News
Supervised High Yield Fund
25 Jun 2014 - Australian Fund Monitors
Supervised High Yield Fund returned 0.61% during May bringing annual performance to a solid 7.75% with a volatility of 0.73%.
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25 Jun 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 | Since inception annualised return is 11.01% with a volatility is 2.20%. The Sharpe ratio 3.18 and the Fund has 98% positive months. |
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Cor Capital Fund
24 Jun 2014 - Australian Fund Monitors
Cor Capital Fund returned -0.26% during May and 3.14% for the previous 12 months.
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24 Jun 2014 - 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 total return since inception in August 2012 was 8.7 percent or 4.7 percent per annum. Calendar year to date total return is 2.15%. During May bonds were the best performer in the portfolio (+1.33%) followed by equities (+0.70%). Gold in Australian dollar terms fell 3.27 percent which pushed the overall return for the month into the red. In line with the Fund strategy of rebalancing the portfolio away from popular assets to those that are 'unloved', the Manager has reduced the investment in equities and increased the Fund's holding in gold bullion after a breach of weighting limits at the end of May. |
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Allard Investment Fund
24 Jun 2014 - Australian Fund Monitors
Allard Investment Fund had a strong May returning 2.60% with the annual return coming in at 5.05%.
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24 Jun 2014 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | At the end of May the asset breakdown of the portfolio stood at 76.9% invested in equities and 23.1% held in cash and fixed income. In terms of geographical disposition the major holdings are HK/China 41.9%, Singapore 13.1% and S Korea 8.7%. Industry exposures are Financial Services 18.6% and Conglomerates 13.1%. The top five holdings are 41.5% of the portfolio. |
| More Information | » View detailed profile of this fund |
KIS Asia Long Short Fund
23 Jun 2014 - Australian Fund Monitors
KIS Asia Long Short Fund returned 0.21% during May and 11.23% for the year ended May 2014.
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23 Jun 2014 - 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 | There is an old stock market adage of "sell in May and go away". Academic studies have found that there is some degree of seasonality over this period but this is skewed by some extreme movements such as the collapse of LTCM in 1998 and the October 1987 stock market crash. This May, equity markets were generally higher with the MSCI world index +1.6%, the US Markets were a notable outperformer with the S&P500 +2.1% and the NASDAQ composite +3.1%. One notable weak area was the price of Iron Ore which continued to fall in May as it has for the year so far. This is obviously detrimental to Australia as Iron Ore represents circa 20% of Australia's exports. This may lend itself to a softening bias from the RBA, especially if the Australian budget leads to slower growth as well. Anecdotally we have recently noticed that Australian assets, such as the Australian dollar itself and Australian equity index futures, seem to 'catch a bid' during US market hours but this fades in Australian market hours. This would seem to indicate a more positive external view of Australia. That is also seen in the M&A events announced this month with more than 80% of the buying coming from offshore entities. |
| More Information | » View detailed profile of this fund |
Laminar Credit Opportunities Fund
23 Jun 2014 - Australian Fund Monitors
Laminar Credit Opportunities Fund returned 0.62% during May and a sound 11.78% for the prior twelve months.
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23 Jun 2014 - Laminar 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 | Month-end exposures were RMBS 64%, Listed Securities 4%, Corporate 16% and Short Dated Loans 13%. Cash holdings 3% were of NAV. While risk assets have experienced a steady grind higher this year, the interest rates market has shifted around. Yields on US 10yr treasuries hit a recent high of 3% in January. They since rallied to 2.44% and recently sold off to 2.6%. While this market has not been overly volatile, it has caused some anxiety with fixed income fund managers with an interest rate exposure. |
| More Information | » View detailed profile of this fund |
Insync Global Titans Fund
20 Jun 2014 - Australian Fund Monitors
Insync Global Titans Fund took advantage of stronger equity markets and returned 1.70% during May with the annual return 12.50%
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20 Jun 2014 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Manager Comments | Since inception the Fund has delivered 10.14% pa with a volatility of 8.43%. Key positive contributors for the month came from our holdings in Reckitt Benckiser, Zimmer, Directv, Express Scripts and Discover. The main negative contributors were Coach, Safran and Wyndham. 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 |
Auscap Long Short Australian Equities Fund
19 Jun 2014 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund returned a 3.82%, a sound return in choppy market, with the full year return 55.82%.
