News
Auscap Long Short Australian Equities Fund
25 Jul 2014 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund returned 1.48% during June in a negative month for the ASX. Annual performance to June 2014 was 45.98% with a volatility of 6.49%.
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25 Jul 2014 - Auscap Long Short Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | The Sharpe ratio was 5.58 with the Up and Down Capture ratio 1.55 and -1.00 respectively. The fund had no negative months over the last year. Average gross capital employed by the Fund was 147.1% long and 31.7% short and average net exposure over the month was +115.5%. At the end of the month the Fund had 37 long positions and 7 short positions. The Manager's monthly Newsletter is entitled 'Distinguishing Risk From Volatility' and is available on the AFM website. |
| More Information | » View detailed profile of this fund |
Fund Review: Monash Absolute Investment Fund June 2014
24 Jul 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Monash Absolute Investment Fund for June 2014. The Fund is characterised by low risk and has out-performed the ASX 200 Accum Index. Since inception (July 2012) the Fund has returned 20.75% pa with a...
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24 Jul 2014 - Fund Review: Monash Absolute Investment Fund June 2014
By: Australian Fund Monitors
MONASH ABSOLUTE INVESTMENT FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
The Fund is a research driven, active equity long/short strategy investing in listed ASX companies.
Monash Absolute Investment Fund returned -1.0% during June in a volatile equity market. The Fund's 12 month record is strong at 23.00% (ASX 200 Accum Index 17.43%) with a volatility of 9.34% (8.87%). Sharpe and Sortino ratios are notable at 2.02 and 8.04 over the same time frame. The Fund had a net exposure of 78% at month-end with gross exposure 87%. Since inception VaR is 1.1%.
The Fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research Manager
Supervised High Yield Fund
24 Jul 2014 - Australian Fund Monitors
Supervised High Yield Fund recorded a return of 0.28% during June and 7.40% over the financial year with a volatility of 0.80%.
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24 Jul 2014 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will invest in all forms of marketable floating and fixed income debt securities, such as asset backed debt securities, residential mortgage backed securities, corporate debt, regional and sovereign debt securities, debt/equity hybrid securities, equities and currencies. All these investments will be either listed or traded in a market where prices can be independently verified. The fund may also invest in interest rate swaps, options over authorised investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. |
| Manager Comments | The Fund had a Sharpe ratio of 5.89% and 100% positive months and a zero drawdown over the year. |
| More Information | » View detailed profile of this fund |
Allard Investment Fund
23 Jul 2014 - Australian Fund Monitors
Allard Investment Fund returned -0.6% during June bringing 12 month performance to 4.22% with a volatility of 4.50%.
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23 Jul 2014 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | Since inception in July 2003 the Fund has returned 8.58% as compared to 10.3% for the MSCI Asia Pacific ex Japan (A$) Index but with around one-half the volatility at 8.7% and 15.4% respectively. In terms of geographical exposure the Fund's largest exposure is China/HK at 42.2% and Singapore at 12.7% at month-end. Cash and Fixed Income were 23% of the portfolio. In terms of industry sectors exposures were dominated by financial services at 18.7% and conglomerates at 12.7%. Top five holdings were 41.4% of the portfolio. |
| More Information | » View detailed profile of this fund |
Fund Review: Bennelong Alpha 200 Fund June 2014
23 Jul 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Alpha 200 Fund for June 2014. The Fund has a track record of six months and therefore performance is not robust.
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23 Jul 2014 - Fund Review: Bennelong Alpha 200 Fund June 2014
By: Australian Fund Monitors
Bennelong Alpha 200 Fund June AFM Fund Review (pdf format)
BENNELONG ALPHA 200 FUND
We would like to highlight the following aspects of the Fund;
- The Bennelong Alpha 200 Fund is a new fund with a 6 month track record. The Fund is broadly modelled on the strategy used for Bennelong's original Equity Long Short Fund which uses a market neutral "pairs trading" approach to invest in Top 100 stocks, and which has been managed by Richard Fish since the inception of BLESM in 2002.
- The Alpha 200 Fund however primarily invests within the top 200 by market capitalisation, using a similar "pairs trading" approach while remaining broadly market neutral on a cost basis.
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The Fund will hold 70 - 90 stocks comprising 35 to 45 pairs,although it can hold up to 100 stocks and 50 pairs. Each pair contains one
long and one short position each of which is thoroughly researched and,where possible, from the same market sector. The pair positions are dollar neutral at cost, limited in terms of sector exposure, and give theportfolio a target beta of zero over time.
- In addition to Richard Fish, the team is composed of Sam Shepherd who joined BLESM from Credit Suisse, where he ran the Melbourne institutional equities desk. Shepherd's 20 year experience also covers JP Morgan and Norwich Investment Management. Tim Hall recently joined BLSEM as a specialist mid and small-cap portfolio manager to work on the expanded universe of the 200 Alpha Fund. The team is supported by experienced investment analyst, Sam Taylor.
