NEWS
Bennelong Long Short Equity Fund Performance Report
14 Feb 2013 - Australian Fund Monitors
The Bennelong Long Short Equity Fund delivers 0.46% in January resulting in a total of 11.99% for the previous 12 months.
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14 Feb 2013 - Bennelong Long Short Equity Fund Performance Report
By: Australian Fund Monitors
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| Manager Comments | The manager found conditions difficult as the market rallied strongly despite a weak earnings growth outlook. Portfolio long positions performed very well in the market rally. However investors tended to invest in stocks with low return on equity and this hurt the fund's short positions. The fund did look to ameliorate this impact where appropriate and in line with the manager's fundamental view. Within sectors the fund did well in Consumer Discretionary and Information Technology and lost value in Healthcare and Staples. The manager sees further domestic rate cuts, an improving growth outlook globally and an increasing allocation to equities as factors supporting the market. However the lack of earnings growth and extended valuations are a concern. |
| More Information | » View detailed profile of this fund |
NAOS Long Short Equities Fund
13 Feb 2013 - Australian Fund Monitors
The NAOS Long Short Equity Fund delivers 21.4% during January bringing the 12 month return to 42.02%.
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13 Feb 2013 - NAOS Long Short Equities Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund recorded a good profits from its holdings in financials, consumer discretionary, materials and Healthcare. At the company level strong contributions (either long or short) came from Pharmaxis, Ten Network, Cokal Ltd and Maverick Drilling and Exploration. The manager did not comment on losing positions over January. In terms of market performance the manager notes that small caps have not yet generated meaningful returns. Small caps have under-performed the All Ordinaries Accumulation Index by 15% over the last 12 months. Markets will look to the February reporting season to see if earnings will support valuations in the short term. |
| More Information | » View detailed profile of this fund |
Apeiron Global Macro Trust - Class A
12 Feb 2013 - Australian Fund Monitors
The Blue Sky Apeiron Global Macro Trust delivers 3.85% in January in a'risk-on' environment.
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12 Feb 2013 - Apeiron Global Macro Trust - Class A
By: Australian Fund Monitors
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| Manager Comments | The Fund lost money on it's short positions in US equity and Japanese Govt bonds. Profitable positions included long crude oil (WTI) while the short Yen position was the most profitable investment as the Yen fell sharply over January. The manager remains comfortable with the medium term outlook for the short Japanese Govt bond and Yen positions and continues to forecast difficult political and economic conditions in Europe. |
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Optimal Australia Absolute Trust
11 Feb 2013 - Australian Fund Monitors
Optimal Australia's Absolute Trust returns 0.46% in January but believes real value remains difficult to find
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11 Feb 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 | Stocks that were at fair, or full value became expensive, and those that were already overvalued, and therefore candidates for the short book, became more so. As such Optimal finds this a considerable dilemma from a portfolio construction perspective as fundamental value investors, being reluctant to short overvalued stocks in the face of the current momentum and weight of money buying. As a result both gross and net exposure of the portfolio remain relatively low at 56% and 3% respectively. |
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Bennelong Kardinia Absolute Return Fund
6 Feb 2013 - Australian Fund Monitors
Bennelong Kardinia's Absolute Return Fund delivers a return of 2.21% during January, their eighth consecutive positive month.
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6 Feb 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 ASX 300 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. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact. |
| Manager Comments | The Manager notes the market advance was broad-based and that cyclicals out-performed the defensive sectors with consumer discretionary, media, financials and retail all moving up strongly. Weaker(defensive) sectors were utilities and healthcare. The fund holdings in News, NAB, Telstra, ANZ, Henderson and IOOF all performed strongly on the long side. Performance was held back by short positions, a number of which were closed or reduced over January. Gross exposure was up sharply to 70.7% for a net exposure of 45.9%, composed of 58.3% long and 12.4% short . Toward the end of the month the fund invested in puts and futures to hedge market risk after the very strong rally in January. |
| More Information | » View detailed profile of this fund |
Microequities Deep Value Microcap Fund
5 Feb 2013 - Australian Fund Monitors
Microequities Deep Value Microcap Fund delivers 5.02% during January and out-performs the Index by 18.7% over the year.
