News
Fund Review: BlackRock Australian Equity Market Neutral Fund
11 Oct 2013 - Australian Fund Monitors
The BlackRock Australian Equity Market Neutral Fund portfolio consists of approx. 180 stocks in equally weighted long and short portfolios to maximise potential returns while minimising market volatility.
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11 Oct 2013 - Fund Review: BlackRock Australian Equity Market Neutral Fund
By: Australian Fund Monitors
BLACKROCK AUSTRALIAN EQUITY MARKET NEUTRAL FUND
Attached is our most recently updated Fund Review on the BlackRock Australian Equity Market Neutral Fund.
We would highlight the following:
- The Fund's portfolio generally consists of approx. 180 stocks in equally weighted long and short portfolios to maximise potential returns while minimising market volatility.
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The strategy has recorded a return of 12.14% since inception (Sept 2001) as compared to the ASX 200 Accumulation Index return of 8.37% and with a volatility less than one-half that of the Index at 5.7% pa as compared to 13.23% pa.
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The Fund has also recorded a maximum drawdown of 12.41% as compared to 47.19% for the Index and has had 78% positive months since inception.
- BlackRock is the world's largest fund management group. Since being established in 1988 it has grown organically and by acquisition to manage US$3.93 trillion as of March 2013.
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Operations cover 27 countries including Australia (where BlackRock has A$48.6 billion in FUM - March 2013) managing a broad range of strategies across a variety of asset classes.
Research and Database Manager
Australian Fund Monitors
Fund Review: Bennelong Long Short Equity Fund
10 Oct 2013 - Australian Fund Monitors
The Bennelong Long Short Equity 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 a ten year track record and annualised net returns of...
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10 Oct 2013 - Fund Review: Bennelong Long Short Equity Fund
By: Australian Fund Monitors
Bennelong Long Short Equity Fund September 2013 (pdf format)
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 a ten year track record and annualised net returns of over 20%.
- Since inception in January 2002 the Fund has had positive annual returns each year, including an 11.95% return in 2008 and 20.6% in 2011, both of which were negative years for the ASX200.
- The Fund's risk statistics are also sound with maximum drawdown of 12.22% and 71% positive months. Both the Sharpe Ratio at 1.27 and the Sortino ratio at 2.21, indicate a high reward-to-risk ratio.
- 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.
Research and Database Manager
Australian Fund Monitors
Bennelong Long Short Equity Fund September 2013 (pdf format)
Fund Review: Prism Active Equity Fund
9 Oct 2013 - Australian Fund Monitors
AFM's updated Fund Review for the Prism Active Equity Fund for August 2013. To date the Fund has delivered 5.59% and, in keeping with it's low volatility mandate, has an annualised standard deviation of 2.48% (since inception in October...
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9 Oct 2013 - Fund Review: Prism Active Equity Fund
By: Australian Fund Monitors
Prism Active Equity Fund August 2013 (pdf format)
AFM PRISM ACTIVE EQUITY FUND
Attached is our most recently updated Fund Review on the AFM Prism Active Equity Fund.
Attached is our most recent update of the Fund:
- The Prism Active Equity Fund ("Fund") comprises a portfolio of 5 to 10 underlying Australian absolute return managers each investing in ASX listed equities.
- The Fund's objective is to achieve double-digit annualised returns with significantly lower volatility than the underlying equity markets, with a focus on capital protection.
- To date the Fund has delivered 5.59% and, in keeping with it's low volatility mandate, has an annualised standard deviation of 2.48% (since inception in October 2012). The Fund's maximum drawdown is 1.42% as compared to 6.72% for the ASX 200 Accum Index
- Fund selection is made based on a combination of quantitative analysis of past performance and risk, coupled with extensive analysis and due diligence of the underlying manager's processes and pedigree.
Research and Database Manager
Australian Fund Monitors
Prism Active Equity Fund August 2013 (pdf format)
Bennelong Kardinia Absolute Return Fund
8 Oct 2013 - Australian Fund Monitors
Bennelong Kardinia Absolute Return Fund returned 0.93% for September bringing it's since inception (May 2006) return to 14.08% pa as compared to the ASX 200 Accumulation return of 4.44% pa.
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8 Oct 2013 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. |
| Manager Comments | Long positions in Bank of Queensland, Seek and JB Hi-Fi were all meaningful positive contributors. The largest detractors from performance were Share Price Index Futures contracts (hedging long positions), CSL and BHP. Net equity market exposure including derivatives was increased slightly to 29.6% (67.7% long and 38.1% short). |
| More Information | » View detailed profile of this fund |
Bennelong Long Short Equity Fund
4 Oct 2013 - Australian Fund Monitors
Bennelong Long Short Equity Fund has a five year performance record of 16.85% vs 4.63% for the ASX 200 Acc and an annualised standard deviation of 12.63% as compared to 15.48%.
