10 Apr 2014 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	09 April 2014
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	March 2014
Latest Return	-2.63%
Latest 6 Months	7.42%
Latest 12 Months	27.63%
Latest 24 Months
Annualised Since Inception	27.35%
Inception Date	02 August 2012
FUM (millions)	AU$46
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 -2.63% for March, slightly above the benchmark ACWI Index (in $A), with annual returns at 27.63%. The Fund had a net exposure of 103% and a gross exposure of 171% at month-end with a VAR of 1.20%. Manager commentary notes the following regarding fund performance 'The Fund's main gains came from some of its longest held positions. The overweight in US financials generally benefited from better macroeconomic data over the month, and more upbeat commentary from new Reserve Bank Chairman Janet Yellen. Its two largest positions, Wells Fargo and US Bancorp did even better after strong scores in the US Federal Reserve's annual "Stress test" review paved the way for them to raise dividends and increase buy-backs. Reversing last month's under-performance, the long held Japanese drugstores basket, also rose sharply on good sales data, and reduced fears about the impact of higher Japanese sales tax rates.'
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Fund Monitors Pty Ltd

10 Apr 2014 - Morphic Global Opportunities Fund