NEWS
Cor Capital Fund
18 Dec 2013 - Australian Fund Monitors
Cor Capital Fund returned -0.90% during November, a weak month for equity markets which returned -1.31% (S&P/ASX 200 Accumulation Index).
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18 Dec 2013 - 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 Manager comments 'During November the Fund's cash holdings made the largest positive contribution to performance (+0.08%) with equities (-0.26%) and precious metals (-0.64%) making negative contributions to the overall return.' The Manager also notes that market volatility appears to be increasing again and the Fund's active re-balancing and broad asset allocation should allow it to capitalise while maintaining downside protection. Downside protection without the use of derivatives, gearing or short-selling necessitates an acceptance of some month-to-month volatility. The Manager expects the investment strategy to deliver medium-term stability regardless of financial market conditions given the Fund's asset allocation. |
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Bennelong Long Short Equity Fund
18 Dec 2013 - Australian Fund Monitors
Bennelong Long Short Equity Fund returned -1.80% during November and 20.32% for the previous twelve months.
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18 Dec 2013 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's long-term performance remains strong with a since inception (Jan 2003) annual return of 20.82% as compared to the Index of 10.08% p.a with a slightly below Index volatility. The Fund's maximum draw-down is notable at -12.22% as compared to the Index value of -47.19% as is the Fund's Sharpe ratio at 1.25 as compared to 0.43 (Index). Fund performance was weak as several stock specific issues affected returns. The portfolio was impacted primarily by a profit warning on one of the long positions, an earnings miss by another long and a re-rating by the market of some our short exposures in consumer discretionary and healthcare. The Fund did not make any major portfolio adjustments during November. Negative returns in the long book were not fully offset by short position positive returns. The Financials sector returns were profitable in long and short positions whilst consumer discretionary positions were loss making in longs and shorts. |
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Aurora Fortitude Absolute Return Fund
17 Dec 2013 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund continues to deliver low risk returns recording 0.52% during November and 6.80% for the last 12 months with a volatility of 1.67%.
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17 Dec 2013 - 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 | The Fund has a Sharpe ratio of 2.33 and a maximum draw-down of 0.19% over the last twelve months as compared to the S&P/ASX 200 Accumulation Index draw-down of 6.72%. The Manager comments that 'Two very important market fundamentals were reinforced during the month: a) The market does not always go up and the timing of declines is difficult to predict; and b) Each Merger and Acquisition deal is unique and should be priced on the risks inherent in each deal.' Despite the GNC loss, Mergers and Acquisitions contributed +0.24% to the Fund's performance for the month. Positive contributions came from the Trust Company scheme of arrangement with Perpetual after the scheme was approved by shareholders and similarly Clough Resources. The Options portfolio contributed +0.15% of performance on the back of a small increase in volatility. Positions in over-sold industrial companies provided opportunities through significant short term share price rallies. |
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Optimal Australia Absolute Trust
16 Dec 2013 - Australian Fund Monitors
Optimal Australia Absolute Trust returned -0.52 during November bringing annualised returns since inception (Sept 2008) to 10.45% p.a. with a volatility of 3.62% p.a.
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16 Dec 2013 - 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 net risk exposure was 4.0% while gross exposure was 67.2%. Long investments returned -0.58% while short investments returned 0.04%. The Manager notes 'that the nature of leadership in the Australian equity market is starting to change....in an encouraging manner. The 'great rotation' out of bonds into equities appears largely done. The blind chase for equity yield, irrespective of the payout ratio, earnings valuation or quality of that yield, seems less frenetic. While the effects of financial repression continue to ripple through all asset markets, local equity investors seem slightly more discriminating. Single day post-downgrade price collapses of 26% (Worley Parsons) and 22% (QBE) remind us that stocks can be dangerous to hold at any time. The massive flood of corporate equity issuance (much of it from Private Equity vendors) has led to some real indigestion: of the 13 IPO deals so far this quarter, five (39%) are now trading underwater.' |
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Insync Global Titans Fund
13 Dec 2013 - Australian Fund Monitors
Insync Global Titans Fund returned 4.4% during November and twelve month return of 23.47% with low volatility of 6.67% p.a.
