in October to bring latest 12 months return to 36.02%.
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6 Nov 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. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors. |
| Manager Comments | The Fund performance featured 18 profitable pairs from a total of 31. Also, the top and bottom 3 pairs combined accounted for 13% of the net return, with 87% coming from the broader portfolio. Fund performance was soft over the first 3 weeks of the month on limited news flow, but then performed strongly in the last week from a wave of company specific trading updates. Click below to read the Fund Manager's commentary and future market outlook. |
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Meme Australian Share Fund
5 Nov 2015 - Australian Fund Monitors
Meme Australian Share Fund gained 7.12% compared to the ASX200 Accumulation Index's gain of 4.37%, an outperformance of 2.75% for the month of October.
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5 Nov 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 | In October, some of the Fund's stronger performing stocks gave new opportunities and therefore the Fund increased these holdings. As a consequence the number of holdings in the portfolio decreased from 82 in the prior month to 79 stocks. The portfolio cash remained at about 1% and at month end the portfolio was fully invested. The Fund's bottom-up stock selection resulted in significant non-correlation to the broad market allocations.The top 10 holdings accounted for over 29% of the portfolio. By the end of October the stocks that met the Fund's strategy increased from 6.7% to 10.3% of the liquid stocks on the ASX, which the Fund expects will provide further investment opportunities. Click below to read the latest Fund Manager's commentary on the Fund. |
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Fund Review: Supervised High Yield Fund September 2015
3 Nov 2015 - Australian Fund Monitors
Fund review on Supervised High Yield Fund, a fixed income fund, is now available.
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3 Nov 2015 - Fund Review: Supervised High Yield Fund September 2015
By: Australian Fund Monitors
Supervised High Yield Fund AFM Review September 2015 (pdf format)
SUPERVISED HIGH YIELD FUND
We would like to highlight the following aspects of the Fund:
- The Supervised High Yield Fund (SHYF) has a 6 year track record investing in fixed interest investments. The Investment strategy aims to deliver returns with zero correlation to equity markets by investing in debt securities with minimal default probability and offering a premium return above the risk free rate.
- The Fund is managed by Philip Carden whose experience in debt and capital markets spans over 32years, including time with JB Were's Capel Court Securities and Macquarie Bank, where he was the Executive Director responsible for the Debt Markets Division.
- SHYF is an Alternative Income fund which invests in Global and Australian debt markets, with all foreign currency receivables hedged back to Australian dollars.
- The Fund utilises a top down analysis of the economic environment and market to screen and identify debt market opportunities which it believes offer low risk with high yield. The next stage is the development of a risk matrix and investment strategy, following which detailed research is undertaken on specific investment opportunities which meet the pre-defined criteria established in the investment strategy.
- Prior to approving an investment for the Fund each potential investment is subject to two stress tests. The first of these is for credit and default risk, in which the investment is stress-tested to ensure that in a worst case economic environment it can repay 100% of its principal and interest obligations case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided The second test examines market risk. In this case Carden looks at the worst case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided.
Supervised High Yield Fund AFM Review September 2015 (pdf format)
Fund Review: Insync Global Titans Fund September 2015
2 Nov 2015 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available.
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2 Nov 2015 - Fund Review: Insync Global Titans Fund September 2015
By: Australian Fund Monitors
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 outperformed its benchmark MSCI All Country World ex-Australia Net Total Return Index ($A) by 1.4%, in September. The performance was driven by positive contributions from our 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 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.
