NEWS
Pengana Australian Equities Fund
17 Jul 2013 - Australian Fund Monitors
The Pengana Australian Equities Fund returned -2.50% during June with cash (including notes and preference shares) representing 29% of the Fund at month-end.
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17 Jul 2013 - Pengana Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The top five holdings by value were: DUET Group, ANZ Bank, Telstra, Resmed and Tatts. The largest positive contributors to the quarter's performance included Fox Group (formerly News Corporation), ANZ Bank, Ainsworth Gaming and our holdings in US Dollars. There were several large detractors including ANZ Bank, NAB, Seven Group Holdings, DUET Group, Woolworths, Mermaid Marine and Telstra. The Fund acquired two new holdings, namely the global plasma fractionator CSL and a NZ-based aged care company, Summerset. In addition, the Fund took advantage of the lower prices to add to existing holdings in Mermaid Marine, Caltex, Woolworths, DUET Group and Telstra. The Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and Fox Group, NZ based companies and US dollar exposure) stands at 20%. The Fund disposed of its holding in Fairfax and AMP and took advantage of higher prices to lighten its exposure to Seven Group, Ainsworth Gaming, and McMillan Shakespeare. |
| More Information | » View detailed profile of this fund |
Fund Review: AFM Prism Active Equity Fund
17 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for the AFM Prism Active Equity Fund, showing KPI's for May 2013 with breakdown by portfolio, Fund Performance (net of fees) and Cumulative Performance since inception.
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17 Jul 2013 - Fund Review: AFM Prism Active Equity Fund
By: Australian Fund Monitors
AFM Prism Active Equity Fund - May 2013 (pdf format)
AFM PRISM ACTIVE EQUITY FUND
Attached is our most recently updated Fund Review on the AFM Prism Active Equity Fund.
We would like to highlight the following aspects of the Fund:
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The Prism Active Equity Fund ("PAEF" or "Prism") comprises a portfolio of 5 to 10 underlying Australian absolute return managers each investing in ASX listed equities.
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The Fund's objective is to achieve double-digit annualised returns with significantly lower volatility than the underlying equity markets, with a focus on capital protection.
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Fund selection is made based on a combination of quantitative analysis of past performance and risk, coupled with extensive analysis and due diligence of the underlying manager's processes and pedigree.
Research and Database Manager
Australian Fund Monitors
AFM Prism Active Equity Fund - May 2013 (pdf format)
Fund Review: Bennelong Long Short Equity Fund
16 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for Bennelong Long Short Equity Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.
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16 Jul 2013 - Fund Review: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
Fund Review: Bennelong Long Short Equity Fund (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
We would like to highlight the following aspects of the Fund:
- Research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with a ten year track record and annualised net returns of over 20% .
- Portfolio Manager Richard Fish has over 25 years market experience, while Bennelong Funds Management, who have over $4.5 billion in FUM across various funds, provide infrastructure, operational and compliance functions.
- The Fund's Investment history commenced in January 2002 and has positive annual returns each year, including an 11.95% return in 2008 and 20.6% in 2011, both of which were negative years for the ASX200.
- 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.
Research and Database Manager
Australian Fund Monitors
Fund Review: Bennelong Long Short Equity Fund (pdf format)
Totus Alpha Fund
15 Jul 2013 - Australian Fund Monitors
The Totus Alpha Fund returned 7.21% during June bringing its annualised return since inception (Apr 2012) to 24.8%.
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15 Jul 2013 - 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 as determined by Totus Capital. 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 | Markets remained volatile in June with a number of asset classes (e.g. gold, bonds) reacting violently to news that the US Federal Reserve was considering \'tapering\' its program of quantitative easing (QE). That trend has continued into July with markets reacting just as violently to news this week that the Fed may not be \'tapering\' after all. This kind of volatility can present opportunities for a nimble absolute return fund. The Manager is sticking to their general investment road-map which is as follows: •Global growth remains subdued, an environment that should suit \'big and boring\' companies (long positions) over \'small and sexy\' ones (short positions). • Even if QE is not ending it may be reaching the limits of its effectiveness in some regions. • The mining boom in Australia is over and as such so is the era of a high Aussie dollar and Australia's (relatively) high interest rates. • Gaining exposure to the US economy and the US$ (at least in a relative sense). |
| More Information | » View detailed profile of this fund |
Monash Absolute Investment Fund
15 Jul 2013 - Australian Fund Monitors
The Monash Absolute Investment Fund recorded +1.1% after fees, in June, despite another negative month for the market.
