NEWS
Performance Report: TI Intercept Capital Fund
15 Dec 2009 - Australian Fund Monitors
Techinvest\\'s Intercept Capital Fund has reported a positive return of 4.39% for November with the main contributors being a long position in Synaptics and short positions in Diebold and Hitachi.
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15 Dec 2009 - Performance Report: TI Intercept Capital Fund
By: Australian Fund Monitors
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Manager Comments | Short positions in Merck & Co, Omnivision Technologies and United Technologies all lost money during the month. At the end of the month Techinvest's portfolio favoured companies in Software & Services, Wireless and Internet and Biotechnology. Net short positions were held in the Hardware & Equipment, Diversified and Industrial Technology sectors. |
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Performance Report: Antares Lodestar Absolute Return Trust
15 Dec 2009 - Australian Fund Monitors
Antares\\' Lodestar Absolute Return Trust reported a 0.85% gain in November with a diverse range of holdings contributing to the result.
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15 Dec 2009 - Performance Report: Antares Lodestar Absolute Return Trust
By: Australian Fund Monitors
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Manager Comments | Looking ahead, the manager believes that the market has or will soon be entering a growth phase. As part of this the 'hope' of a recovery that was behind the rally over the last few months will be replaced by actual earnings growth and the 'hope' multiples may fade back to more mid cycle, or normal, earnings multiples. Rather than backing broad macro economic cycles success will come down to individual stock picking as relative earnings dominate stock selection outcomes. |
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Performance Report: Pengana Australian Equities Core Fund
15 Dec 2009 - Australian Fund Monitors
Pengana\\'s Australian Equities Core Fund posted a gain of 1.0% in November, in part due to rising precious metal prices. Holdings in Aquarius Platinum, Lihir Gold and Sino Gold all made positive contributions, along with industrial...
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15 Dec 2009 - Performance Report: Pengana Australian Equities Core Fund
By: Australian Fund Monitors
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Manager Comments | The manager's holdings in Customers, Graincorp, Newscorp, Ramsay Healthcare and Resmed were all increased, while the fund's holdings in CSL and Primary Healthcare were sold. The manager says that while the direction of the overall market is difficult to predict, they are increasingly confident that the environment for profitable stock selection continues to improve, with recent volatility and negative returns creating a less crowded market priced at more realistic levels. |
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Performance Report: Austral Equity Fund
9 Dec 2009 - Australian Fund Monitors
The Austral Equity Fund finished the month up 0.78%, mainly attributed to a moderate increase in the value of its interest rate securities holdings and equity long positions.
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9 Dec 2009 - Performance Report: Austral Equity Fund
By: Australian Fund Monitors
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Manager Comments | The fund had a minor net borrowing position at the end of the month, however the manager says that the fund will be in a siginificant net cash position following receipt of proceeds from the redemption of Macquarie Airports Tickets securities on December 31, 2009. |
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Performance Report: CSL Active Long/Short Programme
9 Dec 2009 - Australian Fund Monitors
Commodity Strategies' Long Short Fund posted an impressive 4.28% return in November. Metals including gold, silver and platinum were the main positive contributors
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9 Dec 2009 - Performance Report: CSL Active Long/Short Programme
By: Australian Fund Monitors
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Performance Report: AR Capital - Ascot Fund
9 Dec 2009 - Australian Fund Monitors
AR Capital's Ascot Fund returned a positive 0.15% for the month as the fund was caught out with a conservative stance while waiting for events in the middle east to play out, so missing out on the almost 3% upward swing on November 30.
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9 Dec 2009 - Performance Report: AR Capital - Ascot Fund
By: Australian Fund Monitors
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Manager Comments | Stocks making a positive contribution to performance included RIO, BHP, AMP and Willmott Forests, which had been a negative performer in October. The manager's view is that the 'obvious' trades which were available through the second and third quarters of this year are no longer on offer. Now stock selection will be driven by earnings growth and catalysts, instead of the macro indicators that have largely influenced market movements over the last year. As a consequnce, the manager is more comfortable holding both meaningful long and short positions than they have been for some time. |
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Performance Report: Regal Tasman Market Neutral Fund
9 Dec 2009 - Australian Fund Monitors
Regal's Tasman Market Neutral Fund finished November up 2.7%, making profits on both long and short positions.
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9 Dec 2009 - Performance Report: Regal Tasman Market Neutral Fund
By: Australian Fund Monitors
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Manager Comments | Stocks experiencing corporate actions were the biggest winners on the long side. These included Sino Gold which is in the process of being taken over by El Dorado, Village which completed a large buyback, and the mining company Indophil which has been in takeover talks. On the short side the best performers were overvalued cyclicals such as Bluescope Steel and Brambles. Profit was also made on fund managers Perpetual and Platinum whose share prices may have increased too much and too quickly. The main loss in the month was BBI which had been a big winner for the fund in October, but fell when preference shares were converted to ordinary shares as part of a recapitalisation process. |
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Performance Report: Bennelong Securities Long Short Equity Fund
9 Dec 2009 - Australian Fund Monitors
Bennelong's Long Short Equity Fund performed well in November, gaining 1.71%. However the manager said performance was adversely impacted late in the month by large volatility swings in world makets due to Dubai related credit issues.
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9 Dec 2009 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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Manager Comments | Looking ahead, Bennelong expects that equity markets will mark time over the holiday period as investors assess 2010 investment themes. |
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Performance Report: BlackRock Asset Allocation Alpha Fund (Class D)
24 Nov 2009 - Australian Fund Monitors
Blackrock's Asset Allocation Fund gained 0.51% in October and is up 10.6% over the last 12 months. The manager says that major contributors to performance have been the Equity/Equity Strategy
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24 Nov 2009 - Performance Report: BlackRock Asset Allocation Alpha Fund (Class D)
By: Australian Fund Monitors
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Manager Comments | Looking ahead, the manager believes there is still some way to go before it is worth worrying about either a relapse into recession or a sustained period of insipid economic growth. The manager says it is too early to expect any meaningful tightening of policy in the major economies due to massive output gaps and falling core inflation. “Central banks in the major developed countries continue to re-affirm that extreme settings are expected to remain warranted for an ‘extended period’. And governments are very unlikely to tighten fiscal policy while the labour market remains so weak and government bond markets remain well supported. As we have argued before this is the ‘sweet spot’ of the economic cycle for equities and risk assets more broadly.” |
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Performance Report: AUI Wingate Global Equity Income Fund
24 Nov 2009 - Australian Fund Monitors
The Wingate Global Equity Income Fund saw a small loss of 1.15% in October and over the last year remains down 2.18%. However this is significantly better than the fund's benchmark
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24 Nov 2009 - Performance Report: AUI Wingate Global Equity Income Fund
By: Australian Fund Monitors
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Manager Comments | The manager said that a significant performance headwind for both the fund and its benchmark was generated by a combination of the weak equity market and stronger Australian dollar. Major contributors to the fund's performance included oil and gas companies BP and ConocoPhillips on the back of strong earnings announcements. During the month the manager increased exposure to McDonalds as well as two healthcare equipment providers, CR Bard and Becton Dickinson, all of which the manager believes exhibit attractive valuations, well established market positions and strong cash flows. |
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