News
Pengana Global Small Companies Fund
23 Jun 2017 - Australian Fund Monitors
Pengana Global Small Companies Fund returned +4.4% in May, outperforming the MSCI AC World SMID Cap Index, which returned 1.8%, by +2.6%.
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23 Jun 2017 - Pengana Global Small Companies Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The performance was driven by the Fund's positions in boohoo.com Plc, EPS Holdings, Inc., Scout24 AG, Brazil IT., and Wizz Air Holdings Plc. However, Japan Retail, NetScout Systems, Inc., Sarine Technologies Ltd, Spirit Airlines, Inc., and Ubiquiti Networks, Inc., detracted performance for the month. The investment team continues to ignore the market 'noise' and remains focused on the fundamental factors that drive long-term value: buying great companies at cheap prices. |
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Pengana Absolute Return Asia Pacific Fund
22 Jun 2017 - Australian Fund Monitors
Pengana Absolute Return Asia Pacific Fund rose 1.85% for the month of May 2017, compared to Asia Pacific markets which posted a gain of 2.5%.
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22 Jun 2017 - 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 M&A sub-strategy contributed almost half of the Fund's monthly return adding a healthy +0.9% to the overall performance. The Fund increased the overall gross exposure in M&A from a low of 24.7% to 43% during the month. The Relative Value book which comprises of catalyst driven reversion trades hedged with highly correlated pairs contributed +0.50% to the Fund's overall performance. The Directional Alpha book which includes a diversified book of conservative directional positions consistent with the Fund's long-term net exposure of 10 to 20% also positively contributed to the Fund (+0.62%). During the month, the Fund's net and gross exposures averaged 18.2% and 174.9% respectively during the month. |
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KIS Asia Long Short Fund
22 Jun 2017 - Australian Fund Monitors
KIS Asia Long Short Fund returned -0.51% in May, taking the return for the most recent 12 months to 8.23%.
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22 Jun 2017 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Fund's positive contributors included a long position in Cardinal Resources Ltd (CDV.AX) 0.40% and short positions in Bendigo, Adelaide Bank Ltd (BEN.AX) 0.29% and Stockland Ltd (SGP.AX) 0.13%. Detractors for the month included a long position in Hengdeli Holdings Ltd (3389.HK) -0.21%, a short postion in Caltex Australia Ltd (CTX.AX) -0.20% and a long position in O-Net Technologies Group Ltd (0877.HK) -0.19%. |
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Fund Review: Optimal Australia Absolute Trust May 2017
21 Jun 2017 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust.
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21 Jun 2017 - Fund Review: Optimal Australia Absolute Trust May 2017
By: Australian Fund Monitors
AFM Fund Review - May 2017 (pdf format)
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
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Optimal Australia is a specialist Australian equity investment manager and the Fund has a long/short equity strategy typically with a low but variable net market exposure comprising 40 to 65 stocks broadly selected from within the ASX200.
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The investment team comprising George Colman, Peter Whiting, and Stephen Nicholls bring 100 years combined experience in equity markets.
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In May, the Fund returned +0.17%, to take annualised return since inception to 8.02% p.a. The Fund's approach to risk is shown by the Sharpe ratio of 1.28 (Index 0.26), Sortino ratio of 2.62 (Index 0.26), both of which are well above the ASX 200 Accumulation Index and has recorded over 78% positive months.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2017 (pdf format)
Bennelong Australian Equities Fund
21 Jun 2017 - Australian Fund Monitors
Bennelong Australian Equities Fund returned -1.04% in May, outperforming the S&P/ASX-300 Accumulation Index which returned -2.74%, by +1.70%.
