NEWS
Pengana Australian Equities Fund
27 May 2014 - Australian Fund Monitors
Pengana Australian Equities Fund the Fund had a sound month, given market rotation and volatility, returning 1.24% with a 12 month performance of 4.46%.
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27 May 2014 - Pengana Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | As at 30th April 2014, cash (including notes and preference shares) represented 23% of the Fund. The top five holdings by value were: DUET Group, ANZ Bank, Telstra, Resmed and Tatts Group. In addition, the Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed, Fox Group, CSL, Crown Resorts, NZ based companies and US dollar exposure) stood at 24%. |
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Auscap Long Short Australian Equities Fund
27 May 2014 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund returned 0.29% in a volatile month, with annual performance 44.01% to April 2014.
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27 May 2014 - Auscap Long Short Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average gross capital employed by the Fund was 123.9% long and 24.5% short. Average net exposure over the month was +99.4% and at the end of the month the Fund had 35 long positions and 7 short positions. The Fund Newsletter is entitled 'Australian Federal Government Budget 2014 ' Historical Indications As To The Potential Effect On Discretionary Spend' and is available on the AFM website under the Auscap profile. |
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Nanuk Global Alpha Fund
26 May 2014 - Australian Fund Monitors
Nanuk Global Alpha Fund returned -2.93% during April, in a volatile market for it's sectors, with annual performance 17.11%.
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26 May 2014 - Nanuk Global Alpha Fund
By: Australian Fund Monitors
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| Fund Overview | In 2013 Nanuk started to expand the focus of the fund away from just energy and include other industries related to the overarching theme of environmental sustainability, specifically water, waste, recycling, pollution control and agriculture. Nanuk is now investing across a universe in excess of 600 stocks and an aggregate market capitalisation over US$2 trillion. This was a logical move because, while the industries themselves are different, their characteristics and long term drivers are very similar. Nanuk has identified a large, diverse global universe of companies positively exposed to these shifts. Nanuk combines deep fundamental research into these companies with detailed analysis of technological development, policy direction and related economics within each of the relevant sectors to identify profitable trends and opportunities suitable for inclusion in the Fund. Nanuk's principal strategy is to invest, long and short, in securities that are mis-priced on an absolute or relative basis. The Fund aims to achieve long term capital appreciation while reducing volatility of returns and risk of capital loss through appropriate hedging and risk management strategies. |
| Manager Comments | The Monthly Report discusses performance noting that 'contributions from a number of long and short stock specific ideas were more than offset by losses incurred on positions across three significant thematic ideas represented in the portfolio, namely LED lighting component manufacturers, solar manufacturers and developers, and Chinese renewable energy generators. The Fund's exposures in these areas was increased following the meaningful price corrections experienced in March and early April and despite a short term rise these stocks fell sharply in the last week of the month. While we continue to maintain most of these positions in the portfolio due to their attractive valuation, position sizes have been reduced until we see clearer evidence that the market will respond positively to the developments we anticipate in these industries in coming months.' |
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Allard Investment Fund
26 May 2014 - Australian Fund Monitors
Allard Investment Fund returned 0.0% (0.8% MSCI Asia ex Japan $A) in April and 8.84% for the last year with a vol of 6.68%.
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26 May 2014 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | At the end of April the asset breakdown of the portfolio stood at 75.8% invested in equities and 24.2% held in cash and fixed income. In terms of geographic breakdown the largest holdings were HK/China 36.7%, Singapore 15.2% and Korea at 8.8%. In terms of sectors the largest holdings were Financials 17.1% , Conglomerates 13.9% and Telcos at 8.5%. |
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Fund Review: Bennelong Kardinia Absolute Return Fund April 2014
23 May 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for April 2014. The Fund is characterised by steady returns and very low risk. The Fund returned 0.87% during March and since inception (May 2006) the Fund has...
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23 May 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2014
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 eight year track record.
Bennelong's Kardinia Long/Short equity fund returned -0.63% in April 2014, taking returns for the year to 7.54% (ASX 200 Accum 13.46%). Annualised returns since inception are 13.58% as compared to the Index at 5.05% and with a lower volatility of 7.70% pa as compared to 14.46% pa. Fund exposures at month-end were 56% long and 20% Short with a net exposure of 36%, down 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
Fund Review: Bennelong Kardinia Absolute Return Fund April 2014Cor Capital Fund
23 May 2014 - Australian Fund Monitors
The Cor Capital Fund returned +0.51% for the month of April 2014. The total return since inception in August 2012 is 9.0 percent or 5.1 percent per annum.
