NEWS
Allard Investment Fund
1 Nov 2013 - Australian Fund Monitors
The Allard Investment Fund has returned 8.8% pa over the last five years with a volatility of 9.09% as compared to the ASX 200 Accumulation comparative data of 7.29% and 14.78%. The September return was -0.1%.
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1 Nov 2013 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's low risk exposure to Asia equities is shown by the largest draw-down of -18.29% and a downside deviation of 5.5% with the Index comparative data of -47.19% and 9.97%. At end-September the geographic breakdown was HK/China 32.6%, Singapore 13.3% and Korea 9.2%. Cash and Fixed Income holdings were 31.5%. The industry breakdown was Financial Services 13.8%, Conglomerates 12.4% and Telco's at 8.7%. The portfolio concentration was 40.8% for the Top 5 holdings and 15.9% for the next 5 holdings. |
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BlackRock Multi Opportunity Fund
31 Oct 2013 - Australian Fund Monitors
Since inception in July 2004 the the BlackRock Multi Opportunity Fund has returned 8.65% pa with low volatility of 4.18%.
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31 Oct 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 Fund's absolute return mandate is shown by the maximum draw-down of 9.45% and 80 % positive months as compared to the Index of draw-down of 47.19% and 65% positive months. The Multi Opportunity Fund delivered positive performance in the third quarter, despite under-performing the cash benchmark. The Global equity long/short and Australian Equity long/short strategies added value while our Fixed Income Global Alpha strategy was flat. Both the Global Macro strategy and International Alpha Transport detracted. The fund returned 0.25% for the quarter versus the RBA cash benchmark return of 0.66%, delivering an excess return of -0.41%. The Australian equity selection strategy outperformed the market in the third quarter due to strong performance in July. This early performance was on the back of geo-political tensions lifting the oil price and a rally in domestic cyclicals. In September the strategy under-performed the market. The rally of domestic cyclicals rally following the reporting season impacted our positioning negatively, with the primary detractors being building materials. |
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CorCapital Fund
31 Oct 2013 - Australian Fund Monitors
The CorCapital Fund has returned 6.00% pa since inception (August 2012) with a volatility of 6.64%. The September return was -1.49%.
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31 Oct 2013 - CorCapital 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 | Over the last quarter all the Fund's asset classes of equities, gold, fixed interest and cash delivered positive returns for total return of 5.36%. The Manager notes that the Fund is currently earning about 4 per cent on portfolio cash. The Fund's fixed interest investments were slightly positive on a total return basis over the quarter as US long-term bond yields moved higher. Whether that continues due to a possible 'tapering' of Fed buying or because investors are becoming concerned about the absolute size of buying (government borrowing) will become clearer over time. Gold contributed nearly as much as equities over the quarter but continues to come under selling pressure which we discuss further below. Due to the re-balancing discipline the Fund is always in a position to capitalise on volatility by buying low and selling high and did so again during the quarter in the gold market. |
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Aurora Fortitude Absolute Return Fund
30 Oct 2013 - Australian Fund Monitors
The Aurora Fortitude Absolute Return Fund recorded 6.28% over the last 12 months with a volatility of only 1.82%.
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30 Oct 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 | Within the Fund, the Convergence strategy was the largest positive contributor for the month +0.26%. The main driver was the Wesfarmers Partially Protected shares against the underlying Wesfarmers shares. The Long/Short strategy whilst not generally a large part of the Fund's exposure was profitable (+0.12%) relative to the weighting while the Mergers and Acquisitions strategy also performed well (+0.19%). The Yield portfolio (+0.16%) saw the redemption of the Westpac Preferred Security in line with the Fund's timetable. The Options portfolio was a large drawdown on the monthly return (-0.20%) as realisable volatility remained low despite the potential political and global macro catalysts. |
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Pengana Australian Equities Market Neutral Fund
29 Oct 2013 - Australian Fund Monitors
The Pengana Australian Equities Market Neutral Fund has returned 9.4% pa since inception (Sept 2008) with an annualised standard deviation of 7.97%. The Fund recorded -0.2% in September.
