| Report Date | 10 February 2016 |
| Manager | Morphic Asset Management |
| Fund Name | Morphic Global Opportunities Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | January 2016 |
| Latest Return | -1.98% |
| Latest 6 Months | -8.18% |
| Latest 12 Months | 2.39% |
| Latest 24 Months | 23.93% |
| Annualised Since Inception | 20.45% |
| Inception Date | 02 August 2012 |
| FUM (millions) | AU$123 |
| 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 1.98% in January, outperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 3.35%, by 1.36%. The Fund has an annualised return since inception of 20.45% p.a., with notable Sharpe and Sortino ratios of 1.74 and 3.89 respectively.
About half of the outperformance came from the management of the Fund's cash levels. The other major contributor came from the Fund's long short positions in US banks. The basket of short positions in regional banks with heavy exposures to the oil sector also made money for the Fund. On the negative side the Fund lost money on our position in Hong Kong listed China Lesso. The top 2 contributors were Bank Index (67bps), Prosperity Bancshares (12bps). The top 2 detractors were China Lesso (-14bps) and Bank of Ozarks (-12bps).
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