NEWS
Fund Review: QATO Capital Market Neutral Long/Short Fund June 2016
27 Jul 2016 - Australian Fund Monitors
Latest 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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27 Jul 2016 - Fund Review: QATO Capital Market Neutral Long/Short Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (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 maximises 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.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2016 (pdf format)
Signature Quantitative Fund
26 Jul 2016 - Australian Fund Monitors
Signature Quantitative Fund returned -0.7% in June 2016, compared to the S&P / ASX 200 Franking Credit Adjusted
Index's return of -2.4%.
Index's return of -2.4%.
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26 Jul 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 | Capital Raisings, Dividend Arbitrage and Alpha Capture strategies, all positively contributed to the Fund's performance, However, the Index Rebalance Effect underperformed due to stock-specific news, and SQF's market exposure also caused underperformance. Click the link below to view the latest Monthly report. |
| More Information |
Supervised Global Income Fund
26 Jul 2016 - Australian Fund Monitors
Supervised Global Income Fund rose 0.45% for the month of June, to bring annualised performance since inception to 9.22% p.a.
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26 Jul 2016 - Supervised Global Income Fund
By: Australian Fund Monitors
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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | Interest income and position in the US Treasury Note Exchange Traded Options contributed positively to the Fund's performance. However, the value of some Residential Mortgage Backed Securities (RMBS) and Collateralised Corporate Loan Obligations (CLO) Mezzanine securities fell, detracting from the Fund's returns. More than half (53.38%) of the portfolio's composition (as a percentage of NAV) was invested in the Australian Residential Mortgage-Backed Securities (RMBS). The rest of the portfolio held USD Corporate Loans at 23.52% and AUD Corporate Loans at 4.64%. Cash was increased from the prior month to 18.14%. Click below to view the latest Fund Manager Report. |
| More Information |
Alexander Credit Opportunities Fund
25 Jul 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.85% for the month of June .
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25 Jul 2016 - Alexander Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | Click below to read the latest monthly report. |
| More Information |
Pengana Absolute Return Asia Pacific Fund
25 Jul 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund returned -4.90% for the month of June 2016, compared to Asia Pacific markets which were down -0.2%.
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25 Jul 2016 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The drawdown was largely due to unsystematic factors including M&A deal breaks. The Fund was resilient around the Brexit event, with minimal impact on the portfolio from this macro event. The Fund was hurt by two positions which were unexpectedly delayed or called off; namely Inotera Memories (3474 TT) and West China Cement (2233 HK). Collectively, these two deals negatively impacted the Fund by -4.60%. The Fund navigated the month with an average gross and net exposure of 247.2% and 11.3% respectively. The Index Futures and Capital Raising strategies contributed positively to the Fund's June performance. Click below to read the latest Fund Manager's Report. |
| More Information |
Jamieson Coote Bonds Active Fund
22 Jul 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 1.39% for the month of June 2016.
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22 Jul 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 | Click below to read the Fund Manager's market outlook. |
| More Information |
Fund Review: Bennelong Twenty20 Australian Equities Fund June 2016
21 Jul 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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21 Jul 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - June 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
21 Jul 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 5.05% in June versus the S&P/ASX-100's fall of -2.80%, an outperformance of +7.85%.
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21 Jul 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through long and short positions. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | Sixty-seven percent of the long positions provided a positive return in June, leading to the long book returning +0.20% (gross) - significantly outperforming the S&P/ASX-100's return of -2.8% and generating +3.0% of alpha. The Fund was short Henderson Group which was the worst performer in the S&P/ASX-100 in June and 90% of the short positions outperformed the index's monthly return. Qato is currently positioned both long and short to the mining and material companies, after being net short exposure for a prolonged period. Long exposures include positions such as Alumina, Bluescope, Fortescue, and South32, due largely to their significant fundamental improvements from cost cuts and rising commodity prices. These positions profited from the rebound in asset prices and positively impacted June returns. These have continued into July. |
| More Information |
KIS Asia Long Short Fund
20 Jul 2016 - Australian Fund Monitors
KIS Asia Long Short Fund rose 2.41% for the month of June 2016.
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20 Jul 2016 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | Click below to read the latest monthly Fund Report. |
| More Information |
NWQ Fiduciary Fund
20 Jul 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -0.44% in June and returned +8.96% over the last 12 months.
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20 Jul 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The portfolio's Beta managers utilising a range of long/short equity strategies, contributed -0.42% for the month. Positive attribution came from the Alpha managers, with the strategy attributing a modest +0.07% for the month. The portfolio continues to have an overweight allocation to the Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
| More Information |
