NEWS
Performance Report: Global Trading Strategies Fund (Class A)
24 Jan 2011 - Australian Fund Monitors
Global Trading Strategies ends 2010 with a strong month, but sounds a warning over Asian inflation and US and UK fiscal imbalances
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24 Jan 2011 - Performance Report: Global Trading Strategies Fund (Class A)
By: Australian Fund Monitors
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| Manager Comments | Commenting on the outlook for 2011, GTS warned about inflation in Asia and structural weaknesses in North America and the UK, while noting that trading in the Euro would perhaps provide significant opportunities in the year ahead. |
| More Information | » View detailed profile of this fund |
Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD
21 Jan 2011 - Australian Fund Monitors
Macquarie's Asian Alpha Fund closed 2010 with a positive December performance of +1.97%, under performing the MSCI Asia Pacific Index (+3.78%) but outperforming over the full year.
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21 Jan 2011 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD
By: Australian Fund Monitors
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| Manager Comments | Best performing country contributions for the month came from Japan and Hong Kong, while Australia detracted from returns. Otherwise, with the exception of China, the smaller emerging market portfolios generally disappointed, with the result that the fund willl hold back from increasing gross exposure in those markets until evidence emerges of sustained alpha generation. The manager noted that there had been a significant increase in AUM over the year, rising from $228m to $579m, following the significant redemptions and outflows since 2008. |
| More Information | » View detailed profile of this fund |
Performance Report: Merricks Capital Multi-Strategy Fund
20 Jan 2011 - Australian Fund Monitors
Merricks' Multi Strategy fund caps off a positive year with a strong December result.
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20 Jan 2011 - Performance Report: Merricks Capital Multi-Strategy Fund
By: Australian Fund Monitors
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| Fund Overview | The fund uses a top down/bottom up approach to generate absolute returns two underlying strategies: 1. Long Short Equities 2. Event Driven. The primary focus is on the industrial sectors in Asia, focused on Hong Kong, Japan and Australia. Prior to December 2010 the fund also included exposure to the Soft Commodity sector. This is now available as a standalone fund and strategy. |
| Manager Comments | The fund's asset allocation was broadly split between the Event Driven and Long/Short books, with geographic allocation significantly favouring Australia, followed by Hong Kong and Japan. Gross exposure was 168%, comprising 109% long and 59% short. |
| More Information | » View detailed profile of this fund |
Performance Report: Merricks Soft Commodity Fund
19 Jan 2011 - Australian Fund Monitors
The Merricks Soft Commodity Fund ends 2010 on a strong note to finish 2010 up over 16% and bring up their three year track record.
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19 Jan 2011 - Performance Report: Merricks Soft Commodity Fund
By: Australian Fund Monitors
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| Fund Overview | The objective of the Fund is to find outstanding investment opportunities in the Soft Commodities sector and to also take advantage of mispricing between commodities. All investments are based on bottom up fundamental research and the Fund limits directional exposure of its investments through a strict process of portfolio construction and risk management. Trading strategies include calendar spreads, substitute spreads and basis trades and the Merricks Capital trading platform allows the Fund to trade on all markets (including ASX, CBOT, Euronext and Malaysia). |
| Manager Comments | December gains came from positions in Wheat, Soy/Palm oil sread and Soybean oil/soybean spread, while a short position in Palm oil detracted from the month's performance. |
| More Information | » View detailed profile of this fund |
Performance Report: Fortitude Capital Absolute Return Trust
18 Jan 2011 - Australian Fund Monitors
Fortitude's M&A book the fund's strongest performer in December, followed by Long/short.
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18 Jan 2011 - Performance Report: Fortitude Capital Absolute Return Trust
By: Australian Fund Monitors
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| Manager Comments | Returns in the Long/short, small cap and convergence strategies also added to the month's performance. |
| More Information | » View detailed profile of this fund |
Performance Report: AR Capital - Ascot Fund
17 Jan 2011 - Australian Fund Monitors
AR Capital's Ascot Fund ends 2010 with a positive result, and a positive outlook for 2011.
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17 Jan 2011 - Performance Report: AR Capital - Ascot Fund
By: Australian Fund Monitors
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| Manager Comments | Supporting their view is that the GFC is one year further away, and although the world still has significant fiscal imbalances, the basic financial mechanisms underpinning major economies and activity are working. Australian listed companies have generally speaking put themselves in a strong financial position, and Australia's banking system has proven to be world class. AR do not believe valuations are stretched, and notwithstanding the severity of the floods in Queensland and their effect on earnings of specific sectors such as mining and insurance, are not overly concerned on the economic implications for the broader economy. As a result AR continues to remain a stock picker, and is not taking an aggressive bet on the market's direction, remaining approximately 45% net long, and taking profits as price targets are achieved or stops triggered. |
| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund
14 Jan 2011 - Australian Fund Monitors
Herschel's December result caps off their fifth consecutive positive year as resources continued to outperform industrials, and small caps outperformed large caps.
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14 Jan 2011 - Performance Report: Herschel Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Best performing positions for the month were in Sundance Resources, Aurora Oil and Beadell Resources, while their short SPI Futures hedge detracted from the overall result. The fund increased its net equity position over the month to 56.1% (61.2% long and 5.1% short). |
| More Information | » View detailed profile of this fund |
Performance Report: Agora Absolute Return Fund
13 Jan 2011 - Australian Fund Monitors
Agora's Absolute Return Fund ends the year with a positive December result to cap off a strong six months, and retains a positive outlook for equities.
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13 Jan 2011 - Performance Report: Agora Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Agora believes that as long as US growth continues to improve and China is seen to be managing its domestic concerns regarding inflation - without prejudicing growth, then the outlook for equities is positive. However continued concerns about European debt will remain a negative influence on global risk, and expects a volatile reporting period ahead. The portfolio maintains a strong exposure to resources, concentrated in the more liquid large cap area, and continues to add exposure to $US denominated earnings while looking to add exposure to domestic cyclicals at the right time. |
| More Information | » View detailed profile of this fund |
Performance Report: Bennelong Securities Long Short Equity Fund
12 Jan 2011 - Australian Fund Monitors
Bennelong remains modestly optimistic on improving global economic activity while enjoying December's rally in the Materials, Energy and Small Cap sectors.
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12 Jan 2011 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | The manager remains modestly optimistic that early indications of global economic improvement will support equity markets in the short term, and see moderating growth in China as being prudent but having sector implications. However Bennelong remain concerned over domestic activity due to the strength of consumer activity, and as a result the portfolio is tilted towards offshore exposure, and cautiously positioned across the majority of the portfolio. |
| More Information | » View detailed profile of this fund |
Performance Report: Headland Global Diversified Fund
11 Jan 2011 - Australian Fund Monitors
Headland finishes 2010 with a strong December result on the back of short US$ positions, and gains in soft commodity prices due to adverse weather conditions.
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11 Jan 2011 - Performance Report: Headland Global Diversified Fund
By: Australian Fund Monitors
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| Manager Comments | The fund was short the US$ vs the A$, Swiss Franc and the Yen. Commodity gains came from long gold positions, and long positions in wheat, coffee and cotton. |
| More Information | » View detailed profile of this fund |