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5 Feb 2013 - Microequities Deep Value Microcap Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund strategy is to invest in companies generating positive earnings (EBITDA) for at least 2 years with a stable management and track record for delivering value to shareholders. |
| Manager Comments | The fund reduced its its cash balances during the month to end at 3.5% from 9.0% previously. In terms of holdings there were notable increases in the Software and Services and Commercial Services sectors. The Healthcare and Equipment sector was notable as a reduced exposure. The fund has completed its fourth calendar year and has out-performed the Index each calendar year since inception in March 2009. The manager notes that despite the strong rally in share prices and improved sentiment the outlook for the domestic and international economy has not changed meaningfully. Rather it is the flow of funds from other asset classes that is driving the equity market. However current equity prices are not necessarily over-priced. |
| More Information | » View detailed profile of this fund |
K2 Select International Absolute Return Fund
4 Feb 2013 - Australian Fund Monitors
The K2 Select International Absolute Return Fund delivers 2.74% during January and 16.95% over the last 12 months.
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4 Feb 2013 - K2 Select International Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The fund maintained a net equity exposure of 95 - 100% for January benefiting fully from strong global markets. On a regional basis the fund did best from the US, Australia and Europe. At a stock level some of the fund's previous strong performers took a breather, notable was Samsung suffering from the strong Korean Won. On the positive side, stock winners came from cheap US gas plays and pipeline stocks. Looking ahead the fund has a positive view on equities as risk appetite and economic growth improve, driven by loose monetary policy. In addition, equity valuations are low versus cash and bonds and therefore have space to run. |
| More Information | » View detailed profile of this fund |
Morphic Global Opportunities Fund
1 Feb 2013 - Australian Fund Monitors
Morphic records a 3.13% gain during December, 0.37% above the MSCI World Index in $A.
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1 Feb 2013 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | Major gains for the month came from finance sector holdings led by an Indian Bank basket. Other themes contributing were the basket of Japanese drugstore chains and the holdings in US home-builders. The tilt to emerging markets also contributed to performance. Losses came from a range of individual investments including online gaming, insurance and a short in US tourism e-commerce. The fund missed some of the Japanese market rally as its holdings were mainly in domestic orientated stocks while the market rally was driven by exporters. However the currency impact of the weaker Yen was reduced by hedging. The fund is largely un-hedged back into Australian dollars as the manager does not see the currency appreciating substantially from $1.05. The fund's outlook is evidenced by its sector diversification, overweight to developing markets and hedging to reduce tail-risks / extreme market events. |
| More Information | » View detailed profile of this fund |
BlackRock Australian Equity Market Neutral Fund
1 Feb 2013 - Australian Fund Monitors
Blackrock's Equity Market Neutral Fund returns 0.78% during December and 10.55% over 2012, well above the cash benchmark rate of 3.7%.
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1 Feb 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 - Timing Short-Term return enhancing opportunities including: - Dividend reinvestment plans - Manging index changes - Managing cash flows - Arbitrage - Initial public offerings and Seasoned Equity Offerings - Off Market Buybacks |
| Manager Comments | The Australian equity market had a strong fourth quarter, rising 6%. This was driven by reduced fears of a hard landing in China, improved commodity prices and hopes for a resolution to the US fiscal problem. Within the market high yield stocks were strong as investors sought yield. The portfolio benefited from strong consumer cyclical performance with the portfolio benefiting from this strength through holdings in QAN, FLT and SUL. Metals and mining exposures also made a positive contribution to the portfolio through short positions in poorly performing mining stocks. Other positive contributions came from under-weights to insurance and favorable stock selections in healthcare. Within signals Relative Valuation was the strongest contributor with Market Signals the only signal delivering negative return. |
| More Information | » View detailed profile of this fund |
BlackRock Multi Opportunity Fund
31 Jan 2013 - Australian Fund Monitors
BlackRock's Multi Opportunity Fund returns 0.52% in December and 12.11% in 2012, continuing the run of positive returns since May 2010.
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31 Jan 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 benefited from the stronger environment for risk assets, policy easing by central banks and generally improving economic data. The largest contributions over the quarter were fixed income by asset class and bond selection by strategy, with global macro the weakest asset due to currency investments. For 2013 the Manager remains concerned about global fiscal policy tightening and budget negotiations in the US, but is constructive on the US economy beyond these issues. |
| More Information | » View detailed profile of this fund |
