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Fund Review: Bennelong Kardinia Absolute Return Fund November 2015
18 Dec 2015 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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18 Dec 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund November 2015
By: Australian Fund Monitors
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an nine year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPI's. The Fund has an annualised return of 12.65% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 4.36% p.a. with volatility of 14.29%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Bennelong Kardinia Absolute Return Fund AFM Monthly Report November 2015Totus Alpha Fund
18 Dec 2015 - Australian Fund Monitors
Totus Alpha Fund rose 7.4% net of fees in November taking the latest 12 month return to 43.42%.
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18 Dec 2015 - 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 -4.7% and a gross exposure of 257.5%. The Fund had 127 positions (55 long and 72 short) that were diversified across multiple investment themes. Top contributors in November were the short position in BHP +1.11% (Commodities) and the long positions in Appen +0.52% (Scarce Growth) and IDP Education +0.51% (Scarce Growth). Biggest detractors were the short positions in OzForex -0.74% (Earnings Risk) and G8 Education -0.58% (Rollup), and a long position in Macquarie -0.30% (Financial Services). Click below to read the latest Fund's Monthly Report. |
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Fund Review: Morphic Global Opportunities Fund November 2015
17 Dec 2015 - Australian Fund Monitors
Read latest November Fund Review on Morphic Global Opportunities Fund.
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17 Dec 2015 - Fund Review: Morphic Global Opportunities Fund November 2015
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated 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.
- Morphic's philosophy is that only funds with flexible investment and 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.
QATO Capital Market Neutral Long/Short Fund
17 Dec 2015 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund returned -2.46%, compared to the S&P/ASX 100 Price Index, which decreased 1.50%.
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17 Dec 2015 - 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 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. 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 | Treasury Wines was the best long position in November rising +8.39%, generating +9.89% of alpha. BHP fell -17.29% during November contributing +15.79% alpha. Other stocks that contributed positively to the Fund's return were CSL, Aristocrat, Worley Parsons and Woolworth. The average net monthly exposure of the portfolio was 8.90%. Click below to the read the latest Fund Manager's Report. |
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Fund Review: Optimal Australia Absolute Trust November 2015
16 Dec 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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16 Dec 2015 - Fund Review: Optimal Australia Absolute Trust November 2015
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- Optimal Australia is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In November, the Fund returned 1.0%. The Fund's approach to risk is shown by the Sharpe ratio of 1.51 (Index 0.16), Sortino ratio of 3.41 (Index 0.11), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
NWQ Fiduciary Fund
16 Dec 2015 - Australian Fund Monitors
NWQ Fiduciary Fund returned +0.66% for the month of November, to take latest 12 month return to 14.18%.
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16 Dec 2015 - 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 Fund's Beta managers, utilised a range of long/short equity strategies, outperforming the market and delivering a positive return of 0.25%. The Fund's Alpha managers also outperformed, contributing +0.51% to the portfolio return. The Fund's portfolio has an overweight allocation to the Alpha, market neutral strategies, as the NWQ view is that there is potential for market volatility in the coming months. Click below to read the latest Fund's Report. |
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Pengana Absolute Return Asia Pacific Fund
16 Dec 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund rose 1.31% for the month, outperforming the HFR Event Driven Index which closed down -1.9%, by 3.21%.
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16 Dec 2015 - 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 MSCI inclusion of Chinese US listed ADRs was a key event for the Fund during the month. The M&A sub-strategy contributed 0.58% of Fund performance as a number of deals in the portfolio reached maturity or completion. Main contributors were Youku Tudou (YOKU US), Jingwei Textile (350 HK), Mindray Medical (MR US), Veda Group (VED AU) and Affinity Education (AFJ AU). Capital Structure and Capital Management strategies also contributed positively to the Fund's performance. Biggest negative contributor came from the Stubs strategy. The Fund's average gross and net exposures were 186.3% and 3.2% respectively. Click below to read the latest Fund Manager's Report. |
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Fund Review: Bennelong Long Short Equity Fund November 2015
15 Dec 2015 - Australian Fund Monitors
November Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.18% p.a.
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15 Dec 2015 - Fund Review: Bennelong Long Short Equity Fund November 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 18.18%.
- 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 1.91 (Index 0.30) respectively.
For further details on the Fund, please do not hesitate to contact us.
Jamieson Coote Bonds Active Fund
14 Dec 2015 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund declined 0.60% in November, outperforming the market by 0.33%.
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14 Dec 2015 - 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 significant repricing of RBA expectations by the market caused the term structure to bear flatten over the month. The Fund was cautious on outright valuations coming into year end and therefore reduced its duration exposures. The re pricing of the RBA and the huge employment report, suggesting boom like employment conditions in Australia did not help the Fund performance. However, the Fund investment team there is nothing boom like about Australia's economic growth outlook and hence adding front end duration exposure was fundamentally justified into 2016. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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Bennelong Kardinia Absolute Return Fund
11 Dec 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 1.16%, outperforming the ASX200 Accumulation Index, which fell 0.68%, by 1.84%.
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11 Dec 2015 - 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 | BWX, Bellamy's, Surfstitch and Ramsay were the largest contributors to performance whilst Australian Careers Network, Vitaco and James Hardie were the largest detractors. Net equity market exposure (including derivatives) at month end sat at 53.6% (61.8% long and 8.2% short) Click below to read the November 2015 Fund Report. |
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