NEWS
Fund Review: Morphic Global Opportunities Fund March 2014
6 May 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Morphic Global Opportunities Fund for March 2014 has been released. The fund returned -2.63% during the month for an annual return to 27.63%.
Read more...
6 May 2014 - Fund Review: Morphic Global Opportunities Fund March 2014
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
AFM has updated the 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.
- Portfolio construction is stock selection agnostic with a bias to value based and momentum strategies. Risk management is a primary consideration in portfolio construction and the strong emphasis on risk is evidenced by the Fund's since inception annualised standard deviation of 9.67% (10.16% ASX 200 Accum Index), maximum drawdown of 4.93% (6.72% Index) and downside deviation of 3.11 (5.36 Index).
- The Fund had a net exposure of 103% and a gross exposure of 171% at March month-end with a VAR of 1.20%.
- 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.
Sean Webster
Research Manager
Fund Review: Insync Global Titans Fund March 2014
5 May 2014 - Australian Fund Monitors
AFM's updated Fund Review for Insync Global Titans Fund for March 2014 shows the Fund delivering an annualised return of 10.36% and annualised standard deviation of 8.53% (since inception in October 2009) with sound risk-reward statistics.
Read more...
5 May 2014 - Fund Review: Insync Global Titans Fund March 2014
By: Australian Fund Monitors
Insync Global Titans Fund AFM Review - March 2014 (pdf format)
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
We would like to highlight the following:
- 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.
- The Fund's unit price increased by -3.00% in March. Key positive contributors for the month came from our holdings in BNY Mellon, British American Tobacco, Baxter and Oracle. The main negative contributors were DirecTV, Reckitt Benckiser, BSkyB and GlaxoSmithKline. The strengthening in the Australian dollar against the major currencies during the month was also a negative contributor. The Fund continues to have no foreign currency hedging in place.
- 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
Insync Global Titans Fund AFM Review - March 2014 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund March 2014
2 May 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for March 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...
Read more...
2 May 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2014
By: Australian Fund Monitors
Bennelong Kardinia AFM Fund Review March 2014 (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.
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 0.87% in March 2014, taking returns for the year to 7.73% (ASX 200 Accum 13.46%). Annualised returns since inception are 13.57% as compared to the Index at 4.87% and with a lower volatility of 7.70% pa as compared to 14.53% pa. At month-end the Fund's net exposure was 48%, with long exposure 81.1% and short exposures 33%.
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 AFM Fund Review March 2014 (pdf format)
Cor Capital Fund
1 May 2014 - Australian Fund Monitors
Cor Capital Fund returned -1.34% during March and 2.24% for the prior 12 months.
Read more...
1 May 2014 - Cor Capital Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | During the quarter the Fund was up 1.9% and more than half of that return (+0.96%) was attributable to gold which was up 3.7% in Australian dollar terms. Cash (+0.20%), fixed interest (+0.33%) and equities (+0.41%) were all positive contributors across the quarter. With regard to the price of gold bullion, while events in the Ukraine may have pushed speculative money towards the precious metal over the last quarter the Fund's significant strategic exposure is much more about monetary distortion and eventual currency depreciation than any shorter term geopolitical tension. Volatility between the asset classes has been low and there were no re-balancing adjustments triggered throughout the quarter. |
| More Information | » View detailed profile of this fund |
KIS Asia Long Short Fund
30 Apr 2014 - Australian Fund Monitors
KIS Asia Long Short Fund returned 0.70% during March and 16.17% (ASX 200 Acc 13.46%) over the previous 12 months with an annualised vol of 2.67%(Index 11.03%).
Read more...
30 Apr 2014 - KIS Asia Long Short Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate funds across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia (ex Japan incl. Australia). The Fund may invest outside of this region to the extent that: • The investment decision is driven from the Asian region or • The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Fund's low risk characteristics since inception (October 2009) are notable with an annualised vol of 5.58% as compared to 12.08% (Index), 80% positive months, maximum draw-down of 2.69% (15.13% Index) and a down capture ratio of -0.88. The Sharpe ratio is 2.30 over the same time frame. The Manager's market comment noted that 'Some 'growth darlings' in the NASDAQ suffered some extreme falls: Netflix lost 21%, Facebook 12% and Google 8%. These appear to be big numbers until phrased in terms of the number of months of recent gains that were lost: 5 months' of gains lost, 3 months and 4 months respectively. Some research seen recently highlighted that coming into 2014 the median of the most expensive top decile of stocks in the US had a Price/Book [PB] ratio of 9.4 the highest since 1926. Looking at eight other points (1929, 1937, 1946, 1961, 1968, 1973, 1990 and 2000) when markets peaked and had extreme distribution of valuations, the top decile of P/B lost an average of 30% over the following 18 months. We are a couple of months post the peak and have fallen 10%.' |
| More Information | » View detailed profile of this fund |
Laminar Credit Opportunities Fund
30 Apr 2014 - Australian Fund Monitors
Laminar Credit Opportunities Fund delivered 0.62% during March and 11.52% for the year with a low vol of 2.72%.
