News
Pengana Absolute Return Asia Pacific Fund
17 May 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished up +1.32% for the month of April 2016, compared to the HFR Event Driven Index which rose +0.43%.
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17 May 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 Fund had an average gross and net exposure of 192.9% and 6.6% respectively. Gross exposure was reduced from the previous month on the back of M&A deals completing in Singapore, as well as Chinese companies listed as ADR's in the USA. The M&A sub-strategy and Capital Management strategies contributed positively to the Fund's performance. Biggest negative contributor came from the Index strategy. Click below to read the latest Fund Manager's Report. |
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Fund Review: Optimal Australia Absolute Trust April 2016
17 May 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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17 May 2016 - Fund Review: Optimal Australia Absolute Trust April 2016
By: Australian Fund Monitors
AFM Fund Review - April 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 March, the Fund returned -0.69%. The Fund's approach to risk is shown by the Sharpe ratio of 1.49 (Index 0.17), Sortino ratio of 3.37 (Index 0.14), 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 - April 2016 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund April 2016
16 May 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 May 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2016
By: Australian Fund Monitors
AFM Fund Review - April 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 KPI's. The Fund has an annualised return of 11.79% p.a. with a volatility of 7.30%, compared to the ASX200 Accumulation's return of 4.51% p.a. with volatility of 14.25%.
- 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 - April 2016 (pdf format)
Totus Alpha Fund
16 May 2016 - Australian Fund Monitors
Totus Alpha Fund returned -1.37% for the month of April.
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16 May 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 47.8% and a gross exposure of 206.1%. The fund held 121 positions (57 long and 64 short) that were diversified across multiple investment themes. Top contributors in April were a short position in Nine Entertainment and long positions in Dominos and Freelancer. Biggest detractors were a short position in WorleyParsons and long positions in SmartGroup and Hansen. Click below to read the latest Fund's Monthly Report. |
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Jamieson Coote Bonds Active Fund
13 May 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund rose 0.33% outperforming the Bloomberg Australian Government Bond Index by 0.21%.
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13 May 2016 - Jamieson Coote Bonds Active Fund
By: Australian Fund Monitors
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| Fund Overview | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | Click below to read the Fund Manager's market outlook. |
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Alexander Credit Opportunities Fund
13 May 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.57% for the month of April.
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13 May 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 | Click below to read the latest monthly report. |
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Optimal Australia Absolute Trust
12 May 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust returned -0.69% return in April.
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12 May 2016 - 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 | Fund returns for April were impacted by the net short market exposure, averaging 17% of NAV. The performance was further impacted by the weaker stock price performance from some of the high conviction longs in the retail and media sectors. The Fund's tactical positioning in natural resources and some defensive consumer exposures worked well, posting solid gains. At month-end, the Fund's gross exposure was at 77% and net at -20%. Click below to read the latest Fund monthly report. |
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Bennelong Kardinia Absolute Return Fund
11 May 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose
0.52 in April.
0.52 in April.
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11 May 2016 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | BHP Billiton, Pilbara Minerals, BWX, and Amcor were the largest positive contributors whilst Qantas, Share Price Index Futures contracts (hedging long positions), Mantra and Blackmores were the largest detractors. Net equity market exposure (including derivatives) was increased to 30.8% (43.7% long and 12.9% short). Click below to read the latest Fund Report. |
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Cyan C3G Fund
11 May 2016 - Australian Fund Monitors
Cyan C3G Fund rose 7.90% in April 2016, outperforming the ASX 200 Accumulation Index which returned +3.37, by 4.53%.
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11 May 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 | Majority of companies that Cyan C3G Fund was invested in, delivered positive performances. The most notable contributors included Freelancer (FLN) +29%, Adacel (ADA) +9%, Skydive The Beach (SKB) +19% and Vita Group (VTG) +12%. Overall, the Fund remains conservative, exposed to high-quality and well-diversified portfolio of 27 Australian smaller companies with no single stock representing more than 6% of the total Cyan portfolio. Click below to read the latest Fund Manager's Report. |
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The Paragon Fund
10 May 2016 - Australian Fund Monitors
The Paragon Fund rose 10.80% after fees for the month of April 2016.
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10 May 2016 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Key positive contributors for April included the longs in the lithium holdings ORE, GMM, GXY & PLS, the oil holdings STO & ORG, the gold holdings including NCM and SBM, and various Industrial holdings including LNK, YOW, NAN and NTC. At the end of the month the Fund had 34 long positions and 9 short positions. Click below to read the latest monthly report. |
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