News
Aurora Fortitude Absolute Return Fund
29 Nov 2013 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund returned 0.28% during October and 6.82% for the latest 12 months with a volatility of 1.67%.
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29 Nov 2013 - 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 Fund continues to deliver steady returns within a low risk framework with 88% positive months, a maximum draw-down of 2.09% (ASX 200 Acc Index 47.19%) and downside deviation of 1.31 (Index 10.80) since inception in March 2005. Yield was the best performing strategy for the month (+0.14%). The Transpacific Step-Up Preference shares were the strongest performer after the issuer announced that they are seeking to sell their New Zealand waste management business and potentially use the proceeds to redeem the notes. The Long/Short strategy had a strong month (+0.11%) in light of a flood of capital raising that were undertaken mostly by small and mid-tier companies. As with many of the stronger monthly market moves, the Options strategy was again a draw-down (-0.12%). The S&P/ASX200 index puts and calls were a cost to the Fund as realisable volatility was lower than the implied volatility paid to own the market protection. |
| More Information | » View detailed profile of this fund |
Pengana Asia Special Events (Onshore) Fund
29 Nov 2013 - Australian Fund Monitors
Pengana Asia Special Events (Onshore) Fund returned 1.10% for October with a long term performance (since Oct 2008) of 12.01% pa (Index 7.99% pa).
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29 Nov 2013 - Pengana Asia Special Events (Onshore) Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | The Fund's risk statistics are sound with a volatility of 6.28% (Index 14.73%), maximum draw-down of 4.05% (Index 25.80%) and a down capture ratio of -0.46. The positive contribution from M&A positions dominated the performance for the month, and this continues to be the most significant component within the Fund's strategic allocation. Australian and Hong Kong / Chinese markets proved particularly profitable while solid gains were also made in India and Thailand. All strategies made positive contributions for the month. The Fund maintained an average net and gross exposure of 11% and 155% respectively. |
| More Information | » View detailed profile of this fund |
BlackRock Australian Equity Market Neutral Fund
29 Nov 2013 - Australian Fund Monitors
BlackRock Australian Equity Market Neutral Fund returned 1.12% in October bringing its since inception (Oct 2001) return to 12.01% pa (Index 8.80% pa).
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29 Nov 2013 - BlackRock Australian Equity Market Neutral Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks. |
| Manager Comments | Notable are the Fund's maximum draw-down of 12.41% (Index 47.19%) and down-side capture ratio of -0.60. The Manager notes that the Fund's performance benefited from an overweight to iron ore producers versus other miners as the iron ore fines price remained above market expectations. Short positions in mining services companies were also profitable with further downgrades across the sector. Other outperforming positions were over-weights in wealth managers which continue to run due to exposure to the rising market, and positive stock selection within the healthcare sector. The main performance detractors came from short positions in domestic cyclicals such as building materials, retail and media. Two of the Fund's top contributors for the month were the long positions in Aristocrat Leisure and CSL. Among the top detractors were the short positions in the Commonwealth Bank and Computer Share. |
| More Information | » View detailed profile of this fund |
AFM Prism Active Equity Fund
28 Nov 2013 - Australian Fund Monitors
AFM Prism Active Equity Fund returned 1.29% (e) for October and 6.08% p.a. since inception with a volatility of 2.43%.
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28 Nov 2013 - AFM Prism Active Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The underlying managers and funds will be selected from Absolute Return Funds managed in Australia. This reduces the risk of currency fluctuations, facilitates due diligence and ensures that each underlying fund manager is licensed by the Australian Securities Investments Commission (ASIC). A combination of quantitative performance analysis and qualitative operational due diligence is used to create a portfolio of five to ten 'best of breed' funds. AFM's research has shown that selecting a relatively small group of funds results in better risk adjusted performance than that of a larger, more diversified group. The Fund may also invest in funds managed by early stage managers with less than three years history, but only where the principals concerned have a demonstrated track record of prior performance in a similar role, and where AFM has been able to conduct thorough due diligence on the management company and its operations. The underlying funds are monitored each month by AFM Prism Asset Management and AFM to ensure each fund's strategy and risk limits remain appropriate for current market conditions and to allow new or additional funds to be added to enhance overall performance when necessary. |
| Manager Comments | The Fund is characterised by very low risk with a standard deviation of 2.43% as compared to the ASX 200 Accum Index number of 10.75%, a maximum draw-down of -1.42% (Index -6.72%) and a worst month performance of -0.62% (Index -4.50%). The Sharpe ratio was 1.27 and the average monthly return in negative markets was 0.49%. All statistics since inception in October 2013. The Fund has re-allocated to three new funds to provide more upside exposure in buoyant markets while maintaining an ongoing focus on targeting low volatility. |
| More Information | » View detailed profile of this fund |
Auscap Long Short Australian Equities Fund
27 Nov 2013 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund recorded a strong 5.46% during October bringing the six month return to 26.66%.
