News
Pengana PanAgora Absolute Return Global Equities Fund
25 Aug 2016 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund rose 1.08% in July. 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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25 Aug 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 1.18% (net) to the performance of the fund. The portfolio was also helped by the poor performance of heavily shorted names. The Industry, Earnings Growth and Sentiment factors also contributed positively to returns. The Long-Term alpha fared less well outside of the US causing the International Portfolio to detract -0.21% (gross). Marginal gains resulting from international M&A trades were counterbalanced by a few minor losses in the US M&A Strategy. The Short-term portfolio detracted -0.08% (net) in July. Click below to read the latest Fund Manager's Report. |
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King Tide NZ/Australian Long/Short Equity Fund
25 Aug 2016 - Australian Fund Monitors
King Tide NZ/Australian Long/Short Equity Fund returned +4.29% in July to take latest 12-months return to 11.29%.
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25 Aug 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 | For the month, all of King Tide's underlying managers had positive returns, ranging from +1.39% for the Tasman Market Neutral Fund to +12.09% for the Regal Atlantic Absolute Return Fund. The three New Zealand funds averaged +3.89% compared to an average return of +5.06% for the thirteen Australian funds. King Tide had an average net market exposure of 54% in July. Moving into August, most of the underlying managers will focus on the Australian reporting season. Click below to read the latest monthly report. |
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Touchstone Index Unaware Fund
24 Aug 2016 - Australian Fund Monitors
Touchstone Index Unaware Fund returned +5.82% in July. Since inception in April 2016, the Fund has returned +7.4%, net of fees and expenses.
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24 Aug 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 Fund's stock selection was a positive contributor to returns. It had large holdings in the insurance companies AMP (+12.6%) and IAG (+10.8%) that produced strong returns. Also within the Financials, the large underweighting in CBA added value over the month. In addition, position in Star Entertainment (+9.6%) also outperformed. However, the significant holding in cash was the biggest detractor. 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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Fund Review: Bennelong Twenty20 Australian Equities Fund July 2016
24 Aug 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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24 Aug 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund July 2016
By: Australian Fund Monitors
AFM Fund Review - July 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 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 - July 2016 (pdf format)
NWQ Fiduciary Fund
23 Aug 2016 - Australian Fund Monitors
NWQ Fiduciary Fund returned 1.88% in July and returned +6.54% over the last 12 months.
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23 Aug 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 portfolio's Beta managers, utilising a range of long/short equity strategies attributed +1.02% for the month, capturing a significant market upside. Alpha managers also performed strongly, contributing +0.95% for the month. The portfolio continues to have an overweight allocation to the Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
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Fund Review Pengana Absolute Return Asia Pacific Fund July 2016
23 Aug 2016 - Australian Fund Monitors
Latest Fund Review is now available on Pengana Absolute Return Asia Pacific Fund, which has over 7 years of positive track record and annualised return of 8.70% p.a.
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23 Aug 2016 - Fund Review Pengana Absolute Return Asia Pacific Fund July 2016
By: Australian Fund Monitors
AFM Fund Review - July 2016 (pdf format)
PENGANA ABSOLUTE RETURN ASIA PACIFIC FUND
Attached is our most recently updated Fund Review on the Pengana Absolute Return Asia Pacific Fund.
- The Pengana Absolute Return Asia Pacific Fund ("PARAP") was established in 2008 by portfolio managers Antonio Meroni and Vikas Kumra. The Fund is a feeder fund into a Cayman Islands AUD share class fund.
- The Fund invests both long and short in Asia Pacific equities, including in Australian and New Zealand, after a stock specific "event" has either occurred or been announced and the portfolio aims to be uncorrelated to the underlying equity markets. A combination of the Manager's experience, thorough research and continuous back- testing identify the most attractive of these events.
- Risk controls include limits on individual positions as well as gross and net exposure. Limits are in place for option exposure and cash borrowing, with stop loss limits on individual positions. Overall the manager is looking to derive returns from the event strategies as opposed to any currency or market exposures.
- Since inception, the Fund has an annualised return of 8.70% p.a., compared to the AFM's Asia Pacific Index of 5.16%. The Fund has achieved this with lower volatility of 6.37% (Index 11.94%).
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - July 2016 (pdf format)
Fund Review: QATO Capital Market Neutral Long/Short Fund July 2016
22 Aug 2016 - Australian Fund Monitors
Latest Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.
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22 Aug 2016 - Fund Review: QATO Capital Market Neutral Long/Short Fund July 2016
By: Australian Fund Monitors
AFM Fund Review - July 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
Attached is our most recently updated Fund Review on the QATO Capital Market Neutral Long/Short Fund.
We would like to highlight the following aspects of the Fund;
- Qato Capital is a Melbourne-based boutique fund manager backed by single family office, Larkfield Funds Management.
- Qato has a systematic, market-neutral strategy which invests exclusively in S&P/ASX 100 stocks.
- The QATO Capital's Q-score process captures and quantifies six broad fundamental factors, which assess multiple underlying sub-categories. Those companies with the top score (quality companies) are included in the "long" portfolio, those with the lowest score are sold short.
- The Fund seeks to preserve capital and maximises absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long & 15 short equally-weighted positions).
- Qato Capital's process is entirely systematic - stock selection and risk management are employed in a rules-based approach. The Fund employs no financial leverage/gearing to purchase securities, no derivatives, and no financial products to imitate leverage.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - July 2016 (pdf format)
Signature Quantitative Fund
22 Aug 2016 - Australian Fund Monitors
Signature Quantitative Fund recorded a flat return (0.003%) in July.
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22 Aug 2016 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | Capital Raisings continued its outperformance recently as the capital markets continued to provide numerous opportunities and SQF's market exposure also contributed to performance. Alpha Capture underperformed (contribution of 2.2% to the fund's returns) during July's market rally. The Fund had a gross exposure of 277% (Long 166% and Short -116%) and net exposure of 55% Click the link below to view the latest Monthly report. |
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Totus Alpha Fund
19 Aug 2016 - Australian Fund Monitors
Totus Alpha Fund rose 8.82% for the month of July, outperforming the ASX 200 Accumulation Index which returned 6.29%, by 2.53%.
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19 Aug 2016 - 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 | At month-end, the fund had a net exposure of 39.7% and a gross exposure of 277.0%. The fund held 134 positions (67 long and 67 short) that were diversified across multiple investment themes. Top contributors were long positions in Smartgroup, Alphabet and Hansen. Biggest detractors were short positions in Independence Group, Fortescue and Metcash. Click below to read the latest Fund's Monthly Report. |
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Bennelong Twenty20 Australian Equities Fund
19 Aug 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund returned +6.43% against the ASX 200 Accumulation Index's return of 6.29%.
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19 Aug 2016 - Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | The Fund benefited over the month from strong share price gains in Aristocrat Leisure, Ramsay Health Care, and Domino's Pizza Enterprises. For the month of July, the sector exposure of the actively managed portion of the portfolio deviated from the S&P/ASX 300 Accumulation Index to be overweight in the Discretionary and Health Care sectors and underweight in the REITs and Materials sectors. The investment team believes that the companies in which they are invested are well positioned and increasingly adding to smaller positions as they gain confidence in their outlook and find new stocks in which to invest. Click below to read the latest Fund Report. |
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