Read more...
30 Apr 2014 - Laminar Credit Opportunities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | Since inception (October 2009) the Fund has recorded an annualised return of 21.62%, 92% positive months and, in line with fixed interest assets, a maximum draw-down of -1.23% as compared to the equity ASX 200 Accum Index maximum draw-down of -15.13%. The monthly Update notes that portfolio composition of the Fund has remained relatively unchanged for the month. Short dated loans have increased from around 10% at the end of February to 14% at the end of March. RMBS were 68% of the portfolio at month-end. |
| More Information | » View detailed profile of this fund |
Intelligent Investor Value Fund
29 Apr 2014 - Australian Fund Monitors
Intelligent Investor Value Fund recorded -1.28% during March and a strong 24.63% over the previous twelve months as compared to the ASX 200 Accum return of 13.46%.
Read more...
29 Apr 2014 - Intelligent Investor Value Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | |
| Manager Comments | The Sharpe (0.78) and Sortino (1.33; Index 0.50) ratios, also since inception, are sound, however the Fund has an above average volatility at 13.27% (Index 12.17%) and a maximum draw-down of 16.05% as compared to the Index at 15.13%. The Manager's Quarterly Report entitled 'Ducks, Decoupling and Desiderata' covers investing, macro issues and the Fund's shares. The Report is available on the AFM website under the Fund's Profile. |
| More Information | » View detailed profile of this fund |
Pengana Asia Special Events (Onshore) Fund
29 Apr 2014 - Australian Fund Monitors
Pengana Asia Special Events (Onshore) Fund returned -1.3% during March and 9.27% for the year with an annualised volatility of 3.22% and Sharpe ratio of 1.98.
Read more...
29 Apr 2014 - Pengana Asia Special Events (Onshore) Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | The Manager comments that 'Intra month volatility presented challenging trading conditions within the holding company universe. We have observed a dislocation in discounts without a reversion in the short term. The Fund has tactically reduced gross exposure to this sub strategy to 18% until more visibility over hard catalysts can be ascertained. On the back of M&A deal closing and tactical reduction of gross exposure in the Holding company sub-strategy, the average gross was 131.8% for the month with a net long exposure of 13%.' |
| More Information | » View detailed profile of this fund |
Fund Review: Optimal Australia Absolute Trust March 2014
28 Apr 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Optimal Australia Absolute Trust for March 2014 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.53% (Index 14.95%)and a Sharpe Ratio since inception of 1.73.
Read more...
28 Apr 2014 - Fund Review: Optimal Australia Absolute Trust March 2014
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
Attached is our most recently updated Fund Review on the Optimal Australia Absolute Trust.
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 Fund returned 0.04% in March with an annual return of 3.30% and a very low standard deviation of 1.89% (ASX 200 Acc 11.03%).
- The Fund has recorded out-performance of the market since inception in September 2008 with approximately 83% of monthly performances having positive returns and the largest drawdown was -1.38% (Index -33.11%).
- The Fund has sound Sharpe and Sortino ratios at 1.73 and 5.06 since inception, as compared to the Index ratios of 0.19 and 0.15 respectively.
- The investment team comprising George Colman, Peter Whiting and Stephen Nicholls have close to 90 years combined experience in equity markets.
For further details on the Fund, please do not hesitate to contact us.
Research and Database Manager
Australian Fund Monitors
Avenir Value Fund
24 Apr 2014 - Australian Fund Monitors
Avenir Value Fund had a sound March delivering 2.50% during the month bringing twelve month performance to 45.57% with a very low vol of 6.92%.
Read more...
24 Apr 2014 - Avenir Value Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | The Sharpe ratio was very high at 5.17 and the Fund had no draw-downs over the twelve months to March with the lowest return 1.05%. The up and down capture ratio were 0.79 and -1.76 respectively. The Fund's geographic exposure was US 37%, W Europe 12%, Asia 6%, Australia 3% and Other 23%. Cash holdings were 17%. |
| More Information | » View detailed profile of this fund |
