13 Jun 2014 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	12 June 2014
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	May 2014
Latest Return	3.91%
Latest 6 Months	3.36%
Latest 12 Months	21.73%
Latest 24 Months
Annualised Since Inception	27.74%
Inception Date	02 August 2012
FUM (millions)	AU$47
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 took advantage of stronger global markets to return 3.91% during May with a return of 21.73% for the prior twelve months. At month-end the Fund exposures were 167% gross and 101% long with a VaR of 1.06%. Up and Down Capture ratios were 0.62 and -0.86 over the prior year. The Fund closed the month still fully invested, with limited regional biases other than the overweight in India, reflecting the manager's preference not to have large regional positions currently. The continuing rise of the Australian dollar is being partially offset by the Fund having hedging over part of its offshore exposure. The recent move by the European Central Bank to impose negative rates on excess bank deposits and start money printing suggests the local unit's rally may be even more resilient than we expected a month ago.
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Fund Monitors Pty Ltd

13 Jun 2014 - Morphic Global Opportunities Fund