News
Bennelong Twenty20 Australian Equities Fund
24 Mar 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund returned -2.67% against the ASX 200 Accumulation Index which returned -1.76%.
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24 Mar 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 | For February, the Fund's performance struggled against the strength of the Resource sector, a sector in which the Fund has an underweight stance. Also the Fund had an overweight position in IPH, an intellectual property professional services firm, which performed poorly. IPH was the largest detractor for the month. The Fund benefited from its stock picking in the Healthcare sector and Consumer Discretionary sectors. Click below to read the latest Fund Report. |
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Fund Review: APN Asian REIT Fund February 2016
23 Mar 2016 - Australian Fund Monitors
February Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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23 Mar 2016 - Fund Review: APN Asian REIT Fund February 2016
By: Australian Fund Monitors
APN Asian REIT Fund AFM Fund Review February 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 $A2.1bn 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 a sustainable rental income streams.
- The Fund has delivered an annalised return of 17.42% p.a., since inception in July 2011 with standard deviation of 9.52% p.a. The Sharpe and Sortino ratios are 1.44 and 2.70 respectively.
APN Asian REIT Fund AFM Fund Review February 2016 (pdf format)
Pengana Absolute Return Asia Pacific Fund
23 Mar 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund rose 1.10% for February, compared to FTSE All World Asia Pacific Index which fell 2.05%.
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23 Mar 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 has a very low correlation and systematic risk (beta) to the FTSE Asia Pacific Total Return Index of 0.06 and 0.02 respectively. For February, the positive performance of the Fund was mostly attributed to the M&A sub-strategy. By region, the investments in Hong Kong/China region resulted the biggest contribution for the month. Australia and Japan were the largest detractors. At month-end, the Fund's gross exposure was at 228.2% and net at 10.1%. Click below to read the latest Fund Manager's Report. |
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NWQ Fiduciary Fund
22 Mar 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -2.53% in February bringing the net performance for the trailing 12 months to 9.27%.
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22 Mar 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 | Fund returns were negative for February against a volatile global backdrop and an unsustainable rotation to low quality stocks at the expense of high quality stocks. The Fund's Beta managers, utilizing a range of long/short equity strategies, attributed -0.98% to returns for the month. Alpha managers also contributed negatively to performance, posting attribution of -1.47%. The view of NWQ remains that there exists further potential for destructive equity and bond market in the coming months and therefore the portfolio is overweight to the Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
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Fund Review: Meme Australian Share Fund February 2016
22 Mar 2016 - Australian Fund Monitors
February Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.
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22 Mar 2016 - Fund Review: Meme Australian Share Fund February 2016
By: Australian Fund Monitors
Meme Australian Share Fund
Attached is our most recently updated Fund Review on the Meme Australian Share Fund.
We would like to highlight the following aspects of the Fund;
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The Meme Capital Management is a Perth-based boutique Fund Manager, established in 2012 and manages the Meme Australian Share Fund.
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The Fund specializes in technical and quantitative strategies to identify investment opportunities expected to provide both positive price appreciation and relative price out-performance over the medium to long term.
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The Fund's objective is to outperform the S&P/ASX All Ordinaries Accumulation Index over rolling three year periods, through investing in ASX listed securities outside the S&P/ASX 20. The Fund only takes long positions and does not use derivatives.
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Over the past 12 months, the Fund has returned a positive 7.84%, versus the Index's negative 13.73% return.
Fund Review: Bennelong Kardinia Absolute Return Fund February 2016
21 Mar 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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21 Mar 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2016
By: Australian Fund Monitors
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 an 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 11.91% p.a. with a volatility of 7.36%, compared to the ASX200 Accumulation's return of 3.74% p.a. with volatility of 14.27%.
- 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.
Affluence Investment Fund
21 Mar 2016 - Australian Fund Monitors
The Affluence Investment Fund returned -0.20% in February against the Australian stock market return of -1.76%, to give an outperformance of 1.56%.
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21 Mar 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 | For February the Fund saw an unusually wide variation in results from the underlying managers The best performing investments were in the resources space, while the worst results were from the long-short managers, who were negatively affected. At the end of the month, the Fund held investments in 15 unlisted funds, which represented 65% of the total portfolio. It also held 16 investments in listed investment companies and other listed securities, representing 14% of the portfolio. The balance of 21% was held in cash, which Affluence is ready to deploy if and when an opportunity arises. Click below to read the latest Fund Manager's report. |
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APN AREIT Fund
21 Mar 2016 - Australian Fund Monitors
APN AREIT Fund rose 3.13% in February, outperforming the S&P/ASX300 Porperty Trust Accumulation Index's return of 2.81%, by 0.32%
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21 Mar 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 | In February, the Fund had 97% allocation in AREITs assets and rest in cash. Majority of the underlying property sector allocation was in the Retail sector at 64%, followed by Office sector at 19%. The Top 5 stocks holdings made up 56% of the Fund's portfolio. These stocks were Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Westfield Group. Click below to read the complete Fund Manager's Report. |
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Pengana Global Small Companies Fund
18 Mar 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund returned -0.33% for the month of February.
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18 Mar 2016 - 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 largest positive contributors to February performance were Broadleaf, Daikokutenbussan, Spirit Airlines, Kruk, and BWX Technologies; while the largest detractors were Liberty Tax, Euronext, Moleskine, Sarine Technologies, and Babcock & Wilcox. The currencies had a moderately positive impact. Over 45% of the Fund was allocated in the Industrials (26.6%) and Consumer Discretionary (20.9%) sectors. The activity in February was light, with more focus on selling than buying and no new additions were made to the portfolio this month. Click below to read the latest Fund Manager's report. |
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APN Asian REIT Fund
18 Mar 2016 - Australian Fund Monitors
APN Asian REIT Fund rose 6.53% for February. Since inception, the Fund has an annualised return of 17.42% p.a.
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18 Mar 2016 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. 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 is expected to be dynamic as 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 focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. 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. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
| Manager Comments | There were no major changes in the portfolio's geographically allocation since last month. The Fund was invested in multiple Asian countries, with majority in Japan (38.3%) and Singapore (27.5%). Over 64% of the Fund was invested in the Retail REITs (37.4%) and the Office REITs (27.5%) sectors. The top 5 Asian REIT holdings were in Link REIT, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
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