NEWS
Fund Review: Bennelong Long Short Equity Fund July 2015
21 Aug 2015 - Australian Fund Monitors
Fund Review available for Bennelong Long Short Equity Fund which has over 13 years track record and annualised returns of 17.97%.
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21 Aug 2015 - Fund Review: Bennelong Long Short Equity Fund July 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 twelve year track record and annualised returns of 17.97%.
- 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 1.08 (Index 0.34) and 1.85 (Index 0.38) respectively.
For further details on the Fund, please do not hesitate to contact us.
Aurora Fortitude Absolute Return Fund
20 Aug 2015 - Australian Fund Monitors
The Aurora Fortitude Absolute Return Fund returned +0.50% for the month of July 2015.
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20 Aug 2015 - Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | It was the Yield (+0.27%), Convergence (+0.14%)and Long/Short (+0.11%) trading strategies that provided biggest positive contribution to the portfolio. The Options strategy (-0.07%) initially benefited from continued volatility across miners and banks. Volatility fell dramatically in the second half of the month with the Australian VIX falling -27% to 14.5 by the end of the month. This was an attractive level and the Fund added to volatility positions and increased exposure to this strategy at month end. Click below to read more on the Fund's performance. |
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Fund Review: Morphic Global Opportunities Fund July 2015
19 Aug 2015 - Australian Fund Monitors
Read the July Fund Review for Morphic Global Opportunities Fund.
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19 Aug 2015 - Fund Review: Morphic Global Opportunities Fund July 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.
Optimal Australia Absolute Trust
19 Aug 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust reported a net return of +0.31 in July.
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19 Aug 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's long positions rose broadly in-line with the market - key performers included a number of financials (AMP, NAB, SUN and WFD) and general industrial. However the short positions were the largest detractors in such a strong market, which proved expensive as a means of heding portfolio risk. The Fund gross exposure was 121.1% and net exposure 2.1%. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
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Bennelong Kardinia Absolute Return Fund
18 Aug 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 2.2% in July, to bring the annualised performance since inception to 12.84% (ASX200 Accumulation Index 5.37%).
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18 Aug 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 | The Fund's net equity market exposure (including derivatives) of the Fund was progressively increased post the Greek resolution and Chinese support measures to 55.7% (87.1% long and 31.4% short). Westpac, Ramsay Health Care, CSL and Aristocrat were the largest positive contributors, whilst Share Price Futures (hedging long exposures), Costa, Isentia and BHP Billiton were the largest detractors. Click below to read the June 2015 Fund Report. |
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Fund Review: Monash Absolute Investment Fund July 2015
17 Aug 2015 - Australian Fund Monitors
Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.
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17 Aug 2015 - Fund Review: Monash Absolute Investment Fund July 2015
By: Australian Fund Monitors
Monash Absolute Investment AFM Fund Report July 2015 (pdf format)
MONASH ABSOLUTE INVESTMENT FUND
We would like to highlight the following aspects of the Fund:
- The Fund is a research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk.
If you have any questions in relation to the Fund Review, please do not hesitate to contact us.
Monash Absolute Investment AFM Fund Report July 2015 (pdf format)
Allard Investment Fund
17 Aug 2015 - Australian Fund Monitors
The Allard Investment Fund's (AIF), net of all fees, increased 2.70% during the month of July 2015 (MSCI Asia Pacific ex Japan A$ +0.3%).
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17 Aug 2015 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | For the month of July, the Fund's portfolio was invested 77.7% in equities and 22.3% in cash and fixed income. The Fund continues to have most exposed to the Financial Services industry at 18.2%, Conglomerates at 10.7% and Telco's at 10.1%. The portfolio's geographic exposure was in Hong Kong / China at 43.2%, Singapore 10.7% and Korea 9.4%. The top 5 holdings had 39.7% concentration of the portfolio and 17.5% in the next 5 holdings. Click below to review the latest Fund Manager's Report. |
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Morphic Global Opportunities Fund
14 Aug 2015 - Australian Fund Monitors
Morphic Global Opportunities Fund rose 5.13% in July as its benchmark (MSCI AC World Total Return in Australian Dollars) rose 5.57%, resulting in under-performance of 0.44%.
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14 Aug 2015 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The biggest contribution to performance was from the US Banking position in Bank of Internet. The other large gain came from the Japan drugstore. The strengths of the Fund's risk management process was evident in July as China was again the largest detractors. However the stop-losses triggered by the falling market meant the Fund suffered much less pain there than it might have. The recovery in Europe saw the Fund lose money on their hedges. The Fund had over 52% of their equity exposure in North American and over 28% in the Financial Sector. Click below to read the Fund Manager's monthly report and their August outlook of the market. |
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The Paragon Fund
13 Aug 2015 - Australian Fund Monitors
The Paragon Fund returned +4.30% after fees for the month of July 2015. Since inception the Fund has a cumulative return of +55.96% after fees vs. the ASX200 Accumulation Index +23.48%.
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13 Aug 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 July included Yowie Group, Henderson Group, Orora, Mayne Pharma and Senetas. The portfolio had the most net exposure in Industrials at 52.7%, followed by Financials at 21.90%. 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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Bennelong Long Short Equity Fund
12 Aug 2015 - Australian Fund Monitors
The Bennelong Long Short Equity Fund's July performance was a strong +8.85% in rebounded share market (ASX200 Accumulation Index 4.40%).
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12 Aug 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 | Performance were spread across a broad range of pairs with 19 out of 30 pairs making a positive contribution. Within those 19 pairs, returns were quite evenly spread. Healthcare was the strongest sector with two of the shorts, Primary Healthcare and Sonic Healthcare, both guiding profits lower. Click below to read the Fund Manager's complete commentary and future market outlook. |
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