NEWS
QATO Capital Market Neutral Long/Short Fund
21 Jul 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 5.05% in June versus the S&P/ASX-100's fall of -2.80%, an outperformance of +7.85%.
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21 Jul 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through long and short positions. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | Sixty-seven percent of the long positions provided a positive return in June, leading to the long book returning +0.20% (gross) - significantly outperforming the S&P/ASX-100's return of -2.8% and generating +3.0% of alpha. The Fund was short Henderson Group which was the worst performer in the S&P/ASX-100 in June and 90% of the short positions outperformed the index's monthly return. Qato is currently positioned both long and short to the mining and material companies, after being net short exposure for a prolonged period. Long exposures include positions such as Alumina, Bluescope, Fortescue, and South32, due largely to their significant fundamental improvements from cost cuts and rising commodity prices. These positions profited from the rebound in asset prices and positively impacted June returns. These have continued into July. |
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KIS Asia Long Short Fund
20 Jul 2016 - Australian Fund Monitors
KIS Asia Long Short Fund rose 2.41% for the month of June 2016.
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20 Jul 2016 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | Click below to read the latest monthly Fund Report. |
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NWQ Fiduciary Fund
20 Jul 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -0.44% in June and returned +8.96% over the last 12 months.
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20 Jul 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The portfolio's Beta managers utilising a range of long/short equity strategies, contributed -0.42% for the month. Positive attribution came from the Alpha managers, with the strategy attributing a modest +0.07% for the month. The portfolio continues to have an overweight allocation to the Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
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Fund Review: APN Asian REIT Fund June 2016
20 Jul 2016 - Australian Fund Monitors
June Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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20 Jul 2016 - Fund Review: APN Asian REIT Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
APN Asian REIT Fund
Attached is our most recently updated Fund Review on the APN Asian REIT Fund.
We would like to highlight the following aspects of the Fund;
- APN is an ASX-listed fund manager specialising in property investment, with an investment team of six. Established in 1996, APN now has FUM of $A2.4bn including four REIT (Real Estate Investment Trust) funds.
- The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region, with the ability to hold some cash and fixed interest investments.
- The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe can include new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus.
- The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product.
- APN's Asian REIT Fund invests in a portfolio of 25-40 listed Asian REITs with a core philosophy of investing in properties with sustainable rental income streams.
- The Fund has delivered an annualised return of 17.22% p.a., since inception in July 2011 with a standard deviation of 9.49% p.a. The Sharpe and Sortino ratios are 1.43 and 2.68 respectively.
AFM Fund Review - June 2016 (pdf format)
Pengana Global Small Companies Fund
19 Jul 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund returned -4.60% in June 2016, compared to a -4.10% return for the MSCI AC World SMID Cap Index.
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19 Jul 2016 - Pengana Global Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The top five holdings in alphabetical order were Boohoo, LiLAC Group, Moleskine, Peyto Exploration, and Spirit Airlines. The largest positive contributors to June performance were: Tegma Gestao Logistica, Liberty Tax, Daikokutenbussan, Pico Far East, and a UK IT company; while the largest detractors were: LiLAC Group, Babcock & Wilcox, Rami Levi Chain Stores, Moleskine, and Credito Real. Click below to read the latest Fund Manager's report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund June 2016
19 Jul 2016 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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19 Jul 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with a nine-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 11.54% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 4.98% p.a. with a volatility of 14.18%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2016 (pdf format)
Fund Review: Optimal Australia Absolute Trust June 2016
18 Jul 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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18 Jul 2016 - Fund Review: Optimal Australia Absolute Trust June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- Optimal Australia is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In June, the Fund returned 0.11%. The Fund's approach to risk is shown by the Sharpe ratio of 1.52 (Index 0.17), Sortino ratio of 3.51 (Index 0.14), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2016 (pdf format)
APN AREIT Fund
18 Jul 2016 - Australian Fund Monitors
APN AREIT Fund rose 3.86% in June, outperforming the S&P/ASX 300 Property Trust Accumulation Index which returned 3.53%, by 0.33%.
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18 Jul 2016 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | Click below to read the complete Fund Manager's Report. |
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Cyan C3G Fund
15 Jul 2016 - Australian Fund Monitors
Cyan C3G Fund returned -0.35% in June 2016, outperforming the ASX 200 Accumulation Index which returned -2.45%, by 2.15%.
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15 Jul 2016 - Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | Positive performers for the month included Skydive the Beach (SKB), Adacel Technologies (ADA), Abundant Produce, (ABT), Nick Scali (NCK) and TasFoods (TFL). Investments negatively impacting the return included AMA Group (AMA), Speedcast International (SDA), and Sealink Travel (SLK). In response to managing absolute risk, the Fund reduced their exposure in Abundant Produce (ABT), Aha Life (AHL) and TouchCorp (TCH). However, the changes in price and specific company dynamics lead the Fund to increase their positions in Afterpay (AFY), Bellamy's (BAL) and Skydive the Beach (SKB). The portfolio held between 20 and 35 companies at any one time. Click below to read the latest Fund Manager's Report. |
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Bennelong Twenty20 Australian Equities Fund
15 Jul 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund returned -3.49% against the ASX 200 Accumulation Index's return of -2.45%.
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15 Jul 2016 - Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The Fund's return of -0.93% for the trailing six months fell behind the benchmark's return of 1.23%. The biggest distractor for this underperformance was the Fund's underweight stance to the Resources sector, and within Resources, it was mainly the gold sub-sector that was to blame. Other detractors over the six months included their positions in intellectual property services firm IPH, hotel group Mantra, tourism operator Flight Centre, and Henderson Group, a UK-based fund manager which fell on the Brexit vote. In respect of ex-20 stocks, the Fund's continues to remain attracted to the long-term 'growth compounders' like Ramsay Health Care and Domino's Pizza that form the core of the portfolio. Click below to read the latest Fund Report. |
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