NEWS
Performance Report: Atrium Australian Equity Long Short Fund
26 Oct 2010 - Australian Fund Monitors
Atrium benefits from a wide range of positive positions in September.
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26 Oct 2010 - Performance Report: Atrium Australian Equity Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's objective is to generate positive annual returns after fees in excess of the RBA Cash Rate regardless of equity market conditions. |
| Manager Comments | Atrium also advised they have decided to reduce the exposure of the portfolio to single stock short positions and increase the amount of index hedging within the portfolio. The manager feels this is appropriate given the heightened level of risk tolerance currently within the market and the risk of single stock shorts causing losses in the future. Atrium also increased the hedging within the portfolio to protect against a falling market as valuations, particularly in the resources sector, begin to look stretched. |
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Performance Report: Katana Capital Ltd
20 Oct 2010 - Australian Fund Monitors
Katana Capital outperforms the market while remaining conservatively positioned with significant assets remaining in cash waiting for market weakness.
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20 Oct 2010 - Performance Report: Katana Capital Ltd
By: Australian Fund Monitors
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| Manager Comments | Katana’s cash position remained around 25% of NTA as the manager waited for any market weakness, but still managed to return 6.56% (pre-tax) for the month by taking active positions away from benchmark weightings. |
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Performance Report: Pengana Global Small Companies Solution
19 Oct 2010 - Australian Fund Monitors
Pengana's Global Small Companies Fund of Fund produced a strong return for the month as markets ignored the double dip recession threats in the US.
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19 Oct 2010 - Performance Report: Pengana Global Small Companies Solution
By: Australian Fund Monitors
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| Fund Overview | The Fund uses a multi manager approach, investing with regional small company investment specialists to produce a global portfolio. To maximise the returns generated the Fund uses active investment managers with portfolios that are not overly diversified (the Fund will generally have exposure to between 40 and 80 stocks in each region). |
| Manager Comments | The fund's Asia ex-Japan manager produced the best return of the month with a gain of +15%, followed by North America's manager with +11.1%. Europe's was not far behind with a return of +9.4% while Japan's trailed the field with a return of +3.2%. |
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Performance Report: Merricks Capital Multi-Strategy Fund
18 Oct 2010 - Australian Fund Monitors
Merricks Multi Strategy Fund September performance buoyed by strong results from Event Driven and Soft Commodity portfolios to produce their best month since inception.
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18 Oct 2010 - Performance Report: Merricks Capital Multi-Strategy Fund
By: Australian Fund Monitors
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| Fund Overview | The fund uses a top down/bottom up approach to generate absolute returns through a portfolio of three lowly correlated underlying strategies: 1. Long Short Equities 2. Soft Commodities, and 3. Event Driven. The primary focus is on the industrials complex in Asia (Hong Kong, Japan and Australia) and Soft Commodities, which is also available as a standalone strategy if required. |
| Manager Comments | The Event Driven portfolio rose by +2.6% while Soft Commodities gained +1.1% to produce the funds best month’s performance since inception. The Equity Market Neutral portfolio also produced a positive performance of +0.4% and represented just over 50% of the overall asset allocation in the fund. |
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Performance Report: Cadence Capital Limited
15 Oct 2010 - Australian Fund Monitors
Cadence Capital reaches a five year track record milestone with a positive month
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15 Oct 2010 - Performance Report: Cadence Capital Limited
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Fortitude Capital Absolute Return Trust
15 Oct 2010 - Australian Fund Monitors
Derivative positions drag on September performance
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15 Oct 2010 - Performance Report: Fortitude Capital Absolute Return Trust
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Lanterne Strategic Asia-Pacific Fund
15 Oct 2010 - Australian Fund Monitors
The fund rose in September as exposure (gross and net) was increased as the market rally sustained itself.
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15 Oct 2010 - Performance Report: Lanterne Strategic Asia-Pacific Fund
By: Australian Fund Monitors
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| Manager Comments | With the markets rallying strongly from the August lows, and while in general earnings across the region may be supportive of current valuations, Lanterne believe global macro factors will drive the markets in the near term. See Lanterne Arran Fund report for macro outlook. |
| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund
14 Oct 2010 - Australian Fund Monitors
Herschel's absolute return fund has a positive month on the back of positions in small resource companies.
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14 Oct 2010 - Performance Report: Herschel Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | The fund finished September up 2.49%, with best performance coming from positions in Gryphon Resources, Mineral Resources and Silverlake Resources, while detractors were SPI futures (hedging long positions) and a short in Tabcorp. The fund remained cautiously position with net equity market exposure increased over the course of the month from 24.3% to 36.1% (56.6% long and 20.5% short). |
| More Information | » View detailed profile of this fund |
Performance Report: Kapstream Absolute Return Income Fund
14 Oct 2010 - Australian Fund Monitors
Kapstream compares the outlook for the former Royal Mail Ship QE2 with another QE2 - the US Federal Reserve's next stage of Quantitative Easing.
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14 Oct 2010 - Performance Report: Kapstream Absolute Return Income Fund
By: Australian Fund Monitors
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| Fund Overview | Kapstream draws on information from many sources such as economic roundtables,investment banks, brokers, rating agencies and central banks. Kapstream employs a rigorous evaluation process for individual trades, first confirming that a prospective trade meets Kapstream's global macroeconomic view, then taking account of various decision variables such as duration, yield curve and volatility which must support the research and analysis. |
| Manager Comments | Kapstream argues that the passage of time has taken a toll on both the QE2 (the ship) and the latest QE2 (the Fed's easing program). \\\\'The Fed spent approximately $1.7 billion on the first round of quantitative easing from January 2009 through to March 2010, and the US economy remains dry docked like the RMS QE2 which is now in Dubai.\\\\' Kapstream believe that the size of the next stage of the QE programme should be in the US$1 trillion range, and they are not believers in the incremental approach whereby the Fed announces a small program with potential further size should it be required in the future. Kapstream's comments continue with a view on the US dollar, Europe, Australia and implications for bond markets, and makes interesting reading. |
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Performance Report: Mathews Velocity Fund
13 Oct 2010 - Australian Fund Monitors
Mathews Capital's Velocity Fund outperforms it's ASX benchmark in spite of net exposure of less than 100%.
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13 Oct 2010 - Performance Report: Mathews Velocity Fund
By: Australian Fund Monitors
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| Fund Overview | The Manager does not target a specific investment style. The Manager's investment strategy is based on attempting to pick emerging trends in the equity and commodity markets. |
| Manager Comments | The fund's positions in gold yielded significant gains on the back of the 4.7% increase in the gold price, which has also resulted in some repositioning of gold positions. Unsurprisingly given the strong market performance, the fund's shorts were the biggest drag on performance with the VIX index futures down 27%, a short position in BHP (-4.8%), and S&P 500 futures (-1.4%). At month end the fund had gross exposure of 130%, net exposure of 74% and ended September hundred 102% long and 28% short. A combination of performance and inflows also saw the fund's October FUM increasing to $56 million. |
| More Information | » View detailed profile of this fund |
