NEWS
Totus Alpha Fund
15 Feb 2017 - Australian Fund Monitors
Totus Alpha Fund returned -2.00% in January and +23.35% for the latest 24 months.
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15 Feb 2017 - 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 in January were long positions in Facebook +0.91% and SmartGroup +0.35% and a short position in Mantra +0.25%. Biggest detractors were short positions in Energy World -0.35% and Estia -0.31% and a long position in Premier Investments -0.35%. At month-end (31 January), the Fund had a net exposure of 63.3% and a gross exposure of 217.4%. The Fund held 101 positions (44 long and 57 short). |
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Bennelong Australian Equities Fund
15 Feb 2017 - Australian Fund Monitors
Bennelong Australian Equities Fund beat the market (S&P/ASX 200 Accumulation Index -0.79%), posting a positive return of 0.79% for the month of January.
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15 Feb 2017 - Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | The Fund benefited from strong performances from some of the largest positions, including CSL, Treasury Wine Estates, and Resource stocks Rio Tinto, BHP and Fortescue Metals Group. On the other hand, the Fund's position in Domino's Pizza Enterprises detracted from performance. The investment team continues to remain focused on the company fundamentals, particularly in an environment of macro and political uncertainty. |
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KIS Asia Long Short Fund
14 Feb 2017 - Australian Fund Monitors
KIS Asia Long Short Fund rose 1.43% in January, taking the return for the most recent 12 months to 15.55%.
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14 Feb 2017 - 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 | The January result was driven largely by long positions in Eden Innovations Ltd (EDE.AX) 0.31% and PetroChina Co Ltd (601857.SH) 0.23%. Detractors for the month included short positions in DBS Group Holdings Ltd (DBSM.SI) -0.23%, Hang Lung Group Ltd (0010.HK) -0.19% and CapitaLand Limited (CATL.SI) -0.16%. |
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Fund Review: Bennelong Long Short Equity Fund January 2017
14 Feb 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Long Short Equity Fund which has an annualised return of 16.41% p.a.
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14 Feb 2017 - Fund Review: Bennelong Long Short Equity Fund January 2017
By: Australian Fund Monitors
AFM Fund Review - January 2017 (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 large-caps from the ASX/S&P100 Index, with over fourteen-year track record and annualised returns of 16.41% p.a.
- The consistent returns across the investment history indicate the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.98 and 1.63 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2017 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund January 2017
13 Feb 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has an annualised return since inception of 11.14% p.a.
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13 Feb 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund January 2017
By: Australian Fund Monitors
AFM Fund Review - January 2017 (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 over ten year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 11.14% p.a. with a volatility of 7.19%, compared to the ASX200 Accumulation's return of 5.14% p.a. with a volatility of 14.02%.
- 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 Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2017 (pdf format)
APN Asian REIT Fund
13 Feb 2017 - Australian Fund Monitors
APN Asian REIT Fund returned -0.39% in January, against the Bloomberg Asia REIT Index which returned -1.07%.
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13 Feb 2017 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
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Allard Investment Fund
10 Feb 2017 - Australian Fund Monitors
The Allard Investment Fund's (AIF) returned +0.83% for the month of January 2017 (MSCI Asia Pacific ex-Japan A$ +0.66%).
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10 Feb 2017 - Allard Investment Fund
By: Australian Fund Monitors
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| Fund Overview | Allard's investment approach has remained consistent throughout their history: That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations. |
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Bennelong Long Short Equity Fund
10 Feb 2017 - Australian Fund Monitors
Bennelong Long Short Equity Fund returned +4.95% in January, outperforming the S&P/ASX 200 Accumulation Index which returned -0.79%, by 5.74%
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10 Feb 2017 - Bennelong Long Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors. |
| Manager Comments | The biggest contributors to the Fund performance in January were the long BlueScope /short Sims Metal Group and the long CSL Limited / short Sonic Healthcare pairs. The only pair of disappointment for the month was long Brambles / short Amcor, following an unexpected profit warning from Brambles in late January. During the month, the Fund made a few changes to the portfolio. It introduced a new pair in the energy sector, reduced a short position in one of the mining related pairs and replaced it with a new short position in another business with exposure to the resources sector. Also, decided to close one of the building materials pairs in response to a significant change in relative earnings prospects. |
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Cyan C3G Fund
9 Feb 2017 - Australian Fund Monitors
Cyan C3G Fund increased 1.90% in January, outperforming the Small Industrials Index that fell 3.8%, by 5.70%
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9 Feb 2017 - Cyan C3G Fund
By: Australian Fund Monitors
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| Fund Overview | Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged. |
| Manager Comments | The positive Fund result in the month can be attributed to Bubs (BUB), Axsesstoday (AXL), Afterpay (AFY), and Money3 (MNY). Though the Fund had no major negative contributors, the two poorest performers were Abundant Produce (ABT) and Skydive the Beach (SKB). Many the portfolio's larger positions contain the investment team's preferred characteristics of high return on equity, strong cash conversion and below average dividend payout ratios, which positions them well to deliver ongoing earnings growth and share price appreciation. |
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Paragon Australian Long Short Fund
9 Feb 2017 - Australian Fund Monitors
The Paragon Australian Long Short Fund returned +2.30% in January and +23.62% for the latest 24-months.
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9 Feb 2017 - Paragon Australian Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Main contributors to the positive result in January were gains in Blackham Resources, Galaxy Resources and other resource exposures, partially offset by falls across financials holdings and Kidman Resources. At the end of the month, the Fund had 30 long positions and 7 short positions. |
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