NEWS
Fund Review: Bennelong Long Short Equity Fund June 2015
23 Jul 2015 - Australian Fund Monitors
Fund Review available for Bennelong Long Short Equity Fund which has over twelve year track record and annualised returns of 17.35%.
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23 Jul 2015 - Fund Review: Bennelong Long Short Equity Fund June 2015
By: Australian Fund Monitors
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with over twelve year track record and annualised returns of 17.35%.
- The consistent returns across the investment history indicates the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 1.05 (Index 0.32) and 1.76 (Index 0.35) respectively.
For further details on the Fund, please do not hesitate to contact us.
Signature Quantitative Fund
22 Jul 2015 - Australian Fund Monitors
Since inception in January 2014, Signature Quantitative Fund has an annualised return of 8.45% p.a, compared to the ASX200 Accumulation Index 5.84% p.a.
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22 Jul 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 Australian market suffered a large drawdown in June (-5.30%), and the net exposure of SQF also under-performed. The Tax Year End Effect did not work in May and June which was consistent with the poor performance of the momentum factor in Australia over the last 4 months. Capital Raisings outperformed and Alpha Capture under-performed slightly. Click the link below to view the latest Monthly Report. |
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Fund Review: Morphic Global Opportunities Fund June 2015
21 Jul 2015 - Australian Fund Monitors
Read the latest Fund Review for Morphic Global Opportunities Fund.
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21 Jul 2015 - Fund Review: Morphic Global Opportunities Fund June 2015
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
Key points include:
- The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
- Morphic's philosophy is that only funds with flexible investment and hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
- The Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
- The Board has a majority of independent members with significant risk and investment experience.
For further details on the Fund, please do not hesitate to contact us.
Totus Alpha Fund
21 Jul 2015 - Australian Fund Monitors
Totus Alpha Fund reported a strong 6.30% net of fees return in June, in a weak Australian equity market with ASX200 Total Return down 5.30%.
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21 Jul 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 June, the fund had a net exposure of 13.90% and a gross exposure of 296.10%. The fund was diversified across a number investment themes and geographies with 113 positions (59 long and 54 short).Top contributors in June were the short position in Slater and Gordon +1.41% (Earnings Risk), long positions in Smartgroup +1.07% (Scarce Growth) and Adairs +0.65% (Scarce Growth). The biggest detractors were the long positions in Flight Centre -0.59% (Scarce Growth), Domino's -0.32% (Scarce Growth) and the short position in Sandfire -0.57% (Commodities). Click below to read the latest Fund's Monthly Report. |
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Bennelong Kardinia Absolute Return Fund
20 Jul 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund fell 1.49% in June, to bring the Fund's annual performance since inception to 12.70% compared to the ASX200 Accumulation benchmark's 4.93%.
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20 Jul 2015 - 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 | The Fund's net equity market exposure (including derivatives) of the Fund was decreased to 39.1% (74.2% long and 35.1% short). A short position in Share Price Index Futures contracts (hedging longs), as well as long positions in Surfstitch and National Australia Bank were the major positive contributors. Long positions in Slater & Gordon, Transurban and Amcor were the largest detractors. Click below to read the June 2015 Fund Report. |
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QATO Capital Market Neutral Long/Short Fund
17 Jul 2015 - Australian Fund Monitors
In June, the QATO Capital Market Neutral Long/Short Fund outperformed the ASX200 Accumulation Index by 7.19%, returning +1.89% (Index -5.30%).
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17 Jul 2015 - 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 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. 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 | In June, the long book outperformed the market returning -3.88% for the month versus the Index's return of -5.30%. CBA was the third best S&P/ASX-100 position in June, being one of only four companies to finish positive for the month. The short book strongly outperformed in June. The Q-Score process selected the third and fifth worst S&P/ASX-100 positions for the month. Fortescue fell -19.39% for the month and Metcash fell -18.88%. Click below to read rest of the Fund Manager's latest commentary. |
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Morphic Global Opportunities Fund
16 Jul 2015 - Australian Fund Monitors
Morphic Global Opportunities Fund fell 2.44% in June as its benchmark (MSCI AC World Total Return in Australian Dollars) fell 2.75%, resulting in out-performance of 0.31%.
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16 Jul 2015 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The biggest contribution to performance was from the US Banking and US Healthcare with Bank of Internet and HCA Holdings. The other large contributor came from Japan with Open House. The main detractors from the month's performance was mainly due to China. The Fund had over 50% of their equity exposure in North American and over 35.0% in the Financial Sector. The Fund closed June fully invested, though with some hedges. Click below to read the Fund Manager's monthly report and their June outlook of the market. |
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Fund Review: Optimal Australia Absolute Trust June 2015
16 Jul 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund. For the June quarter, the Trust
returned a net +2.9%, against a 6.5% fall in the market
returned a net +2.9%, against a 6.5% fall in the market
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16 Jul 2015 - Fund Review: Optimal Australia Absolute Trust June 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 1.46 (Index 0.26), Sortino ratio of 3.16 (Index 0.18), 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.
Bennelong Long Short Equity Fund
15 Jul 2015 - Australian Fund Monitors
The Bennelong Long Short Equity Fund performed strongly in June with a return of +4.86%, it's best
monthly result since May 2013.
monthly result since May 2013.
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15 Jul 2015 - 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. |
| Manager Comments | Performance was broad-based with 20 pairs generating a profit versus 10 negative pairs. Short positions were key to performance during the month with each of the top three pairs driven by the short side. Two specific names thatworked well on the short side were Nine Entertainment Co (-27.9%) and Flight Centre (-26.7%) as both companies issued material profit warnings during the month. Click below to read the Fund Manager's complete commentary and future market outlook. |
| More Information |
Fund Review: Monash Absolute Investment Fund June 2015
14 Jul 2015 - Australian Fund Monitors
Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.
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14 Jul 2015 - Fund Review: Monash Absolute Investment Fund June 2015
By: Australian Fund Monitors
Monash Absolute Investment Fund Review June 2015 (pdf format)
MONASH ABSOLUTE INVESTMENT FUND
We would like to highlight the following aspects of the Fund:
- The Fund is a research driven, active equity long/short strategy investing in listed ASX companies.
- The Fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk.
If you have any questions in relation to the Fund Review, please do not hesitate to contact us.
Monash Absolute Investment Fund Review June 2015 (pdf format)