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23 May 2014 - Cor Capital Fund
By: Australian Fund Monitors
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| Fund Overview | The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling. |
| Manager Comments | Manager commentary was that 'Of interest for April was the continuing strong performance of fixed interest securities with that part of the portfolio posting a 0.88% gain, its fifth consecutive positive month. Bonds have been out of favour with many investors for quite some time but they may very well out-perform equities for the first half of calendar 2014. Our bond allocation is maintained at approximately 25% and, in line with our active risk management process, we continue to top it up when equities surge. Should the tug of war between deflation and inflation start to swing more violently, or if deflation surprises markets, a significant bond allocation will be more important than reflected currently in many portfolios. All asset class weightings are within defined limits and there were no rebalancing adjustments triggered for the period.' |
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Aurora Fortitude Absolute Return Fund
22 May 2014 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned 0.01% in a choppy month for market neutral funds, bringing its annual return to 5.96% with a vol of 1.02%.
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22 May 2014 - 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 | The Fund's risk management was evident over the last twelve months with a Sortino of 16.57 (1.16), 100% positive months and a down capture ratio of -0.2. The Sharpe ratio was 3.28 (0.76). In terms of strategies the Fund Report comments 'The best performing strategy for the month was Yield (+0.17%) and it is currently the largest strategy weighting for the Fund. One of the biggest events for the market in April was the Australian de-listing of Twenty-First Century FOX leaving the company's issued securities to trade solely in the US. This provided some good liquidity opportunities as many funds repositioned their portfolios for the de-listing event and the requirements of their mandate.The Protective Options overlay cost the Fund -0.12% due to the low volatility environment. The Mergers and Acquisitions strategy also detracted from the Funds returns (-0.11%).' |
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Insync Global Titans Fund
21 May 2014 - Australian Fund Monitors
Insync Global Titans Fund returned -1.0% in April with annual performance coming in at 15.97% with a Sharpe ratio of 1.39.
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21 May 2014 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's largest geographic exposure is North America at 54% while cash and puts are 8.2%. Largest sector exposures are consumer discretionary at 27.4% and healthcare 24.9% respectively. The Manager dicussion notes that 'Key positive contributors for the month came from our holdings in British American Tobacco, Nestle, Glaxosmithkline and Sanofi. The main negative contributors were Discover Financial Services, Coach and Express Scripts. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside.' |
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Alpha Beta Asian Fund
20 May 2014 - Australian Fund Monitors
Alpha Beta Asian Fund recorded a return of -1.23% during April and 10.37% over the prior 12 months with a low volatility of 5.41%.
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20 May 2014 - Alpha Beta Asian Fund
By: Australian Fund Monitors
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| Fund Overview | The portfolio managers are Andrew Barry and Ken Lewis who have significant experience running quantitative funds both in Asia and globally. The portfolio management team is supported by an experienced investment, operational and risk management team together with an advisory board. Operationally, Alpha Beta has developed proprietary investment, trading, risk and middle and back office systems. The Alpha Beta Asian Fund is a market neutral quantitative long short fund with exposure to liquid Asian equities. 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 | The Fund's risk attributes are shown by the low draw-down of 3.05 as compared to 6.45, average Fund return in negative market of 0.04% and up and down capture ratios of 0.43 and -0.01 respectively. All data is for the last 12 months. The Alpha Beta Asian Fund finished the month -1.2% under-performing its two benchmarks HRI Market Neutral (-0.3%) and HFRI Quantitative Directional (-0.1%). The Japanese book was up whilst the Australian book was impacted by M and A activity in the last two days of trading. The portfolio's modest net (+20%) and gross (149%) exposures reflect the current non-directional bias of the portfolio. The Monthly Report notes that 'During April 2014, equities markets initially sold off due to concerns about Russia intervening further in Ukraine; slower economic growth out of China and a de-rating of US growth (internet, bio- technology) shares. The latter had become overvalued in 2013/4 given their modest forward earnings outlook. However markets recovered somewhat by month end with Japan rallying from -6.1% mid month to close the month down -2.6% and the MSCI Asia Pacific Index finishing down -0.5%, Hong Kong -0.1% and the ASX 200 +1.8%.' |
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Intelligent Investor Value Fund
20 May 2014 - Australian Fund Monitors
Intelligent Investor Value Fund returned -3.44% (Small Cap Index -1.2%) in a weak small cap market with the 12 month result 18.67%.
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20 May 2014 - Intelligent Investor Value Fund
By: Australian Fund Monitors
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| Manager Comments | Manager commentary notes that 'Given the extraordinary returns of the past few years, a period of under-performance was inevitable. April duly delivered. The Value Fund unit price fell 3.4% for the month and was soundly beaten by the All Ordinaries Accumulation Index, which gained 1.3%. The Fund's ownership of small companies didn't help the Small Ordinaries Accumulation Index was down 1.2% nor did the exposure to technology. Echoing recent falls in the US Nasdaq Index (down 2% in April), nearly half the month's losses relate to technology companies.' |
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