News
Morphic Global Opportunities Fund
19 Mar 2013 - Australian Fund Monitors
The Morphic Global Opportunities Fund records a return of 0.9% during February 2013 and 10.76% over the last 6 months.
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19 Mar 2013 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The manager notes that market tone was dominated by a resurgence in uncertainty in Europe, and for the Euro, caused by the Italian election deadlock and fears the US economic recovery might falter in the face of mandated cuts to government spending. Both issues may continue to be a factor in March, especially the Italian stalemate. Weak economies throughout Europe mean support for the anti-establishment parties, focused on ending austerity and leaving Euro is on the rise, with potentially unpredictable economic and market consequences. In terms of the fund the manager recorded losses on four Indian bank positions which offset large gains made in other markets, especially Thailand and Japan. Under-performance also came from the tilt to emerging markets over developed markets and a European bank over-weight. Gains were made on a range of Japanese holdings as well as on Manilla Water and two Hong Kong holdings. Gains were also made on some short positions in Europe and Asia. The fund reduced its net investment level over the period as it seemed strong inflows has left stocks, particularly in Europe and emerging markets over-extended. The fund remains un-hedged into $A but does have some of the fund's yen exposure hedged into $US. The fund also has a short US bonds and long German bonds position in the fixed interest portion of the portfolio. |
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Platinum International Fund
18 Mar 2013 - Australian Fund Monitors
The Platinum International Fund returns 1.18% for February 2013 and 15.38% for the prior 12 months.
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18 Mar 2013 - Platinum International Fund
By: Australian Fund Monitors
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| Manager Comments | The manager notes that the MSCI (AUD) rose 1.9% over the month and the market was caught between easy central bank policy and macro issues facing the global economy. In the UK the tug-of-war between ongoing low rates and a credit downgrade saw the equity market up 1% however the pound dropped 4.5%. The Italian market fell 9% after the election left the political situation very fluid. In the US budget issues remained however the US market still out-performed emerging markets and the $US was stronger. Japanese equity continued to record strong returns up 4.0% assisted by the Yen which fell 1% and a new Bank of Japan Governor. The fund's over-weight to Japan at 21.7%, assisted fund performance. At month-end the Fund was 99% long and 12% short with cash and liquids at 1% for a net invested position of 88%. |
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Aurora Fortitude Absolute Return Fund Performance February 2013
15 Mar 2013 - Australian Fund Monitors
The Aurora Fortitude Absolute Return Fund returns
0.80% for February 2013 and 4.00% for the preceding 12 months.
0.80% for February 2013 and 4.00% for the preceding 12 months.
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15 Mar 2013 - Aurora Fortitude Absolute Return Fund Performance February 2013
By: Australian Fund Monitors
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| Manager Comments | Examining each of the Fund's strategies the Options portfolio was the best performing strategy for the month (+0.58%). As anticipated, the historically low levels of volatility provided an opportunity to profit from an increase in volatility over reporting season. This was most pronounced in the Fund’s March Index Futures position. Also of benefit was the small net long, and long volatility overlay in all four of the the major banks. Boral was an under-performer because the stock rallied sharply while the Fund held a short bias. Under-performing for the month was the Long/Short strategy (-0.16%) despite holding mostly long positions. Atlas Iron came under pressure as a result of the declining iron ore price, a poor result and general materials weakness. A stop loss was implemented over this position. The Yield book was consistent (+0.18%), with ANZ Convertible Preference Shares performing particularly well after going ex-distribution. The Fund continued to add to short dated instruments with mid-year maturities. The Convergence as well as Mergers and Acquisition strategies were both small net contributors to returns. |
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BlackRock Australian Equity Market Neutral Fund Performance - February 2013
14 Mar 2013 - Australian Fund Monitors
The BlackRock Australian Equity Market Neutral Fund delivers 1.35% during February 2013 and 6.88% over the preceding 12 months.
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14 Mar 2013 - BlackRock Australian Equity Market Neutral Fund Performance - February 2013
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, Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks. |
| Manager Comments | The manager comments that the Australian equity market continued its rally into February with the S&P/ASX 200 Price Index up 4.6% to mark its third consecutive month of gains. This was despite some volatility caused by concerns about US Federal Reserve policy and the Italian election result. Investors were buoyed by an earnings season that tended to see companies meet or beat expectations, with cost reductions and margin improvement recurring themes, and payout ratios generally lifted. The bullish tone was not reflected in a typical risk on rally, with ASX200 Resources up 0.6% while ASX200 REITs were up 3.5% and Industrials up 6.9%. The search for yield in the equity market appeared to focus mainly on the big four banks, which outperformed strongly. Domestic Cyclicals performed well through the results season, particularly financials and retailers, as better than expected results squeezed short positions. Despite the continued market valuation expansion, the result season saw a greater differentiation in returns at the individual stock level than was witnessed in January. This favored the fund's investment process and led to a rebound in active performance. The fund recorded contributions from JB Hi-Fi, Bluescope Steel, Cochlear, IAG and NAB. Detractors from performance include Seek, Toll, Alumina, QBE and Treasury Group. |
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Optimal Australia Absolute Trust
13 Mar 2013 - Australian Fund Monitors
The Optimal Australia Absolute Trust returns -0.50% for February 2013 and 1.89% for the preceding 12 months.
