NEWS
AFM Prism Active Equity Fund
28 Nov 2013 - Australian Fund Monitors
AFM Prism Active Equity Fund returned 1.29% (e) for October and 6.08% p.a. since inception with a volatility of 2.43%.
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28 Nov 2013 - AFM Prism Active Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The underlying managers and funds will be selected from Absolute Return Funds managed in Australia. This reduces the risk of currency fluctuations, facilitates due diligence and ensures that each underlying fund manager is licensed by the Australian Securities Investments Commission (ASIC). A combination of quantitative performance analysis and qualitative operational due diligence is used to create a portfolio of five to ten 'best of breed' funds. AFM's research has shown that selecting a relatively small group of funds results in better risk adjusted performance than that of a larger, more diversified group. The Fund may also invest in funds managed by early stage managers with less than three years history, but only where the principals concerned have a demonstrated track record of prior performance in a similar role, and where AFM has been able to conduct thorough due diligence on the management company and its operations. The underlying funds are monitored each month by AFM Prism Asset Management and AFM to ensure each fund's strategy and risk limits remain appropriate for current market conditions and to allow new or additional funds to be added to enhance overall performance when necessary. |
| Manager Comments | The Fund is characterised by very low risk with a standard deviation of 2.43% as compared to the ASX 200 Accum Index number of 10.75%, a maximum draw-down of -1.42% (Index -6.72%) and a worst month performance of -0.62% (Index -4.50%). The Sharpe ratio was 1.27 and the average monthly return in negative markets was 0.49%. All statistics since inception in October 2013. The Fund has re-allocated to three new funds to provide more upside exposure in buoyant markets while maintaining an ongoing focus on targeting low volatility. |
| More Information | » View detailed profile of this fund |
Auscap Long Short Australian Equities Fund
27 Nov 2013 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund recorded a strong 5.46% during October bringing the six month return to 26.66%.
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27 Nov 2013 - 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 | The Fund's average gross capital employed was 122.8% long and 24.3% short. Average net exposure over the month was +98.4%. At the end of the month the Fund had 24 long positions and 7 short positions. The Fund's biggest exposures at month-end were spread across the consumer discretionary, financials, healthcare and telecommunications sectors. |
| More Information | » View detailed profile of this fund |
Fund Review: Insync Global Titans Fund
27 Nov 2013 - Australian Fund Monitors
AFM's updated Fund Review for Insync Global Titans Fund for October 2013 shows the Fund delivering an annualised return of 9.45% and annualised standard deviation of 8.26% (since inception in October 2009) with sound risk-reward statistics.
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27 Nov 2013 - Fund Review: Insync Global Titans Fund
By: Australian Fund Monitors
Insync Global Titans Fund (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 15-25 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
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The Fund?s unit price increased by 1.5% in October, with the largest positive contributions coming from our holdings in CRBard, Reckitt Benckiser, Wyndham Hotels, British Sky Broadcasting and Sanofi. The main detractors for the month includedCoach and Dr Pepper Snapple.
- 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.
Insync Global Titans Fund (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund
26 Nov 2013 - Australian Fund Monitors
The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with a seven year track record. Since inception in May 2006 the Fund has returned 14.24% p.a. as compared to 4.93% (S&P/ASX 200...
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26 Nov 2013 - Fund Review: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund (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 a seven year track record. Since inception in May 2006 the Fund has returned 14.24% p.a. as compared to 4.93% (S&P/ASX 200 Accum Index) with a volatility of 7.81% p.a., around one-half of the ASX volatility of 14.76% p.a. The Bennelong Kardinia Absolute Return Fund rose 2.17% in October.
BHP Billiton, Seek, ANZ and CSL all made significant positive contributions. Share Price Index Futures (hedging long exposure), Iluka Resources and ResMed were the main detractors from performance. Once the US political gridlock passed, the net equity market exposure (including derivatives) of the Fund was increased aggressively to 71.0% (93.9% long and 22.9% short).
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.
Research and Database Manager
Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund (pdf format)
Fund Review: Optimal Australia Absolute Trust
25 Nov 2013 - Australian Fund Monitors
AFM's updated Fund Review for the Optimal Australia Absolute Trust for October 2013 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.60% and a Sharpe Ratio since inception of 1.80.
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25 Nov 2013 - Fund Review: Optimal Australia Absolute Trust
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE FUND
Attached is our most recently updated Fund Review on the Optimal Australia Absolute Fund.
