NEWS
Alpha Beta Asian Fund
22 Aug 2014 - Australian Fund Monitors
Alpha Beta Asian Fund returned 1.02% during July and 10.61% for the previous 12 months with a volatility of 4.18%.
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22 Aug 2014 - Alpha Beta Asian Fund
By: Australian Fund Monitors
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| Fund Overview | The investment objective of the Fund is to produce positive annual returns without excessive risk. This is achieved through the use of a quantitative approach to invest both long and short in large cap companies listed on Asian stock exchanges. The Fund may also use index futures to manage risk. Stock prices and company fundamental data are decomposed into directional and mean reverting components. Each of Alpha Beta's models are based on either of these known behaviours with capital management built into each model. The benefit of a quantitative approach is that it is both repeatable and unemotional, and allows a different source of returns to be extracted from a very noisy market environment. |
| Manager Comments | Since inception, the low correlation (0.15) to MSCI Asia Pacific (MXAP) and low beta (+0.09) confirms the market neutral nature of ABAF with a Sharpe Ratio of 1.4. The Manager's report is on the AFM website under the Fund's profile. |
| More Information | » View detailed profile of this fund |
Fund Review: Insync Global Titans Fund July 2014
22 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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22 Aug 2014 - Fund Review: Insync Global Titans Fund July 2014
By: Australian Fund Monitors
Insync Global Titans Fund July 2014 (pdf format)
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
We would like to highlight the following:
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The Fund has performed slightly ahead of the ASX over longer time frames. Since inception (Oct '09) the Fund has returned an annualised return of 9.50% against 8.14% for the ASX 200 Acc. The fund performed well from June '11 to June '12 and then lagged slightly for some months due to the market's preference for more cyclical stocks. Since October '12 performance has been below the domestic and global indices.
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In line with the Fund's emphasis on capital protection, the largest single month decline of 3.23% and largest drawdown of 4.39% as compared to 7.51% and 15.13% respectively for the ASX. This emphasis is also reflected in the low annualised standard deviation of 8.34% versus 11.83% for the ASX. The emphasis on capital preservation is seen in the Fund's stability over the period and March to June 2010 and April - Sept 2011 .
- The Global Titans Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research Manager
Australian Fund Monitors
Insync Global Titans Fund July 2014 (pdf format)
Fund Review: Optimal Australia Absolute Trust July 2014
21 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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21 Aug 2014 - Fund Review: Optimal Australia Absolute Trust July 2014
By: Australian Fund Monitors
Optimal Australia Absolute Trust - July 2014 (pdf format)
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
We would like to highlight the following:
- 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.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research and Database Manager
Australian Fund Monitors
Optimal Australia Absolute Trust - July 2014 (pdf format)
Morphic Global Opportunities Fund
20 Aug 2014 - Australian Fund Monitors
Morphic Global Opportunities Fund returned -0.73% during July and 11.34% over the prior 12 months with a standard deviation of 8.64%.
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20 Aug 2014 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The Sharpe ratio is 2.23 and the Up and Down capture ratios 0.54 and -1.08 since inception. The Fund remains of the view we are still within a bull market - money is cheap, earnings continue to improve and the global economy still has plenty of growth capacity left. As such the Manager is fully invested. While it will continue to monitor market developments, particularly in credit markets, it will likely use any further market falls to increase exposure to companies that offer good upside potential. The currency is unhedged. |
| More Information | » View detailed profile of this fund |
Totus Alpha Fund
19 Aug 2014 - Australian Fund Monitors
Totus Alpha Fund returned 3.55% during July with an annual return of 37.86% and a volatility of 15.62%.
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19 Aug 2014 - 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 | The Up and Down Capture ratios were 1.44 and -0.5 respectively and the Sharpe ratio 2.00 over the previous twelve months. The Fund's performance has been impacted by the re-emergence of private equity and corporate interest in a number of under-performing businesses (of the type we generally look to short) as well as a general rotation out of many quality businesses that had performed well for us into "laggards" such as gold mining shares and domestics cyclicals which we have tended to avoid (or short). Top contributors to performance in July were long our positions in Healthscope +2.53% (ageing population), Intueri Education +0.79% (scarce growth) and Flight Centre +0.76% (scarce growth). |
| More Information | » View detailed profile of this fund |
Fund Review: Bennelong Kardinia Absolute Return Fund July 2014
19 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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19 Aug 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2014
By: Australian Fund Monitors
Bennelong Kardinia Fund Review July (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an eight year track record.
Bennelong's Kardinia Long-Short equity fund returned -0.66% in June 2014, taking returns for the year to 7.28% (ASX 200 Accum 17.43%). Annualised returns since inception are 13.24% as compared to the Index at 4.23% and with a lower volatility of 7.65% pa as compared to 14.33% pa. Fund exposures at month-end were 57.0% long and 19.4% short with a net exposure of 37.6%, up from the previous month.