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27 Nov 2013 - 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 Fund's average gross capital employed was 122.8% long and 24.3% short. Average net exposure over the month was +98.4%. At the end of the month the Fund had 24 long positions and 7 short positions. The Fund's biggest exposures at month-end were spread across the consumer discretionary, financials, healthcare and telecommunications sectors. |
| More Information | » View detailed profile of this fund |
Fund Review: Insync Global Titans Fund
27 Nov 2013 - Australian Fund Monitors
AFM's updated Fund Review for Insync Global Titans Fund for October 2013 shows the Fund delivering an annualised return of 9.45% and annualised standard deviation of 8.26% (since inception in October 2009) with sound risk-reward statistics.
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27 Nov 2013 - Fund Review: Insync Global Titans Fund
By: Australian Fund Monitors
Insync Global Titans Fund (pdf format)
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
We would like to highlight the following:
- The Global Titans Fund invests in a concentrated portfolio of 15-25 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
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The Fund?s unit price increased by 1.5% in October, with the largest positive contributions coming from our holdings in CRBard, Reckitt Benckiser, Wyndham Hotels, British Sky Broadcasting and Sanofi. The main detractors for the month includedCoach and Dr Pepper Snapple.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
Insync Global Titans Fund (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund
26 Nov 2013 - Australian Fund Monitors
The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with a seven year track record. Since inception in May 2006 the Fund has returned 14.24% p.a. as compared to 4.93% (S&P/ASX 200...
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26 Nov 2013 - Fund Review: Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund (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 a seven year track record. Since inception in May 2006 the Fund has returned 14.24% p.a. as compared to 4.93% (S&P/ASX 200 Accum Index) with a volatility of 7.81% p.a., around one-half of the ASX volatility of 14.76% p.a. The Bennelong Kardinia Absolute Return Fund rose 2.17% in October.
BHP Billiton, Seek, ANZ and CSL all made significant positive contributions. Share Price Index Futures (hedging long exposure), Iluka Resources and ResMed were the main detractors from performance. Once the US political gridlock passed, the net equity market exposure (including derivatives) of the Fund was increased aggressively to 71.0% (93.9% long and 22.9% short).
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.
Research and Database Manager
Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund (pdf format)
Fund Review: Optimal Australia Absolute Trust
25 Nov 2013 - Australian Fund Monitors
AFM's updated Fund Review for the Optimal Australia Absolute Trust for October 2013 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.60% and a Sharpe Ratio since inception of 1.80.
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25 Nov 2013 - Fund Review: Optimal Australia Absolute Trust
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE FUND
Attached is our most recently updated Fund Review on the Optimal Australia Absolute Fund.
We would like to highlight the following:
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 Fund has recorded out-performance of the market since inception in September 2008 with approximately 84% of monthly performances having positive returns and the largest drawdown -1.38%
The investment team comprising George Colman, Peter Whiting and Stephen Nicholls have close to 90 years combined experience in equity markets.
For further details on the Fund, please do not hesitate to contact us.
Research and Database Manager
Australian Fund Monitors
Totus Alpha Fund
25 Nov 2013 - Australian Fund Monitors
Totus Alpha Fund returned a very strong 14.2% for October bringing its since inception (April 2012) annualised return to 32.83%.
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25 Nov 2013 - 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 as determined by Totus Capital. 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 | The Fund has a Sharpe ratio of 1.76 and a Sortino ratio of 5.70 indicating a sound risk-reward ratio. The comparative data for the ASX 200 Accum is 1.42 and 2.14. Top contributors to performance in October were long positions in Mint Wireless +8.6%, Google +1.65% and Dominoes Pizza +1.07%. Biggest detractors were short positions in index futures 0.61%, Fortescue Metals -0.29% and the long position in Buccaneer Energy -0.29% (The Fund no longer have a position in this company). |
| More Information | » View detailed profile of this fund |
Intelligent Investor Value Fund
22 Nov 2013 - Australian Fund Monitors
Intelligent Investor Value Fund returned 2.5% during October bringing the 12 month return to 50.89% with a volatility of 9.93% p.a.
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22 Nov 2013 - Intelligent Investor Value Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund has a four year track record returning 15.47% p.a. (Index 8.64% pa) since inception in October 2009 with a volatility of 13.86% p.a. (Index 12.38% p.a.) and a Sharpe Ratio of 0.83 (Index 0.42). The Manager comments 'Buoyed by investor optimism, the market has gained 24.7% over the past 12 months (including dividends). It was significant helpings of luck and, we hope, some skill that allowed the Value Fund to return 50.9% over the same period. It's been a good year, but please don't get accustomed to these returns because they won't be repeated regularly, if ever again.' |
| More Information | » View detailed profile of this fund |
