9 Dec 2013 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	06 December 2013
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	November 2013
Latest Return	5.48%
Latest 6 Months	17.77%
Latest 12 Months	41.50%
Latest 24 Months
Annualised Since Inception	36.59%
Inception Date	02 August 2012
FUM (millions)	AU$38
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	Morphic Global Opportunities Fund returned 5.48% in November and 41.50% for the previous twelve months with a volatility of 9.06% p.a. Fund exposure was 112% net at month-end and 169% gross with a VAR of 1.30% at the 95th percentile. Largest sector exposures were Financials, Information Technology and Consumer Discretionary with geographic exposure dominated by North America. The top three active positions were US financials, a Global Cylical Basket and a Data Centre Spread with the first two positions net long and the last position net flat. The Fund also had currency position in the USD/Yen and an interest rate position that was long European Rates.
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Fund Monitors Pty Ltd

9 Dec 2013 - Morphic Global Opportunities Fund