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 the Bennelong Group provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research Manager
Bennelong Kardinia Fund Review July (pdf format)
Forager Australian Shares Fund
18 Aug 2014 - Australian Fund Monitors
Forager Australian Shares Fund recorded an out-performance of the Index 2.30% (Fund 6.70%) during July and returned 13.73% for the previous 12 months.
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18 Aug 2014 - Forager Australian Shares Fund
By: Australian Fund Monitors
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| Manager Comments | Since inception (October 2009) the Fund has out-performed the ASX 200 Accum index with a return of 13.98% (Index 8.77%) with Sharpe and Sortino ratios of 0.78 and 1.34 above that of the Index. While positive contributors included portfolio mainstays GBST, Hansen and RNY Property Trust, the most significant contribution came from a new addition to the portfolio �" civil and mining company Brierty. Those gains were partly offset by declines in Infigen Energy and Hughes Drilling. There is now approximately 17% of the fund invested in a collection of businesses either directly or partially exposed to mining services. The sector remains under intense pressure, and a couple of these investments have been a significant drag on performance over the past 12 months. The Fund's monthly report is available on the AFM website under the Fund's profile. |
| More Information | » View detailed profile of this fund |
Fund Review: Microequities Deep Value Microcap Fund July 2014
18 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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18 Aug 2014 - Fund Review: Microequities Deep Value Microcap Fund July 2014
By: Australian Fund Monitors
Microequities Deep Value Microcap Fund Review July (pdf format)
MICROEQUITIES DEEP VALUE FUND
Attached is our most recently updated Fund Review on the Microequities Deep Value Fund.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
We would like to highlight the following aspects of the Fund:
- The Microequities Deep Value Fund has a 5 year track record investing in ASX listed equities. The Fund is a fundamental, research-driven Fund investing in equities with a market cap below $250m. The Fund uses a value philosophy based on the view that microcaps are often under-researched and under-valued.CIO Carlos Gil has over 15 years financial market experience across a broad range of equities.
- The Fund does not short, use derivatives or borrow i.e., it is long only and is concentrated; usually with 15 to 20 companies across industrial sectors.
- Resource stocks are avoided.
If you have any questions in relation to the Fund Review or the CPD points, please do not hesitate to contact us.
Sean Webster
Research and Database Manager
Australian Fund Monitors
Microequities Deep Value Microcap Fund Review July (pdf format)
Optimal Australia Absolute Trust
15 Aug 2014 - Australian Fund Monitors
Optimal Australia Absolute Trust returned 1.03% during July and 6.37% for the previous twelve months with a standard deviation of 1.69%.
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15 Aug 2014 - 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 Sharpe and Sortino ratios were 2.22 and 4.98 respectively as compared to 1.61 and 3.27 for the ASX 200 Accumulation Index respectively. The low volatility nature of the Fund is indicated by the Up and Down Capture ratios of 0.24 and -0.12 respectively. The Fund has also achieved 85% positive months since inception in September 2008. The Trust's performance in July featured very strong returns from stock selection, although the Fund's net short exposure to a sharply rising market held back overall returns. At a stock level, the Fund's long positions performed strongly, with positive attribution of +3.4%, on long market exposure averaging 54% of NAV, or around double the overall market's gain on an equivalent exposure basis. This more than offset the cost of insuring our portfolio against downside risk. |
| More Information | » View detailed profile of this fund |
The Paragon Fund
14 Aug 2014 - Australian Fund Monitors
The Paragon Fund recorded a return of 12.50% during July (Index 4.40%) with an annual return of 43.65% (Index 16.54%).
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14 Aug 2014 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon accepts that markets are not always efficient in pricing information into securities and that no one investment style works in every stage of the investment cycle. Subsequently Paragon adopts a top down thematic led approach to identify companies exhibiting sustainable or improving returns on capital driven by volume growth, pricing power and competitive advantages. Paragon utilises both quantitative analysis to provide probability weighted high/low/base case valuations and qualitative analysis in assessing management, the business model and likely direction of returns. Paragon will allocate assets to each investment opportunity based on a risk/reward profile. Positions have defined investment parameters and risk limits, which are then monitored on an ongoing basis. |
| Manager Comments | Volatility was 13.36% as compared to the Index at 8.23%. The Sortino ratio was 7.97 (Index 3.27) with the Up and Down Capture ratios 1.47 and -1.16. Key drivers of the Paragon Fund performance for July included strong returns from our resource investments in Liquefied Natural Gas, Triton Minerals, Orocobre Ltd and OZ Minerals. Industrial firms Crown Resorts and G8 Education also had strong months. At the end of June the fund had 25 long positions and 4 short positions. |
| More Information | » View detailed profile of this fund |
