NEWS
Morphic Global Opportunities Fund
11 Feb 2016 - Australian Fund Monitors
Morphic Global Opportunities Fund fell 1.98% in January, outperforming its benchmark (MSCI AC World Total Return in Australian Dollars), which fell 3.35%, by 1.36%.
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11 Feb 2016 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | About half of the outperformance came from the management of the Fund's cash levels. The other major contributor came from the Fund's long short positions in US banks. The basket of short positions in regional banks with heavy exposures to the oil sector also made money for the Fund. On the negative side the Fund lost money on our position in Hong Kong listed China Lesso. The top 2 contributors were Bank Index (67bps), Prosperity Bancshares (12bps). The top 2 detractors were China Lesso (-14bps) and Bank of Ozarks (-12bps). Click below to read more. |
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APN Asian REIT Fund
11 Feb 2016 - Australian Fund Monitors
APN Asian REIT Fund rose 1.95% for January. Since inception, the Fund has an annualised return of 16.15% p.a.
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11 Feb 2016 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
| Manager Comments | The Fund's portfolio was geographically allocated in multiple Asian countries, with majority in Japan (38%) and Singapore (27.2%). Over 64% of the Fund allocation was invested in Retail REITs (39.0%) and Office REITs (26.9%) sectors. Top 5 Asian REIT holdings were in Croesus Retail Trust, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
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The Paragon Fund
10 Feb 2016 - Australian Fund Monitors
The Paragon Fund returned -0.5% for the month of January, outperforming the ASX 200 Total Return Index which returned -5.48%, by 5.98%.
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10 Feb 2016 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Key positive contributors for January included long positions in Amaysim, Blackham Resources, our lithium holdings, and short positions in Magellan, Select Harvest and the energy sector. At the end of the month the Fund had 34 long positions and 14 short positions. Click below to read the latest monthly report |
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Fund Review: Bennelong Long Short Equity Fund January 2016
10 Feb 2016 - Australian Fund Monitors
January Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.43% p.a.
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10 Feb 2016 - Fund Review: Bennelong Long Short Equity Fund January 2016
By: Australian Fund Monitors
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 over thirteen year track record and annualised returns of 18.43%.
- 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. The Fund's Sharpe Ratio and Sortino Ratio are 1.13 (Index 0.27) and 1.95 (Index 0.27) respectively.
For further details on the Fund, please do not hesitate to contact us.
Meme Australian Share Fund
8 Feb 2016 - Australian Fund Monitors
The Meme Australian Share Fund returned -4.89% for the month of January, outperforming by +0.59% the ASX200 Accumulation Index's return of -5.48%.
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8 Feb 2016 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | The five most positive contributors to the fund's January performance were Galaxy Resources, Collins Foods, Treasury Wine Estate, Ramelius Resources and General Mining Corporation. The five most negative contributors were HUB24, Netcomm, Blackmores, Adacel Technologies and Structural Monitors. Three of the top five negative contributors for the month were amongst the Fund's top ten holdings. The total number of portfolio stocks decreased from the previous month's 96 to 89, with portfolio cash sitting at just above 1%. During the month, the Fund's exposure to the Materials, Energy, Industrials and Utilities sectors increased and to the Financials, Consumer Discretionary and Telecommunications sectors decreased, with exposure to other sectors remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund. |
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Bennelong Long Short Equity Fund
5 Feb 2016 - Australian Fund Monitors
Bennelong Long Short Equity Fund returned -0.29% compared to the ASX 200 Total Return Index which fell -5.5%.
