Optimal Australia Absolute Trust

18 Jun 2015 - Australian Fund Monitors

Optimal Australia Absolute Trust reported a net positive return in May of 2.04%, compared to the ASX200 Accumulation Index of 0.40%.

18 Jun 2015 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	15 June 2015
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	2.04%
Latest 6 Months	1.43%
Latest 12 Months	2.55%
Latest 24 Months	7.49%
Annualised Since Inception	9.11%
Inception Date	15 September 2008
FUM (millions)	AU$100
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. 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	Optimal Australia Absolute Trust reported a net positive return in May of 2.04%, compared to the ASX200 Accumulation Index of 0.40%. The Fund's annualised return since inception was 9.11% (Index 6.44%), which has been achieved with a notably low volatility of 3.67% (Index 14.34%). The Fund had a gross exposure of 99.0% and net exposure of 7.2%. The stock selection during the month was solid, with positive attribution on both the Fund's long (+2.0%) and short (+0.3%) positions. The short position in the banks did its work, and a number of the longs in materials also did well, including ALS, Alumina, Sims Group, and PanAust. Click below to read the latest Fund Manager's commentary on the Fund and market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

The Paragon Fund

18 Jun 2015 - Australian Fund Monitors

The Paragon Fund returned 2.40% versus the ASX 200 Accumulation's 0.40%, for the month of May 2015. The Fund's annual return since inception has been 21.66% p.a. versus the Index's 10.39% p.a.

18 Jun 2015 - The Paragon Fund

By: Australian Fund Monitors

Report Date	12 June 2015
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	2.40%
Latest 6 Months	12.45%
Latest 12 Months	24.16%
Latest 24 Months	56.69%
Annualised Since Inception	21.66%
Inception Date	28 February 2013
FUM (millions)	AU$30.8
Fund Overview	The Paragon Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation. 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	The Paragon Fund returned 2.40% versus the ASX 200 Accumulation's 0.40%, for the month of May 2015. The Fund's annual return since inception has been 21.66% p.a. versus the Index's 10.39% p.a. This annual return has been achieved with slightly higher volatility (11.21%) compared to the Benchmark's 10.98%. The Fund has a notable Sharpe and Sortino ratios of 1.59 and 3.85 respectively. Key drivers of the Paragon Fund's performance for May included solid returns from Macquarie, Henderson Group, Orocobre, Nanosonics and Reward Minerals. Short positions in REA Group and 1-Page also contributed. At the end of the month the fund had 33 long positions and 14 short positions Click below to read the latest Fund Manager's commentary.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund May 2015

17 Jun 2015 - Australian Fund Monitors

Fund Review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.05%.

Morphic Global Opportunities Fund

17 Jun 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund rose 3.79% in May as its benchmark (MSCI AC World Total Return in Australian Dollars) rose 2.91%, resulting in
outperformance of 0.88%.

17 Jun 2015 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	12 June 2015
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	3.79%
Latest 6 Months	16.51%
Latest 12 Months	30.03%
Latest 24 Months	58.28%
Annualised Since Inception	28.54%
Inception Date	02 August 2012
FUM (millions)	AU$110
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	Morphic Global Opportunities Fund rose 3.79% in May as its benchmark (MSCI AC World Total Return in Australian Dollars) rose 2.91%, resulting in outperformance of 0.88%. Since inception the Fund's annualised return per annum was 28.54%, compared to the AFM's Global Equity Index of 28.12%. The biggest contribution to performance was from the exposure to the US health service sector, represented by HCA Holdings and Anthem. The second biggest winner came from the US bank exposure as banks there rallied on the back of a steeper yield curve, improving their margins. The main detractors from the month's performance was mainly due to the pullback in the Chinese market and stocks relating to that position. The Fund has over 50.2% of their equity exposure in North American and 33.0% in the Financial Sector. The Fund closed May fully invested, with the continuing overweight to China, along with lesser overweights to India and Japan, funded from underweight positions in the US and Europe and the rest of the emerging markets. Click below to read the Fund Manager's monthly report and their June outlook of the market.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Kardinia Absolute Return Fund

16 Jun 2015 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose
0.41% in May, to bring the Fund's annual performance since inception to 13.01% compared to the ASX200 Accumulation benchmark's 5.60%.

16 Jun 2015 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	11 June 2015
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	0.41%
Latest 6 Months	6.06%
Latest 12 Months	9.27%
Latest 24 Months	17.46%
Annualised Since Inception	13.01%
Inception Date	01 May 2006
FUM (millions)	AU$205.9
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. 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 Bennelong Kardinia Absolute Return Fund rose 0.41% in May, to bring the Fund's annual performance since inception to 13.01% compared to the ASX200 Accumulation benchmark's 5.60%. The Fund's volatility of 7.30% is half that of the ASX200 Accumulation volatility 14.12%. Since inception of May 2006, the Fund's Sharpe and Sortino ratio were 1.14 (Index 0.16) and 2.20 (Index 0.12) respectively. The Fund's net equity market exposure, including derivatives increased to 41.2% (74.3% long and 33.1% short). Long positions in James Hardie, Amcorand Sirius were the largest positive contributors. A long position in Resmed and a short position in Share Price Index Futures (hedging long exposures) were the largest detractors. Click below to read the May 2015 Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Monash Absolute Investment Fund May 2015

16 Jun 2015 - Australian Fund Monitors

Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.