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Sean Webster
Research and Database Manager
Bennelong Alpha 200 Fund June AFM Fund Review (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund June 2014
22 Jul 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for June 2014. The Fund is characterised by steady returns and very low risk. The Fund returned -0.66% during June and since inception (May 2006) the Fund has...
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22 Jul 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2014
By: Australian Fund Monitors
Bennelong Kardinia AFM Fund Review June 2014 (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 eight year track record.
Bennelong's Kardinia Long-Short equity fund returned -0.66% in June 2014, taking returns for the year to 7.28% (ASX 200 Accum 17.43%). Annualised returns since inception are 13.24% as compared to the Index at 4.23% and with a lower volatility of 7.65% pa as compared to 14.33% pa. Fund exposures at month-end were 57.0% long and 19.4% short with a net exposure of 37.6%, up from the previous month.
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.
Sean Webster
Research Manager
Bennelong Kardinia AFM Fund Review June 2014 (pdf format)
Alpha Beta Asian Fund
22 Jul 2014 - Australian Fund Monitors
Alpha Beta Asian Fund returned 1.69% during June bringing the financial year return to 12.33% with a volatility of 4.50%.
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22 Jul 2014 - Alpha Beta Asian Fund
By: Australian Fund Monitors
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| Fund Overview | The investment objective of the Fund is to produce positive annual returns without excessive risk. This is achieved through the use of a quantitative approach to invest both long and short in large cap companies listed on Asian stock exchanges. The Fund may also use index futures to manage risk. Stock prices and company fundamental data are decomposed into directional and mean reverting components. Each of Alpha Beta's models are based on either of these known behaviours with capital management built into each model. The benefit of a quantitative approach is that it is both repeatable and unemotional, and allows a different source of returns to be extracted from a very noisy market environment. |
| Manager Comments | The Sharpe and Sortino ratios were 2.07 and 5.17 respectively. Downside deviation was 1.78. At month-end the Fund's larger geographic exposures were Australia at 11% and Japan at 2% on a net basis, with the Fund's total net exposure 18% and gross exposure 167%. Total number of positions was 413. Major contributors to June's returns were Hong Kong directional at 51 basis points and Australia mean reversion at 45 basis points. |
| More Information | » View detailed profile of this fund |
Totus Alpha Fund
21 Jul 2014 - Australian Fund Monitors
Totus Alpha Fund returned -3.02% during June with twelve month performance 28.50% as compared with the ASX 200 Accum return of 17.43%.
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21 Jul 2014 - 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 | Top contributors to performance in June were long our positions in Intueri Education +0.79% (scarce growth) and Burson +0.32% (scarce growth) and a short position in Monadelphous +0.35% (mining capex bubble). Biggest detractors from performance were our long positions in Flight Centre -1.24% (scarce growth) and Tiger Resources -0.76% (scarcity) and a short position in Liquefied Natural Gas-1.10% (promoter). The ASX300 Accumulation Index is now up just 2.86% for the first half of the 2014 calendar year, making the stellar returns of 2013 harder to come by. However, we view this as a healthy period of market consolidation and remain cautiously optimistic for an improved second half. |
| More Information | » View detailed profile of this fund |
Insync Global Titans Fund
18 Jul 2014 - Australian Fund Monitors
Insync Global Titans Fund returned -0.70% during June and 10.70% over the 2014 financial year.
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18 Jul 2014 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | The Fun'd's geographic composition was North America 44.0%, UK 24.7%, Cash and Puts 16.8% and Europe 14.8%. Average market cap of portfolio equities is $A81.3 and weighted average dividend yield is 2.60% The Fund's unit price decreased by 0.7% in June. Key positive contributors for the month came from our holdings in BNY Mellon, Discover Financial Services, BSkyB, St Jude Medical and TE Connectivity. The main negative contributors were Coach, Express Scripts, Oracle, British American Tobacco and Baxter International. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. |
| More Information | » View detailed profile of this fund |
Avenir Value Fund
17 Jul 2014 - Australian Fund Monitors
Avenir Value Fund returned 0.22% during June, a month in which the Global Equity Index fell -0.76%. The Fund's financial year performance was 30.04% (Index 17.87%).
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17 Jul 2014 - 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 Sharpe and Sortino ratios are 1.43 and 2.50 respectively since inception in August 2011. Also notable are the Up and Down capture ratios at 0.56 and -0.3 respectively. At month-end the Fund's geographical disposition was 31% US, 14% Asia, 12% Western Europe with 2% Australia, 23% other and 18% cash. The top 10 holdings were 56% of NAV. |
| More Information | » View detailed profile of this fund |
