News
Affluence Investment Fund
26 Apr 2016 - Australian Fund Monitors
The Affluence Investment Fund rose 1.20% in March.
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26 Apr 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 | Almost all of the Fund's investments delivered positive returns in March. The biggest contribution ca came from smaller company funds as markets recovered. The biggest detractors were couple of funds with overseas exposure and mostly due to an appreciating Australian dollar. The Fund portfolio continues to be conservatively placed. At 31 March, the Affluence Fund held investments in 17 unlisted funds, which represented 66% of the total portfolio. It also held 22 smaller investments in listed investment companies and securities, representing 15% of the portfolio. The rest of the balance was held in cash (19%). The Fund is actively looking to deploy part of that cash and have another 34 investments in advanced stages of due diligence. Click below to read the latest Fund Manager's report. |
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Jamieson Coote Bonds Active Fund
22 Apr 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund returned -0.30% for the month of March 2016.
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22 Apr 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
22 Apr 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.46% for the month of March.
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22 Apr 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 | For March majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 55%, followed by Short-dated loans at 20%. The Fund continues to be conservatively positioned with a credit duration of 1.3 years. This has helped the Fund avoid the market volatility experienced during the first quarter. |
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KIS Asia Long Short Fund
21 Apr 2016 - Australian Fund Monitors
KIS Asia Long Short Fund returned a positive 2.39% for the month of March.
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21 Apr 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 | This month the gains in this portfolio were driven from the Fund's long side. The long/short strategy generated 256bp. The biggest contributor on the long side was Paladin Energy Ltd (PDN.AX), which contributed 73bp. On the short side, the position in Ramsay Health Care (RHC.AX) benefited us. The Special Situations strategy costed the Fund 28bp, while the This Portfolio Hedge strategy did not make a significant contribution to this month's returns. Click below to read the latest monthly Fund Report. |
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Fund Review Pengana Absolute Return Asia Pacific Fund March 2016
21 Apr 2016 - Australian Fund Monitors
Latest Fund Review now available on Pengana Absolute Return Asia Pacific Fund, which has over 6 years of track record and annualised return of 9.87% p.a.
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21 Apr 2016 - Fund Review Pengana Absolute Return Asia Pacific Fund March 2016
By: Australian Fund Monitors
AFM Fund Review - March 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 9.87% p.a., compared to the AFM's Asia Pacific Index of 4.32%. The Fund has achieved this with lower volatility of 6.12% (Index 11.95%).
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2016 (pdf format)
Fund Review: APN Asian REIT Fund March 2016
20 Apr 2016 - Australian Fund Monitors
March Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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20 Apr 2016 - Fund Review: APN Asian REIT Fund March 2016
By: Australian Fund Monitors
AFM Fund Review - March 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 16.42% p.a., since inception in July 2011 with standard deviation of 9.62% p.a. The Sharpe and Sortino ratios are 1.34 and 2.46 respectively.
AFM Fund Review - March 2016 (pdf format)
Totus Alpha Fund
20 Apr 2016 - Australian Fund Monitors
Totus Alpha Fund returned -6.15% for the month of March.
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20 Apr 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 15.3% and a gross exposure of 235.9%. The fund held 123 positions (52 long and 71 short), that were diversified across multiple investment themes. For the month, the long positions recovered but it was the short positions again that costed the fund. Top contributors were the long positions in Smart Group +1.25% and McMillan Shakespeare +1.18%. A short position in 1-Page added +0.89%. Biggest detractors were the short positions in Worley Parsons -1.80%, Primary Health Care -1.05% and Fortescue -0.57%. Click below to read the latest Fund's Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund March 2016
19 Apr 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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19 Apr 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund March 2016
By: Australian Fund Monitors
AFM Fund Review March 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 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 11.83% p.a. with a volatility of 7.33%, compared to the ASX200 Accumulation's return of 4.2% 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.
AFM Fund Review March 2016 (pdf format)
NWQ Fiduciary Fund
19 Apr 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund returned -1.48% in March bringing the net performance for the trailing 12 months to 6.07%.
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19 Apr 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 in March as global equity markets rallied with a continuation of the unsustainable rotation to low quality stocks. The portfolio's Beta managers, utilising a range of long/short equity strategies, were able to capture some of the market upside, attributing +0.04% to the Fund's return. Alpha managers with greater exposure to short positions, contributed -1.43%. It remains the view of NWQ that there exist further potential for destructive equity and bond market volatility in the coming months and therefore the portfolio has an overweight allocation to Alpha or market neutral strategies. Click below to read the latest Fund's Report. |
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Bennelong Twenty20 Australian Equities Fund
19 Apr 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund rose 4.07% against the ASX 200 Accumulation Index's return of 4.73%.
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19 Apr 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 the month, the best performing sectors in the Australian market were the Resources and Banking sectors, which accounted for approximately 37% of the market's total value. The Fund struggled against the strength of the Resources sector, as it did not have any exposure. The largest detractor was IPH, an intellectual property professional services firm that met its earnings guidance but nevertheless was sold down presumably because the market had expected more. Click below to read the latest Fund Report. |
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