News
Fund Review: APN Asian REIT Fund July 2016
18 Aug 2016 - Australian Fund Monitors
July Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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18 Aug 2016 - Fund Review: APN Asian REIT Fund July 2016
By: Australian Fund Monitors
AFM Fund Review - July 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 17.39% p.a., since inception in July 2011 with a standard deviation of 9.42% p.a. The Sharpe and Sortino ratios are 1.46 and 2.73 respectively.
AFM Fund Review - July 2016 (pdf format)
Affluence Investment Fund
18 Aug 2016 - Australian Fund Monitors
Affluence Investment Fund rose 2.98% in July to take the latest 12-months return to 12.28%.
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18 Aug 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 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 22 unlisted Fund investments, 21 delivered a positive return for the month. The best returns came from their investments in long/short funds and the Baker Steel Gold Fund. The Fund made additional investments into two of their existing holdings and also added two new investments, Bronte Capital and Lanyon. The 22 unlisted funds represented 58% of the total portfolio. Another 17 listed investment companies and other securities represented 16% of the portfolio. The rest of the balance (26%) was held in cash. Click below to read the latest Fund Manager's report. |
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Pengana Absolute Return Asia Pacific Fund
17 Aug 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund returned -0.97% for the month of July 2016, compared to MSCI ACWI Asia Pacific markets which were returned +5.9%.
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17 Aug 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 | Negative developments continued to affect the M&A sub-strategy, in particular, the state directed 'SOE Reform' deal in West China Cement (2233 HK, WCC). The Stub Strategy remained robust posting a strong contribution to the overall performance of 87 bps. The two stub trades in Thailand alone contributed the majority of this, namely Quality Houses (QH TB) and Advanced (ADVANC TB) / versus Intouch (INTUCH TB). Within the Fund's directional strategy, the Earnings Surprise strategy contributed favourably to overall performance. The opportunity set in Asia remains robust, and reflecting this, the Fund's gross exposure remained high at 241%, whilst equity beta risk was kept low. Click below to read the latest Fund Manager's Report. |
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KIS Asia Long Short Fund
17 Aug 2016 - Australian Fund Monitors
KIS Asia Long Short Fund rose 2.99% for the month of July 2016.
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17 Aug 2016 - 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 | Click below to read the latest monthly Fund Report. |
| More Information |
Fund Review: Bennelong Kardinia Absolute Return Fund July 2016
16 Aug 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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16 Aug 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund July 2016
By: Australian Fund Monitors
AFM Fund Review - July 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 11.92% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 5.07% p.a. with a volatility of 14.24%.
- 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 - July 2016 (pdf format)
APN AREIT Fund
16 Aug 2016 - Australian Fund Monitors
APN AREIT Fund rose 4.94% in July, to take annualised return since inception to 19.38% p.a.
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16 Aug 2016 - 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 | Click below to read the complete Fund Manager's Report. |
| More Information |
Fund Review: Optimal Australia Absolute Trust July 2016
15 Aug 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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15 Aug 2016 - Fund Review: Optimal Australia Absolute Trust July 2016
By: Australian Fund Monitors
AFM Fund Review - July 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 July, the Fund returned -2.30% to take annualised return since inception to 8.71% p.a. The Fund's approach to risk is shown by the Sharpe ratio of 1.38 (Index 0.23), Sortino ratio of 2.88 (Index 0.21), 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 - July 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
15 Aug 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 3.71% in July versus the S&P/ASX-100's return of +6.12%, an underperformance of 2.41%.
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15 Aug 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through long and short positions. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | The Fund positioned the portfolio net long in the mining and materials sector in July. Long exposures included positions in Alumina, BlueScope, Fortescue and South32, largely due to their significant fundamental improvements and rising commodity prices. These positions have continued to enable Qato to profit from the rebound in commodity prices over the past three months. |
| More Information |
Cyan C3G Fund
12 Aug 2016 - Australian Fund Monitors
Cyan C3G Fund returned +5.80% in July to take latest 12-months return to 42.41%.
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12 Aug 2016 - Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | Positive performers for the month included Afterpay (AFY), Bellamy's (BAL), Vita Group (VTG), APN Outdoor (APO) and Seafarm group (SFG). In response to managing absolute risk, the Fund reduced its exposure in Abundant Produce (ABT), Adacel Technologies (ADA), Afterpay (AFY), BlueSky (BLA), Lovisa (LOV), Melbourne IT (MLB) and Sealink (SLK). The portfolio held ~35% cash balance accompanied by a diversified portfolio of listed companies. Click below to read the latest Fund Manager's Report. |
| More Information |
Alexander Credit Opportunities Fund
12 Aug 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.62% in July.
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12 Aug 2016 - Alexander Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | The Fund has benefited from the general tightening in credit products over the last couple of months and believes this trends will continue in the near term. The Fund's macro hedges have recently been increased and the Fund is ready to add further protection if required. For July, the majority of the portfolio was allocated in the Residential Mortgage-Backed Securities (RMBS) at 50%, followed by Corporate Bonds/Loans at 22%. Click below to read the latest monthly report. |
| More Information |
