NEWS
Insync Global Titans Fund
25 Sep 2015 - Australian Fund Monitors
The Insync Global Titans Fund decreased -2.6% in August, outperforming its benchmark MSCI All Country World ex-Australia Net Total Return Index ($A) by 0.8%.
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25 Sep 2015 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The performance was driven by positive contributions from holdings in Zimmer, Diageo and Nestle. The main negative contributors were Disney, Medtronic and Time Warner. 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 fund is currently 58% protected by puts and has cash to take advantage of opportunities as the markets fall Click below to read the latest Fund Manager Report. |
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Jamieson Coote Bonds Active Bond
24 Sep 2015 - Australian Fund Monitors
In August, the Jamieson Coote Bonds Active Bond Fund rose 0.50%, in an equity market that fell -7.79%.
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24 Sep 2015 - Jamieson Coote Bonds Active Bond
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 | JCBAF lightened duration into month-end and added to curve flattening exposure. The Fund also added some semi (state) government exposure of up-to 35% of portfolio to capture additional carry thought the quiet August period. After the devaluation of the Chinese Yuan, the Fund added duration and cut additional semi risk, moving back into core ACGB holdings. At month-end, majority (60.20%) of the portfolio was in the Australian Government Bonds, followed by State Government Bonds at 25.50%. Click below to read the Fund's monthly performance and Fund Managers market outlook. |
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APN AREIT Fund
24 Sep 2015 - Australian Fund Monitors
APN AREIT Fund returned -3.70% in August compared to the AREIT Index -4.02%. Since inception in February 2009, the Fund has returned 17.59% p.a.
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24 Sep 2015 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | Steven Chai is the Portfolio Manager of this Fund, who joined APN in July 2008. Prior to this, Chai was a Senior Analyst responsible for the management of the unit pricing and performance models for the APN AREIT Fund, the APN Property for Income funds and the APN Asian REIT Fund. Steven holds a Bachelor of Commerce Degree (Finance) from the University of Melbourne and is a CFA charterholder. 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 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 suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | In August, the Fund had 97% allocation in AREITs, while the rest was in cash. Majority of the underlying property sector allocation was in the Retail sector at 66%, followed by Office sector at 20%. Top 5 AREIT holdings were in Scentre Group, Federation Centres, Stockland, CHarter Hall Retail REIT and Westfield Group. Click below to read the complete Fund Manager's Report. |
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Pengana Absolute Return Asia Pacific Fund
23 Sep 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific finished -4.98%, compared to the HFR Event Driven Index, which closed -2.9%.
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23 Sep 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 overall negative return attribution for the M&A sub-strategy was -2.8%, which was a result of dislocation in the US ADR spreads during the month. Average spreads during the month continued to fluctuate around volatility in the Chinese markets. The volatility stems from the uncertainty on whether these deals will proceed. The Index Futures and Options/FWDs strategies contributed positively to the month's performance. However, Capital Management and M&A strategies were biggest detractors of the month. On average, the Fund's net and gross exposures were 7% and 228% respectively. Click below to read the complete Fund Manager's Report. |
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Fund Review: Aurora Fortitude Absolute Return Fund August 2015
23 Sep 2015 - Australian Fund Monitors
Latest fund review now available on the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database.
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23 Sep 2015 - Fund Review: Aurora Fortitude Absolute Return Fund August 2015
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
We would like to highlight the following aspects of the Fund;
- The Aurora Fortitude Absolute Return Fund (AFARF) has a 10 year track record investing in ASX listed equities. A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.CIO John Corr has over 20 years financial market experience with a strong focus on risk.
- Significant use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation. Risk statistics are impressive and shows the Funds risk philosophy; over 86% of monthly performances have been positive with no losing months in 2008, the Fund's largest drawdown is -2.09% and the Sharpe ratio 1.10.
- ASX listed Aurora Funds Limited was established on the merger of three existing fund management businesses, managing approx. $230m on behalf of more than 2,500 retail and wholesale investors.
Fund Review: Aurora Fortitude Absolute Return Fund August 2015QATO Capital Market Neutral Long/Short Fund
22 Sep 2015 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund returned -2.22% in August, to significantly outperform the
S&P/ASX-100 which fell -8.81%, the largest monthly fall since October 2008.
S&P/ASX-100 which fell -8.81%, the largest monthly fall since October 2008.
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22 Sep 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 | One of the highlights from the Fund's long portfolio came from Asciano, which contributed +4.52% and produced significant alpha for the Fund. The Fund also benefited from it's short positions in Seek, Crown & Worley, which fell -19.57%, -15.24% & -12.90% respectively for the month. Click below to read in more detail the Fund's latest Performance Report . |
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Fund Review: Morphic Global Opportunities Fund August 2015
22 Sep 2015 - Australian Fund Monitors
Read latest August Fund Review on Morphic Global Opportunities Fund.
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22 Sep 2015 - Fund Review: Morphic Global Opportunities Fund August 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.
Signature Quantitative Fund
21 Sep 2015 - Australian Fund Monitors
Signature Quantitative Fund returned -0.40% for the month of August, to outperform the ASX200 Accumulation Index by 7.39%.
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21 Sep 2015 - 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 | The performance of SQF this month was mainly driven by the Dividend Arbitrage strategy, which despite the 40% market exposure, only slightly under-performed. Alpha Capture was a positive contributor for the month as earnings revisions and analyst sentiment indicators paid off during the earnings announcement season. Index Rebalance and Capital Raisings Strategies were flat for the month. Click the link below to view the latest Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund August 2015
21 Sep 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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21 Sep 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund August 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 12.44% p.a. with a volatility of 7.34%, compared to the ASX200 Accumulation's return of 4.41% p.a. with volatility of 14.38%.
- 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.
Aurora Fortitude Absolute Return Fund
18 Sep 2015 - Australian Fund Monitors
In August, the Aurora Fortitude Absolute Return Fund rose 1.44%, outperforming the ASX200 Accumulation Index by 9.23%.
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18 Sep 2015 - Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | In this volatile environment, it was the Options Strategy (+1.9%) that contributed most to the performance. The Fund's bought put options over the Share Price Index was the most profitable position. Positions in all the major banks were profitable reflecting strong demand for downside protection following capital raisings. The Yield Strategy (-0.5%) was the biggest distractor from the performance. Click below to read more on the Fund's performance. |
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