NEWS
![](https://www.fundmonitors.com/upload/Image/29532.png)
7 Apr 2020 - Performance Report: Australian Eagle Trust Long-Short Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | |
Manager Comments | The Fund returned -16.24% against the Index's -20.65% in March. The portfolio's largest positive contributions came from long positions in ASX Ltd, Fortescue Metals and Resmed Inc. Key detractors included long positions in Japara Healthcare, QBE Insurance Group Ltd, and a short position in Cimic Group. The Fund had 31 long positions and 24 short positions with largest exposure to medical devices & services and technology stocks. At month-end, the portfolio had relatively less exposure to banking and materials stocks. Australian Eagle noted they remain focused on taking long-term positions in high quality growth companies with strong balance sheets that will be able to take advantage of weaker competitors once this downturn passes. Consequently, outside of minor trades to take advantage of large falls in certain stock prices during the month, they do not intend to trade excessively during this volatile time nor change the net exposure, but allow the strong individual company attributes to produce the Fund's results. |
More Information |
![](https://www.fundmonitors.com/upload/Image/20685.png)
6 Apr 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 37 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls. |
Manager Comments | Gyrostat are focused on ensuring the Fund is highly defensive, protecting wealth whilst delivering regular income. The Fund has operated for 37 consecutive quarters with a 'hard' pre-defined risk parameter always in place (no more than 3% of capital at risk with a maximum drawdown of -2.2% in any quarter). Gyrostat have expanded the international assets within the Fund to include S&P500, Nasdaq, FANGS, Nikkei, Hand Send, MSCI China, MSCI Developed and developing markets, allowing Gyrostat to offer a broader range of non-correlated assets with significant scale potential. |
More Information |
![](https://www.fundmonitors.com/upload/Image/21358.jpg)
3 Apr 2020 - Hedge Clippings | 03 April 2020
|
||||
If you'd like to receive Hedge Clippings direct to your inbox each Friday
|
![](https://www.fundmonitors.com/upload/Image/23872.png)
3 Apr 2020 - How bad will the COVID-19 recession be?
![](https://www.fundmonitors.com/upload/Image/20685.png)
3 Apr 2020 - Presentation - Gyrostat Absolute Return Income Equity Fund
![](https://www.fundmonitors.com/upload/Image/23872.png)
3 Apr 2020 - Love in the Time of COVID-19
![](https://www.fundmonitors.com/upload/Image/23074.png)
3 Apr 2020 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2020
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.
- 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 8.98% p.a. with a volatility of 7.12%, compared to the ASX200 Accumulation's return of 6.02% p.a. with a volatility of 13.22%.
- 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.
![](img/icons/pdf.gif)
![](https://www.fundmonitors.com/upload/Image/24051.png)
2 Apr 2020 - Performance Report: Surrey Australian Equities Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | The Investment Manager follows a defined investment process which is underpinned by detailed bottom up fundamental analysis, overlayed with sectoral and macroeconomic research. This is combined with an extensive company visitation program where we endeavour to meet with company management and with other stakeholders such as suppliers, customers and industry bodies to improve our information set. Surrey Asset Management defines its investment process as Qualitative, Quantitative and Value Latencies (QQV). In essence, the Investment Manager thoroughly researches an investment's qualitative and quantitative characteristics in an attempt to find value latencies not yet reflected in the share price and then clearly defines a roadmap to realisation of those latencies. Developing this roadmap is a key step in the investment process. By articulating a clear pathway as to how and when an investment can realise what the Investment Manager sees as latent value, defines the investment proposition and lessens the impact of cognitive dissonance. This is undertaken with a philosophical underpinning of fact-based investing, transparency, authenticity and accountability. |
Manager Comments | They believe the hysterical reaction to the virus has created share price dislocations which they have used to buy what they believe to be strong companies at very attractive valuations. These investments are not directly exposed to COVID-19 either on the supply or demand side. The fund's top holdings at the end of February included Centuria Capital Group (CNI), Fisher & Paykel Healthcare (FPH), IMF Group (IMF), Imricor Medical Systems (IMR) and Xero Limited (XRO). The fund doesn't hold any travel business or have any significant exposure to companies directly focused on the Chinese consumer market. |
More Information |
![](https://www.fundmonitors.com/upload/Image/29043.jpg)
1 Apr 2020 - Performance Report: Ark Global Fund - Class B AUD Unhedged