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4 Oct 2013 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | The Manager notes that the fund performance was slightly positive during the month with contributions from the long portfolio marginally outperforming detractions from the short book. The Fund has a month-end leverage of 4.9 times. |
| More Information | » View detailed profile of this fund |
Monash Absolute Investment Fund
3 Oct 2013 - Australian Fund Monitors
Monash Absolute Investment Fund returned 7.15% during September (ASX 200 Acc 2.19%) with a net exposure of 81%.
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3 Oct 2013 - Monash Absolute Investment Fund
By: Australian Fund Monitors
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| Fund Overview | 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. |
| Manager Comments | The Manager notes that the portfolio more than kept up with the broader market this month despite action taken to protect returns by: trimming some holdings; increasing cash, and; adding to the short positions. |
| More Information | » View detailed profile of this fund |
BlackRock Australian Equity Market Neutral Fund
2 Oct 2013 - Australian Fund Monitors
BlackRock Australian Equity Market Neutral Fund returned -0.04% during August with a five year performance twice that of the ASX 200 Acc Index and less than half the volatility.
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2 Oct 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 | The Manager notes that the portfolio lost value in August, due mainly to short positions in sectors related to the resources rally, and in Mining Services and Oil & Gas in particular. Signal performance was led by Market signals, particularly the liquidity provision signals, and Earnings Quality signals. |
| More Information | » View detailed profile of this fund |
LHC Capital Australia High Conviction Fund
1 Oct 2013 - Australian Fund Monitors
LHC Capital Australia High Conviction Fund has returned 2.77 times the ASX 200 Accumulation Index since inception in May 2011 with an annualised return of 21.37%.
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1 Oct 2013 - LHC Capital Australia High Conviction Fund
By: Australian Fund Monitors
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| Fund Overview | LHC Capital will also seek to identify or encourage events that may act as a catalyst for valuations to converge towards their intrinsic value. The emergence of catalyst events will also have an impact on how LHC Capital allocates the Fund's capital between competing investment opportunities. |
| Manager Comments | The Fund returned 0.64% over August and 38.9% over the last 12 months. Month-end exposures were 93% long, 17% short, 110% gross and 76% net with the most profitable holdings over August being Peet, eMerchants and Academies Australia. |
| More Information | » View detailed profile of this fund |
BlackRock Multi Opportunity Fund
30 Sep 2013 - Australian Fund Monitors
BlackRock Multi Opportunity Fund has a five year track record of 9.00% pa as compared to the ASX 200 Acc Index return of 4.63%. The August return was -0.28%.
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30 Sep 2013 - BlackRock Multi Opportunity Fund
By: Australian Fund Monitors
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| Fund Overview | - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period. |
| Manager Comments | Notable over this period was the Fund's largest drawdown of 2.61% as compared to the Index's largest drawdown of 25.8%. The Multi Opportunity Fund underperformed in August with detractions across equity market neutral and Fixed Income Global Alpha strategies. Global Macro and Commodity strategies added value helping to offset these detractions. The fund returned -0.18% gross of fees versus the RBA cash benchmark return of 0.21%. Year to date, the Fund has returned 5.50% gross of fees. The Australian equity selection strategy had small negative performance in August. This was attributed mainly to underweight positioning in sectors related to the resources rally, in particular Mining Services and Oil / Gas. Signal performance was led by our market signals, particularly the liquidity provision signals, and our earnings quality signals. Earnings direction insights tended to detract value, especially those based on analyst sentiment. |
| More Information | » View detailed profile of this fund |
Intelligent Investor Value Fund
27 Sep 2013 - Australian Fund Monitors
Intelligent Investor Value Fund returned 1.13% in August and 40.05% over the 12 previous months.
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27 Sep 2013 - Intelligent Investor Value Fund
By: Australian Fund Monitors
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| Manager Comments | The Fund's value strategy is shown by the Sharpe Ratio of 0.73 as compared to the Index Sharpe Ratio of 0.32 (since inception). The Manager notes that the share price falls in the last week of August wiped out most of the Intelligent Investor Value Fund's gains in the first few weeks of the month. The unit price rose 1.1% but was beaten by the benchmark All Ordinaries Accumulation Index which returned 2.6%. |
| More Information | » View detailed profile of this fund |
