NEWS
Insync Global Titans Fund
1 Jul 2015 - Australian Fund Monitors
Insync Global Titans Fund increased by 3.0% in May, bringing the Fund's prior 12 month performance to 20.79%.
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1 Jul 2015 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The performance was driven by positive contributions from our holdings in Time Warner Cable, Experian, Medtronic, eBay and Zimmer. The main negative contributors were Hugo Boss and Publicis. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Click below to read the latest Fund Manager Report. |
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Fund Review: Aurora Fortitude Absolute Return Fund May 2015
30 Jun 2015 - Australian Fund Monitors
Latest fund review now available for the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database.
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30 Jun 2015 - Fund Review: Aurora Fortitude Absolute Return Fund May 2015
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
We would like to highlight the following aspects of the Fund;
- The Aurora Fortitude Absolute Return Fund (AFARF) has a 10 year track record investing in ASX listed equities. A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.CIO John Corr has over 20 years financial market experience with a strong focus on risk.
- Significant use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation. Risk statistics are impressive and shows the Funds risk philosophy; over 85% of monthly performances have been positive with no losing months in 2008, the Fund's largest drawdown is -2.09% and the Sharpe ratio 1.06.
- ASX listed Aurora Funds Limited was established on the merger of three existing fund management businesses, managing approx. $230m on behalf of more than 2,500 retail and wholesale investors.
Aurora Fortitude Absolute Return Fund Review May 2015Totus Alpha Fund
30 Jun 2015 - Australian Fund Monitors
Totus Alpha Fund was down 1.80% in May, compared to the ASX200 Accumulation Index's 0.40%. However the Fund's annual performance of 23.31% p.a has been strong (Index 14.43% p.a.).
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30 Jun 2015 - 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 | At the end of May, the fund had a net exposure of 59.70% and a gross exposure of 295.0%. The fund was diversified across a number investment themes and geographies with 123 positions (53 long and 70 short). Top contributors in May were the long positions in Sirtex +1.23% (Scarce Growth),Macquarie +0.53% (Financial Services) and Flight Centre +0.49% (Scarce Growth). Biggest detractors were our long position in REA -1.10% (Online), and short positions in Orica -0.73% (Mining Capex) and Sirius -0.65% (Commodities). Click below to read the latest Fund's Monthly Report. |
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KIS Asia Long Short Fund
29 Jun 2015 - Australian Fund Monitors
KIS Asia Long Short Fund rose 1.14% during May, to bring the Fund's annual return since inception to 15.47% p.a.
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29 Jun 2015 - 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 | Majority of the month's return came from the Long Short Strategy, contributing 119bp. On a geographic basis, HK & China and Australia were the strongest contributors generating 107bp and 70bp respectively. The Fund had positive returns across all market caps: large-cap 33bp, mid-cap 39bp and small-cap 62bp. The Fund lost 15bp using indices to hedge the long biases of +5% of AUM in mid-caps and +21% of AUM in small-caps. Across all market cap segments including index, the Fund's average net bias over the month was +4% of AUM. Click below to read the Fund Manager's monthly commentary. |
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Freehold Absolute Return Fund
26 Jun 2015 - Australian Fund Monitors
Freehold Absolute Return Fund returned -1.77% in May, to bring Fund's annual return since inception to 17.48% p.a., compared to the ASX200 Accumulation Index's 15.15% p.a.
