NEWS
Fund Review: Morphic Global Opportunities Fund
29 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for Morphic Global Opportunities Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.
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29 Jul 2013 - Fund Review: Morphic Global Opportunities Fund
By: Australian Fund Monitors
Fund Review: Morphic Global Opportunities Fund (pdf format)
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
We would like to highlight the following aspects of the Fund:
- The Morphic Global Opportunities 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.
- 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.
- Portfolio construction is stock selection agnostic with a bias to valuebased and momentum strategies. Risk management is a primary consideration in portfolio construction.
- Morphic's philosophy is that only funds with flexible hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
Research and Database Manager
Australian Fund Monitors
Fund Review: Morphic Global Opportunities Fund (pdf format)
BlackRock Multi Opportunity Fund
29 Jul 2013 - Australian Fund Monitors
The BlackRock Multi Opportunity Fund recorded a return of 0.10% during June 2013 and an annual return of 9.02%.
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29 Jul 2013 - BlackRock Multi Opportunity Fund
By: Australian Fund Monitors
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| Fund Overview | - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period. |
| Manager Comments | The Fund is notable for it's low risk risk attributes with a sixty month Sharpe ratio of 1.02, annualised standard deviation of 4.45% and Sortino Ratio of 1.24. The Multi Opportunity Fund delivered positive alpha performance in the second quarter despite volatile market conditions. The Fixed Income Global Alpha, International Alpha Transport, European Equity Long/Short and Australian Equity Long/Short strategies added value. Global equity long/short and Global Macro strategies detracted. The fund returned 2.32% for the quarter versus the RBA cash benchmark return of 0.71%, delivering an excess return of 1.61%. Year to date, the Fund has returned 3.74% of alpha. |
| More Information | » View detailed profile of this fund |
Fund Review: Insync Global Titans Fund
26 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for Insync Global Titans Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.
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26 Jul 2013 - Fund Review: Insync Global Titans Fund
By: Australian Fund Monitors
Fund Review: Insync Global Titans Fund (pdf format)
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 aspects of the Fund:
- Boutique Sydney-based fund manager established in 2009 with an investment team of 3, with additional input from the CEO who is responsible for all operational, risk and compliance management.
- The Global Titans Fund invests in a concentrated portfolio of 15-25 stocks, targeting exceptional, large cap global companies with a strong focus on valuation 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 through extensive company research, the ability to hold cash and long protective index put options.
- Strong track record of above MSCI ($A) benchmark performance with limited drawdowns.
Research and Database Manager
Australian Fund Monitors
Fund Review: Insync Global Titans Fund (pdf format)
BlackRock Australian Equity Market Neutral Fund
25 Jul 2013 - Australian Fund Monitors
The BlackRock Australian Equity Market Neutral Fund returned 1.15% during June and bringing it's since inception (August 2001) return to 12.14% pa.
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25 Jul 2013 - BlackRock Australian Equity Market Neutral Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks. |
| Manager Comments | The portfolio benefited from the declines in resource stocks over the quarter, with shorts in small cap base metal and gold miners adding value in April and June. The sell down of yield stocks did not have a significant direct effect on portfolio performance, although the associated outperformance of other industrials and USD earners was a negative for the portfolio. Positive stock selection amongst healthcare and retail stocks was a significant positive contributor to the quarter's performance. |
| More Information | » View detailed profile of this fund |
Pengana Asia Special Events (Onshore) Fund
24 Jul 2013 - Australian Fund Monitors
The Pengana Asia Special Events(Onshore)Fund recorded -0.92% during June bringing its twelve month return to 10.65%.
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24 Jul 2013 - Pengana Asia Special Events (Onshore) Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | Paramount to achieving this goal was the Fund's stringent risk management overlay and the Alpha-/Event opportunities that the Fund was exploiting despite volatile market conditions. In April, a fall in commodity prices, led by the unexpected collapse of gold prices, resulted in significant volatility in the resource stocks during the month. None of the risk arbitrage spreads the Fund was involved in, were affected by the unprecedented collapse of gold prices. In May and June, volatility across all asset classes spiked and equity markets reacted negatively to digest expected tapering of quantitative easing in the US, slowing growth in China and resulting flight of capital from emerging markets. The Fund's negative performance in June can be primarily attributed to our gross exposure allocation within capital management and earnings surprises sub-strategies which have a relatively higher volatility profile during market dislocations. The Fund also observed temporary dislocation of certain M&A spreads which we expect to self-correct in the coming months as the transactions near completion. Tactically, the Fund used the market dislocation to align the portfolio towards ideas which have extremely low downside potential, while eliminating positions which have a "softer" event profile. The Fund maintained a healthy average gross exposure of 167%, which reflects the vast opportunity set across Asian Events, whilst keeping a very low net exposure (market risk) averaging 10.3%. |
| More Information | » View detailed profile of this fund |
Aurora Fortitude Absolute Return Fund
23 Jul 2013 - Australian Fund Monitors
The Aurora Fortitude Absolute Return Fund returned 0.46% during June and has had only two negative months over the last year.
