NEWS
Totus Alpha Fund
21 Jul 2015 - Australian Fund Monitors
Totus Alpha Fund reported a strong 6.30% net of fees return in June, in a weak Australian equity market with ASX200 Total Return down 5.30%.
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21 Jul 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 the end of June, the fund had a net exposure of 13.90% and a gross exposure of 296.10%. The fund was diversified across a number investment themes and geographies with 113 positions (59 long and 54 short).Top contributors in June were the short position in Slater and Gordon +1.41% (Earnings Risk), long positions in Smartgroup +1.07% (Scarce Growth) and Adairs +0.65% (Scarce Growth). The biggest detractors were the long positions in Flight Centre -0.59% (Scarce Growth), Domino's -0.32% (Scarce Growth) and the short position in Sandfire -0.57% (Commodities). Click below to read the latest Fund's Monthly Report. |
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Bennelong Kardinia Absolute Return Fund
20 Jul 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund fell 1.49% in June, to bring the Fund's annual performance since inception to 12.70% compared to the ASX200 Accumulation benchmark's 4.93%.
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20 Jul 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 decreased to 39.1% (74.2% long and 35.1% short). A short position in Share Price Index Futures contracts (hedging longs), as well as long positions in Surfstitch and National Australia Bank were the major positive contributors. Long positions in Slater & Gordon, Transurban and Amcor were the largest detractors. Click below to read the June 2015 Fund Report. |
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QATO Capital Market Neutral Long/Short Fund
17 Jul 2015 - Australian Fund Monitors
In June, the QATO Capital Market Neutral Long/Short Fund outperformed the ASX200 Accumulation Index by 7.19%, returning +1.89% (Index -5.30%).
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17 Jul 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 | In June, the long book outperformed the market returning -3.88% for the month versus the Index's return of -5.30%. CBA was the third best S&P/ASX-100 position in June, being one of only four companies to finish positive for the month. The short book strongly outperformed in June. The Q-Score process selected the third and fifth worst S&P/ASX-100 positions for the month. Fortescue fell -19.39% for the month and Metcash fell -18.88%. Click below to read rest of the Fund Manager's latest commentary. |
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Morphic Global Opportunities Fund
16 Jul 2015 - Australian Fund Monitors
Morphic Global Opportunities Fund fell 2.44% in June as its benchmark (MSCI AC World Total Return in Australian Dollars) fell 2.75%, resulting in out-performance of 0.31%.
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16 Jul 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 and US Healthcare with Bank of Internet and HCA Holdings. The other large contributor came from Japan with Open House. The main detractors from the month's performance was mainly due to China. The Fund had over 50% of their equity exposure in North American and over 35.0% in the Financial Sector. The Fund closed June fully invested, though with some hedges. Click below to read the Fund Manager's monthly report and their June outlook of the market. |
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Fund Review: Optimal Australia Absolute Trust June 2015
16 Jul 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund. For the June quarter, the Trust
returned a net +2.9%, against a 6.5% fall in the market
returned a net +2.9%, against a 6.5% fall in the market
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16 Jul 2015 - Fund Review: Optimal Australia Absolute Trust June 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.
- The Fund's approach to risk is shown by the Sharpe ratio of 1.46 (Index 0.26), Sortino ratio of 3.16 (Index 0.18), 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
15 Jul 2015 - Australian Fund Monitors
The Bennelong Long Short Equity Fund performed strongly in June with a return of +4.86%, it's best
monthly result since May 2013.
monthly result since May 2013.
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15 Jul 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 was broad-based with 20 pairs generating a profit versus 10 negative pairs. Short positions were key to performance during the month with each of the top three pairs driven by the short side. Two specific names thatworked well on the short side were Nine Entertainment Co (-27.9%) and Flight Centre (-26.7%) as both companies issued material profit warnings during the month. Click below to read the Fund Manager's complete commentary and future market outlook. |
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Fund Review: Monash Absolute Investment Fund June 2015
14 Jul 2015 - Australian Fund Monitors
Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.
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14 Jul 2015 - Fund Review: Monash Absolute Investment Fund June 2015
By: Australian Fund Monitors
Monash Absolute Investment Fund Review June 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 Fund Review June 2015 (pdf format)
The Paragon Fund
14 Jul 2015 - Australian Fund Monitors
The Paragon Fund returned -3.80% versus the ASX 200 Total Return Index's -5.30%, for the month of June 2015. The Fund's annual return since inception has been 18.82% p.a. versus the Index's 7.46% p.a.
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14 Jul 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 June included Yowie, Adairs, Senetas, St. Barbara and short positions in Wesfarmers and Origin. These were offset by the Fund's net positive equity exposure, and holdings in Orocobre, IOOF, and Fortescue (FMG sold for a small overall gain). At the end of the month the Fund had 28 long positions and 15 short positions. Click below to read the latest Fund Manager's commentary. |
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Allard Investment Fund
13 Jul 2015 - Australian Fund Monitors
The Allard Investment Fund's (AIF), net of all fees, decreased 3.1% during the month of June 2015 (Index -5.30%).
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13 Jul 2015 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund portfolio was invested 76.5% in equities and 23.5% in cash and fixed income. The Fund continues to be most exposed to Financial Services at 18.30%, Conglomerates at 11.30% and Telco's at 10.60%. The geographic breakdown was Hong Kong / China at 42.50%, Singapore 11.20% and Korea 9.60%. The top 5 holdings had 39.9% concentration of the portfolio and 17.0% in the next 5 holdings. Click below to review the latest Fund Manager's Report. |
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Optimal Australia Absolute Trust
10 Jul 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust reported a net return of -1.1% in June, in a very weak market, with the ASX200 Accumulation Index down 5.30%.
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10 Jul 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 has been running unusually low net market exposure in recent months, and added risk into initial market weakness in June. The Fund's short positions did well, with attribution of +3.3% (on average short exposure of 25% of NAV). However the long positions negatively contributed -4.5% (on average long exposure of 67%. A bias towards low valuations and strong balance sheet quality within the long stocks made little difference in such a weak market. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
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