NEWS
Performance Report: Optimal Australia Absolute Trust
10 Jan 2011 - Australian Fund Monitors
Optimal Australia closes 2010 up 13.64% for the year, with a positive performance in every month, but with a cautionary comment on risk in Australia's two speed economy.
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10 Jan 2011 - Performance Report: Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | Commodities and the Australian dollar closed the year at or close to their highs, while the retail sector lagged as consumer savings increased. Meanwhile earnings estimates for industrials fell by 10% over the past 6 months, but the market still seems to have a 12 month forward target of 5,500 - the same as it was in January 2010. In summary Optimal's view is that Australia's double speed economy provides reasonable value but with above average risk: The domestic economy is slowing appreciably while the resources boom (bubble?) is accelerating. |
| More Information | » View detailed profile of this fund |
Performance Report: Fortitude Capital Absolute Return Trust
20 Dec 2010 - Australian Fund Monitors
Fortitude continues to benefit from the high level of merger and acquisition activity in November
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20 Dec 2010 - Performance Report: Fortitude Capital Absolute Return Trust
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Merricks Capital Multi-Strategy Fund
17 Dec 2010 - Australian Fund Monitors
Merricks\\' Multi Strategy Fund benefits across all three sub strategies in November, with Event Driven leading the way
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17 Dec 2010 - 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 through a portfolio of three lowly correlated underlying strategies: 1. Long Short Equities 2. Soft Commodities, and 3. Event Driven. The primary focus is on the industrials complex in Asia (Hong Kong, Japan and Australia) and Soft Commodities, which is also available as a standalone strategy if required. |
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| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund
16 Dec 2010 - Australian Fund Monitors
Herschel's Australian equity long/short fund makes broad based gains in November, particularly in mid cap resource stocks.
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16 Dec 2010 - Performance Report: Herschel Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Shorts in Aristocrat Leisure and Platinum Australia made significant contributions. A long position in Adelaide Brighton was the largest detractor from performance. Net equity market exposure was retained at a relatively cautious 36.7% (53.1% long and 16.4% short). |
| More Information | » View detailed profile of this fund |
Performance Report: Bennelong Securities Long Short Equity Fund
13 Dec 2010 - Australian Fund Monitors
Bennelong assume a more positive (albeit only modestly) outlook for the US economy, but remain watchful and selective.
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13 Dec 2010 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | Domestically the two speed economy is throwing up its own challenges with a strong export sector being offset by some weakness in domestic demand. It appears Australian consumers are saving more and spending less for the time being. They remain watchful of international developments and very selective of their exposures. |
| More Information | » View detailed profile of this fund |
Performance Report: Optimal Australia Absolute Trust
10 Dec 2010 - Australian Fund Monitors
Optimal continue to tread warily, but are maintaining net equity exposure at the upper end of their recent band of 5-35%.
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10 Dec 2010 - Performance Report: Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | The manager believs inflation in China is problematic (most notably in food) as the government further tightened monetary policy measures, twice raising the bank minimum reserve requirements. The Australian economy has continued to slow appreciably, with falls in consumer and business confidence, weaker housing data and falling retail sales, even prior to the effect of the Reserve Bank’s 0.25% increase in the cash rate November. For all that, Optimal would not be surprised to see a December rally, but more for reasons of seasonal statistical bias and liquidity, rather than of strong fundamental conviction. |
| More Information | » View detailed profile of this fund |
Astarra's Shawn Richard pleads guilty and is convicted
7 Dec 2010 - Australian Fund Monitors
Astarra's Shawn Richard pleads guilty to two charges of dishonest conduct in the course of carrying on a financial services business and admitted a third charge of making false statements in relation to financial products.
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7 Dec 2010 - Astarra's Shawn Richard pleads guilty and is convicted
By: Australian Fund Monitors
Astarra's Shawn Richard pleaded guilty to two charges of dishonest conduct in the course of carrying on a financial services business and admitted a third charge of making false statements in relation to financial products.
According to ASIC's website, Richard, 35, appeared at Sydney's Downing Centre Local Court on 7th December to face allegations that he dishonestly received undisclosed payments in his role as investment manager of the Astarra Stategic Fund (ASF) and Astarra Superannuation Plan (ASP) and that he knowingly made materially misleading statements about the value of investments made by the ASF.
ASIC alleged, among other things, that Mr Richard was involved in causing the ASF and ASP to place investor monies in overseas hedge funds, in circumstances where Mr Richard would personally receive a significant portion of the monies for his own benefit and for the benefit of his company, AAM. The monies Richard placed in the overseas hedge funds had been raised by the responsible entity of ASF, Trio Capital Limited (Trio). ASIC alleged that Richard and AAM received in excess of $6.4 million in undisclosed payments.
ASIC also alleged that Mr Richard made materially misleading statements about the value of the ASF's investments in the overseas hedge funds, knowing that these statements were included in valuation statements provided to Trio and were likely to have the effect of inducing Trio to seek further investments in the hedge funds.
The charges each carry a maximum penalty of 5 years' imprisonment or a $220,000 fine, or both when Richard returns for sentencing on 4th February 2011.
Performance Report: MM&E Capital Investment Trust No. 1
7 Dec 2010 - Australian Fund Monitors
MM&E Capital enjoys a positive month in spite of market concerns over European sovereign debt and Korean instability
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7 Dec 2010 - Performance Report: MM&E Capital Investment Trust No. 1
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: AR Capital - Ascot Fund
6 Dec 2010 - Australian Fund Monitors
AR Capital remain confident that markets will eventually respond to a combination of recovering US employment outlook and economy, strong activity in Germany and China, and improving global leading indicators.
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6 Dec 2010 - Performance Report: AR Capital - Ascot Fund
By: Australian Fund Monitors
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| Manager Comments | As such, AR Capital think that should these scenarios play out over the next 6 months equity markets will respond by moving significantly higher than current levels, and are positioning the portfolio accordingly. |
| More Information | » View detailed profile of this fund |
Performance Report: Instinct Japan Opportunity Fund
30 Nov 2010 - Australian Fund Monitors
Instinct see the surprise Japanese easing in October as a positive sign that the government and BOJ are working together to fight the strength of the yen.
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30 Nov 2010 - Performance Report: Instinct Japan Opportunity Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund has a forward looking approach and specialises in trading highly liquid listed Japanese companies, and is focused on short term events only. The fund's objectives are to return 3-5% per trade, with a 5-10 day holding period for each position, and a win/loss ratio per trade of 70% to provide investors with a targeted annual return of 20-25%. |
| Manager Comments | Over the course of the month the fund's exposure remained broadly market neutral with the Tactical Trading and Fundamental Catalyst books having the largest exposure. The fund continued to avoid small cap stocks of less than US$1 billion market cap, while just over 44% of exposure was to large cap stocks of greater than $5 billion. |
| More Information | » View detailed profile of this fund |
