News
Pengana PanAgora Absolute Return Global Equities Fund
27 Sep 2016 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund rose 1.74% in August. The Fund has a low systematic risk (beta) to the ASX200 and the MSCI World Indices of 0.08 and 0.09 respectively.
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27 Sep 2016 - Pengana PanAgora Absolute Return Global Equities Fund
By: Australian Fund Monitors
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| Fund Overview | PanAgora believes the best way to find opportunities in the global markets is to combine fundamental analysis with robust quantitative techniques in order to filter the investment universe and select the investments. The Fund invests primarily in listed equity securities from a global universe of developed markets and a select group of emerging market countries. The Fund's objective is to seek absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. These inefficiencies are primarily exploited through the use of a long/short equity strategy which aims to construct a portfolio that is generally neutral to market movements. As such the performance of the investment strategy is largely independent of the market's performance. The Fund seeks to achieve its objective by using a diversified set of strategies that have low correlation to one another. In addition, because many of these strategies are designed to generate profit under different market conditions, their combination is expected to result in more stable returns over time than any individual strategy in and of itself. |
| Manager Comments | The Long-Term portfolio contributed 1.85% (net) to the performance of the fund. The portfolio was helped by the poor performance of heavily shorted US names. Most of the Intermediate-term strategies moved sideways in August with the exception of the US M&A sleeve which underperformed moderately. The overall contribution was -0.10% (net). The Short-term portfolio also ended the month slightly down at -0.01% (net). PanAgora continues to introduce new strategies and factors. Click below to read the latest Fund Manager's Report. |
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Touchstone Index Unaware Fund
26 Sep 2016 - Australian Fund Monitors
Touchstone Index Unaware Fund returned +0.30% in August, outperforming the S&P/ASX 300 Accumulation Index which returned -1.56%, by 1.86%.
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26 Sep 2016 - Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years. |
| Manager Comments | The main detractors were the exposures in the insurance sectors, specifically holdings in QBE and IAG. The Fund maintained an average cash position of around 12.5% and continues to maintain a high level of cash. The investment team believes that the Fund is well-positioned in light of extended financial asset valuations in general and given the heightened geopolitical and economic uncertainty going forward. Click below to read in more detail. |
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King Tide NZ/Australian Long/Short Equity Fund
23 Sep 2016 - Australian Fund Monitors
King Tide NZ/Australian Long/Short Equity Fund returned -2.10% in August. Over the latest 24-months, the Fund has risen 20.31%.
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23 Sep 2016 - King Tide NZ/Australian Long/Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to outperform the market with less volatility than the market by allocating capital to a select group of eight to sixteen funds whose investment mandates allow them to use short selling of equities and equity indices, to use derivatives to manage risk, to use leverage and to hold large amounts of cash. In-depth proprietary research is used to select and monitor fund managers with particular emphasis on their ability to manage equity market risk through stock selection, short selling and the use of derivatives and cash. |
| Manager Comments | Results from the underlying funds were mixed in August. Of their thirteen Australian funds, five made money, three were down and five fell more than the market. The New Zealand managers, PIE (2 funds) and Aspiring, both contributed positively to the month. However, currency cost the Fund 108 bps. At the end of August, King Tide was invested in sixteen underlying funds, the maximum allowance. The weightings ranged between 2% and their largest weighting which is 11%. Click below to read the latest monthly report. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund August 2016
22 Sep 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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22 Sep 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2016
By: Australian Fund Monitors
AFM Fund Review - August 2016 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Australian Equities Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - August 2016 (pdf format)
Affluence Investment Fund
22 Sep 2016 - Australian Fund Monitors
Affluence Investment Fund rose 1.06% in August, outperforming the ASX 200 Accumulation Index which returned -1.55%, by 2.61%.
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22 Sep 2016 - 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 a 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. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. 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 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 | Amongst the 23 unlisted Fund investments, 16 delivered a positive return for the month. The best returning funds for the month were the Microequities Deep Value Microcap Fund and Wenthworth Williamson Fund. During the month, the fund made new investments in the Terra Capital Natural Resource Fund and the Auscap Australian Equities Long Short Fund. The 22 unlisted funds represented 60% of the total portfolio. The Fund provided exposure to 21 listed investment companies and 5 other securities, which represented 25% of the portfolio. The rest of the balance (15%) was held in cash. Click below to read the latest Fund Manager's report. |
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Fund Review: APN Asian REIT Fund August 2016
21 Sep 2016 - Australian Fund Monitors
August Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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21 Sep 2016 - Fund Review: APN Asian REIT Fund August 2016
By: Australian Fund Monitors
AFM Fund Review - August 2016 (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 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 17.10% p.a., since inception in July 2011 with a standard deviation of 9.36% p.a. The Sharpe and Sortino ratios are 1.45 and 2.71 respectively.
AFM Fund Review - August 2016 (pdf format)
NWQ Fiduciary Fund
21 Sep 2016 - Australian Fund Monitors
NWQ Fiduciary Fund fell 1.54% in August and returned +12.72% over the last 24 months.
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21 Sep 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The earnings season proved difficult for some of the Fund's long managers. This earnings volatility stabilised by month-end and these same positions began to rise following buying interest into the new month. The Beta managers attributed +0.01% for the month, avoiding the market downside. However, the Alpha managers were impacted more heavily by the reporting season, contributing -1.46% for the month. The Fund remains overweight to the Alpha or market neutral strategies to protect again future equity and bond market volatility. Click below to read the latest Fund's Report. |
| More Information |
Pengana Absolute Return Asia Pacific Fund
20 Sep 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund returned 1.63% in August, compared to MSCI ACWI Asia Pacific markets which were returned +0.91%.
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20 Sep 2016 - 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 book contributed favourably (+0.8%) to overall performance due to positions in Galileo Japan Trust (GJT AU) and HTL International (HWA SP), which saw positive developments. The Stub-strategy continued to be robust posting a strong contribution to overall performance of 88 basis points. Since the start of the financial year, this strategy has contributed +1.75%. Stub trades in HK Trust (6823 HK) long vs PCCW (8 HK) short and Swire Properties (1972 HK) long vs Swire Pacific (19 HK) short contributed favourably. The Korean preference shares/local shares trades also contributed positively to performance, whilst offset by a negative contribution from the Earnings Surprise sub-strategy. The opportunity set in Asia continues to be robust, which is reflected in the Fund's gross exposure of 206%, with low Beta equity risk. Click below to read the latest Fund Manager's Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund August 2016
20 Sep 2016 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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20 Sep 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund August 2016
By: Australian Fund Monitors
AFM Fund Review - August 2016 (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 a nine-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 11.71% p.a. with a volatility of 7.25%, compared to the ASX200 Accumulation's return of 4.87% p.a. with a volatility of 14.20%.
- 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 - August 2016 (pdf format)
Fund Review: Optimal Australia Absolute Trust August 2016
19 Sep 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust.
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19 Sep 2016 - Fund Review: Optimal Australia Absolute Trust August 2016
By: Australian Fund Monitors
AFM Fund Review - August 2016 (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;
- 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.
- The investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In August, the Fund recorded a flat return (+0.02%), to take annualised return since inception to 8.62% p.a. The Fund's approach to risk is shown by the Sharpe ratio of 1.37 (Index 0.21), Sortino ratio of 2.86 (Index 0.19), both of which are well above the ASX 200 Accumulation Index and has recorded 79% positive months.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - August 2016 (pdf format)
