News
Fund Review: Bennelong Kardinia Absolute Return December 2015
21 Jan 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 Jan 2016 - Fund Review: Bennelong Kardinia Absolute Return December 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 12.74% p.a. with a volatility of 7.26%, compared to the ASX200 Accumulation's return of 4.61% p.a. with volatility of 14.29%.
- 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.
Bennelong Kardinia Absolute Return Fund AFM Fund Review December 2015APN Asian REIT Fund
21 Jan 2016 - Australian Fund Monitors
APN Asian REIT Fund returned -0.48% in December. Since inception, the Fund has an annualised return of 15.97% p.a.
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21 Jan 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 | The Fund's portfolio was geographically allocated in multiple Asian countries, with majority in Japan (39.7%) and Singapore (26.5%). Over 65% of the Fund allocation was invested in Retail REITs (39.1%) and Office REITs (26.5%) sectors. Top 5 Asian REIT holdings were in Croesus Retail Trust, Keppel Dc REIT, Capitaland Retail China Trust, Gip J-REIT and Prosperity REIT. Click below to read the latest Fund's performance report. |
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Fund Review: Optimal Australia Absolute Trust December 2015
20 Jan 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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20 Jan 2016 - Fund Review: Optimal Australia Absolute Trust December 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 December, the Fund returned -0.10%. The Fund's approach to risk is shown by the Sharpe ratio of 1.51 (Index 0.16), Sortino ratio of 3.34 (Index 0.16), 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.
Pengana Absolute Return Asia Pacific Fund
20 Jan 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund rose 0.72% for the month, outperforming the HFR Event Driven Index which closed down -0.9%, by 1.62%.
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20 Jan 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 M&A sub-strategy contributed 1.4% to Fund performance as spreads generally contracted in most deals during the month. The Fund also positively benefited from the offer in Interplex Holdings (INTX SP) received from Baring Asia. The Fund had positioned long on expectations of this offer after several months of due diligence on the company. The Fund's average gross and net exposures were 197.4% and 6.6% respectively. Click below to read the latest Fund Manager's Report. |
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Morphic Global Opportunities Fund
19 Jan 2016 - Australian Fund Monitors
Morphic Global Opportunities Fund returned -2.48% in December to bring latest 12 month return to 9.08%.
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19 Jan 2016 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's underperformance over the month was mostly due to the ECB disappointment, which saw the Fund lose on an overweight position in European stocks and take a further hit on their currency hedging over the Euro. The best contributor was a market neutral trade. The short legs delivered the majority of the profit as Waddell & Reed and Franklin Resources fell heavily on concerns about fund flows. An unhedged short position against emerging markets focused fund manager Aberdeen also did well. Three banking sector trades also made solid contributions. The Fund began January fully invested but early month jitters cause the Fund to raise cash. Click below to read more. |
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Fund Review: Bennelong Long Short Equity Fund December 2015
19 Jan 2016 - Australian Fund Monitors
December Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 18.58% p.a.
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19 Jan 2016 - Fund Review: Bennelong Long Short Equity Fund December 2015
By: Australian Fund Monitors
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with over thirteen year track record and annualised returns of 18.58%.
- The consistent returns across the investment history indicates the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 1.11 (Index 0.29) and 1.96 (Index 0.32) respectively.
For further details on the Fund, please do not hesitate to contact us.
Fund Review: Meme Australian Share Fund December 2015
18 Jan 2016 - Australian Fund Monitors
December 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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18 Jan 2016 - Fund Review: Meme Australian Share Fund December 2015
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 returned positive 29.14%, versus the Index's 2.56% return.
Signature Quantitative Fund
18 Jan 2016 - Australian Fund Monitors
Signature Quantitative Fund rose 2.50% for the month of December, to bring annualised performance since inception to 10.40% p.a.
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18 Jan 2016 - 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 | All strategies contributed to performance this month. Alpha Capture and the Dividend Arbitrage strategies performed strongly, driven by short resources exposure and the Dividend Arbitrage Effect continuing to perform. The Index Rebalance Strategy contributed to performance this month across the ASX 200 and various global indices. The Fund had a net exposure of 49%, of which 21% exposure was in the Financial sector. Click the link below to view the latest Monthly Report. |
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Totus Alpha Fund
15 Jan 2016 - Australian Fund Monitors
Totus Alpha Fund rose 4.5% net of fees in December taking the latest 12 month return to 53.40%.
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15 Jan 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 -4.8% and a gross exposure of 270.1%. The Fund had 129 positions (55 long and 74 short) that were diversified across multiple investment themes. Top contributors in December were the long positions in SmartGroup +2.81% (Scarce Growth) and Blackmores +0.62% (Scarce Growth). A short position in Spotless added 2.01% (Earnings Risk). Biggest detractors were the short positions in Orocobre -1.00% (Commodities), Valeant -0.55% (Rollup) and 1-Page -0.37% (Unicorn). Click below to read the latest Fund's Monthly Report. |
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Bennelong Kardinia Absolute Return Fund
15 Jan 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose 1.74%, for the month of December.
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15 Jan 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 | Long positions in Blackmores, BWX and Aristocrat were the major positive contributors to performance, whilst long positions in Temple and Webster and Surfstitch were the largest detractors. Net equity market exposure was actively managed throughout the month with a month-end net of 65.2% (68.1% long and 2.8% short). Click below to read the December 2015 Fund Report. |
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