NEWS
Bennelong Kardinia Absolute Return Fund
10 Dec 2013 - Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund returned 0.15% during November and 14.73% for the previous 12 months with a volatility of 2.83%.
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10 Dec 2013 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. |
| Manager Comments | Since inception in May 2006 the Fund has delivered 14.10% p.a. (4.69% Index) with a volatility of 7.78% (14.70% Index). Short positions in Westpac and Westfield and long positions in Henderson and Macquarie were the largest positive contributors to performance, whilst long positions in Sirius and Carsales were the largest detractors. The Fund's net equity market exposure decreased to 56.9% (86.6% long and 29.7% short). |
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Morphic Global Opportunities Fund
9 Dec 2013 - Australian Fund Monitors
Morphic Global Opportunities Fund returned 5.48% in November and 41.50% for the previous twelve months with a volatility of 9.06% p.a.
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9 Dec 2013 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | Fund exposure was 112% net at month-end and 169% gross with a VAR of 1.30% at the 95th percentile. Largest sector exposures were Financials, Information Technology and Consumer Discretionary with geographic exposure dominated by North America. The top three active positions were US financials, a Global Cylical Basket and a Data Centre Spread with the first two positions net long and the last position net flat. The Fund also had currency position in the USD/Yen and an interest rate position that was long European Rates. |
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CSAG Long Only Program
6 Dec 2013 - Australian Fund Monitors
The CSAG Long Only Program returned -0.28% during October and -7.09% for the previous twelve months in a difficult commodities market.
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6 Dec 2013 - CSAG Long Only Program
By: Australian Fund Monitors
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| Manager Comments | At month-end the Fund's allocations were approx Soft Commodities 8%, Grains 5%, Energy 20% and Metals 25%. The residual of 42% was in cash. Since inception in April 2004 the Fund has delivered 5.68% p.a. as compared to the Dow Jones- UBS Commodities Index return of -0.30% p.a. over the same time frame. Annualised standard deviation for the Fund was 13.18% as compared to 18.26% for the Index. |
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Fund Review: BlackRock Australian Equity Market Neutral Fund
5 Dec 2013 - Australian Fund Monitors
BlackRock Australian Equity Market Neutral Fund returned 1.12% in October bringing its since inception (Oct 2001) return to 12.01% pa (Index 8.80% pa) with a volatility of 5.67% p.a (Index 13.18% p.a.).
The BlackRock Australian...
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5 Dec 2013 - Fund Review: BlackRock Australian Equity Market Neutral Fund
By: Australian Fund Monitors
BLACKROCK AUSTRALIAN EQUITY MARKET NEUTRAL FUND
Attached is our most recently updated Fund Review on the BlackRock Australian Equity Market Neutral Fund.
We would highlight the following:
- The Fund's portfolio generally consists of approx. 180 stocks in equally weighted long and short portfolios to maximise potential returns while minimising market volatility.
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The strategy has recorded a return of 12.01% since inception (Sept 2001) as compared to the ASX 200 Accumulation Index return of 8.80% and with a volatility less than one-half that of the Index at 5.67% pa as compared to 13.18% pa.
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The Fund has also recorded a maximum drawdown of 12.41% as compared to 47.19% for the Index and has had 78% positive months since inception.
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Blackrock operates in 27 countries including Australia (where BlackRock has A$48.6 billion in FUM - March 2013) managing a broad range of strategies across a variety of asset classes.
Research and Database Manager
Australian Fund Monitors
Fund Review: BlackRock Australian Equity Market Neutral FundBlackRock Multi Opportunity Fund
4 Dec 2013 - Australian Fund Monitors
BlackRock Multi Opportunity Fund returned 1.54% during October and 6.69% over the last 12 months with a volatility of 2.16%.
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4 Dec 2013 - BlackRock Multi Opportunity Fund
By: Australian Fund Monitors
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| Fund Overview | - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period. |
| Manager Comments | The Multi Opportunity Fund delivered strong performance in October with strong contributions from both Global Equity Long/Short and European Equity Long/Short strategies. The International Alpha Transport, Fixed Income Global Alpha and Australian Equity Long/Short strategies also added value. Global Macro had a small negative contribution. The fund returned 1.83% gross of fees versus the RBA cash benchmark return of 0.21%. Year to date, the Fund has returned 7.36% gross of fees. The Australian Equity Long/Short strategy's performance benefited from an overweight to iron ore producers versus other miners. Underweight positions in mining services companies were also profitable with further downgrades across the sector. Other outperforming positions were over-weights in wealth managers which continue to run due to exposure to the rising market, and positive stock selection within the healthcare sector. The main performance detractors came from underweight positions in domestic cyclicals such as building materials, retail and media. |
| More Information | » View detailed profile of this fund |
Fund Review: Aurora Fortitude Absolute Return Fund
3 Dec 2013 - Australian Fund Monitors
AFM's updated Fund Review for the Aurora Fortitude Absolute Return Fund for October 2013. The Fund is characterised by steady returns and very low risk. Since inception (March 2005) the Fund has returned 8.17% pa and the annualised...