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5 Feb 2016 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors. |
| Manager Comments | The number of winning pairs was outnumbered by losing pairs over the month. The three strongest performing pairs delivered greater P&L than the Fund's largest detractors, hence stabilising performance. News flow was generally light in January ahead of the February profit reporting season. Click below to read the Fund Manager's commentary and market outlook. |
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Jamieson Coote Bonds Active Fund
4 Feb 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 1.39% for the month of January 2016.
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4 Feb 2016 - Jamieson Coote Bonds Active Fund
By: Australian Fund Monitors
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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | The portfolio was positioned cautiously over the Christmas and New Year period, lowering fund duration and setting up for maximum roll and carry over the holiday break. Over the month the fund held an average duration position of 4.21 years which resulted in material under performance, given the benchmark's larger weighting at 5.80 years duration, but volatility provided some excellent opportunities to adjust duration over the month. Click below to read the Fund Manager's market outlook. |
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Fund Review: Supervised High Yield Fund December 2015
4 Feb 2016 - Australian Fund Monitors
Fund review on Supervised High Yield Fund, a fixed income fund, is now available.
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4 Feb 2016 - Fund Review: Supervised High Yield Fund December 2015
By: Australian Fund Monitors
Supervised High Yield Fund AFM Review December 2015 (pdf format)
SUPERVISED HIGH YIELD FUND
Attached is AFM's updated Fund Review on the Supervised High Yield Fund.
We would like to highlight the following aspects of the Fund:
- The Supervised High Yield Fund (SHYF) has a 6 year track record investing in fixed interest investments. The Investment strategy aims to deliver returns with zero correlation to equity markets by investing in debt securities with minimal default probability and offering a premium return above the risk free rate.
- The Fund is managed by Philip Carden whose experience in debt and capital markets spans over 32years, including time with JB Were's Capel Court Securities and Macquarie Bank, where he was the Executive Director responsible for the Debt Markets Division.
- SHYF is an Alternative Income fund which invests in Global and Australian debt markets, with all foreign currency receivables hedged back to Australian dollars.
- The Fund utilises a top down analysis of the economic environment and market to screen and identify debt market opportunities which it believes offer low risk with high yield. The next stage is the development of a risk matrix and investment strategy, following which detailed research is undertaken on specific investment opportunities which meet the pre-defined criteria established in the investment strategy.
- Prior to approving an investment for the Fund each potential investment is subject to two stress tests. The first of these is for credit and default risk, in which the investment is stress-tested to ensure that in a worst case economic environment it can repay 100% of its principal and interest obligations case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided The second test examines market risk. In this case Carden looks at the worst case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided.
Supervised High Yield Fund AFM Review December 2015 (pdf format)
Fund Review: Insync Global Titans Fund December 2015
3 Feb 2016 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available.
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3 Feb 2016 - Fund Review: Insync Global Titans Fund December 2015
By: Australian Fund Monitors
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 Fund returned -1.90% for the month of December. The performance was driven by positive contributions from our holdings in Medtronic, Microsoft, McDonald's and Roche. The main negative contributors were Oracle, Time Warner and Comcast. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside.
- 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.
- 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.
Fund Review: QATO Capital Market Neutral Long/Short Fund December 2015
2 Feb 2016 - Australian Fund Monitors
December Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.
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2 Feb 2016 - Fund Review: QATO Capital Market Neutral Long/Short Fund December 2015
By: Australian Fund Monitors
Qato Capital AFM Fund Review December 2015 (pdf format)
QATO Capital Market Neutral Long/Short Fund
Attached is our most recently updated Fund Review on the QATO Capital Market Neutral Long/Short Fund.
We would like to highlight the following aspects of the Fund;
- Qato Capital is a Melbourne-based boutique fund manager backed by single family office, Larkfield Funds Management.
- Qato has a systematic, market-neutral strategy which invests exclusively in S&P/ASX 100 stocks.
- The QATO Capital's Q-score process captures and quantifies six broad fundamental factors, which assess multiple underlying sub-categories. Those companies with the top score (quality companies) are included in the "long" portfolio, those with the lowest score are sold short.
- The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long & 15 short equally-weighted positions).
- Qato Capital's process is entirely systematic - stock selection and risk management are employed in a rules based approach. The Fund employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
Qato Capital AFM Fund Review December 2015 (pdf format)
