NEWS
Performance Report: K2 Australian Absolute Return Fund
4 Nov 2010 - Australian Fund Monitors
K2\\'s Australian Fund notes October\\'s market driven by an acceleration of large scale corporate M&A announcements, continued strength in commodity prices and QE2 expectations
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4 Nov 2010 - Performance Report: K2 Australian Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | - The Fund is managed 'opportunistically'. Investments are made throughout Australia and New Zealand across sectors that the investment team believes will add greatest value. - Typically the Fund will hold between 50 and 70 listed equities. - If deemed appropriate, the Fund may be 100% invested in cash. - To implement the Fund's Long/Short investment strategy, K2 is able to use leverage or gear the Fund. However, the net invested position of the Fund shall not exceed the Net Asset Value (NAV) of the Fund. |
| Manager Comments | Also supporting the result was continued strength in commodity prices with the CRB Index rising 4.8%, and QE2 expectations in the US. K2 also sounded a cautionary note when looking at forward EPS forecasts saying Although we are optimistic about the prospects for 2011 earnings, we are conscious that equity issuances are continuing at a rate above our expectations and as a result 2012 EPS forecasts may be too optimistic'. |
| More Information | » View detailed profile of this fund |
Performance Report: Taurus Precious Metals Strategy
2 Nov 2010 - Australian Fund Monitors
Taurus Precious Metals produces a positive September in line with the gold price as commodities in general enjoy another solid month
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2 Nov 2010 - Performance Report: Taurus Precious Metals Strategy
By: Australian Fund Monitors
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| Fund Overview | Excess returns are generated by utilizing a relative value strategy and correctly switching the portfolio between the various physical commodities (gold, silver, platinum, palladium) and also between commodities and equities. The strategy's primary goal is to provide investors with returns ahead of Gold Bullion, essentially an enhanced gold exposure. The fund aims to provide investors with a low cost, appropriately bench marked alternative / substitute to physical gold. The investment process combines fundamental and quantitative research to isolate attractive commodities, sub-sectors and stocks. |
| Manager Comments | Amongst the precious metals, palladium again outpaced all comers increasing 12.7% closely followed by silver (+12.4%) with precious metals up in a range of 15-42% YTD, with bullion coming in at +25.6%. YTD global equities are up 4.6%. Taurus noted that the Bulls are again back in charge, with pretty much everything in the Resources and Commodity area appreciating strongly during the month. |
| More Information | » View detailed profile of this fund |
Performance Report: Pengana Global Resources Fund
1 Nov 2010 - Australian Fund Monitors
Pengana\\'s global Resources Fund benefits from higher commodity prices in part buoyed by a weakening US dollar.
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1 Nov 2010 - Performance Report: Pengana Global Resources Fund
By: Australian Fund Monitors
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| Fund Overview | The fund uses multiple strategies to profit from inefficiencies in the pricing of small and large companies and event driven activity. The fund employs three core strategies: - Pairs trading in liquid, large capitalisation stocks - Directional long and short positions in mid and small capitalisation stocks - Event driven (e.g IPO's, mergers and acquisitions), and other corporate activity. |
| Manager Comments | As a result the S&P/ASX Metals and Mining index gained 8.02% for the month, while the FTSE 350 Mining Index gained 11.94% in local currency terms. The manager reduced the fund's net long position during the month from 73% the previous month to 67%, and gross exposure dropped to 103% from 115% as the fund reduced holdings in some stocks and exited others which were replaced by new positions in Exxon Mobil, Posco and Consol Energy. |
| More Information | » View detailed profile of this fund |
Performance Report: Kima Capital Pan Asian Fund
29 Oct 2010 - Australian Fund Monitors
Kima records positive performance across all strategies in September, and sees a pickup in IPO opportunities
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29 Oct 2010 - Performance Report: Kima Capital Pan Asian Fund
By: Australian Fund Monitors
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| Manager Comments | Going forward, whilst Arbitrage has been quiet due to lack of volatility Kima still see a large opportunity set within the Event driven strategy in addition to the IPO strategy, with approximately 25 live deals and a large pipeline between now and the end of the year. |
| More Information | » View detailed profile of this fund |
Performance Report: Global Trading Strategies Fund (Class A)
28 Oct 2010 - Australian Fund Monitors
Global Trading Strategies records positive September, and their fourth consecutive monthly return above 1%.