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21 Jun 2017 - Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | Stocks within the Fund generally held up well despite the difficult market. Leading the contributors was Aristocrat, the slot machine manufacturer. Other contributors to the Fund's outperformance were Treasury Wine Estates, Fisher & Paykel Healthcare and Reliance Worldwide. Also, contributing was an underweight exposure to the Banking sector. The investment team continues to remain focused on the company fundamentals, particularly in an environment of macro and political uncertainty. |
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Fund Review: APN Asian REIT Fund May 2017
20 Jun 2017 - Australian Fund Monitors
Read the latest Fund Review on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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20 Jun 2017 - Fund Review: APN Asian REIT Fund May 2017
By: Australian Fund Monitors
AFM Fund Review - May 2017 (pdf format)
APN Asian REIT Fund
Attached is our most recently updated Fund Review on the APN Asian REIT Fund.
We would like to highlight the following aspects of the Fund;
- APN is an ASX-listed fund manager specialising in property investment, with an investment team of six. Established in 1996, APN now has FUM of $A2.4bn including four REIT (Real Estate Investment Trust) funds.
- The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region, with the ability to hold some cash and fixed interest investments.
- 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 universe can include new IPO's, other corporate actions take place and/or corporate governance improvements at the country or REIT level bring new stocks into focus.
- 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 an unhedged product.
- APN's Asian REIT Fund invests in a portfolio of 25-40 listed Asian REITs with a core philosophy of investing in properties with sustainable rental income streams.
- The Fund has delivered an annualised return of 14.7% p.a., since inception in July 2011 with a standard deviation of 9.33% p.a. The Sharpe and Sortino ratios are 1.25 and 2.23 respectively.
AFM Fund Review - May 2017 (pdf format)
Affluence Investment Fund
20 Jun 2017 - Australian Fund Monitors
Affluence Investment Fund managed a very small gain of 0.07% in May, resulting in a +9.22% return for the latest 12 months.
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20 Jun 2017 - Affluence Investment Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one external manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | The biggest contribution in May came from Bronte Capital Amalthea Fund, which was up over 7% for the month. Other investments to produce positive returns in May included the Baker Steel Gold Fund (+3.1%), India Avenue Equity Fund (+2.6%), Deep Value Microcap (+2.4%) and Wentworth Williamson (+1.8%). Negative contributors were the Phoenix Opportunities Fund (down 2.8%) and the Terra Capital Natural Resources Fund, which was down 4% for the month. At month end, 61% of the Fund was invested in unlisted investments, 20% in the Affluence LIC Fund, 6% in other listed investments, and 13% in cash. The Fund currently provides exposure to over 25 unlisted funds, and over 20 LIC's and other listed entities. |
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Fund Review: Bennelong Kardinia Absolute Return Fund May 2017
19 Jun 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has an annualised return since inception of 10.93% p.a.
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19 Jun 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2017
By: Australian Fund Monitors
AFM Fund Review - May 2017 (pdf format)
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 over ten-year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 10.93% p.a. with a volatility of 7.1%, compared to the ASX200 Accumulation's return of 5.34% p.a. with a volatility of 13.88%.
- 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.
AFM Fund Review - May 2017 (pdf format)
APN AREIT Fund
19 Jun 2017 - Australian Fund Monitors
APN AREIT Fund fell 1.02% for the month of May, to take the latest 24 months return to 18.52%.
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19 Jun 2017 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). 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 | For the month of May, the portfolio's property sector allocation remained mostly unchanged, with 61% in the Retail sector, followed by 21% in the Office sector. More than half of the portfolio consisted of the Fund's top 5 holdings, which included Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Dexus Property Group. |
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Totus Alpha Fund
16 Jun 2017 - Australian Fund Monitors
Totus Alpha Fund rose 1.01%, outperforming the ASX 300 Accumulation Index which was down 2.7% for the month of May.
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16 Jun 2017 - Totus Alpha Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | The positive contributions for the month came from a short position in Quintis +3.12%, and long positions in Alphabet +0.77%, and Smartgroup +0.66%. The biggest detractors included long positions in Vita Group -1.16%, Shriro -1.12% and Medibank -0.40%. As of 31 May, the Fund had a net exposure of 62.90% and a gross exposure of 258.9% and held 119 positions (52 long and 67 short). |
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