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26 Jun 2015 - Freehold Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's research use detailed analysis of the underlying assets integrated with financial analysis to determine a sustainable yield and fundamental DCF valuation for the security. Also the Fund believes in having a strong risk control framework. The Fund will also use trading strategies via rebalancing of core portfolio positions as well as taking advantage of shorter duration inefficiencies in markets caused by an imbalance in demand and supply for global REIT and Infrastructure securities. The Fund focuses on generating absolute returns after fees of 12 to 15% pa over the medium to long term. The long-short nature of the Fund combined with Freehold's rigorous investment process ensures returns generated by the Fund are largely independent of rising or falling markets. Freehold is focused on providing investment opportunities primarily within core, value-add, opportunistic and development sectors of direct property and across listed and unlisted real estate and infrastructure securities. |
| Manager Comments | The Fund returns were negatively impacted by the mild short position as well as a mean reversion in some of the positions that performed well over April. Some positive contributors in the portfolio were Bunnings Warehouse, Aurizon Group and APN Property Group. Negative contributors were Westfield Group, SCA Property Group and Goodman Group. In May, the Fund had 10-15 stock positions with estimated gross exposure of 80% and net position of 10%. Currently, the Fund is holding a slight short bias on the expectations of a mild correction on the back of sharply rising bond yields, generally a negative for the real estate and infrastructure sectors. Click below to read the latest Report on the Fund's performance. |
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Laminar Credit Opportunities Fund
26 Jun 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund returned 0.65% over the month of May, bringing its annual performance since inception to 18.96% per annum.
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26 Jun 2015 - Laminar Credit Opportunities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund. |
| Manager Comments | The Fund believes that volatility in interest rates markets is likely to rise over the next couple of year as the US Federal Reserve starts to raise its cash rate. Funds with interest rate exposure will experience negative returns. The Fund which only has exposure to the credit markets (it has a credit duration of around 2 years) should avoid this volatility. Majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 69% and Short-dated loans at 20%. Click on the link below to read the latest Fund Manager's Report. |
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QATO Capital Market Neutral Long/Short Fund
25 Jun 2015 - Australian Fund Monitors
Since inception (August 2014), QATO Capital Market Neutral Long/Short Fund has returned 37.93%.
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25 Jun 2015 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy. |
| Manager Comments | Continuing on from last month, market volatility continued to increase. The range of highs and lows on a month by month basis is also expanding. The market continued its theme from last month, with a further sell-off in large capitalisation quality Australian companies. May Performance was negatively impacted, in particular, by the underperforming banking sector. The Q-Score process continues to identify numerous examples of improving fundamentals. Ramsay Healthcare and Aristocrat reported strong first half profit growth that comfortably beat forecasts; and Qantas continued to benefit from an improving operating environment and encouraged investors with the possibility of capital returns or buybacks. Click below to the read the Fund Manager's latest commentary. |
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Fund Review: Morphic Global Opportunities Fund May 2015
24 Jun 2015 - Australian Fund Monitors
Read the latest Fund Review for Morphic Global Opportunities Fund.
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24 Jun 2015 - Fund Review: Morphic Global Opportunities Fund May 2015
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.
Australian Fund Monitors
Pengana Absolute Return Asia Pacific Fund
24 Jun 2015 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund finished +1% for the month, compared to the HFR Event Driven Index which closed +0.5%.
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24 Jun 2015 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| 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 | Asia Pacific markets broadly traded down -1.0% (Asia Pacific ex Japan -3%) in an otherwise unexciting month, with ASEAN bourses bearing the brunt of a spike in the US treasury yields on the back of anticipated interest rate hikes later this year. The Fund's average gross and net exposures were 193.6% and 15.5% respectively. The M&A and Options strategies contributed most towards the Fund's monthly performance at 0.40% each. However the Stubs strategy was a major distractor at 0.50%. The country exposure as percentage (%) of NAV was most in Hong Kong/China with gross of 61.50% and Japan of 45.70%. Click below to read the complete Fund Manager's Report |
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Fund Review: Optimal Australia Absolute Trust May 2015
23 Jun 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund, which reported a positive 2.04% in May compared to the ASX200 Accumulation Index's 0.40%.
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23 Jun 2015 - Fund Review: Optimal Australia Absolute Trust May 2015
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.
- The Fund's approach to risk is shown by the Sharpe ratio of 1.46, Sortino ratio of 3.33, 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.
