NEWS
Freehold Absolute Return Fund
1 Sep 2015 - Australian Fund Monitors
Freehold Absolute Return Fund delivered a positive 1.45% return for the month of July.
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1 Sep 2015 - Freehold Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's research use detailed analysis of the underlying assets integrated with financial analysis to determine a sustainable yield and fundamental DCF valuation for the security. Also the Fund believes in having a strong risk control framework. The Fund will also use trading strategies via rebalancing of core portfolio positions as well as taking advantage of shorter duration inefficiencies in markets caused by an imbalance in demand and supply for global REIT and Infrastructure securities. The Fund focuses on generating absolute returns after fees of 12 to 15% pa over the medium to long term. The long-short nature of the Fund combined with Freehold's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Freehold is focused on providing investment opportunities primarily within core, value-add, opportunistic and development sectors of direct property and across listed and unlisted real estate and infrastructure securities. |
| Manager Comments | The portfolio's positive contributors in July were Westfield Group, Sydney Airport and Macquarie Atlas. Negative Contributors were Bunnings Warehouse, Asciano and Aurizon. Over June and July the AREIT market returned +1.3% whilst the broader equities market declined 1.1%. The Fund returned +3.3% over the same period with considerably lower volatility. Click below to view the latest Fund & Market commentary. |
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Avenir Value Fund
31 Aug 2015 - Australian Fund Monitors
Avenir Value Fund rose 3.3% for the month of July, to bring the Fund's annualised performance since inception to 15.19% p.a.
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31 Aug 2015 - Avenir Value Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in securities where Avenir believes the company is simply mis-priced and deeply undervalued and offers significant potential for revaluation. The Fund will also invest in companies that are subject to specific corporate events such as mergers, acquisitions, restructurings, recapitalisations, spin-offs, demergers, management change, distressed situations, and other sharply delineated corporate events. The Fund will also selectively invest in short positions in companies where Avenir believes the company is significantly overvalued or where the company's business model is broken or structurally challenged. |
| Manager Comments | At month-end, the Fund's geographical exposure was 54.4% in US, 13.9% in Asia, 10.6% in Western Europe, 3.9% in other and rest 17.2% as cash. The portfolio concentration in the top 10 holdings were 61% of NAV. Click below to view the July 2015 Fund Report. |
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Totus Alpha Fund
31 Aug 2015 - Australian Fund Monitors
Totus Alpha Fund was up 12.2% net of fees in July, being the Fund's best monthly performance since 2013.
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31 Aug 2015 - Totus Alpha Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | At the end of July, the Fund had a net exposure of 37.5% and a gross exposure of 261.0%. The Fund was diversified across a number investment themes and geographies with 114 positions (53 long and 61 short).No single position contributed more than 1% to the July performance. Top contributors in July were their short positions in LNG +0.95% (promoter) and Newcrest +0.72% (Gold). A long position in CSL added +0.64% (USD Beneficiary). The biggest detractors were the short positions in S&P Futures -0.65%, G8 Education -0.27% (Promoter) and Nanosonics -0.24% (Earnings Risk). Click below to read the latest Fund's Monthly Report. |
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Supervised High Yield Fund
28 Aug 2015 - Australian Fund Monitors
Supervised High Yield Fund rose 0.47% in July, to bring annualised performance since inception to 10.06% p.a.
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28 Aug 2015 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | More than half of the portfolio's composition as a percentage (%) of NAV was invested in Residential Mortgage-Backed Securities (RMBS) 66.29%. The rest of the portfolio composition was in the US Corporate Loans at 22.06%, Cash at 7.45% and AUD Corporate Loans at 4.20%. Click below to view the latest Fund Manager Report. |
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Laminar Credit Opportunities Fund
28 Aug 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund returned 0.48% over the month of July, delivered 7.58% over the past 12 months.
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28 Aug 2015 - Laminar 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 | Despite the volatility, the Fund produced a positive monthly return. This was helped by the Fund having a low weighted average credit duration (1.87 years as at July 31)/ The Fund Manager expects this low credit duration should help avoid significant volatility going forward, which could seen when the US Federal Reserve raise rates. In July, majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 69% and Short-dated loans at 19%. Click on the link below to read the latest Fund Manager's Report. |
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Fund Review: Aurora Fortitude Absolute Return Fund July 2015
27 Aug 2015 - Australian Fund Monitors
Latest fund review now available on the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database.
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27 Aug 2015 - Fund Review: Aurora Fortitude Absolute Return Fund July 2015
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
We would like to highlight the following aspects of the Fund;
- The Aurora Fortitude Absolute Return Fund (AFARF) has a 10 year track record investing in ASX listed equities. A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.CIO John Corr has over 20 years financial market experience with a strong focus on risk.
- Significant use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation. Risk statistics are impressive and shows the Funds risk philosophy; over 85% of monthly performances have been positive with no losing months in 2008, the Fund's largest drawdown is -2.09% and the Sharpe ratio 1.07.
- ASX listed Aurora Funds Limited was established on the merger of three existing fund management businesses, managing approx. $230m on behalf of more than 2,500 retail and wholesale investors.
Aurora Fortitude Absolute Return Fund Review June 2015APN Asian REIT Fund
27 Aug 2015 - Australian Fund Monitors
APN Asian REIT Fund rose 2.13% for the month July 2015.
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27 Aug 2015 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | 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 is likely to be dynamic as 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 focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. 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. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
| Manager Comments | The Fund under-performed the Bloomberg Asian REIT Index (Index) by 0.03%. Over the month, the top detractor contributing to the Fund's under-performance was their underweight position on Link REIT, which is the biggest constituent of the Index.The Fund had over 37% invested in the Retail REITs section and over 37% in Japan, geographically. Click below to read the latest Fund's July commentary. |
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Fund Review: Optimal Australia Absolute Trust July 2015
26 Aug 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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26 Aug 2015 - Fund Review: Optimal Australia Absolute Trust July 2015
By: Australian Fund Monitors
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.
- The Fund's approach to risk is shown by the Sharpe ratio of 1.38 (Index 0.24), Sortino ratio of 3.04 (Index 0.23), 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.
Signature Quantitative Fund
26 Aug 2015 - Australian Fund Monitors
Signature Quantitative Fund returned 0.60% for the month of July to bring annual performance since inception to 8.40% p.a.
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26 Aug 2015 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | The Fund began trading the Dividend Arbitrage Strategy for the earnings / dividend season, which had a positive contribution. Capital Raisings strategy continued its out-performance. However the Alpha Capture strategy under-performed in a month of macro news and events dominating fundamental news flow. The portfolio had 15.3% net exposure of NAV in the Financials sector and 14.9% in Consumer Discretionary sector. Click the link below to view the latest Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund July 2015
25 Aug 2015 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over nine years of positive track record.
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25 Aug 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2015
By: Australian Fund Monitors
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 an nine year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in April 2006 and also has significantly lower risk KPI's. The Fund has an annualised return of 12.84% p.a. with a volatility of 7.29%, compared to the ASX200 Accumulation's return of 5.37% p.a. with 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.
