NEWS
Bennelong Twenty20 Australian Equities Fund
19 Apr 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund rose 4.07% against the ASX 200 Accumulation Index's return of 4.73%.
Read more...
19 Apr 2016 - Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | For the month, the best performing sectors in the Australian market were the Resources and Banking sectors, which accounted for approximately 37% of the market's total value. The Fund struggled against the strength of the Resources sector, as it did not have any exposure. The largest detractor was IPH, an intellectual property professional services firm that met its earnings guidance but nevertheless was sold down presumably because the market had expected more. Click below to read the latest Fund Report. |
| More Information |
Fund Review: Optimal Australia Absolute Trust March 2016
18 Apr 2016 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
Read more...
18 Apr 2016 - Fund Review: Optimal Australia Absolute Trust March 2016
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
We would like to highlight the following aspects of the Fund;
- 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 investment team comprising George Colman, Peter Whiting supported by Stephen Nicholls and Justin Hay have over 100 years combined experience in equity markets.
- In March, the Fund rose 2.34%. The Fund's approach to risk is shown by the Sharpe ratio of 1.54 (Index 0.15), Sortino ratio of 3.52 (Index 0.10), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
Optimal Australia Absolute Trust AFM Fund Review March 2016Pengana Global Small Companies Fund
18 Apr 2016 - Australian Fund Monitors
Pengana Global Small Companies Fund generated a return of 1.48% in March compared to a 0.76% return for the MSCI AC World SMID Cap Index.
Read more...
18 Apr 2016 - Pengana Global Small Companies Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short. |
| Manager Comments | The largest positive contributors to March performance were: Moleskine, Halogen Software, Sarine Technologies, China Lodging Group, and Rent-A-Center; while the largest detractors were: Fondul Proprietatea, Credito Real, Daikokutenbussan, Spirit Airlines, and Rami Levy Chain Stores. Currency had a negative impact on the Fund, detracting close to 5% for the month, as the Australian dollar appreciated sharply. There were no new additions to the portfolio this month. Click below to read the latest Fund Manager's report. |
| More Information |
Pengana Absolute Return Asia Pacific Fund
15 Apr 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished up +1.68 for the month, compared to the HFR Event Driven Index which rose +2.6%.
Read more...
15 Apr 2016 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | With volatility being a constant feature of markets in 2016, the holding company sub-strategy has performed very well during this market environment. This sub-strategy contributed +1.6% of the March return. The Fund's database has been very active in tracking and exploiting opportunities across all regional Asian markets. The M&A sub-strategy also worked well during the month and contributed +0.42% to the performance. However, the Fund performance was dragged down by a long position in Quam Limited (952 HK) which experienced regulatory delays to completion. Click below to read the latest Fund Manager's Report. |
| More Information |
APN Asian REIT Fund
15 Apr 2016 - Australian Fund Monitors
APN Asian REIT Fund returned -2.70% for the month of March, compared to the BBAREIT Index's return of -4.29%, giving an out-performance of 1.59%.
Read more...
15 Apr 2016 - APN Asian REIT Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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. The manager has offered a special 50% reduction in management fee for all existing and new investors who apply by 30 June 2016. |
| Manager Comments | The portfolio was allocated in multiple Asian countries, with majority in Japan (37.2%) and Singapore (29.3%). Over 66% of the Fund was invested in the Retail REITs (39.4%) and the Office REITs (27.1%) sectors. The top 5 Asian REIT holdings were in Link REIT, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report. |
| More Information |
Fund Review: Bennelong Long Short Equity Fund March 2016
14 Apr 2016 - Australian Fund Monitors
March Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised return of 17.81% p.a.
Read more...
14 Apr 2016 - Fund Review: Bennelong Long Short Equity Fund March 2016
By: Australian Fund Monitors
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 over thirteen year track record and annualised returns of 17.81%.
- 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. The Fund's Sharpe Ratio and Sortino Ratio are 1.08 (Index 0.28) and 1.82 (Index 0.29) respectively.
For further details on the Fund, please do not hesitate to contact us.
Cyan C3G Fund
14 Apr 2016 - Australian Fund Monitors
The Cyan C3G Fund rose 2.20% in March 2016, compared to the ASX 200 Accumulation Index which returned +4.73%
Read more...
14 Apr 2016 - Cyan C3G Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | For March, the Fund's top holdings all produced double digit returns including BlueSky (+21%), AMA Group (+12%), Vita Group, Opus Group and Adadcel. The negative returns came from their holding in Freelancer (-11%) and Touchcorp (-15%). Even though most of the core stocks remained reasonably constant, the weightings and allocations to these stocks changed depending on the attractiveness of investment opportunity. More specifically, the Fund reduced their holding in Vita Group, and increased their weightings in BlueSky, Freelancer and Opus Group. Click below to read the latest Fund Manager's Report. |
| More Information |
Fund Review: Morphic Global Opportunities Fund March 2016
13 Apr 2016 - Australian Fund Monitors
Read the latest March Fund Review on Morphic Global Opportunities Fund.
Read more...
13 Apr 2016 - Fund Review: Morphic Global Opportunities Fund March 2016
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
Key points include:
- The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
- Morphic's philosophy is that only funds with flexible investment and hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.
- The Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
- The Board has a majority of independent members with significant risk and investment experience.
For further details on the Fund, please do not hesitate to contact us.
Optimal Australia Absolute Trust
13 Apr 2016 - Australian Fund Monitors
Optimal Australia Absolute Trust recorded a positive 2.3% return in March.
Read more...
13 Apr 2016 - Optimal Australia Absolute Trust
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 | During March, the Fund had solid gains from their high-conviction longs in the retail, media and utility sectors. The hedging through short exposure was not too expensive, with loss attribution of around 0.70% arising almost solely from index futures - the stock shorts broke even for the month. The Fund's stock selection worked extremely well, however the net short through the month, detracted from the returns. At month-end, the Fund's gross exposure was at 72% and net at -15%. Click below to read the latest Fund monthly report. |
| More Information |
Bennelong Kardinia Absolute Return Fund
12 Apr 2016 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund rose
0.30% in March.
0.30% in March.
Read more...
12 Apr 2016 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | Beadell, BHP and Aconex were all significant contributors to performance, whilst Share Price Index Futures (hedging long positions) and long positions in Caltex and Northern Star were the major detractors. Net equity market exposure including derivatives decreased to 22.6% (43.1% long and 20.5% short) Click below to read the latest Fund Report. |
| More Information |
