| Report Date | 08 March 2016 |
| Manager | Morphic Asset Management |
| Fund Name | Morphic Global Opportunities Fund |
| Strategy | Equity Long/Short |
| Latest Return Date | February 2016 |
| Latest Return | -2.24% |
| Latest 6 Months | -6.97% |
| Latest 12 Months | -2.89% |
| Latest 24 Months | 22.02% |
| Annualised Since Inception | 19.18% |
| Inception Date | 02 August 2012 |
| FUM (millions) | AU$119 |
| 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 2.24% in February, underperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 1.65%, by 0.59%. The Fund has an annualised return since inception of 19.18% p.a., with notable Sharpe and Sortino ratios of 1.61 and 3.51 respectively.
For February, the market exposure was managed closely, with cash reaching a peak of 15%, before returning to mostly full invested. The biggest cause of underperformance was the style rotation. The US bank holdings accounted for almost all of the Fund's underperformance. The Fund had three notable winners for the month - the US health insurer Cigna, Australian miner Fortescue and Tokyo based housing developer Open House. Value was also added through hedging some of the currency exposure into the Japanese Yen. For March, the Fund began fully invested.
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