NEWS
Fund Review: Bennelong Long Short Equity Fund December 2015
19 Jan 2016 - Australian Fund Monitors
December Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.58% p.a.
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19 Jan 2016 - Fund Review: Bennelong Long Short Equity Fund December 2015
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 18.58%.
- 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 1.11 (Index 0.29) and 1.96 (Index 0.32) respectively.
For further details on the Fund, please do not hesitate to contact us.
Fund Review: Meme Australian Share Fund December 2015
18 Jan 2016 - Australian Fund Monitors
December Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.
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18 Jan 2016 - Fund Review: Meme Australian Share Fund December 2015
By: Australian Fund Monitors
Meme Australian Share Fund
Attached is our most recently updated Fund Review on the Meme Australian Share Fund.
We would like to highlight the following aspects of the Fund;
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The Meme Capital Management is a Perth-based boutique Fund Manager, established in 2012 and manages the Meme Australian Share Fund.
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The Fund specializes in technical and quantitative strategies to identify investment opportunities expected to provide both positive price appreciation and relative price out-performance over the medium to long term.
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The Fund's objective is to outperform the S&P/ASX All Ordinaries Accumulation Index over rolling three year periods, through investing in ASX listed securities outside the S&P/ASX 20. The Fund only takes long positions and does not use derivatives.
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Over the past 12 months, the Fund returned positive 29.14%, versus the Index's 2.56% return.
Signature Quantitative Fund
18 Jan 2016 - Australian Fund Monitors
Signature Quantitative Fund rose 2.50% for the month of December, to bring annualised performance since inception to 10.40% p.a.
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18 Jan 2016 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | All strategies contributed to performance this month. Alpha Capture and the Dividend Arbitrage strategies performed strongly, driven by short resources exposure and the Dividend Arbitrage Effect continuing to perform. The Index Rebalance Strategy contributed to performance this month across the ASX 200 and various global indices. The Fund had a net exposure of 49%, of which 21% exposure was in the Financial sector. Click the link below to view the latest Monthly Report. |
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Totus Alpha Fund
15 Jan 2016 - Australian Fund Monitors
Totus Alpha Fund rose 4.5% net of fees in December taking the latest 12 month return to 53.40%.
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15 Jan 2016 - 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. 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 | At month-end, the fund had a net exposure of -4.8% and a gross exposure of 270.1%. The Fund had 129 positions (55 long and 74 short) that were diversified across multiple investment themes. Top contributors in December were the long positions in SmartGroup +2.81% (Scarce Growth) and Blackmores +0.62% (Scarce Growth). A short position in Spotless added 2.01% (Earnings Risk). Biggest detractors were the short positions in Orocobre -1.00% (Commodities), Valeant -0.55% (Rollup) and 1-Page -0.37% (Unicorn). Click below to read the latest Fund's Monthly Report. |
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Bennelong Kardinia Absolute Return Fund
15 Jan 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 1.74%, for the month of December.
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15 Jan 2016 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Long positions in Blackmores, BWX and Aristocrat were the major positive contributors to performance, whilst long positions in Temple and Webster and Surfstitch were the largest detractors. Net equity market exposure was actively managed throughout the month with a month-end net of 65.2% (68.1% long and 2.8% short). Click below to read the December 2015 Fund Report. |
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Optimal Australia Absolute Trust
14 Jan 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust recorded net return of -0.1% to bring the year 2015 to +8.05%.
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14 Jan 2016 - Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The Fund's shorts produced negative attribution of 0.9% for the month. The long positions had positive attribution of 0.8%. The rally in the Australian market from mid-December allowed the Fund to realise some long investments at attractive prices and to increase short position. As a result, the Fund came into 2016 with net short exposure at 11% of NAV. This risk setting has served the fund well against January's initial carnage, but our lack of beta exposure was a heavy drag on performance in December Click below to read the latest Fund Monthly Report. |
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The Paragon Fund
13 Jan 2016 - Australian Fund Monitors
The Paragon Fund returned 0.3% for the month of December, to take latest 12 month return to 16.44%.
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13 Jan 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 December included Longs in the Lithium holdings (Orocobre & General Mining), Mayne Pharma and APN Outdoor, offset by declines in Oil Search, Reward Minerals and a short position in Wesfarmers. At the end of the month the Fund had 34 long positions and 13 short positions. Click below to read the latest monthly report |
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Bennelong Long Short Equity Fund
12 Jan 2016 - Australian Fund Monitors
Bennelong Long Short Equity Fund rose 6.22% in December, to bring latest 12-month return to 37.14%.
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12 Jan 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 | Strongest contribution came from two of the Fund's pairs in the Healthcare Sector, driven by short positions in Primary Healthcare and Sonic Healthcare. On the negative side, the Fund's position in two energy-related pairs were impacted by continued volatility in the oil price and associated share prices. Overall, performance across the portfolio featured positive contributions from 21 pairs while 10 pairs were a loss. Fund activity in December involved some relatively minor weightings adjustments across the gaming, consumer discretionary, and financials sectors. Click below to read the Fund Manager's commentary and future market outlook. |
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Meme Australian Share Fund
11 Jan 2016 - Australian Fund Monitors
For the month of December, the Meme Australian Share Fund gained 4.40% compared to the ASX200 Accumulation Index's return of 2.73%, an outperformance of 1.67%.
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11 Jan 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 positive contributors to the fund's performance were HUB24 (HUB, +1.12%), Structural Monitors (SMN, +1.01%), Blackmores (BKL, +0.73%) and Nagambie Resources (NAG, +0.54%). The largest negative contributions were by Norwood Systems (NOR, -0.62%), Promedicus (PME, -0.40%) and Lynas Corporation (LYC, -0.27%). The total number of portfolio stocks decreased from the previous month's 101 to 96, with almost 53% of the portfolio value comprising stocks held in multiple tranches. Portfolio cash sits at less than 1%. During the month, the Fund's exposure to the Financials, Materials, Consumer Discretionary and Consumer Staples sectors increased, 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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Fund Review: Supervised High Yield Fund November 2015
29 Dec 2015 - Australian Fund Monitors
Fund review on Supervised High Yield Fund, a fixed income fund, is now available.
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29 Dec 2015 - Fund Review: Supervised High Yield Fund November 2015
By: Australian Fund Monitors
Supervised High Yield Fund AFM Review November 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 November 2015 (pdf format)
