21 Nov 2014 - Laminar Credit Opportunities Fund

By: Australian Fund Monitors

Report Date	20 November 2014
Manager	Laminar Group
Fund Name	Laminar Credit Opportunities Fund
Strategy	Fixed Income
Latest Return Date	October 2014
Latest Return	0.51%
Latest 6 Months	4.46%
Latest 12 Months	9.28%
Latest 24 Months	25.71%
Annualised Since Inception	20.35%
Inception Date	31 October 2009
FUM (millions)	AU$50
Fund Overview	The aim of the fund is to identify opportunities in the fixed income credit markets. The Fund invests in a full spectrum of fixed income products that includes but is not limited to: corporate bonds,; bank debt; credit derivatives; bank loans;commercial paper;hybrid securities; and mortgage-backed and asset-backed securities. 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	Laminar Credit Opportunities Fund returned 0.51% in October with the 12 month return coming in at 9.28% (RBA Cash rate 2.5%) with a volatility of 0.62%. The Fund has averaged 20.35% since inception with a volatility of 7.81%, a Sharpe ratio of 1.99% and 93% positive months. At month-end the Fund held 65% RMBS, 6% listed securities, 7% corporate bonds, 20% short-dated loan and 2% cash.
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