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19 Jun 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 notable at 5.50 and the Fund has no negative months in the year to May. Up and Down capture ratios were 1.55 and -1.98 respectively. Average gross capital employed by the Fund was 117.4% long and 43.5% short. Average net exposure over the month was +74.0%. At the end of the month the Fund had 35 long positions and 10 short positions. The Manager's Newsletter is entitled Avoiding The Double Whammy �" Why We Prefer Value To Growth' and is available on the AFM website. |
| More Information | » View detailed profile of this fund |
Aurora Fortitude Absolute Return Fund
18 Jun 2014 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned 0.19% during May for an annual return of 5.34% with a volatility of 1.00%.
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18 Jun 2014 - 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 | Since inception in March 2005 the Fund has returned 7.94% (Index 7.65%) with a volatility of 2.70% (Index 13.98%). The Sharpe ratio over this time was 1.19 compared to 0.27. Aurora Oil and Gas was the stand-out in the Merger & Acquisition strategy (+0.145%) with yield (+0.196%) again the best performing strategy for the month. The Protective Option Overlay was again a draw-down on performance (-0.30%). The lack of volatility in global markets has been a major discussion point in the financial press with the continuation of easy monetary policy and low interest rates being seen as the major factors contributing to this ongoing phenomenon. One of the benefits of the option strategy is that it allows us to trade some riskier positions in larger size, and this was reflected in more positive returns in our Long/Short Portfolio (+0.13%). |
| More Information | » View detailed profile of this fund |
Microequities Deep Value Microcap Fund
17 Jun 2014 - Australian Fund Monitors
Microequities Deep Value Microcap Fund returned -0.46% in May with the 12 month return a robust 28.56%.
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17 Jun 2014 - Microequities Deep Value Microcap Fund
By: Australian Fund Monitors
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| Fund Overview | The objective of the Fund is to identify undervalued Microcap companies, invest in them and, through a medium to long term commitment, attempt to deliver superior investment returns. The Fund invests primarily in ASX listed Microcap companies, which at the time of initial investment are generally below a market capitalisation of A$250 million. The Fund may also invest in companies with a higher market capitalisation, but these will be limited to no more than 20% of the assets of the Fund. At times the Fund may invest in pre-IPO securities that are due to be listed on the ASX within 3-6 months, and have lodged a prospectus with ASIC. These investments will also be limited to no more than 10% of the assets of the Fund. The Fund will be limited to investing no more than 20% of the Fund's assets in any one security or company. The Fund will make investments with a medium to long term time horizon of between 3-5+ years. The Fund will not speculate in derivatives. It will be permitted to hold other securities that are directly associated with a particular investment such as options granted with a specific company issue etc. The Fund will not engage in short selling or stock lending. The Fund will not hold financial debt of any kind. |
| Manager Comments | Since inception (March 2009) the fund has returned an annualised 29.82% (Index 14.89) with a volatility of 15.09% (Index 12.63%). The Sharpe ratio is 1.58 and the Up and Down Capture ratios 1.18 and 0.25 respectively. Notable given the Fund's investment in microcaps is the Fund's average negative return of -2.22 (index -3.00%) and maximum draw-down of 10.86% (Index 15.13%). The month saw no changes to our Fund's constituents. We continued to accumulate the top 5 positions which now make up approximately 40% of the Fund's asset value. These top 5 business partnerships represent our best investments within the context of a risk/reward relationship. |
| More Information | » View detailed profile of this fund |
Totus Alpha Fund
16 Jun 2014 - Australian Fund Monitors
Totus Alpha Fund had a sound month returning 3.99% during May and 42.05% over the previous twelve months.
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16 Jun 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 | At month-end the Fund had net exposure of 50% and a gross exposure of 217% with 112 positions. From an absolute return point of view the last 6 months has been challenging. Many of the optimistic scenarios being touted at the end of 2013 have failed to eventuate and the many of the companies we have had contact with recently are finding things tough (just this week we have seen profit warnings from TRS, PBG and FLT to name a few). |
| More Information | » View detailed profile of this fund |
