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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.
Fund Review: Optimal Australia Absolute Trust July 2015Signature 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.
Meme Australian Share Fund
25 Aug 2015 - Australian Fund Monitors
In July, the Meme Australian Share Fund returned 5.56%, outperforming the ASX200 Accumulation Index (4.40%) by 1.16%.
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25 Aug 2015 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | Number of new investment opportunities arose in July, allowing the Fund to reallocate the cash previously generated, such that the fund is fully invested at month end. Almost all of this new investment is in stocks which lie outside the ASX200. The largest sector increases in the fund were in the Consumer Discretionary, Consumer Staples and Information Technology sectors. The Fund's rolling 3 month (May to July 2015) return was +2.07% compared to the markets' -0.82%. Click below to read the latest Fund Manager's commentary on the Fund. |
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Pengana Absolute Return Asia Pacific Fund
24 Aug 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific finished -0.8% for the month of July, compared to the HFR Event Driven Index which closed -1.7%.
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24 Aug 2015 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The deleveraging in China had a significant impact on the onshore equity markets which resulted in contagion into the region requiring state backed intervention in China to support prices. The Fund navigated the volatility by increasing short exposure to hedge their M&A positions exposed to China risk. The Fund ended the month with average net and gross exposure of 11% and 205% respectively. It was the Stubs and Index Futures strategies that contributed positively. However, the Capital Management Corp. and M&A strategies were the largest detractors. The country exposure as percentage (%) of NAV was most in Japan (60.8%), followed by Hong Kong/China (35.3%). Click below to read the complete Fund Manager's Report. |
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QATO Capital Market Neutral Long/Short Fund
21 Aug 2015 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund decreased 2.26% in July. The Fund's performance of 30.20%, over the latest 12 months has been strong.
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21 Aug 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 July, the Fund's benchmark, S&P/ASX-100 bounced back after a weak month in June, predominately driven by a strong beta rally in lower quality/higher beta companies. This proved challenging for the Fund's investment style, in particular the Fund's short positions. The long book however performed strongly as the Q-Score process selected a number of large outperformers to the S&P/ASX-100 Index. Click below to read the latest Fund Manager's commentary. |
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Fund Review: Bennelong Long Short Equity Fund July 2015
21 Aug 2015 - Australian Fund Monitors
Fund Review available for Bennelong Long Short Equity Fund which has over 13 years track record and annualised returns of 17.97%.
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21 Aug 2015 - Fund Review: Bennelong Long Short Equity Fund July 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 17.97%.
- 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 1.08 (Index 0.34) and 1.85 (Index 0.38) respectively.
For further details on the Fund, please do not hesitate to contact us.
Aurora Fortitude Absolute Return Fund
20 Aug 2015 - Australian Fund Monitors
The Aurora Fortitude Absolute Return Fund returned +0.50% for the month of July 2015.
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20 Aug 2015 - Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | It was the Yield (+0.27%), Convergence (+0.14%)and Long/Short (+0.11%) trading strategies that provided biggest positive contribution to the portfolio. The Options strategy (-0.07%) initially benefited from continued volatility across miners and banks. Volatility fell dramatically in the second half of the month with the Australian VIX falling -27% to 14.5 by the end of the month. This was an attractive level and the Fund added to volatility positions and increased exposure to this strategy at month end. Click below to read more on the Fund's performance. |
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Fund Review: Morphic Global Opportunities Fund July 2015
19 Aug 2015 - Australian Fund Monitors
Read the July Fund Review for Morphic Global Opportunities Fund.
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19 Aug 2015 - Fund Review: Morphic Global Opportunities Fund July 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.
Optimal Australia Absolute Trust
19 Aug 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust reported a net return of +0.31 in July.
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19 Aug 2015 - 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's long positions rose broadly in-line with the market - key performers included a number of financials (AMP, NAB, SUN and WFD) and general industrial. However the short positions were the largest detractors in such a strong market, which proved expensive as a means of heding portfolio risk. The Fund gross exposure was 121.1% and net exposure 2.1%. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
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