News
Aurora Fortitude Absolute Return Fund
24 Nov 2015 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned -0.17% for the month of October.
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24 Nov 2015 - Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | The decreased volatility in the global markets, saw a drawdown from our Option Strategy (-0.94%). The Fund held significant downside exposure to Santos Ltd (STO.ASX), while waiting for a possible equity issue. However this also provided extra protection during the Origin Energy (ORG.ASX) rights trading, which provided profitable Convergence trading opportunities. Regulatory concerns saw lots of activity within our Mergers & Acquisitions strategy but despite this we were able to generate a positive return (+0.28%). The Yield and Long/Short Strategies both saw a small positive contribution of 0.12% and 0.09% respectively. Click below to read more on the Fund's performance. |
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Fund Review Pengana Absolute Return Asia Pacific Fund October 2015
23 Nov 2015 - 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 10.05% p.a.
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23 Nov 2015 - Fund Review Pengana Absolute Return Asia Pacific Fund October 2015
By: Australian Fund Monitors
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 10.05% p.a., compared to the AFM's Asia Pacific Index of 6.00%. The Fund has achieved this with lower volatility of 6.19% (Index 12.05%).
For further details on the Fund, please do not hesitate to contact us.
APN AREIT Fund
23 Nov 2015 - Australian Fund Monitors
APN AREIT Fund rose 4.43% in October to bring annualised return since inception to 17.90% p.a.
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23 Nov 2015 - 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 October, the Fund had 99% allocation in AREITs and rest in cash. Majority of the underlying property sector allocation was in the Retail sector at 64%, followed by Office sector at 21%. The Top 5 stocks holdings made up 58% of APN AREIT Fund. 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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Fund Review: Jamieson Coote Bonds Active Fund October 2015
20 Nov 2015 - Australian Fund Monitors
October Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.
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20 Nov 2015 - Fund Review: Jamieson Coote Bonds Active Fund October 2015
By: Australian Fund Monitors
JCBAF Fund Review October 2015 (pdf format)
Jamieson Coote Bonds Active Fund
We would like to highlight the following aspects of the Fund;
- Jamieson Coote Bonds is a Melbourne-based Boutique Manager launched in December 2014.
- The Founders, Charles Jamieson and Angus Coote bring over 30 years of international experience dealing with central banks, hedge funds and real money managers.
- The Jamieson Coote Active Bond Fund is a long-only macroeconomic investment fund, investing in Australian Dollar denominated bonds backed by AAA and AA+ rated Government, Semi (State) Government and Supranational agencies.
- The Fund Objective is to out-perform the Bloomberg Australian Government Bond Index through active management in a sound risk-framework and usually holds around 20 bond securities of varying maturities.
JCBAF Fund Review October 2015 (pdf format)
Signature Quantitative Fund
20 Nov 2015 - Australian Fund Monitors
Signature Quantitative Fund returned +1.80% for the month of October, to bring annualised performance since inception to 8.67% p.a.
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20 Nov 2015 - 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 | The Dividend Arbitrage strategy continued its recent solid performance with stock specific out-performance from Bank of Queensland, Harvey Norman and TPG Telecom. The strong equity markets led to capital markets transactions and the Capital Raisings strategy performed well. Alpha Capture under-performed as the market moved away from fundamentals during the strong market rally. The Fund had a net exposure of 45%, of which 22.7% exposure was in the Financial sector. Click the link below to view the latest Monthly Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund October 2015
19 Nov 2015 - 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 Nov 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund October 2015
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 12.63% p.a. with a volatility of 7.29%, compared to the ASX200 Accumulation's return of 4.47% p.a. with volatility of 14.35%.
- 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.
Totus Alpha Fund
19 Nov 2015 - Australian Fund Monitors
Totus Alpha Fund rose 1.50% net of fees in October to bring the latest 12 months return to 41.77%.
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19 Nov 2015 - 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 -4.9% and a gross exposure of 282.0%. The Fund was diversified across a number investment themes and geographies with 132 positions (55 long and 77 short). Top contributors in October were the long positions in SmartGroup +1.22% (Scarce Growth), Macquarie +1.12% (Financial Services) and Appen +0.79% (Scarce Growth). Biggest detractors were the short positions in S&P Futures -0.64% (Futures) and Alibaba -0.59% (Promoter). Click below to read the latest Fund's Monthly Report. |
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Fund Review: Morphic Global Opportunities Fund October 2015
18 Nov 2015 - Australian Fund Monitors
Read latest October Fund Review on Morphic Global Opportunities Fund.
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18 Nov 2015 - Fund Review: Morphic Global Opportunities Fund October 2015
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
Key points include:
- The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
- Morphic's philosophy is that only funds with flexible investment and hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
- The Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
- The Board has a majority of independent members with significant risk and investment experience.
For further details on the Fund, please do not hesitate to contact us.
Pengana Absolute Return Asia Pacific Fund
18 Nov 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific rose 2.97% for the month, compared to the HFR Event Driven Index which closed up 2.20%.
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18 Nov 2015 - 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 M&A sub-strategy contributed 2.6% of the Fund's monthly return as Chinese ADR proposed privatization companies re-rated during the month. Another positive development during the month was the upward revision to terms in the merger between Power Assets (6 HK) and Cheung Kong infrastructure (1038 HK). The Index Futures strategy was the biggest detractors of the month. The Fund's average gross and net exposures remained at 192.3% and 6.1% respectively. Click below to read the latest Fund Manager's Report. |
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Fund Review: Optimal Australia Absolute Trust October 2015
17 Nov 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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17 Nov 2015 - Fund Review: Optimal Australia Absolute Trust October 2015
By: Australian Fund Monitors
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 October, the Fund returned 1.42%. The Fund's approach to risk is shown by the Sharpe ratio of 1.49 (Index 0.17), Sortino ratio of 3.35 (Index 0.13), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