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13 Mar 2013 - 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 manager notes that the equity market had a strong month in February, led by a small group of defensive and financial large-cap names. In terms of sectors, the leaders were Consumer Staples up 9.7% and Financials up 6.5%. The concentration of returns was evidenced by the fact that eight names contributed to 50% of the market increase in 2012 and this phenomenon has accelerated into 2013. Market breadth is therefore very narrow and the performance gap between defensive industrials and resources has reached levels unprecedented in the manager's experience. The Fund is under-represented in these most popular sectors, as the manager finds the combination of high valuations and low (and declining) earnings growth unattractive. Major factors impacting the market include money flows into quantitative funds, retail investors search for yield and investors benefiting from the AUD carry trade. Major contributions to the Fund's return came from long position in banks and insurance and energy and losses from short positions in banks, consumer staples and media. At month-end the Fund was 33.5% long, 14.2% short and had a short equity derivatives position of 10.7% for net risk exposure of 3% and a gross risk exposure of 60.3%. |
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Bennelong Long Short Equity Fund
12 Mar 2013 - Australian Fund Monitors
The Bennelong Long Short Equity Fund delivers -0.28% for February 2013 and 21.95% for the previous 12 months.
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12 Mar 2013 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | Fund performance was flat for the month with solid earnings results from several long positions offset by results from the short portfolio which were largely not as poor as expected. The market rally over the past 6 months has been largely driven by large cap stocks with good dividend yields and lower than average risk. Recently the rally has broadened and value has start move higher. The Fund has maintained its focus on high return on equity, quality businesses but several large cap, high yield, low beta stocks are trading at premiums to long term valuations. The Fund reduced its exposure in some stocks that have run ahead of their fundamental valuation. The manager notes that recent performance has run ahead of earnings and that evidence of a earnings growth recovery will be needed to justify recent market strength. |
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Bennelong Kardinia Absolute Return Fund
11 Mar 2013 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund delivers 2.35% during February 2013 and 14.84% for the year ended February, well above its benchmark of the RBA Cash Rate.
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11 Mar 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. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact. |
| Manager Comments | The manager notes that the ASX All Ordinaries Accumulation Index was up 5.2% over the month despite a domestic reporting season that was only slightly above expectations and driven mainly by cost-cutting and margin improvement. Within the market the notable sectors were Consumer Staples up 10.8% and Financials, up 8.1%. Large caps rose 5.7%, significantly out-performing small caps, up 0.9%. Large positive contributors to the Fund were NAB,CSL, ANZ and News Corp with negative contributions from Fortescue and Regis. Net equity exposure increased to 63.1% (75.8% long and 12.7% short). |
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BlackRock Multi Opportunity Fund
8 Mar 2013 - Australian Fund Monitors
The BlackRock Multi Opportunity Fund delivers 0.66% during January 2013 and 11.29% over the preceding 12 months.
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8 Mar 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 | The Fund's performance in January was driven by a number of strategies however the Australian long/short equity strategy was a notable detractor. This was due to the strong performances from many of the more volatile and poor quality stocks over the month. Significant contributions came from long positions in selected domestic cyclicals and stable yield names. At month-end the Fund's risk allocation was Equity 30.4%, Fixed Income 34.7% and Global Macro 34.9%. The Fund has now had positive monthly returns since May 2010. |
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BlackRock Australian Equity Market Neutral Fund
7 Mar 2013 - Australian Fund Monitors
The BlackRock Australian Equity Market Neutral Fund delivers -2.98% during January 2013 and 6.22% for the previous 12 months.
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7 Mar 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 - Timing Short-Term return enhancing opportunities including: - Dividend reinvestment plans - Manging index changes - Managing cash flows - Arbitrage - Initial public offerings and Seasoned Equity Offerings - Off Market Buybacks |
| Manager Comments | The manager notes that January saw strong performances from many of the more volatile and poor quality stocks. The portfolio suffered from strong rallies in several specific stocks in the resources sector as the market rewarded good news catalysts, despite resources under-performing overall. Significant positive contributions to the portfolio came from long positions in selected domestic cyclicals and stable yield names. Two of the Fund’s top contributors for the month were the long positions in Aristocrat Leisure (ALL) and Flight Centre (FLT). Among the top detractors were the short positions in Linc Energy (LNC) and Alumina(AWC). The Fund has notable sector over-weights in Materials, Consumer Discretionary and Financials and a zero weight in Consumer Staples. |
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Microequities Deep Value Microcap Fund
6 Mar 2013 - Australian Fund Monitors
The Microequities Deep Value Microcap Fund delivers 0.83% for February 2013 and 29.74% for the preceding 12 months.
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6 Mar 2013 - Microequities Deep Value Microcap Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund makes investments with a medium to long term time horizon of between 12 months to 3-5 years in the companies it selects for investment. The Fund invests in companies generating positive earnings (EBITDA) for at least 2 years with a stable management and track record for delivering value to shareholders. |
| Manager Comments | The Fund used the past month to purchase additional stakes in some of the best businesses in the utilities sector and telecommunications, taking advantage of weaker share prices in those sectors. The Fund also exited Webjet Ltd (ASX:WEB) after a holding period that dates back to the Fund’s inception. The manager notes that they are admirers of Webjet as a business, its management and the board but the decision to dis-invest was based on the fact that it was trading well above intrinsic value. In terms of outlook the Australian economy is poised for an interesting year. A number of industries like construction, manufacturing, and to a lesser extent retailing are experiencing difficult operating climates. Across the services sector there are pockets of buoyancy whilst the mining sector, despite the negative headlines, is still providing a supportive role in economic growth. The overall mix of these scenarios means domestic 2013 GDP is likely to come in below trend growth rate of 3%, and hover between 2.0% to 2.6%. |
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