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29 Oct 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 | The Fund's lower risk is indicated by a downside deviation of 4.96% and largest draw-down of 13.47% as compared to 11.57% and 33.11% for the Index respectively. Earnings Revisions provided a small positive return over the quarter as it continued on a mostly sideways trend. This is a surprising result given this period includes reporting season where Earnings Revisions typically works very well. The Manager notes that they tend to see Earnings Revisions working well alongside the Quality factor, and can now see downgrade pressure starting to build across the poorer quality, small cap cyclical stocks. On the other side the Manager is seeing upgrade pressure increasing across good quality, defensive mid cap stocks. |
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Totus Alpha Fund
28 Oct 2013 - Australian Fund Monitors
The Totus Alpha Fund returned 6.48% during September bringing the annual performance to 32.2% (ASX 200 Acc 24.2%).
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28 Oct 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 had a significant positive contribution from a small cap long position in the mobile payments space that was up strongly during September. The Manager trimmed the position slightly for risk management purposes but remain upbeat about the company's prospects over the medium term. There have been a number of notable success stories in this space in the USA and the investment is an early mover in the Australian market. Top contributors to performance in September were long positions in Mint Wireless +3.91%, Ingenia Communities +0.65% and Steadfast Group +0.69%. Biggest detractors were our short positions in Leighton -0.62%, RCR Tomlinson - 0.47% and our long position in Sundance Energy -0.45%. |
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Pengana Australian Equities Fund
25 Oct 2013 - Australian Fund Monitors
Pengana's Australian Equity Fund returned 1.38% in September to take 12 month performance to 24%, matching the ASX200 Accumulation index, but with significantly lower volatility.
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25 Oct 2013 - Pengana Australian Equities Fund
By: Australian Fund Monitors
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| Manager Comments | At the end of September the Fund's cash position was 27% of NAV with the five largest positions being Duet, ANZ, Telstra, NAB and Caltex. Exposure to US$ and New Zealand based companies stood at 21%. |
| More Information | » View detailed profile of this fund |
Intelligent Investor Value Fund
24 Oct 2013 - Australian Fund Monitors
The Intelligent Investor Value Fund returns 4.77% for the month of September, taking the one-year return to 42.68% and the annualised return since inception in November 2009 to 15.09% vs. the ASX200 Accumulation Index's return of 7.76%...
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24 Oct 2013 - Intelligent Investor Value Fund
By: Australian Fund Monitors
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| Fund Overview | The manager's focus is on deep value stocks, turnarounds, asset plays and undervalued small caps. Founded in 2009, the Value Fund is $41m in size and Intelligent Investor has a total $107m under management. |
| Manager Comments | A number of small cap holdings contributed to the Fund's positive performance, including Enero Group, Ingenia Communities and GBST Holdings. The Fund's cash weighting increased slightly to 17%. |
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Fund Review: Morphic Global Opportunities Fund
24 Oct 2013 - Australian Fund Monitors
Morphic's Global Opportunities Fund has recently completed its first year of operations having returned 29.91% over 12 months with volatility of under 10% and a Sharpe ratio of 2.91 since inception in August 2012.
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24 Oct 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 very high Sortino ratio of 14.35 and maximum drawdown of -0.57%.
- Morphic's philosophy is that only funds with flexible 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)
Pengana Asia Special Events (Onshore) Fund
23 Oct 2013 - Australian Fund Monitors
Pengana's Asian Special Events Fund rose 0.88% in September, and 3% for the quarter, noticing a significant pick up in opportunity.
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23 Oct 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 Manager noticed a significant pick up in event driven opportunities across most of the Fund's sub-strategies. In term of M&A, September marked the busiest deal count of the year. A recent trend the Manager has observed is an increase in activity in cross border deals involving China based targets, perhaps an indication that the leadership change has catalysed such activity. In addition, the takeover of Tokyo Electron by Applied Materials marked an unusual inbound Japanese transaction signaling a significant shift of Japanese boards being culturally resistant to a foreign takeover in the face of industry consolidation to protect shareholder interest. |
| More Information | » View detailed profile of this fund |