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3 Dec 2013 - Fund Review: Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
We would like to highlight the following aspects of the Fund;
The Aurora Fortitude Absolute Return Fund (AFARF) has a 8 year track record investing in ASX listed equities. A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.CIO John Corr has over 20 years financial market experience with a strong focus on risk.
Significant use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation. Annualised return since inception is 8.17% with a very low standardised standard deviation. Over 87% of monthly performances have been positive, with no losing months in 2008 and a largest drawdown of -2.09%.
ASX listed Aurora Funds Limited was established on the merger of three existing fund management businesses, managing approx. $480m on behalf of more than 2,500 retail and wholesale investors.
Research and Database Manager
Australian Fund Monitors
Cor Capital Fund
2 Dec 2013 - Australian Fund Monitors
Cor Capital Fund returned 0.56% during October and has delivered a return of 6.05% p.a. since inception (August 2012) with a volatility of 6.41%.
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2 Dec 2013 - 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 | The Manager comments that during October the Fund's equities holdings contributed the most to performance (+1.07%) and this was partly offset by precious metals (-0.46%). Following a movement of some asset classes above defined limits, funds were allocated to precious metals and away from equities, fixed interest and cash at the end of the month in line with the Fund's re-balancing policy. This active risk management is critical to the Fund remaining prepared for a range of market outcomes. |
| More Information | » View detailed profile of this fund |
Aurora Fortitude Absolute Return Fund
29 Nov 2013 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned 0.28% during October and 6.82% for the latest 12 months with a volatility of 1.67%.
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29 Nov 2013 - 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 continues to deliver steady returns within a low risk framework with 88% positive months, a maximum draw-down of 2.09% (ASX 200 Acc Index 47.19%) and downside deviation of 1.31 (Index 10.80) since inception in March 2005. Yield was the best performing strategy for the month (+0.14%). The Transpacific Step-Up Preference shares were the strongest performer after the issuer announced that they are seeking to sell their New Zealand waste management business and potentially use the proceeds to redeem the notes. The Long/Short strategy had a strong month (+0.11%) in light of a flood of capital raising that were undertaken mostly by small and mid-tier companies. As with many of the stronger monthly market moves, the Options strategy was again a draw-down (-0.12%). The S&P/ASX200 index puts and calls were a cost to the Fund as realisable volatility was lower than the implied volatility paid to own the market protection. |
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Pengana Asia Special Events (Onshore) Fund
29 Nov 2013 - Australian Fund Monitors
Pengana Asia Special Events (Onshore) Fund returned 1.10% for October with a long term performance (since Oct 2008) of 12.01% pa (Index 7.99% pa).
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29 Nov 2013 - Pengana Asia Special Events (Onshore) Fund
By: Australian Fund Monitors
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| 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 Fund's risk statistics are sound with a volatility of 6.28% (Index 14.73%), maximum draw-down of 4.05% (Index 25.80%) and a down capture ratio of -0.46. The positive contribution from M&A positions dominated the performance for the month, and this continues to be the most significant component within the Fund's strategic allocation. Australian and Hong Kong / Chinese markets proved particularly profitable while solid gains were also made in India and Thailand. All strategies made positive contributions for the month. The Fund maintained an average net and gross exposure of 11% and 155% respectively. |
| More Information | » View detailed profile of this fund |
BlackRock Australian Equity Market Neutral Fund
29 Nov 2013 - Australian Fund Monitors
BlackRock Australian Equity Market Neutral Fund returned 1.12% in October bringing its since inception (Oct 2001) return to 12.01% pa (Index 8.80% pa).
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29 Nov 2013 - BlackRock Australian Equity Market Neutral Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks. |
| Manager Comments | Notable are the Fund's maximum draw-down of 12.41% (Index 47.19%) and down-side capture ratio of -0.60. The Manager notes that the Fund's performance benefited from an overweight to iron ore producers versus other miners as the iron ore fines price remained above market expectations. Short positions in mining services companies were also profitable with further downgrades across the sector. Other outperforming positions were over-weights in wealth managers which continue to run due to exposure to the rising market, and positive stock selection within the healthcare sector. The main performance detractors came from short positions in domestic cyclicals such as building materials, retail and media. Two of the Fund's top contributors for the month were the long positions in Aristocrat Leisure and CSL. Among the top detractors were the short positions in the Commonwealth Bank and Computer Share. |
| More Information | » View detailed profile of this fund |