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23 Jul 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's risk profile is notable with an annualised standard deviation of 2.81% pa as compared to the benchmark S&P/ASX 200 Acc with 14.42% pa. The since inception (May 2005) Sharpe ratio of 1.16 and Sortino of 2.35 are also high compared to the equity benchmark ratios of 0.16 and 0.12 respectively. As expected in this type of environment the Fund's Option portfolio was a significant contributor (+0.20%). ASX Limited's renounceable rights issue provided some profitable trading opportunities. The Fund actively traded the de-merger of News Corporation into New Newscorp and Twenty‐First Century Fox and expects to continue to generate positive returns. The Convergence strategy (+0.30%) also benefited from an improvement in the relative value of Wesfarmers Partly Protected Shares over Wesfarmers Ordinary Shares. This position remains the Fund's largest exposure. |
| More Information | » View detailed profile of this fund |
Pengana Australian Equities Market Neutral Fund
22 Jul 2013 - Australian Fund Monitors
The Pengana Australian Equities Market Neutral Fund returned 5.00% during June as compared to the Fund's benchmark return (S&P/ASX 300) of -2.4%.
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22 Jul 2013 - Pengana Australian Equities Market Neutral Fund
By: Australian Fund Monitors
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| Fund Overview | The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be market neutral i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments. |
| Manager Comments | This has been achieved with low volatility (as measured by standard deviation) of 8.1% p.a., around half the volatility of the equity market. In addition, the Fund has recorded no correlation (-0.03) to equities. The four fundamental investment factors in our stock selection model, namely Revisions, Value, Quality and Momentum all had positive returns over the quarter. While the Revisions factor provided consistent performance over the quarter, April was largely driven by the Momentum factor which has been the dominant investment theme for the most of this year. While the market paid little attention to our Value and Quality factors in May, these reasserted themselves in June. |
| More Information | » View detailed profile of this fund |
Auscap Long Short Australian Equities Fund
19 Jul 2013 - Australian Fund Monitors
The Auscap Long Short Australian Equities Fund returned a solid 8.32% during June bringing its six month return to 18.11%.
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19 Jul 2013 - Auscap Long Short Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average gross capital employed by the Fund was 172.5% long and 55.7% short. At the end of the month the Fund had 25 long positions and 15 short positions. The Fund's biggest exposures at month end were spread across the consumer discretionary, financials, healthcare, telecommunications, utilities and materials sectors. |
| More Information | » View detailed profile of this fund |
Fund Review: Bennelong Kardinia Absolute Return Fund
19 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for BKARF, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.
Read more...
19 Jul 2013 - Fund Review: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
Fund Review: Bennelong Kardinia Absolute Return Fund (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
Key points regarding the Fund are:
- Kardinia is a boutique Australian based Fund Manager established in August 2011 in conjunction with the Bennelong Group to continue the management of the Herschel Absolute Return Fund.
- Long biased, research driven, active equity long/short strategy investing in listed ASX companies with a six year track record and an annualised return of 14.10% net of fees.
- Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while the Bennelong Group provide infrastructure, operational, compliance and distribution capabilities.
- Consistent top decile long short equity sector performance with Key Performance and Risk Statistics indicating an attractive risk/reward profile. There is a strong focus on capital protection in negative markets.
Research and Database Manager
Australian Fund Monitors
Fund Review: Bennelong Kardinia Absolute Return Fund (pdf format)
Fund Review: Optimal Australia Absolute Trust
18 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for the Optimal Australia Absolute Trust, showing KPI's for June 2013 vs ASX200 Acc, Performance (net of fees) and Cumulative Performance since inception.
Read more...
18 Jul 2013 - Fund Review: Optimal Australia Absolute Trust
By: Australian Fund Monitors
Fund Review: Optimal Australia Absolute Trust (pdf format)
OPTIMAL AUSTRALIA ABSOLUTE FUND
Attached is our most recently updated Fund Review on the Optimal Australia Absolute Fund.
We would like to highlight the following aspects of the Fund:
- Optimal Australia is a specialist Australian equity investment manager established in 2008.
- The Fund's long/short equity strategy portfolio typically has a low but variable net market exposure comprising 40 to 65 stock broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting and Stephen Nicholls have close to 90 years combined experience in equity markets.
- Consistent out-performance of the market: Approximately 84 % of monthly performances have been positive with a largest drawdown of -1.38%.
Research and Database Manager
Australian Fund Monitors
Fund Review: Optimal Australia Absolute Trust (pdf format)