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | The investment objective of the Fund is to achieve long-term capital appreciation with low correlation to global equity markets through investment in the Underlying Fund. Fund One is a global macro fund that utilises quantitative research including machine learning techniques and fully automated trading algorithms which will aim to generate positive uncorrelated returns relative to any significant equity benchmark. The traded instruments are either major FX pairs or the most liquid exchange traded stock index, bond, and commodity futures across North America, Europe and Asia Pacific. The algorithm backtests over 10 years of tick data and in order to do so effectively requires machine learning to filter noise and identify meaningful signals, which results in statistically significant prediction of price movements. In production this processing is done in real time and the portfolio reacts to asset movements by rebalancing automatically to the desired risk exposure through the market impact optimised execution logic. Risk management layers built into the algorithm have been developed using the experience the team has gained from their decades in highly liquid fast-moving markets in the proprietary High Frequency Trading world. This allows the system to trade autonomously but safely to all trading opportunities and potential system issues, and to alert the team to any behaviour outside of strictly controlled bounds. The Fund is a 'feeder fund' which indirectly gains exposure to the underlying assets by investing all or substantially all of its assets in the Underlying Fund. The Fund may retain a certain amount of cash from the investment in the Fund for the purpose of payment of costs, fees, hedging and expenses. |
Manager Comments | The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 2.11 versus the Index's 1.67, down-capture ratio of -46.73% (indicating that, on average, the Fund has risen during the months the market has fallen), and maximum drawdown of -5.24% versus the Index's -10.57%. The best performing assets for the month were: Swiss Market Index future (+6.68% of NAV), Canada TSX 60 future (+3.36% of NAV), and FTSE100 future (+1.80% of NAV). The worst performing assets for the month were: Topix future (-4.60% of NAV), Gold future (-7.97% of NAV), and Euro Stoxx 50 future (-8.45% of NAV). |
More Information |
![](https://www.fundmonitors.com/upload/Image/17624.jpg)
31 Mar 2020 - Performance Report: Harvest Lane Asset Management Absolute Return Fund
Report Date | |
Manager | |
Fund Name | |
Strategy | |
Latest Return Date | |
Latest Return | |
Latest 6 Months | |
Latest 12 Months | |
Latest 24 Months (pa) | |
Annualised Since Inception | |
Inception Date | |
FUM (millions) | |
Fund Overview | Harvest Lane Asset Management employs a conservative, highly selective and opportunistic approach. Using their extensive knowledge in the area of corporate actions, the Fund's managers assess each opportunity based on a thoughtful, diligent and disciplined process and invest where they believe an opportunity exists to generate above average investment returns relative to the risk incurred. Investment decisions are made without speculating on market direction, with rigid risk controls enforced to minimise the risk of large losses of investor capital. The Fund invests in securities that are predominantly listed on the ASX and occasionally in those listed in other developed markets. Equity swaps and other derivatives may be used at times to reduce risk. The fund typically holds high levels of cash in the absence of sufficiently attractive opportunities to deploy investor capital in accordance with its objectives. |
Manager Comments | The Fund's capacity to significantly outperform in falling markets is highlighted by the following statistics (since inception): Sortino ratio of 1.39 versus the Index's 0.96, down-capture ratio of -23.56% (indicating that, on average, the Fund has risen during the months the market has fallen), largest drawdown of -6.46% versus the Index's -13.73%, and an average negative monthly return of -1.37% versus the Index's -2.55%. Harvest Lane noted they saw a reversal in February of the tightening in deal spreads they had observed over the past 12 months as investors shifted their focus from risk-adjusted returns to outright capital preservation. They have minimised the Fund's exposure to a number of deals which are as yet non-binding. The non-binding nature presents inherent risk to the transaction completing and are typically the first transactions to see widening spreads given the lack of a legal framework compelling the bidder to complete the offer. At the time of writing their February 2020 report, close to 60% of the portfolio's assets were invested in companies subject to binding transactions with a further 21% in cash and cash equivalents. Harvest Lane remain vigilant and continue to act with capital preservation at the forefront of their decision making process, particularly in the current market conditions. |
More Information |