IMR moves a little closer, and what's Joe Hockey up to?
This week we're pleased to see that a little more than five years after the Johnson Report's recommendation, Treasury has announced Element 3 of the Investment Management Regime, or at least draft legislation relating thereto, and is inviting comment on the design of the amendments, the purpose of which is to enable offshore investors to invest via local fund managers without being penalised as a result of Australia's peculiar, if not unique, managed fund tax structures.
For those wanting more information, please click here.
Regular recipients of Hedge Clippings would be well aware that our weekly commentary can stray from the topic of managed funds, occasionally commenting on the economy, markets, regulations, and even politics, or at least the impact of our various political masters on such matters, although we do try to keep on track (up to a point).
There are reasons for this, including the obvious one that such matters, particularly regulations, do impact on markets and therefore managed funds. There are others of course, including the fact that our Friday lunchtimes are spent writing and editing Hedge Clippings, and thus we might possibly still be appropriately focussed, while many recipients of Clippings will hopefully be significantly more realxed, or well on thier way to getting there.
So for those less interested in the IMR mentioned above, has anyone else been concerned that our erstwhile treasurer, Joseph Benedict Hockey, seems to have spent the best part of the past week in court defending his reputation, rather than attending to the business of running the country's finances?
Maybe it's because his first budget, introduced a full ten months ago, was so inept, imbalanced, and, even according to his own colleagues, poorly sold (sorry, "communicated" to the electorate) that it has yet to be passed in full, while many of the more contentious issues have been dropped that he's trying to divert attention away from his performance as Treasurer.
Maybe, in spite of the fact that as a long term (although maybe not that much longer) politician he really is so thin skinned that he was genuinely offended by the suggestion that allowing some lucky constituents to pay $22,000 for the benefit of having privileged access to him questioned his integrity.
Maybe it's because payments received as a result of successful defamation actions are, we understand, not taxable.
Whichever or whatever it is, we're not sure the electorate is getting its money's worth.
Specific results received this week include the following PERFORMANCE UPDATES:
KIS Asia Long Short Fund returned -0.35% in January bringing the Fund's annual return since inception to 14.83%.
FUND REVIEWS released this week, with the potential for earning CPD points: Supervised High Yield Fund; Insync Global Titans Fund; Alpha Beta Asian Fund.
FUND IN FOCUS VIDEO released this week: Understanding Hedge Fund - Episode 3 explaining the Hedge Fund Strategies and Fund Types.
25-27 May 2015 - Digital Marketing for Banking and Financial Services Summit
And now for something completely different and continuing our theme from last week's hedge clipping, for all those frustrated parents and office colleagues, we bring you this instructional video.
On that note, I hope you have a happy and safe week-end.
Kind regards,
Chris
CEO, AUSTRALIAN FUND MONITORS
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