NEWS
Pengana Absolute Return Asia Pacific Australian Fund
1 Sep 2014 - Australian Fund Monitors
Pengana Absolute Return Asia Pacific Australian Fund recorded 1.18% during July and 8.03% for the prior twelve months with a volatility of 2.88%.
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1 Sep 2014 - Pengana Absolute Return Asia Pacific Australian Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | While M&A activity slowed during July, the Fund focused on other emerging themes in the Asian event space. State owned enterprise (SOE) reforms out of China are driving asset injections and recapitalizations which will present unique trading opportunities ahead. The recently concluded reverse takeover of Citic Pacific is an example of how such reforms are being pursued by Chinese authorities. Another key emerging theme is increased focus on the JPX 400 index which benchmarks Japanese companies on operating metrics like ROE. This is incentivising and driving corporate activity in Japanese companies who wish to improve governance standards and hence valuations. |
| More Information | » View detailed profile of this fund |
iPARM Australia 2014
31 Aug 2014 - International Business Review Conferences
15-17 October, Grace Hotel, Sydney - Investment Performance Measurement, Attribution & Risk Management Forum in Sydney will have leading experts sharing up-to-date, cutting edge ideas and insight on frontiers of recent developments in...
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31 Aug 2014 - iPARM Australia 2014
By: International Business Review Conferences
15-17 October 2014,
iPARM Australia 2014 (pdf format)
Investment Performance Measurement, Attribution & Risk Management 2014 Forum
15-17 October 2014,
8:30am - 5:30pm, Grace Hotel, Sydney
iPARM Australia 2014- Investment Performance Measurement, Attribution & Risk Management 2014 Forum in Sydney will have leading experts sharing up-to-date, cutting edge ideas and insight on frontiers of recent developments in performance measurement, attribution & risk management.
- The 5 things every performance measurement professional must know
- Key implications in risk & performance measurement and management
- Using Attribution to truly improve the investment decision making process
- Long horizon performance -Why is it so relevant to superannuation funds?
- Case Study- Insourcing performance analytics
- Risk regulatory landscape- impact & opportunities for institutional investors
- Post-Conference Workshop: Introduction to Performance Attribution
iPARM Australia 2014 (pdf format)
Fund Review: Bennelong Long Short Fund AFM Fund Review July 2014
30 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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30 Aug 2014 - Fund Review: Bennelong Long Short Fund AFM Fund Review July 2014
By: Australian Fund Monitors
Bennelong Long Short Fund Review (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
- 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 a twelve year track record and annualised net returns of 18.26% pa.
- 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.
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Fund performance was muted for the month as the market drifted without any strong thematic and investors were subject to merger andacquisition activity/speculation, yield/defensive buying and stock specific issues. Our assessment is that the April factors thatnegatively impacted fund returns, which were of a more global nature, were persisting early in the period but since have abated. Fund activitywas limited in May as our view of market fundamentals have not really changed.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research and Database Manager
Australian Fund Monitors
Bennelong Long Short Fund Review (pdf format)
Laminar Credit Opportunities Fund
29 Aug 2014 - Australian Fund Monitors
Laminar Credit Opportunities Fund returned 0.80% in July and 9.31% over the prior year with a volatility of 0.76.
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29 Aug 2014 - Laminar 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 | The Sharpe ratio was 8.51 and all monthly returns were positive over the last 12 months. Risk assets have been the beneficiary of low volatility in recent times (compare the volatility of the ASX 200 over the last 12 months with the average volatility of the ASX 200 index over the past 10 years of 13%). However, this low vol environment will end (possibly when the Fed starts to raise rates) and we think when it does, the difference between the volatility of the Fund versus the ASX 200 will be even more exaggerated than it has been over the past 12 months. |
| More Information | » View detailed profile of this fund |
Fund Review: Supervised High Yield Fund July 2014
28 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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28 Aug 2014 - Fund Review: Supervised High Yield Fund July 2014
By: Australian Fund Monitors
Supervised High Yield Fund Review July 2014 (pdf format)
SUPERVISED HIGH YIELD FUND
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
We would like to highlight the following aspects of the Fund:
- The Supervised High Yield Fund (SHYF) has a 5 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 32 years, 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.
Research and Database Manager
Australian Fund Monitors
Supervised High Yield Fund Review July 2014 (pdf format)
Insync Global Titans Fund
27 Aug 2014 - Australian Fund Monitors
Insync Global Titans Fund returned -0.50% in July and 6.04% for the prior 12 months with a volatility of 8.14%.