Allard Investment Fund

15 Jun 2015 - Australian Fund Monitors

The Allard Investment Fund's (AIF), net of all fees, increased 1.0% during the month of May 2015.

15 Jun 2015 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	10 June 2015
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	May 2015
Latest Return	1.00%
Latest 6 Months	11.74%
Latest 12 Months	25.10%
Latest 24 Months	31.42%
Annualised Since Inception	9.99%
Inception Date	01 July 2003
FUM (millions)	AU$139
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund's (AIF), net of all fees, increased 1.0% during the month of May 2015, to bring the Fund's last twelve month performance to 25.10% with a volatility of 6.38. In comparison, the ASX200 Accumulation returned 9.93% with a volatility of 11.75%. The Fund portfolio was invested 75.5% in equities and 24.5% in cash and fixed income. There has been little change since the prior month, in terms of the industry and geographic breakdown of the portfolio. The Fund continues to be most exposed to Financial Services at 17.30%, Conglomerates at 10.80% and Telco's at 10.70%. The geographic breakdown was Hong Kong / China at 43.00%, Singapore 10.80% and Korea 9.70%. The top 5 holdings had 40.10% concentration of the portfolio and 17.20% in the next 5 holdings. Click below to review the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Long Short Equity Fund

12 Jun 2015 - Australian Fund Monitors

The Bennelong Long Short Equity Fund performance in May was down 1.91% compared to the ASX200 Accumulation Index return of 0.40%.

12 Jun 2015 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	05 June 2015
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2015
Latest Return	-1.91%
Latest 6 Months	7.35%
Latest 12 Months	3.11%
Latest 24 Months	8.07%
Annualised Since Inception	17.05%
Inception Date	01 January 2003
FUM (millions)	AU$261
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. 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	The Bennelong Long Short Equity Fund performance in May was down 1.91% compared to the ASX200 Accumulation Index return of 0.40%. Long term performance since inception in January 2003, remains sound with annual returns of 17.05% p.a. (Index 8.53% p.a.) and a volatility of 11.79% (Index 12.83%). The short positions were more the driver of the Fund's under-performance than the long positions. A review of the key contributing loss-making shorts, has the Fund Manager confident it was not due to fundamental factors, more the noise associated short-term monthly measurement. The Fund activity for the month of May was modest with weightings revised for few pairs, with a new pair within the Financials sectors - long National Australia Bank / short Bendigo Bank. Click below to read the Fund Manager's complete commentary and future market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Insync Global Titans Fund April 2015

11 Jun 2015 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

Monash Absolute Investment Fund

10 Jun 2015 - Australian Fund Monitors

Monash Absolute Investment Fund returned -0.40% in May, and the Australian equity market had its first positive month (0.40%) since February.

10 Jun 2015 - Monash Absolute Investment Fund

By: Australian Fund Monitors

Report Date	04 June 2015
Manager	Monash Investors Pty Limited
Fund Name	Monash Absolute Investment Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	-0.40%
Latest 6 Months	5.11%
Latest 12 Months	2.97%
Latest 24 Months	29.29%
Annualised Since Inception	15.35%
Inception Date	30 May 2012
FUM (millions)	AU$28
Fund Overview	The Monash Absolute Investment Fund is a long/short equity fund, with a home bias to investing in Australia. It invests in shares as a source of specific opportunity, not to go up and down with the market. 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. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses.
Manager Comments	Monash Absolute Investment Fund returned -0.40% in May, and the Australian equity market had its first positive month (0.40%) since February. The Fund's performance since inception was 15.35% with annual volatility of 7.78%, bringing the Sharpe ratio and Sortino ratio to 1.55 and 3.45 respectively. The fund continues to have a low Beta and a relatively weak correlation with the market. Over the last three months, the fund is up 0.75%, while the market is down. Most of the Fund's stocks had a good month, with the average returns from the Outlook Driven stocks and the Product Launch group positive. However the Fund had a weak result from the Event Trade stocks. Click the link below to the rest of the Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Search for:
Fund:	Type a few letters to search
Manager:
Publish Dates:	From: To:

Fund Monitors Pty Ltd

News

NEWS

18 Jun 2015 - Optimal Australia Absolute Trust

18 Jun 2015 - The Paragon Fund

17 Jun 2015 - Fund Review: Bennelong Long Short Equity Fund May 2015

17 Jun 2015 - Morphic Global Opportunities Fund

16 Jun 2015 - Bennelong Kardinia Absolute Return Fund

16 Jun 2015 - Fund Review: Monash Absolute Investment Fund May 2015

MONASH ABSOLUTE INVESTMENT FUND

15 Jun 2015 - Allard Investment Fund

12 Jun 2015 - Bennelong Long Short Equity Fund

11 Jun 2015 - Fund Review: Insync Global Titans Fund April 2015

10 Jun 2015 - Monash Absolute Investment Fund

Category

Search

Events Calendar