NEWS
Pengana Global Small Companies Fund
18 Mar 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund returned -0.33% for the month of February.
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18 Mar 2016 - Pengana Global Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The largest positive contributors to February performance were Broadleaf, Daikokutenbussan, Spirit Airlines, Kruk, and BWX Technologies; while the largest detractors were Liberty Tax, Euronext, Moleskine, Sarine Technologies, and Babcock & Wilcox. The currencies had a moderately positive impact. Over 45% of the Fund was allocated in the Industrials (26.6%) and Consumer Discretionary (20.9%) sectors. The activity in February was light, with more focus on selling than buying and no new additions were made to the portfolio this month. Click below to read the latest Fund Manager's report. |
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APN Asian REIT Fund
18 Mar 2016 - Australian Fund Monitors
APN Asian REIT Fund rose 6.53% for February. Since inception, the Fund has an annualised return of 17.42% p.a.
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18 Mar 2016 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
| Manager Comments | There were no major changes in the portfolio's geographically allocation since last month. The Fund was invested in multiple Asian countries, with majority in Japan (38.3%) and Singapore (27.5%). Over 64% of the Fund was invested in the Retail REITs (37.4%) and the Office REITs (27.5%) sectors. The top 5 Asian REIT holdings were in Link REIT, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
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Totus Alpha Fund
18 Mar 2016 - Australian Fund Monitors
Totus Alpha Fund returned -11.27% for the month of February, compared to the ASX 200 Accumulation Index that fell 1.76%.
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18 Mar 2016 - 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. 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 | At month-end, the fund had a net exposure of -17.1% and a gross exposure of 295.1%. The fund held 130 positions (47 long and 83 short), that were diversified across multiple investment themes. Top contributors in February were the short positions in Valeant +1.75% (Roll-Up) and 1-Page +0.73% (Earnings Risk). A long position in Altium added +0.72% (Online). Biggest detractors were the long position in Macquarie -1.35% (Financial Services) and a short position in Primary Health Care -1.35% (Earnings Risk). An unnamed short position also detracted -1.25%. Click below to read the latest Fund's Monthly Report. |
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Signature Quantitative Fund
17 Mar 2016 - Australian Fund Monitors
Signature Quantitative Fund returned -2.50% for the month of February.
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17 Mar 2016 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | Capital Raisings contributing positively to SQF's returns. Alpha Capture underperformed due to the short exposure to resources. Dividend Arbitrage and Index Rebalance Strategies underperformed slightly. The Fund had a net exposure of 45%, of which 14% was in the Consumer Discretionary sector. Click the link below to view the latest Monthly Report. |
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Clarity Multi Strategy Fund
17 Mar 2016 - Australian Fund Monitors
Clarity Multi Strategy Fund rose 6.04%, outperforming the AFM Global Equity Index which fell 1.45%, by 7.49%.
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17 Mar 2016 - Clarity Multi Strategy Fund
By: Australian Fund Monitors
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| Manager Comments | Since inception, the Fund has an annualised double digit returns of 25.33% p.a. (Index 9.25% p.a.), which has been achieved with higher volatility of 14.14% p.a. (Index 10.74% p.a). While the Fund had positive over two months, the volatility of the returns is something the Fund would like to reduce. The top two sectors traded by the Fund in February were Resources/Commodities and Manufacturing. The total turnover for the month was A$138m, majority was split by country in Australia at 45% and USA at 30%. Click below to read the latest Fund monthly report. |
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Fund Review: Morphic Global Opportunities Fund February 2016
16 Mar 2016 - Australian Fund Monitors
Read the latest February Fund Review on Morphic Global Opportunities Fund.
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16 Mar 2016 - Fund Review: Morphic Global Opportunities Fund February 2016
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
Key points include:
- The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
- Morphic's philosophy is that only funds with flexible investment and hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
- The Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
- The Board has a majority of independent members with significant risk and investment experience.
For further details on the Fund, please do not hesitate to contact us.
Morphic Global Opportunities Fund AFM Fund Review February 2016The Paragon Fund
16 Mar 2016 - Australian Fund Monitors
The Paragon Fund returned -5.20% for the month of February.
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16 Mar 2016 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Key positive contributors for February included longs in Blackham Resources, Troy Resources and IDP Education, offset by declines in Amaysim (surprise profit downgrade) and the shorts as the market rallied into month end. At the end of the month the Fund had 34 long positions and 14 short positions. Click below to read the latest monthly report. |
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Meme Australian Share Fund
15 Mar 2016 - Australian Fund Monitors
The Meme Australian Share Fund returned -1.71% for the month of February.
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15 Mar 2016 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | The five most positive contributors to the fund's February performance were Ramelius Resources, St Barbara, Newcrest Mining, Saracen Minerals and Doray Minerals. The five most negative contributors were Oncosil Medical, Blackmores Limited, Smartgroup, Onevue and Collins Foods. The total number of portfolio stocks remained steady from the previous month at 90, and portfolio cash sitting at just above 5%. During the month, the Fund's exposure to the Materials, Utilities sectors and to cash increased. While exposure to Energy, Industrial, Consumer Staples, Health and Information Technology sectors decreased, with exposure to other sectors remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund. |
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Fund Review: Bennelong Long Short Equity Fund February 2016
15 Mar 2016 - Australian Fund Monitors
February Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.51% p.a.
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15 Mar 2016 - Fund Review: Bennelong Long Short Equity Fund February 2016
By: Australian Fund Monitors
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with over thirteen year track record and annualised returns of 18.51%.
- The 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. The Fund's Sharpe Ratio and Sortino Ratio are 1.14 (Index 0.26) and 1.97 (Index 0.26) respectively.
For further details on the Fund, please do not hesitate to contact us.
Fund Review: Optimal Australia Absolute Trust February 2016
14 Mar 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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14 Mar 2016 - Fund Review: Optimal Australia Absolute Trust February 2016
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- Optimal Australia is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In February, the Fund rose 0.8%. The Fund's approach to risk is shown by the Sharpe ratio of 1.49 (Index 0.11), Sortino ratio of 3.36 (Index 0.04), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