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 has recorded out-performance of the market since inception in September 2008 with approximately 84% of monthly performances having positive returns and the largest drawdown -1.38%
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
Totus Alpha Fund
25 Nov 2013 - Australian Fund Monitors
Totus Alpha Fund returned a very strong 14.2% for October bringing its since inception (April 2012) annualised return to 32.83%.
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25 Nov 2013 - 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 as determined by Totus Capital. 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 Fund has a Sharpe ratio of 1.76 and a Sortino ratio of 5.70 indicating a sound risk-reward ratio. The comparative data for the ASX 200 Accum is 1.42 and 2.14. Top contributors to performance in October were long positions in Mint Wireless +8.6%, Google +1.65% and Dominoes Pizza +1.07%. Biggest detractors were short positions in index futures 0.61%, Fortescue Metals -0.29% and the long position in Buccaneer Energy -0.29% (The Fund no longer have a position in this company). |
| More Information | » View detailed profile of this fund |
Intelligent Investor Value Fund
22 Nov 2013 - Australian Fund Monitors
Intelligent Investor Value Fund returned 2.5% during October bringing the 12 month return to 50.89% with a volatility of 9.93% p.a.
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22 Nov 2013 - Intelligent Investor Value Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund has a four year track record returning 15.47% p.a. (Index 8.64% pa) since inception in October 2009 with a volatility of 13.86% p.a. (Index 12.38% p.a.) and a Sharpe Ratio of 0.83 (Index 0.42). The Manager comments 'Buoyed by investor optimism, the market has gained 24.7% over the past 12 months (including dividends). It was significant helpings of luck and, we hope, some skill that allowed the Value Fund to return 50.9% over the same period. It's been a good year, but please don't get accustomed to these returns because they won't be repeated regularly, if ever again.' |
| More Information | » View detailed profile of this fund |
Fund Review: Bennelong Long Short Equity Fund
20 Nov 2013 - Australian Fund Monitors
The Bennelong Long Short Equity 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 a ten year track record and annualised net returns of over 20%.
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20 Nov 2013 - Fund Review: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
Bennelong Long Short Equity Fund (pdf format)
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 a ten year track record and annualised net returns of over 20%.
- Since inception in January 2002 the Fund has had positive annual returns each year, including an 11.95% return in 2008 and 20.6% in 2011, both of which were negative years for the ASX200.
- The Fund's risk statistics are also sound with maximum drawdown of 12.22% and 71% positive months. Both the Sharpe Ratio at 1.27 and the Sortino ratio at 2.23, indicate a high reward-to-risk ratio.
- 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.
Research and Database Manager
Australian Fund Monitors
Bennelong Long Short Equity Fund (pdf format)
Pengana Australian Equities Market Neutral Fund
19 Nov 2013 - Australian Fund Monitors
The Pengana Australian Equities Market Neutral Fund delivered 1.0% for October and 8.5% for the last 12 months and a beta of -0.03 with the equity market.
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19 Nov 2013 - Pengana Australian Equities Market Neutral Fund
By: Australian Fund Monitors
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| Fund Overview | The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be 'Market Neutral' i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments. |
| Manager Comments | Over the last 60 months the Fund has delivered an annual return of 9.23% as compared to the ASX 200 Accumulation Index return of 11.08%. However the Fund's low risk is indicated by a volatility 8.03% (13.57% Index), maximum draw-down of 13.47% (15.13% Index) and downside deviation of 5.00 (8.95 Index). The Fund's fundamental Earnings Revisions factor rebounded during October as a raft of profit warnings including AMP and Qantas hit the market. Quality was once again favoured as risk appetite remained flat over the month. Against this the Value factor sold off slightly as investors headed back towards stronger balance sheets and more certain cash flows with dividend yield once again being sought out by the market |
| More Information | » View detailed profile of this fund |
Fund Review: Morphic Global Opportunities Fund
18 Nov 2013 - Australian Fund Monitors
Morphic's Global Opportunities Fund has recently completed its first year of operations having returned 33.63% over 15 months with volatility of 8.71% and a Sharpe ratio of 3.08 since inception in August 2012.
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18 Nov 2013 - Fund Review: Morphic Global Opportunities Fund
By: Australian Fund Monitors
Morphic Global Opportunities Fund (pdf format)
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 annualised standard deviation of 8.71% (10.01% ASX 200 Accum Index), maximum drawdown of 1.57% (6.72% Index) and downside deviation of 1.74 (5.30 Index).
- 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.
Morphic Global Opportunities Fund (pdf format)
