NEWS
Fund Review: Optimal Australia Absolute Trust May 2016
15 Jun 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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15 Jun 2016 - Fund Review: Optimal Australia Absolute Trust May 2016
By: Australian Fund Monitors
AFM Fund Review - May 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 May, the Fund returned 2.29%. The Fund's approach to risk is shown by the Sharpe ratio of 1.53 (Index 0.20), Sortino ratio of 3.53 (Index 0.17), 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 - May 2016 (pdf format)
Alexander Credit Opportunities Fund
14 Jun 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.64% for the month of May.
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14 Jun 2016 - Alexander Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | The Fund has a healthy allocation of 54% to residential mortgage-backed securities (RMBS), which the investment team believes to have great relative value. The Fund continues to be conservatively positioned from a credit duration perspective. At the end of May, the duration was at 1.3 years. The Fund is also looking to increase the overall macro hedges in the portfolio as risk assets rise. At month-end, the portfolio had 4% invested in cash. Click below to read the latest monthly report. |
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Fund Review: Jamieson Coote Bonds Active Fund May 2016
14 Jun 2016 - Australian Fund Monitors
May Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.
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14 Jun 2016 - Fund Review: Jamieson Coote Bonds Active Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
Jamieson Coote Bonds Active Fund
Attached is our most recently updated Fund Review on the Jamieson Coote Bonds Active Fund
We would like to highlight the following aspects of the Fund;
- Jamieson Coote Bonds is a Melbourne-based Boutique Manager launched in December 2014.
- The Founders, Charles Jamieson and Angus Coote bring over 30 years of international experience dealing with central banks, hedge funds and real money managers.
- The Jamieson Coote Active Bond Fund is a long-only macroeconomic investment fund, investing in Australian Dollar denominated bonds backed by AAA and AA+ rated Government, Semi (State) Government and Supranational agencies.
- The Fund Objective is to out-perform the Bloomberg Australian Government Bond Index through active management in a sound risk-managed framework and usually holds around 20 bond securities of varying maturities.
AFM Fund Review - May 2016 (pdf format)
Bennelong Kardinia Absolute Return Fund
13 Jun 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 1.60% for the month of May.
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13 Jun 2016 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Aristocrat Leisure, TPG Telecom, Pilbara Minerals and CSL all made significant positive contributions whilst Share Price Index Futures contracts (hedging long positions), BHP Billiton and BWX were the largest detractors from performance. Net equity market exposure (including derivatives) remained fairly stable at 32.1% (52.1% long and 20.0% short). Click below to read the latest Fund Report. |
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Fund Review: Meme Australian Share Fund May 2016
13 Jun 2016 - Australian Fund Monitors
May Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.
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13 Jun 2016 - Fund Review: Meme Australian Share Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
Meme Australian Share Fund
Attached is our most recently updated Fund Review on the Meme Australian Share Fund.
We would like to highlight the following aspects of the Fund;
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The Meme Capital Management is a Perth-based boutique Fund Manager, established in 2012 and manages the Meme Australian Share Fund.
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The Fund specializes in technical and quantitative strategies to identify investment opportunities expected to provide both positive price appreciation and relative price out-performance over the medium to long term.
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The Fund's objective is to outperform the S&P/ASX All Ordinaries Accumulation Index over rolling three-year periods, through investing in ASX listed securities outside the S&P/ASX 20. The Fund only takes long positions and does not use derivatives.
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Since inception the Fund has an annualised return of 20.48% p.a., versus the Index's return of 8.81% p.a.
AFM Fund Review - May 2016 (pdf format)
Bennelong Long Short Equity Fund
10 Jun 2016 - Australian Fund Monitors
Bennelong Long Short Equity Fund rose 7.58%, outperforming the ASX 200 Accumulation Index by 4.49%.
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10 Jun 2016 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors. |
| Manager Comments | Company fundamentals dictated the strong Fund return. Specific pairs that contributed to performance included: 1) long Aristocrat / short Tabcorp, with Aristocrat rallying 29% following a strong trading update and outlook as it continues to gain market share from competitors in Australia and the US; 2) long Macquarie / short IOOF, with Macquarie reporting a solid FY16 profit while IOOF lowered its earnings guidance; and 3) long Qantas / short Flight Centre where Flight Centre guided profit lower. Click below to read the Fund Manager's commentary and market outlook. |
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The Paragon Fund
9 Jun 2016 - Australian Fund Monitors
The Paragon Fund rose 7.0% after fees for the month of May 2016.
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9 Jun 2016 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Key positive contributors for May included longs in the lithium holdings, as well as Mayne Pharma, Smartgroup and Yowie. This was offset by the short positions in a rising market. At the end of the month, the Fund had 31 long positions and 13 short positions. Click below to read the latest monthly report. |
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Optimal Australia Absolute Trust
9 Jun 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust rose 2.29% in May, against the ASX200 Accumulation Index's 3.09%.
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9 Jun 2016 - Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Fund maintained a net short market exposure for the month of May, averaging 16% of NAV and therefore enjoying no benefit from the market. However, the Fund's stock selection worked well and the long positions made a net contribution of over 4%, with some solid gains in their high-conviction positions in alternative energy, food, media, and banks. Click below to read the latest Fund monthly report. |
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Cyan C3G Fund
8 Jun 2016 - Australian Fund Monitors
Cyan C3G Fund rose 5.7% in May 2016, outperforming the ASX 200 Accumulation Index which returned +3.09%, by 2.61%.
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8 Jun 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 | The majority of companies in the Fund delivered positive performances, the most notable contributors included Afterpay +50%, BlueSky +14%, Abundant Produce +33%, OPUS Group +17% and Primary Opinion +24%. Animoca Brands -12% and Speedcast -13% were the largest negative contributors for the month. Presently, the Fund has a growth focus with an average forward PE of ~18x. The Fund currently holds 28 individual stocks with the largest holding not exceeding 7% of the total value. At the end of May, the Fund held in excess of 25% in cash. Click below to read the latest Fund Manager's Report. |
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Jamieson Coote Bonds Active Fund
8 Jun 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 1.19% for the month of May 2016.
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8 Jun 2016 - Jamieson Coote Bonds Active Fund
By: Australian Fund Monitors
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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | The Fund maintained some steepening exposure in the 3yr and 5yr area vs 10yr part of the curve as the Fund Managers believed that the RBA would cut rates, which proved correct. The Fund managed added duration immediately on the announcement and as such produced index returns running only 79% of the index duration risk (delta) through this major market move. Since then the Fund has lightened their duration exposures. The curve flattened late in the month causing small decay vs index into month end (-0.17% net). Spread positions remained very short dated in AAA names only. Click below to read the Fund Manager's market outlook. |
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