8 Apr 2016 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	07 April 2016
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	March 2016
Latest Return	-0.41%
Latest 6 Months	-4.50%
Latest 12 Months	-4.82%
Latest 24 Months	24.80%
Annualised Since Inception	18.57%
Inception Date	02 August 2012
FUM (millions)	AU$120
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 0.41% in March, underperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 0.27%, by 0.14%. The Fund has an annualised return since inception of 18.57% p.a., with notable Sharpe and Sortino ratios of 1.57 and 3.42 respectively. The best gain came from the Fund's three long short pairs in Japanese retail. Drugstore chains Tsuruha and Kusuri No Aoki outperformed the overall stock market and the over-priced, exgrowth drugstore chain Cosmos, while Tokyo regional supermarket chain Yaoko also beat the struggling but expensive giant retail conglomerate Aeon. In Australia, the Fund made money being long in Fortescue and short in Woolworths. The biggest loser was US banking giant Wells Fargo. The Fund continues to remain fully invested and grow their over-weight position to emerging markets and US Healthcare services, while reducing their overall exposure to US banks. Click below to read more.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Monitors Pty Ltd

8 Apr 2016 - Morphic Global Opportunities Fund