NEWS
K2 Select International Absolute Return Fund
5 Mar 2013 - Australian Fund Monitors
The K2 Select International Absolute Return Fund delivers 1.8% for February 2013 and 13.7% for the previous 12 months.
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5 Mar 2013 - K2 Select International Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The fund maintained net equity exposure in a 95-100% range over February. With global markets somewhat mixed and in many cases volatile, the regional variance of markets was quite big with the fund's best performance achieved in Australia, US and Europe, with Asia the main weak spot. At the stock level, Google, a new investment and also the funds largest investment was the biggest contributor to performance over the month. Elsewhere large contributions came from French food tester Eurofins and US refiner Marathon Petroleum. The manager's outlook for equity markets remains positive but indicates that the Italian election result, weak Chinese economic data, the onset of sequestration and the pending budget funding approval in the US all represent near term risks which are likely to cause some volatility in markets over the short term. However the manager notes that the real risk to markets will come when central banks either choose or are forced to change tack on monetary stimulus. |
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Nanuk Clean Energy Fund
4 Mar 2013 - Australian Fund Monitors
The Nanuk Clean Energy Fund delivers 7.72% during January 2013 and 10.94% over the preceding 12 months.
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4 Mar 2013 - Nanuk Clean Energy Fund
By: Australian Fund Monitors
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| Manager Comments | Wind stocks were particularly strong during January.The share prices of European wind equipment manufacturers and project developers responded to Decemberʼs announcement of an extension to the US Production Tax Credit, a mechanism responsible for most of the wind development activity in the US. Also during the month, Chinaʼs energy plan for the period of 2011-15, was released which included a wind installation target of 18GW, ahead of most expectations. Share prices in Chinese wind equipment manufacturers and developers responded positively. At January month-end the Fund was 83% long and 73% short for a gross exposure of 156% and a net long exposure of 14%. The Fundʼs five largest long positions were a European wind farm operator, an energy storage solutions supplier, a Chinese hydro-power generator, a European renewable energy power operator and high voltage cable manufacturer. The five largest short positions were a European energy efficiency and insulation supplier, an electric equipment supplier, two energy equipment suppliers and an industrial chemicals supplier. After two months of solid gains supported by positive industry developments, we are more confident that 2012 represented a share price floor for a number of clean energy companies. Nevertheless we remain cautious about a possible market pull back in the near term. |
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LHC Capital Australia High Conviction Fund
1 Mar 2013 - Australian Fund Monitors
The LHC Capital Australia High Conviction Fund delivers 0.12% during January and 16.7% for the preceding 12 months.
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1 Mar 2013 - LHC Capital Australia High Conviction Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund has significant sector under/over weightings with over-weights in financials at 23%, healthcare at 17% and materials 16%. Notable under-weights were Energy at 2% and Consumer Discretionary at 2%. The most profitable holdings were Mayne Pharma with a contribution of 2.29%, Technology One 0.44% and Freedom Foods 0.43%. Loss positions were Teranga Gold with a -0.98% contribution, Reva Medical -0.40% and Platinum AM -0.40%. In terms of exposures the fund was 81.2% long and 26.6% short for a gross exposure of 107.8% and net exposure of 54.6%. |
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Prime Value Growth Fund
28 Feb 2013 - Australian Fund Monitors
The Prime Value Growth Fund delivers 5.3% during January, out-performing the ASX 200 benchmark, and 14.5% over the previous twelve months.
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28 Feb 2013 - Prime Value Growth Fund
By: Australian Fund Monitors
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| Manager Comments | Stock selection was positive across most sectors. The stocks which contributed the most to performance included the banks, particularly National Australia Bank (up 9.4%), Computershare (up 16.5%) and Monadelphous (up 9.1%). The only company to detract from performance was Whitehaven Coal (down 6.3%), which warned that first half earnings would be well below expectations due to weak coal markets and strong Australian dollar. At a stock level, the fund prefers to combine companies with attractive growth characteristics which are witnessing positive revisions, particularly dividend revisions. The fund is also favoring stocks with strong balance sheets which have the capacity and opportunity to put their balance sheets to work. The manager's view is that the Australian equity market is not expensive especially versus some other financial assets. |
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WaveStone Capital Absolute Return Fund
27 Feb 2013 - Australian Fund Monitors
Wavestone delivers 3.95% over the month, a difficult month for absolute return funds, and 22.2% over the year ended January 2013.
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27 Feb 2013 - WaveStone Capital Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The manager reported stabilising influences across share markets over the month with diminishing global tail risks. The US fiscal ‘cliff’ was avoided, Japan announced a strong stimulus package and Chinese Purchasing Managers Index (PMI) data was pleasingly robust. Commodity markets continued their improvement with a 2.5% price rise in Australia’s basket of exports. However domestic economic data continues to lag the rest of the world with flat building approvals, a small rise in the unemployment rate, largely unchanged consumer sentiment and modest capital spending by corporates. Despite the weak environment, industrial shares have been in a bull-market since June last year with mining and resource-linked shares joining in as the iron ore price rebounded from October. Cheaper money, excess liquidity, attractive dividend yields and now finally the prospect of some earnings per share growth has assisted momentum. Within the fund the better performers for the month were Magellan, News Corporation and ANZ, while detractors included Sirtex, Sydney Airport and PanAust. Most of the short positions detracted over the period. Some profits were harvested in winning positions of the past six months including Sirtex and Ainsworth, as elevated portfolio positions were trimmed to more appropriate levels. The manager also reduced some stock specific short positions on the view that the market would turn its attention towards lagging stocks. At month-end, exposures were long 118.9%, short 22.9% and net long 96.0% |
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Magellan Global Fund
26 Feb 2013 - Australian Fund Monitors
The Magellan Global Fund delivers 4.8% during January and 28.3% over 12 months, easily out-performing its MSCI benchmark.
