NEWS
Supervised High Yield Fund
24 Feb 2016 - Australian Fund Monitors
Supervised High Yield Fund decreased by 0.51% for the month of January, to bring annualised performance since inception to 9.47% p.a.
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24 Feb 2016 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | Market conditions in January were the worst since 2008 and these moves were reflected in the US & Australian Treasury and credit market. The Fund's investments in Australian corporate debts, US collateralised secured corporate debts and Australian RMBS were all revalued downwards producing book value losses reflected in the unit price. However, the Fund received 100% of all principal and interest obligations falling due during the month. More than half of the portfolio's composition (as a percentage of NAV) was invested in Residential Mortgage-Backed Securities (RMBS) 61.87%. The rest of the portfolio composition was in USD Corporate Loans at 21.67%, Cash at 11.83% and AUD Corporate Loans at 4.63%. Click below to view the latest Fund Manager Report. |
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APN AREIT Fund
23 Feb 2016 - Australian Fund Monitors
APN AREIT Fund rose 0.55% for the month of January to bring annualised return since inception to 17.60% p.a.
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23 Feb 2016 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). 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 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 suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | In January, the Fund was 97% allocation in AREITs assets and rest in cash. Majority of the underlying property sector allocation was in the Retail sector at 65%, followed by Office sector at 19%. The Top 5 stocks holdings made up 57% of APN AREIT Fund. These stocks were Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Westfield Group. Click below to read the complete Fund Manager's Report. |
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Fund Review: QATO Capital Market Neutral Long/Short Fund January 2016
23 Feb 2016 - Australian Fund Monitors
January Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.
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23 Feb 2016 - Fund Review: QATO Capital Market Neutral Long/Short Fund January 2016
By: Australian Fund Monitors
Qato Capital AFM Fund Review January 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
Attached is our most recently updated Fund Review on the QATO Capital Market Neutral Long/Short Fund.
We would like to highlight the following aspects of the Fund;
- Qato Capital is a Melbourne-based boutique fund manager backed by single family office, Larkfield Funds Management.
- Qato has a systematic, market-neutral strategy which invests exclusively in S&P/ASX 100 stocks.
- The QATO Capital's Q-score process captures and quantifies six broad fundamental factors, which assess multiple underlying sub-categories. Those companies with the top score (quality companies) are included in the "long" portfolio, those with the lowest score are sold short.
- The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long & 15 short equally-weighted positions).
- Qato Capital's process is entirely systematic - stock selection and risk management are employed in a rules based approach. The Fund employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Qato Capital AFM Fund Review January 2016 (pdf format)
NWQ Fiduciary Fund
22 Feb 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -1.62% for the month of January and has returned +14.06% over the last 12 months
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22 Feb 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | Fund returns were negative for January against the volatile global backdrop. The ASX200 Total Return Index fell -5.48%. The Fund's Beta managers utilised a range of long/short equity strategies, offered downside protection, contributing -1.03% for the month. The Alpha managers significantly outperformed the market, posting an attribution of -0.50%. NWQ's expects further potential for destructive equity and bond market volatility in the coming months. Therefore, the portfolio has an overweight allocation to Alpha, or market neutral strategies, to provide downside protection. Click below to read the latest Fund's Report. |
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Fund Review: Optimal Australia Absolute Trust January 2016
19 Feb 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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19 Feb 2016 - Fund Review: Optimal Australia Absolute Trust January 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 January, the Fund rose 0.2%. The Fund's approach to risk is shown by the Sharpe ratio of 1.47 (Index 0.12), Sortino ratio of 3.32 (Index 0.12), 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.
Signature Quantitative Fund
19 Feb 2016 - Australian Fund Monitors
Signature Quantitative Fund returned -0.6% for the month of January, compared to the S&P/ASX 200 Accumulation Index's return of -5.5%, an outperformance of 6.08%.
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19 Feb 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 | All of SQF's strategies generated positive returns, with Alpha Capture strategy performing strongly in a volatile month for the market. The Dividend Strategy and Capital Raising Strategy were also positive contributors for the month. While, SQF's market exposure was a significant negative driver to fund returns. The Fund had a net exposure of 57%, of which 23.2% exposure was in the Financial sector. Click the link below to view the latest Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return January 2016
18 Feb 2016 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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18 Feb 2016 - Fund Review: Bennelong Kardinia Absolute Return January 2016
By: Australian Fund Monitors
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an nine year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPI's. The Fund has an annualised return of 12.22% p.a. with a volatility of 7.34%, compared to the ASX200 Accumulation's return of 3.97% p.a. with volatility of 14.31%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Totus Alpha Fund
18 Feb 2016 - Australian Fund Monitors
Totus Alpha Fund rose 0.67% for the month of January, compared to the ASX 200 Accumulation Index that fell 5.48%, an outperformance of 6.15%.
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18 Feb 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 -26.4% and a gross exposure of 297.6%. The Fund had 143 positions (62 long and 81 short) that were diversified across multiple investment themes. Top contributors in January were the short positions in WorleyParsons +0.66% (Mining Services), Valeant +0.52% (Roll Up) and Aurizon +0.45% (Mining Services). Biggest detractors were the long positions in Macquarie -1.44% (Financial Services), Ramsay -0.57% (Ageing Population) and Blackmores -0.49% (Scarce Growth). Click below to read the latest Fund's Monthly Report. |
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Fund Review: Morphic Global Opportunities Fund January 2016
17 Feb 2016 - Australian Fund Monitors
Read latest January Fund Review on Morphic Global Opportunities Fund.
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17 Feb 2016 - Fund Review: Morphic Global Opportunities Fund January 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.
Pengana Absolute Return Asia Pacific Fund
17 Feb 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished -2.0% for the month, compared to the HFR Event Driven Index which closed -3.8%. Asia Pacific markets sold off sharply -8.0%, with volatility measured by VIX hitting a high of 30.
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17 Feb 2016 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The negative performance of the Fund can be mostly attributed to the M&A sub-strategy where deal spreads widened globally. The Fund exploited this dislocation by increasing gross exposure to 226.3% by month end but maintaining net at 9.2%. Positive contributors for the month were the Stubs and Capital Structuring strategies. Largest detractors by region were USA/Canada, Hong Kong/China and Australia. Japan and Indonesia contributed positively for the month. Click below to read the latest Fund Manager's Report. |
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