19 Oct 2015 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	15 October 2015
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	September 2015
Latest Return	-2.98%
Latest 6 Months	-0.34%
Latest 12 Months	19.04%
Latest 24 Months	40.38%
Annualised Since Inception	23.59%
Inception Date	02 August 2012
FUM (millions)	AU$122
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 fell 2.98% in September, underperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 2.70%, by 0.28%. Since inception, the Fund is up 23.59%, annualised and net of all fees, against the benchmark returns 23.34%. September's main disappointment was one of the Fund's largest remaining long term holdings: Hospital Corp of America (HCA). Losses on HCA more than accounted for the September under-performance. A positive contributor came from a new Japanese retail long-short position, comprising fast growing dispensing pharmacy chain, Nihon Chouzai together with Tsuruha, Japan's largest drug store chain, funded by a short position in combined drugstore and pharmacy operator Sugi, which the Fund believes to be overpriced. For the month, the Fund had over 42% of their equity exposure in the North American region and over 20% in the Financials Sector. Click below to read the Fund Manager's monthly report and their September outlook of the market.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Monitors Pty Ltd

19 Oct 2015 - Morphic Global Opportunities Fund