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27 Aug 2014 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | Key positive contributors for the month came from our holdings in BNY Mellon, Discover Financial Services, BSkyB, St Jude Medical and TE Connectivity. The main negative contributors were Coach, Express Scripts, Oracle, British American Tobacco and Baxter International. 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. |
| More Information | » View detailed profile of this fund |
Fund Review: Morphic Global Opportunities Fund July 2014
27 Aug 2014 - Australian Fund Monitors
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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27 Aug 2014 - Fund Review: Morphic Global Opportunities Fund July 2014
By: Australian Fund Monitors
Morphic Global Opportunities Fund July 2014 (pdf format)
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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.
Sean Webster
Research Manager
Australian Fund Monitors
Morphic Global Opportunities Fund July 2014 (pdf format)
Aurora Fortitude Absolute Return Fund
26 Aug 2014 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned 0.07% during July and a one year return of 3.44% with a volatility of 0.97% and a Sharpe ratio of 0.95
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26 Aug 2014 - 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 | The Fund has a maximum draw-down of 2.09% since inception in February 2005 and 92% positive months. The Sharpe ratio over this time is 1.15. The Manager notes that they have published a thought piece "Defensive Strategies and Low Volatility". Activity in Mergers and Acquisitions (+0.29%) increased considerably during the month. Several new deals were announced whilst existing deals gained momentum. Yield (+0.11%) spreads continue to compress as participants clamour for yield in a low interest rate environment. The Fund is purposefully avoiding duration exposure and seeks to invest in short dated, high quality exposure and special situations. The Options portfolio (-0.43%) was again a significant detractor. Realised volatility for the month reached a new low. |
| More Information | » View detailed profile of this fund |
Platforms & Wraps Conference
26 Aug 2014 - Money Management
Wednesday 27 - Friday 29 August, Hunter Valley, NSW covering latest industry trends and innovation, while also exploring technology initiatives, client segmentation, data ownership, analytics, marketing and distribution, regulatory reform...
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26 Aug 2014 - Platforms & Wraps Conference
By: Money Management
Platforms and Wraps Conference - Money Management
27-29 August, Hunter Valley, NSW
The platforms and wraps sector is changing and providers are under pressure to deliver innovation and aggregation, which are the keys to ongoing success and financial sustainability in this highly competitive market.
You are invited to hear from more than 30 leading experts who are coming together to discuss the issues and challenges facing the sector at Money Management's Platforms & Wraps Conference.
The conference involves:
INNOVATION AND THOUGHT LEADERSHIP TO DRIVE THE INDUSTRY:
- International speaker Mark Polson will share insights into the UK platform market and shed light into some corners of the market that some wrap providers would rather remain in the dark.
- International speaker Christopher Faddy will discuss the globalisation of managed accounts.
- Dr Robert Kay will give a keynote presentation on innovation and decision-making for growth and how to overcome challenges to growth.
IMPORTANT INDUSTRY UPDATES AND THE LATEST RESEARCH FINDINGS:
- Richard Wormald, General Manager, Financial Services, Coles, will talk about the supermarket giants entering into financial services and what this means for the industry.
- Vanessa McMahon, Managing Director at Wealth Insights, will provide a rundown of trends, inflows, market dynamics and key themes.
- Christina Kalantzis, Principal at Alexis Compliance & Risk Solutions, will talk about complying with RG148.
Plus many more CEOs, managing directors, and heads of insurance and platform services will explore the strategies needed to drive innovation and success in a changing industry.
Read the Conference Agenda here, and also the Network social events planner
Click here to Register
(unique offer available to www.fundmonitors - early bird rates)
There are also numerous networking opportunities, including a wine tour of Hope Estate, with a two course dinner, beverages and entertainment, along with a pre-conference golf day.
There are limited spaces remaining! Register for Money Management's Platforms & Wraps Conference, and join thought leaders and your peers at this premier event.
For more information, visit www.investmentplatforms.com.au. Alternatively, call 02 8484 0957 or email [email protected]
Money Management would like to thank their sponsors:
Platinum Sponsor: GBST Bronze Sponsor: BNY Mellon
Money Management Wraps LogoCor Capital Fund
25 Aug 2014 - Australian Fund Monitors
Cor Capital Fund returned 1.01% and 4.01% for the year ended July 2014 with a volatility of 4.08%.
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25 Aug 2014 - Cor Capital Fund
By: Australian Fund Monitors
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| Fund Overview | The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling. |
| Manager Comments | The main overall return contribution for July was from equities (+1.02%) with fixed interest (+0.05%), cash (+0.03%) and precious metals (-0.09%) all relatively flat. While equity market volatility has increased over the last two months, it hasn't been to the degree that the Fund's allowed ranges have been breached, and so there were no changes to the portfolio for the month. |
| More Information | » View detailed profile of this fund |
