NEWS
KIS Asia Long Short Fund
29 Jan 2016 - Australian Fund Monitors
KIS Asia Long Short Fund returned 2.90% for the month of December.
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29 Jan 2016 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Long Short strategy generated a profit of 220bp. The month's return were quite evenly split across both their long and short ideas with longs contributing 45% and shorts contributing 55% of this return. A good stock selection within the Consumer Discretionary sector which contributed 61bp, Industrials 86bp and Information Technology 83bp. Other strategies such as Special Situations contributed 60bp, while Portfolio Hedge did not make a significant contribution to the month's return. To read more, click below for Fund's Monthly performance report. |
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Supervised High Yield Fund
29 Jan 2016 - Australian Fund Monitors
Supervised High Yield Fund produced a return of +0.37% for the month of December, to bring annualised performance since inception to 9.68% p.a.
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29 Jan 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 | Investments in Australian corporate debts performed well over the month; whilst in the US Corporate Debt market, values of corporate loans generally fell offsetting the Australian gains. The Fund is now positioned to collect the benefits of any increase in Floating or Fixed rates in both Australia and the US. More than half of the portfolio's composition (as a percentage of NAV) was invested in Residential Mortgage-Backed Securities (RMBS) 61.88%. The rest of the portfolio composition was in USD Corporate Loans at 22.11%, Cash at 11.36% and AUD Corporate Loans at 4.65%. Click below to view the latest Fund Manager Report. |
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Insync Global Titans Fund
29 Jan 2016 - Australian Fund Monitors
The Insync Global Titans Fund returned -1.90% for the month of December.
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29 Jan 2016 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The performance was driven by positive contributions from the holdings in Medtronic, Microsoft, McDonald's and Roche. The main negative contributors were Oracle, Time Warner and Comcast. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside Click below to read the latest Fund Manager Report. |
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Laminar Credit Opportunities Fund
28 Jan 2016 - Australian Fund Monitors
Laminar Credit Opportunities Fund returned +0.66% for the month of December.
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28 Jan 2016 - Laminar Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | Since inception, the Fund has an annualised return of 17.80% p.a (RBA Cash Rate Index 3.35% p.a), to give notable Sharpe and Sortino Ratio of 1.90 and 18.90 respectively. The Fund has delivered positive returns for over 95% of the months since inception. For December majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 54%, followed by Short-dated loans at 21%. Click on the link below to read the latest Fund Manager's Report. |
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Fund Review: APN Asian REIT Fund December 2015
28 Jan 2016 - Australian Fund Monitors
December Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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28 Jan 2016 - Fund Review: APN Asian REIT Fund December 2015
By: Australian Fund Monitors
APN Asian REIT Fund AFM Fund Review December 2015 (pdf format)
APN Asian REIT Fund
Attached is our most recently updated Fund Review on the APN Asian REIT Fund.
We would like to highlight the following aspects of the Fund;
- APN is an ASX-listed fund manager specialising in property investment, with an investment team of six. Established in 1996, APN now has FUM of $A2.1bn including four REIT (Real Estate Investment Trust) funds.
- The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region, with the ability to hold some cash and fixed interest investments.
- 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 can include 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 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.
- APN's Asian REIT Fund invests in a portfolio of 25-40 listed Asian REITs with a core philosophy of investing in properties with a sustainable rental income streams.
- The Fund has delivered an annalised return of 15.97% p.a., since inception in July 2011 with standard deviation of 9.37% p.a. The Sharpe and Sortino ratios are 1.32 and 2.39 respectively.
APN Asian REIT Fund AFM Fund Review December 2015 (pdf format)
QATO Capital Market Neutral Long/Short Fund
28 Jan 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 2.70%, compared to the S&P/ASX 100 Price Index, which returned 2.40%.
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28 Jan 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | Qantas was the highest conviction stock for the month, ranking 1st overall on Qato's Q-Score. Qantas returned +16.87% in December, generating +14.47% of alpha. The Q-Score selected four positions from the worst ten S&P/ASX-100 positions in December, producing significant alpha for the Fund. The average net monthly exposure of the portfolio was 3.82%. Click below to the read the latest Fund Manager's Report. |
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Jamieson Coote Bonds Active Fund
27 Jan 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 0.25% in December.
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27 Jan 2016 - Jamieson Coote Bonds Active Fund
By: Australian Fund Monitors
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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | The portfolio was positioned cautiously through early December, to navigate the first FOMC rate hike in almost 10 years. After the FOMC, the Fund added position to the portfolio to capture roll and carry over the Christmas holiday period by increasing basis positions to maximise carry. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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Fund Review Pengana Absolute Return Asia Pacific Fund December 2015
27 Jan 2016 - Australian Fund Monitors
Latest Fund Review now available on Pengana Absolute Return Asia Pacific Fund, which has over 6 years of track record and annualised return of 10.12% p.a.
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27 Jan 2016 - Fund Review Pengana Absolute Return Asia Pacific Fund December 2015
By: Australian Fund Monitors
PENGANA ABSOLUTE RETURN ASIA PACIFIC FUND
Attached is our most recently updated Fund Review on the Pengana Absolute Return Asia Pacific Fund.
- The Pengana Absolute Return Asia Pacific Fund ("PARAP") was established in 2008 by portfolio managers Antonio Meroni and Vikas Kumra. The Fund is a feeder fund into a Cayman Islands AUD share class fund.
- The Fund invests both long and short in Asia Pacific equities, including in Australian and New Zealand, after a stock specific "event" has either occurred or been announced and the portfolio aims to be uncorrelated to the underlying equity markets. A combination of the Manager's experience, thorough research and continuous back- testing identify the most attractive of these events.
- Risk controls include limits on individual positions as well as gross and net exposure. Limits are in place for option exposure and cash borrowing, with stop loss limits on individual positions. Overall the manager is looking to derive returns from the event strategies as opposed to any currency or market exposures.
- Since inception, the Fund has an annualised return of 10.12% p.a., compared to the AFM's Asia Pacific Index of 5.47%. The Fund has achieved this with lower volatility of 6.13% (Index 11.95%).
For further details on the Fund, please do not hesitate to contact us.
Freehold Absolute Return Fund
26 Jan 2016 - Australian Fund Monitors
Freehold Absolute Return Fund delivered a positive 1.95% for the month of December.
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26 Jan 2016 - Freehold Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's research use detailed analysis of the underlying assets integrated with financial analysis to determine a sustainable yield and fundamental DCF valuation for the security. Also the Fund believes in having a strong risk control framework. The Fund will also use trading strategies via rebalancing of core portfolio positions as well as taking advantage of shorter duration inefficiencies in markets caused by an imbalance in demand and supply for global REIT and Infrastructure securities. The Fund focuses on generating absolute returns after fees of 12 to 15% pa over the medium to long term. The long-short nature of the Fund combined with Freehold's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Freehold is focused on providing investment opportunities primarily within core, value-add, opportunistic and development sectors of direct property and across listed and unlisted real estate and infrastructure securities. |
| Manager Comments | The Fund increased their net long position during the month's early weakness enabling the Fund to capture the dividends for stocks going ex on 29 December. For December, the Fund held an average of 15-20 positions. Positive contributors to the portfolio were Investa Office, Vicinity Centres and Stockland. Negative contributors were Abacus Property Group, Transurban and GPT Group. Click Manager's Report to read more. |
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Fund Review: Morphic Global Opportunities Fund December 2015
26 Jan 2016 - Australian Fund Monitors
Read latest December Fund Review on Morphic Global Opportunities Fund.
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26 Jan 2016 - Fund Review: Morphic Global Opportunities Fund December 2015
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.