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15 Jul 2013 - Monash Absolute Investment Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund places a high priority on capital preservation, and have an absolute return focus in accepting market risk. The Manager employs a comprehensive approach to making investment decisions utilising value, growth and discounted cash flow styles. The portfolio is somewhat concentrated and the manager looks to diversify the portfolio across industries and themes rather than staying near an index. The portfolio may at times have a large amount of cash or other protection. |
| Manager Comments | Over the Fund's first 12 months, to 30 June, the return was +18.6%. This is above the Manager's target of 12-15% pa over a full cycle and, as intended, it was achieved while limiting the Fund's risk exposure. Net exposure to the market averaged only 65% over the year and the standard deviation of monthly returns was approximately half that of the ASX200 Acc Index. |
| More Information | » View detailed profile of this fund |
Fund Review: BlackRock Multi Opportunity Fund
15 Jul 2013 - Australian Fund Monitors
AFM's updated Fund Review for BlackRock Multi Opportunity Fund, showing KPI's for May 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.
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15 Jul 2013 - Fund Review: BlackRock Multi Opportunity Fund
By: Australian Fund Monitors
Blackrock Multi Opportunity Fund (pdf format)
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:
- BlackRock is the world's largest fund management group. Since being established in 1988 it has grown organically and by acquisition to manage US$3.56 trillion as of July 2012.
- Operations cover 27 countries including Australia (where BlackRock has A$45 billion in FUM) managing a broad range of strategies across a variety of asset classes.
- The Multi Opportunity Fund is an Australian domiciled multi strategy fund of funds which allocates investors' capital into underlying BlackRock funds at the discretion of the Sydney based investment team.
- 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 since 2009 with low volatility.
Research and Database Manager
Australian Fund Monitors
Blackrock Multi Opportunity Fund (pdf format)
Morphic Global Opportunities Fund
12 Jul 2013 - Australian Fund Monitors
The Morphic Global Opportunities Fund recorded 1.84% during June driven by stock holdings in a number of countries as well as macro-economic tilts.
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12 Jul 2013 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | From a thematic view, the US banking basket was the best contributor. Most of this came from the Fund's largest individual company position, Wells Fargo. However US Bancorp and all the smaller regional banks holdings also helped. The Manager believes the turbulence caused by recognition the US will soon reduce the pace of money printing is starting to ease in, particularly in developed markets. As a result the Fund is now fully invested again. |
| More Information | » View detailed profile of this fund |
Bennelong Kardinia Absolute Return Fund
11 Jul 2013 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund returned -0.46% during June with a net equity exposure at month end of 35.5%.
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11 Jul 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 10 to 15% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. |
| Manager Comments | The Australian equity market remained under pressure in June, with the All Ordinaries Accumulation Index falling 2.62%. Potential near term QE3 withdrawal and concerns over liquidity conditions in China increased the volatility of financial markets. US economic data signaled a continued recovery with indicators of US business investment and manufacturing generally stronger. Despite disappointing domestic economic data and further falls in commodity prices, the Reserve Bank of Australia left the official cash rate unchanged at 2.75%. Defensive sectors continued to outperform cyclicals, whilst large caps (-1.9%) significantly outperformed small caps (-7.5%). Long positions in EBOS (New Zealand listed), JB Hi-Fi, CSL and a short position in Share Price Index Futures contracts (hedging long positions) were the largest positive contributors, whilst long positions in Henderson Group, NAB and Suncorp were the largest detractors. Net equity market exposure remained relatively steady at 35.5% including derivatives (46.7% long and 11.3% short). |
| More Information | » View detailed profile of this fund |
Insync Global Titans Fund
10 Jul 2013 - Australian Fund Monitors
Insync's Global Titans Fund returns 0.91% in June as stocks driven by Consumer spending performed, a falling A$ and the SPI index hedge both assisted, offset by holdings in the IT sector.
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10 Jul 2013 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's return was assisted by holdings in companies driven by consumer spending such as BSkyB, Macdonald's, Reckitt Benckiser, Nestlé and Roche performing, partly offset by the IT sector holdings such as IBM, Accenture and Oracle. The falling A$ and the Fund's SPI index hedge both also contributed positively. |
| More Information | » View detailed profile of this fund |
Optimal Australia Absolute Trust
8 Jul 2013 - Australian Fund Monitors
Optimal Australia's long/short trust returns -0.18% in June vs. the ASX200 Accumulation's loss of -2.32% whilst keeping net risk exposure at just 3%.
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8 Jul 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 Manager particularly noted the increasing equity market volatility, with recent daily trading ranges of over 2% significantly higher than the typical range since 2000 of around 0.9%, and the distortion on valuations created by QE policies which they believe may persist for years. The Fund's exposure at month end was 34% long and 31% short (including derivatives) for a net exposure of just 3%, and gross of 65%, indicating the manager's favouring a low net exposure and hedged approach to managing risk. On past performance this has served the Fund's investors well, as shown by a Sharpe Ratio since inception of 1.82, a maximum drawdown of just 1.38%, and a record of 80% positive monthly performances (Average +0.73%) when the market (average -3.88%) has fallen. |
| More Information | » View detailed profile of this fund |