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28 Oct 2010 - Performance Report: Global Trading Strategies Fund (Class A)
By: Australian Fund Monitors
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| Manager Comments | Long positions in the Australian Dollar also boosted returns, as did short positions in the Japanese Yen as the Japanese intervened to slow the pace of appreciation of their currency. Given lingering investor concerns in the US about the Euro, Gold benefitted from a further influx of investors as the Fed readied the printing press again, and positions the fund held in Gold provided around 40bps of return in the month |
| More Information | » View detailed profile of this fund |
Performance Report: Aurora Sandringham Dividend Income Trust
27 Oct 2010 - Australian Fund Monitors
Aurora increases exposure to banks ahead of earnings updates
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27 Oct 2010 - Performance Report: Aurora Sandringham Dividend Income Trust
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Atrium Australian Equity Long Short Fund
26 Oct 2010 - Australian Fund Monitors
Atrium benefits from a wide range of positive positions in September.
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26 Oct 2010 - Performance Report: Atrium Australian Equity Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's objective is to generate positive annual returns after fees in excess of the RBA Cash Rate regardless of equity market conditions. |
| Manager Comments | Atrium also advised they have decided to reduce the exposure of the portfolio to single stock short positions and increase the amount of index hedging within the portfolio. The manager feels this is appropriate given the heightened level of risk tolerance currently within the market and the risk of single stock shorts causing losses in the future. Atrium also increased the hedging within the portfolio to protect against a falling market as valuations, particularly in the resources sector, begin to look stretched. |
| More Information | » View detailed profile of this fund |
Performance Report: Katana Capital Ltd
20 Oct 2010 - Australian Fund Monitors
Katana Capital outperforms the market while remaining conservatively positioned with significant assets remaining in cash waiting for market weakness.
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20 Oct 2010 - Performance Report: Katana Capital Ltd
By: Australian Fund Monitors
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| Manager Comments | Katana’s cash position remained around 25% of NTA as the manager waited for any market weakness, but still managed to return 6.56% (pre-tax) for the month by taking active positions away from benchmark weightings. |
| More Information | » View detailed profile of this fund |
Performance Report: Pengana Global Small Companies Solution
19 Oct 2010 - Australian Fund Monitors
Pengana's Global Small Companies Fund of Fund produced a strong return for the month as markets ignored the double dip recession threats in the US.
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19 Oct 2010 - Performance Report: Pengana Global Small Companies Solution
By: Australian Fund Monitors
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| Fund Overview | The Fund uses a multi manager approach, investing with regional small company investment specialists to produce a global portfolio. To maximise the returns generated the Fund uses active investment managers with portfolios that are not overly diversified (the Fund will generally have exposure to between 40 and 80 stocks in each region). |
| Manager Comments | The fund's Asia ex-Japan manager produced the best return of the month with a gain of +15%, followed by North America's manager with +11.1%. Europe's was not far behind with a return of +9.4% while Japan's trailed the field with a return of +3.2%. |
| More Information | » View detailed profile of this fund |
September performance reports reveal some concensus views amongst fund managers
18 Oct 2010 - Australian Fund Monitors
The nature of a market generally ensures there's a wide range of opinions from managers, but in September there were some consistent themes amongst managers' performance commentary.
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18 Oct 2010 - September performance reports reveal some concensus views amongst fund managers
By: Australian Fund Monitors
The nature of a market generally ensures there's a wide range of opinions from managers, but in September there were some consistent themes amongst managers' performance commentaries.
Overall average performance for the month was strong on the back of the strong rally in equity markets, particularly in the US, a weak US currency, and strong commodity markets.
In Australia the strong performance of many second tier resource stocks was a welcome reward for managers focusing on that sector, particularly as the US dollar weakened and gold rose. However a couple of interesting comments emerged, such as Optimal's George Colman, who noted that of the ASX200's rise of just over 4% for the month, three quarters of it could be attributed to the market's sharp rally in the first four days of the month.
Looking forward the most recurrent comment, and in many cases concern, pointed to the highly anticipated QE2, or quantitative easing in the US. While most commented that given the US' lacklustre economy something needs to be done, the concern lies in what happens next in the event that a further easing doesn't kick-start the economy, and the inflationary pressures that printing more money is going to have. Kapstream's comment in particular was both insightful and creative, likening the anticipated QE2 to the Cunard liner of the same name which having once ruled the waves in many roles, now sits in Dubai waiting....
Most managers still seem to consider the markets to be finely balanced, and there aren't too many rampant bulls, with many keeping their powder dry until more convinced that the rally can push on through resistance without being derailed by some macro issues from offshore..