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13 Dec 2013 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's continues to record sound risk statistics with an annualised volatility of 8.36% p.a. (S&P/ASX 200 Accumulation Index 12.24% p.a.), a maximum draw-down of 4.39% (15.13%) and a down capture ratio of -0.52. The biggest contributors for the month were Time Warner Cable (a subject of takeover speculation), Coach, Wyndham Worldwide, Reckitt Benckiser and Oracle. The Fund benefited from the depreciation of the Australian dollar during the month, having no foreign exchange hedging in place. |
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Fund Review: BlackRock Multi Opportunity Fund
12 Dec 2013 - Australian Fund Monitors
AFM's updated Fund Review for the BlackRock Multi Opportunity Fund for October. The current strategy has returned 8.74% pa since inception (July 2004) and had only three negative months since May 2010.
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12 Dec 2013 - Fund Review: BlackRock Multi Opportunity Fund
By: Australian Fund Monitors
BLACKROCK MULTI OPPORTUNITY FUND
Attached is our most recently updated Fund Review on the BlackRock Multi Opportunity Fund.
We would like to highlight the following aspects of the Fund:
- The Fund offers broad diversification across asset classes including equities, fixed income, currencies and commodities with an attractive risk profile, having provided double digit returns in 2009 through 2012 with low volatility of 4.17% since inception.
- The current strategy has seen the Fund record only three negative months since May 2010, leading to annualised returns over the past 48 months (to October 2013) of 11.74% and an annualised volatility of 2.16% pa. The four year Sharpe Ratio is 3.60, indicating an excellent reward-to-risk ratio.
- BlackRock's Active Scientific involves extensive research into every aspect of the investment process starting with the identification of fundamental investment insights. These are thoroughly tested to ensure that the outcome consistently adds to performance: Quantitative analysis is also applied to balance both performance and risk ensuring the position is only taken when the potential for reward is adequate. Only insights meeting this multi level process are implemented into portfolios.
Research and Database Manager
Australian Fund Monitors
Blackrock Multi Opportunity Fund Monthly Performance Report October 2013Monash Absolute Investment Fund
11 Dec 2013 - Australian Fund Monitors
Monash Absolute Investment Fund returned -0.58% in November and 35.0% over the last year with a Sharpe Ratio of 3.49.
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11 Dec 2013 - Monash Absolute Investment Fund
By: Australian Fund Monitors
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| Fund Overview | 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. |
| Manager Comments | The Fund had a month-end net exposure of 98% and gross exposure of 107%. Notable risk statistics for the Fund are the draw-down of -1.35% (S&P/ASX 200 Accum -6.72%), Up capture ratio of 0.69 and Down capture ratio of -0.13 with 76% positive months. All data is since inception in May 2012. The Manager discusses a number of portfolio holdings including Emerchants, Technology One, Ozforex and Emeco Holdings. |
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Bennelong Kardinia Absolute Return Fund
10 Dec 2013 - Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund returned 0.15% during November and 14.73% for the previous 12 months with a volatility of 2.83%.
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10 Dec 2013 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in 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. |
| Manager Comments | Since inception in May 2006 the Fund has delivered 14.10% p.a. (4.69% Index) with a volatility of 7.78% (14.70% Index). Short positions in Westpac and Westfield and long positions in Henderson and Macquarie were the largest positive contributors to performance, whilst long positions in Sirius and Carsales were the largest detractors. The Fund's net equity market exposure decreased to 56.9% (86.6% long and 29.7% short). |
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Morphic Global Opportunities Fund
9 Dec 2013 - Australian Fund Monitors
Morphic Global Opportunities Fund returned 5.48% in November and 41.50% for the previous twelve months with a volatility of 9.06% p.a.
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9 Dec 2013 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | Fund exposure was 112% net at month-end and 169% gross with a VAR of 1.30% at the 95th percentile. Largest sector exposures were Financials, Information Technology and Consumer Discretionary with geographic exposure dominated by North America. The top three active positions were US financials, a Global Cylical Basket and a Data Centre Spread with the first two positions net long and the last position net flat. The Fund also had currency position in the USD/Yen and an interest rate position that was long European Rates. |
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CSAG Long Only Program
6 Dec 2013 - Australian Fund Monitors
The CSAG Long Only Program returned -0.28% during October and -7.09% for the previous twelve months in a difficult commodities market.
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6 Dec 2013 - CSAG Long Only Program
By: Australian Fund Monitors
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| Manager Comments | At month-end the Fund's allocations were approx Soft Commodities 8%, Grains 5%, Energy 20% and Metals 25%. The residual of 42% was in cash. Since inception in April 2004 the Fund has delivered 5.68% p.a. as compared to the Dow Jones- UBS Commodities Index return of -0.30% p.a. over the same time frame. Annualised standard deviation for the Fund was 13.18% as compared to 18.26% for the Index. |
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