NEWS
Performance Report: Merricks Capital Multi-Strategy Fund
18 Oct 2010 - Australian Fund Monitors
Merricks Multi Strategy Fund September performance buoyed by strong results from Event Driven and Soft Commodity portfolios to produce their best month since inception.
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18 Oct 2010 - Performance Report: Merricks Capital Multi-Strategy Fund
By: Australian Fund Monitors
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| Fund Overview | The fund uses a top down/bottom up approach to generate absolute returns through a portfolio of three lowly correlated underlying strategies: 1. Long Short Equities 2. Soft Commodities, and 3. Event Driven. The primary focus is on the industrials complex in Asia (Hong Kong, Japan and Australia) and Soft Commodities, which is also available as a standalone strategy if required. |
| Manager Comments | The Event Driven portfolio rose by +2.6% while Soft Commodities gained +1.1% to produce the funds best month’s performance since inception. The Equity Market Neutral portfolio also produced a positive performance of +0.4% and represented just over 50% of the overall asset allocation in the fund. |
| More Information | » View detailed profile of this fund |
Performance Report: Cadence Capital Limited
15 Oct 2010 - Australian Fund Monitors
Cadence Capital reaches a five year track record milestone with a positive month
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15 Oct 2010 - Performance Report: Cadence Capital Limited
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Fortitude Capital Absolute Return Trust
15 Oct 2010 - Australian Fund Monitors
Derivative positions drag on September performance
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15 Oct 2010 - Performance Report: Fortitude Capital Absolute Return Trust
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Lanterne Strategic Asia-Pacific Fund
15 Oct 2010 - Australian Fund Monitors
The fund rose in September as exposure (gross and net) was increased as the market rally sustained itself.
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15 Oct 2010 - Performance Report: Lanterne Strategic Asia-Pacific Fund
By: Australian Fund Monitors
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| Manager Comments | With the markets rallying strongly from the August lows, and while in general earnings across the region may be supportive of current valuations, Lanterne believe global macro factors will drive the markets in the near term. See Lanterne Arran Fund report for macro outlook. |
| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund
14 Oct 2010 - Australian Fund Monitors
Herschel's absolute return fund has a positive month on the back of positions in small resource companies.
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14 Oct 2010 - Performance Report: Herschel Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The fund finished September up 2.49%, with best performance coming from positions in Gryphon Resources, Mineral Resources and Silverlake Resources, while detractors were SPI futures (hedging long positions) and a short in Tabcorp. The fund remained cautiously position with net equity market exposure increased over the course of the month from 24.3% to 36.1% (56.6% long and 20.5% short). |
| More Information | » View detailed profile of this fund |
Performance Report: Kapstream Absolute Return Income Fund
14 Oct 2010 - Australian Fund Monitors
Kapstream compares the outlook for the former Royal Mail Ship QE2 with another QE2 - the US Federal Reserve's next stage of Quantitative Easing.
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14 Oct 2010 - Performance Report: Kapstream Absolute Return Income Fund
By: Australian Fund Monitors
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| Fund Overview | Kapstream draws on information from many sources such as economic roundtables,investment banks, brokers, rating agencies and central banks. Kapstream employs a rigorous evaluation process for individual trades, first confirming that a prospective trade meets Kapstream's global macroeconomic view, then taking account of various decision variables such as duration, yield curve and volatility which must support the research and analysis. |
| Manager Comments | Kapstream argues that the passage of time has taken a toll on both the QE2 (the ship) and the latest QE2 (the Fed's easing program). \\\\'The Fed spent approximately $1.7 billion on the first round of quantitative easing from January 2009 through to March 2010, and the US economy remains dry docked like the RMS QE2 which is now in Dubai.\\\\' Kapstream believe that the size of the next stage of the QE programme should be in the US$1 trillion range, and they are not believers in the incremental approach whereby the Fed announces a small program with potential further size should it be required in the future. Kapstream's comments continue with a view on the US dollar, Europe, Australia and implications for bond markets, and makes interesting reading. |
| More Information | » View detailed profile of this fund |
Performance Report: Mathews Velocity Fund
13 Oct 2010 - Australian Fund Monitors
Mathews Capital's Velocity Fund outperforms it's ASX benchmark in spite of net exposure of less than 100%.
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13 Oct 2010 - Performance Report: Mathews Velocity Fund
By: Australian Fund Monitors
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| Fund Overview | The Manager does not target a specific investment style. The Manager's investment strategy is based on attempting to pick emerging trends in the equity and commodity markets. |
| Manager Comments | The fund's positions in gold yielded significant gains on the back of the 4.7% increase in the gold price, which has also resulted in some repositioning of gold positions. Unsurprisingly given the strong market performance, the fund's shorts were the biggest drag on performance with the VIX index futures down 27%, a short position in BHP (-4.8%), and S&P 500 futures (-1.4%). At month end the fund had gross exposure of 130%, net exposure of 74% and ended September hundred 102% long and 28% short. A combination of performance and inflows also saw the fund's October FUM increasing to $56 million. |
| More Information | » View detailed profile of this fund |
Performance Report: Bennelong Securities Long Short Equity Fund
13 Oct 2010 - Australian Fund Monitors
September proved to be a difficult month for Bennelong as small caps, resources and materials outperform.
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13 Oct 2010 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | Bennelong reported that they were not adequately positioned for the sharp type of liquidity induced move that they saw during the month, as they remained conservatively positioned, with short positions in deep cyclical stocks which moved without fundamental support holding performance back. Looking forward Bennelong see the markets as being finely poised but remain cautious until until system balances improve and policy settings are more normal. |
| More Information | » View detailed profile of this fund |
Performance Report: Lanterne Arran Fund
12 Oct 2010 - Australian Fund Monitors
Lanterne's Arran (offshore) L/S equity fund is looking forward as the AUD nears parity, and ponders two equally balanced economic scenarios with significantly different outcomes.
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12 Oct 2010 - Performance Report: Lanterne Arran Fund
By: Australian Fund Monitors
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| Manager Comments | One scenario sees markets consolidate, possibly without moving much higher, allowing the current environment of cheap money, moderate inflation and strong economic growth to allow a strong rally towards the end of the year in Asian Pacific markets (ex Japan). On the other hand, the possibility of significant falls, possibly due to renewed fears regarding the US economy or European sovereign debt, might see markets fall and a general de-risking as global investors move to cash. On the currency front Lanterne are focusing on the major implications for many Australian companies of the AUD consolidating around parity. |
| More Information | » View detailed profile of this fund |
Regal's Amazon, Tasman and Australian L/S September Performance
12 Oct 2010 - Australian Fund Monitors
Regal's Amazon, Tasman (market neutral) and Australian long/short funds all benefited from strong equity markets in September, with mining the highlight, although profits were well spread with no significant losses.
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12 Oct 2010 - Regal's Amazon, Tasman and Australian L/S September Performance
By: Australian Fund Monitors
Regal's funds all benefited from strong markets in September, with mining the highlight, although profits were well spread with no significant losses.
The Amazon fund, a Cayman based, market neutral fund with $151 in FUM and the largest in the group, returned +4.18%, much in line with the ASX200.
The onshore Australian long short fund rose 7.68% for the month, while the onshore Tasman market neutral fund was up 6.02%.
