News
Fund Review: Morphic Global Opportunities Fund May 2015
24 Jun 2015 - Australian Fund Monitors
Read the latest Fund Review for Morphic Global Opportunities Fund.
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24 Jun 2015 - Fund Review: Morphic Global Opportunities Fund May 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.
Australian Fund Monitors
Fund Review: Morphic Global Opportunities Fund May 2015Pengana Absolute Return Asia Pacific Fund
24 Jun 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished +1% for the month, compared to the HFR Event Driven Index which closed +0.5%.
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24 Jun 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 | Asia Pacific markets broadly traded down -1.0% (Asia Pacific ex Japan -3%) in an otherwise unexciting month, with ASEAN bourses bearing the brunt of a spike in the US treasury yields on the back of anticipated interest rate hikes later this year. The Fund's average gross and net exposures were 193.6% and 15.5% respectively. The M&A and Options strategies contributed most towards the Fund's monthly performance at 0.40% each. However the Stubs strategy was a major distractor at 0.50%. The country exposure as percentage (%) of NAV was most in Hong Kong/China with gross of 61.50% and Japan of 45.70%. Click below to read the complete Fund Manager's Report |
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Fund Review: Optimal Australia Absolute Trust May 2015
23 Jun 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund, which reported a positive 2.04% in May compared to the ASX200 Accumulation Index's 0.40%.
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23 Jun 2015 - Fund Review: Optimal Australia Absolute Trust May 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.
- The Fund's approach to risk is shown by the Sharpe ratio of 1.46, Sortino ratio of 3.33, 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.
Avenir Value Fund
23 Jun 2015 - Australian Fund Monitors
Avenir Value Fund had a strong performance of 4.50% during the month of May, compared to the ASX 200 Accumulation Index's 0.40%.
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23 Jun 2015 - Avenir Value Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in securities where Avenir believes the company is simply mis-priced and deeply undervalued and offers significant potential for revaluation. The Fund will also invest in companies that are subject to specific corporate events such as mergers, acquisitions, restructurings, recapitalisations, spin-offs, demergers, management change, distressed situations, and other sharply delineated corporate events. The Fund will also selectively invest in short positions in companies where Avenir believes the company is significantly overvalued or where the company's business model is broken or structurally challenged. |
| Manager Comments | The Fund's notable Sharpe and Sortino ratios are 1.12 and 1.92 respectively since inception in August 2011. At month-end, the Fund's geographical disposition was 46.3% in US, 13.4% in Asia, 12.8% in Western Europe, 9.9% in other and rest 17.20% as cash. The top 10 holdings were 61% of NAV. Click below to view the May 2015 Fund Report |
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Fund Review: Bennelong Kardinia Absolute Return Fund May 2015
22 Jun 2015 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over nine years of positive track record.
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22 Jun 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund May 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 April 2006 and also has significantly lower risk KPI's. The Bennelong Kardinia Absolute Return Fund rose 0.41% in May. The Fund has an annualised return of 13.01% p.a. with a volatility of 7.30%, compared to the ASX200 Accumulation's return of 5.60% p.a. with volatility of 14.12%.
- 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 the Bennelong Group provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Aurora Fortitude Absolute Return Fund
22 Jun 2015 - Australian Fund Monitors
The Australian equities had a mixed month in May and the Aurora Fortitude Absolute Return Fund returned
0.31% for the month of May outperforming the cash benchmark of 0.17%.
0.31% for the month of May outperforming the cash benchmark of 0.17%.
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22 Jun 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 | In May, all strategies except Long/Short and Convergence strategies, contributed positively to the performance. The Options Strategy was the best contributor at 0.18%. The banks (NAB.ASX, ANZ.ASX, WBC.ASX and CBA.ASX) all provided good returns as volatility increased significantly at the beginning of the month. Click below to read the lastest monthly commentary and market outlook. |
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Cor Capital Fund
19 Jun 2015 - Australian Fund Monitors
During May the Cor Capital Fund returned 1.23% bringing the 12-month return to 8.04%, exceeding the RBA Cash Rate Benchmark by 5.6%
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19 Jun 2015 - Cor Capital Fund
By: Australian Fund Monitors
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| Fund Overview | The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling. |
| Manager Comments | The equities (+2.0%) and gold (+3.0%) components of the portfolio were the major performance contributors for May. The ASX200 Accum Index was up only 0.40% with the difference resulting from the Fund's less concentrated equity portfolio. |
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Optimal Australia Absolute Trust
18 Jun 2015 - Australian Fund Monitors
Optimal Australia Absolute Trust reported a net positive return in May of 2.04%, compared to the ASX200 Accumulation Index of 0.40%.
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18 Jun 2015 - 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 | The Fund had a gross exposure of 99.0% and net exposure of 7.2%. The stock selection during the month was solid, with positive attribution on both the Fund's long (+2.0%) and short (+0.3%) positions. The short position in the banks did its work, and a number of the longs in materials also did well, including ALS, Alumina, Sims Group, and PanAust. Click below to read the latest Fund Manager's commentary on the Fund and market outlook. |
| More Information |
The Paragon Fund
18 Jun 2015 - Australian Fund Monitors
The Paragon Fund returned 2.40% versus the ASX 200 Accumulation's 0.40%, for the month of May 2015. The Fund's annual return since inception has been 21.66% p.a. versus the Index's 10.39% p.a.
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18 Jun 2015 - 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 drivers of the Paragon Fund's performance for May included solid returns from Macquarie, Henderson Group, Orocobre, Nanosonics and Reward Minerals. Short positions in REA Group and 1-Page also contributed. At the end of the month the fund had 33 long positions and 14 short positions Click below to read the latest Fund Manager's commentary. |
| More Information |
Fund Review: Bennelong Long Short Equity Fund May 2015
17 Jun 2015 - Australian Fund Monitors
Fund Review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.05%.
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17 Jun 2015 - Fund Review: Bennelong Long Short Equity Fund May 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 twelve year track record and annualised returns of 17.05%.
- 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 1.03 (Index 0.36) and 1.71 (Index 0.40) respectively.
For further details on the Fund, please do not hesitate to contact us.