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26 Feb 2013 - Magellan Global Fund
By: Australian Fund Monitors
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| Manager Comments | The manager noted that the performance was driven by the quality of the companies in the portfolio as well as patience. There were 24 investments and cash levels of 2.5%. The Fund's themes continue to be emerging market consumption growth (representing 27% of the portfolio), US interest rates (14%), a move to the cashless economy (14%), US housing (13%) and internet/e-commerce (11%). The manager continues to see Europe experiencing low growth but is more constructive on the outlook for the US and China. Also notable is that the portfolio is structured to take into account the potential for a rapid readjustment of bond and foreign exchange markets once current policy stimulus by global central banks is withdrawn. |
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Pimco EQT Wholesale Global Bond Fund
25 Feb 2013 - Australian Fund Monitors
The Pimco EQT Wholesale Global Bond Fund delivers 0.25% for January and 12.18% for the preceding 12 months, a solid return in difficult fixed interest environment.
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25 Feb 2013 - Pimco EQT Wholesale Global Bond Fund
By: Australian Fund Monitors
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| Fund Overview | PIMCO concentrates on two sources of return: - Sector Allocation and Rotation; and - 'Bottom up' Credit Analysis of individual bonds and issuers. |
| Manager Comments | The fund benefited from the following strategies; financials, non-Agency mortgages, underweight duration and high yield corporate bonds. Negative returns came from agency mortgage backed securities. In terms of outlook the manager remains concerned regarding fiscal policy, sovereign risk and political events. The portfolio is focused on those sectors likely to benefit from the central- banked induced liquidity rally. Due the very low level of interest rates at the short-end and concern regarding the impact of inflation on the long-end of the curve the fund is concentrating on the inter-mediate sector of the curve. The fund is also concentrating on corporates and quasi-sovereign bonds in countries with strong balance sheets, e.g., Brazil. The fund has a 6% exposure to sub-investment grade, a duration of 5 years and a yield of 6.1%. |
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PM Capital Emerging Asia Fund
22 Feb 2013 - Australian Fund Monitors
PM Capital Emerging Asia Fund delivers 4.7% for January and 20.7% for the previous 12 months, well ahead of the MSCI Asia benchmark.
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22 Feb 2013 - PM Capital Emerging Asia Fund
By: Australian Fund Monitors
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| Manager Comments | The fund recorded strong returns from its holdings in SJM Holdings, iProperty Group and Beijing Capital Intl Airport (BCIA). SJM was buoyed by a rebound in gaming revenues, especially from VIP business. BCIA was strong as a result of the removal of the 40% discount enjoyed by local airline operators on international flights. This provided a 12 to 13% boost to earnings. The fund is running 17% cash and an exposure to the Hong Kong $ of 72% and has 14 holdings. |
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PM CAPITAL Enhanced Yield Fund
21 Feb 2013 - Australian Fund Monitors
The PM Capital Enhanced Yield Fund delivers 0.7% during January and 6.6% over the preceding 12 months, a solid return in a low interest rate environment.
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21 Feb 2013 - PM CAPITAL Enhanced Yield Fund
By: Australian Fund Monitors
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| Manager Comments | The manager has noted that credit spreads continued to tighten over January as global stimulus and the stronger US economy fueled confidence and assets moved out of cash into riskier assets. As a result some of the funds investments were sold and rotated into more attractive opportunities. Strong results were recorded from a number of yield securities including APT Pipelines, Tabcorp, Crown and RBS. Buy and write strategies over Google, Applied Materials and MGM contributed. Notably there were no negative contributors for the month. The fund has a very low interest rate duration of 0.2 years and a cash exposure at end-Jan of 31.8% and a 92% allocation to Australia. |
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Platinum International Brands Fund
20 Feb 2013 - Australian Fund Monitors
The Platinum International Brands Fund rose 2.44% during January and 26.1% over the preceding 12 months, strongly out-performing the global MSCI ($A) benchmark.
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20 Feb 2013 - Platinum International Brands Fund
By: Australian Fund Monitors
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| Fund Overview | The concept behind the Fund is that the process of globalisation, which involves the removal of impediments to ownership, international trade and promotion, will see the emergence of 'mega-brands'. Companies with these strong positions are likely to be able to augment the growth in their relatively mature but stable home markets by tapping faster growth in emerging markets, which are experiencing rising living standards. Alternatively, powerful regional brands can expect to enjoy strong growth and profitability and may even be taken over by global operators on account of the regional brand's local dominance. The portfolio will invest in companies around the world, including producers of luxury goods, other consumer durables, as well as food, beverages, household and personal care products, retailers, and financial services. |
| Manager Comments | The fund achieved the above returns while holding cash and short positions at 24.8% of the fund's value. The manager notes that a number of companies have benefited from the very low interest rates to become more acquisitive. This has assisted some of the Fund's holdings more recently. In addition, the fund is looking to exploit some of the opportunities that are arising in Africa from the rapid increase in consumer spending and flowing from this, demand for luxury brands. Notably the fund has a 71% exposure to the consumer staples and consumer discretionary sectors with little exposure to the other Index components. Investors should keep this exposure in mind as a risk factor. Despite a generally positive outlook the manager remains concerned about periodic volatility deriving from global sovereign debt issues and is therefore likely to continue hold higher levels of cash. |
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