NEWS
Totus Alpha Fund
31 Mar 2015 - Australian Fund Monitors
Totus Alpha Fund was down slightly during February at -0.20% as performance from the Fund's long positions were cancelled out by the short positions.
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31 Mar 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 February, the fund had a net exposure of 30.6% and a gross exposure of 252.25%. The fund held 124 positions (56 long and 68 short). Top contributors to performance in February were our long positions in Domino's +1.65% (Scarce Growth), Macquarie +1.37% (Financial Services) and Altium +1.08% (Online). Biggest detractors from performance were our short positions in ASX Index Futures -0.85% and LNG Limited -0.58% (Promoter), and a long position in Intueri -0.85% (Scarce Growth). The Fund looks for stocks with medium to long term tailwinds for longs and headwinds for shorts. Over shorter periods, the Fund can occasionally experience a 'short squeeze' due to investor positioning driving the share prices rather than the fundamentals and if too many investors are short. The Fund expects that these squeezes inevitably run out of steam and fundamentals come back into play. Read the complete Fund Manager's Report now available on the AFM's Fund Profile. |
| More Information | » View detailed profile of this fund |
Fund Review: Aurora Fortitude Absolute Return Fund February 2015
30 Mar 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. CPD Points available.
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30 Mar 2015 - Fund Review: Aurora Fortitude Absolute Return Fund February 2015
By: Australian Fund Monitors
AURORA FORTITUDE ABSOLUTE RETURN FUND
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
We would like to highlight the following aspects of the Fund;
- The Aurora Fortitude Absolute Return Fund (AFARF) has a 8 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 1.05.
- 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.
Sean Webster
Research and Database Manager
Australian Fund Monitors
Auscap Long Short Australian Equities Fund
30 Mar 2015 - Australian Fund Monitors
Auscap Long Short Australian Equities Fund recorded a return of 4.90% in February with the annual return of 37.91% per annum and a volatility of 10.17%.
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30 Mar 2015 - Auscap Long Short Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short. |
| Manager Comments | Average gross capital employed by the Fund was 108.0% long and 30.7% short. Average net exposure over the month was +77.3%. At the end of the month the Fund had 30 long positions and 9 short positions. The Fund's biggest stock exposures at month end were spread across the financials, consumer discretionary, healthcare, consumer staples and energy sectors. February Fund Manager's Report now available on the AFM site. |
| More Information | » View detailed profile of this fund |
Fund Review: Optimal Australia Absolute Trust February 2015
27 Mar 2015 - Australian Fund Monitors
Latest Fund Review shows Optimal Australian Absolute Trust Fund had low annual volatility of 3.67% compared to the ASX200 Accumulation Index's 14.59%.
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27 Mar 2015 - Fund Review: Optimal Australia Absolute Trust February 2015
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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 1.33, Sortino ratio of 2.97, both of which are well above the ASX 200 Accumulation Index and has recorded 81% positive months.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research and Database Manager
Australian Fund Monitors
Fund Review: Optimal Australia Absolute Trust February 2015Aurora Fortitude Absolute Return Fund
26 Mar 2015 - Australian Fund Monitors
Aurora Fortitude Absolute Return Fund rose 0.75% in February to bring annual performance since inception 7.33%.
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26 Mar 2015 - Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies. |
| Manager Comments | All portfolio strategies were positive with the exception of Long/Short at -0.14%. The Option Strategy (0.76%) was the most significant contributor for the month. Woolworths Limited (WOW.ASX) was the stand out due to concerns regarding profit announcement. Woodside Petroleum was a solid put option. The Fund Manager anticipate further large moves within the resources sector. The Fund sees potential for offshore corporations to buy Australian companies, given the significant fall in Australian dollar and subsequently increased opportunities within the Mergers and Acquisitions Strategy. The other strategies such as Convergence Trading (0.02%) and Yield Strategy (0.01%) were flat for the month. |
| More Information | » View detailed profile of this fund |
Fund Review: Bennelong Kardinia Absolute Return Fund February 2015
26 Mar 2015 - Australian Fund Monitors
February Fund Review now available for Bennelong Kardinia Absolute Return Fund, which has over eight years of positive track record.
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26 Mar 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund February 2015
By: Australian Fund Monitors
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an eight year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in April 2006 and also has significantly lower risk KPI's. The Bennelong Kardinia Absolute Return Fund returned 1.90% in February and has volatility of 7.38% pa, compared to the ASX200 Accumulation's 14.30%.
- 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 the Bennelong Group provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research Manager
Avenir Value Fund
25 Mar 2015 - Australian Fund Monitors
Avenir Value Fund rose 7.8% in February to bring Fund's Annual Return per annum, since inception to 17.00%
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25 Mar 2015 - Avenir Value Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will invest in securities where Avenir believes the company is simply mis-priced and deeply undervalued and offers significant potential for revaluation. The Fund will also invest in companies that are subject to specific corporate events such as mergers, acquisitions, restructurings, recapitalisations, spin-offs, demergers, management change, distressed situations, and other sharply delineated corporate events. The Fund will also selectively invest in short positions in companies where Avenir believes the company is significantly overvalued or where the company's business model is broken or structurally challenged. |
| Manager Comments | The Fund's Sharpe and Sortino ratios are 1.17 and 2.04 respectively since inception in August 2011. Also notable are the Up and Down capture ratios at 0.42 and -0.24 respectively. At month-end the Fund's geographical disposition was 45% US, 14% Asia, 11% Western Europe with 1% Australia, 15% other and 15% cash. The top 10 holdings were 58% of NAV. |
| More Information | » View detailed profile of this fund |
Fund Review: Morphic Global Opportunities Fund February 2015
25 Mar 2015 - Australian Fund Monitors
Read the latest Fund Review for Morphic Global Opportunities Fund, which rose 3.08% in February & get CPD points.
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25 Mar 2015 - Fund Review: Morphic Global Opportunities Fund February 2015
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.
CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.
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.
Sean Webster
Research Manager
Australian Fund Monitors
Pengana Absolute Return Asia Pacific Fund
24 Mar 2015 - Australian Fund Monitors
Pengana Absolute Return Asia Pacific Fund returned 0.70% in February, bringing the annualised return since inception to 11.01%.
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24 Mar 2015 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | In comparison the HFR Event Driven Index which closed +2.7%. Fund gross exposure averaged 243% reflecting the Fund's increased optimism over event-driven opportunities across Asia, while net averaged 16%. Outbound M&A by Japanese companies is the trending theme in Asia event space and the Fund continues to expect Japanese companies displaying appetite for acquisitions which are ROE accretive due to cheap financing. Over 48% of the Fund's monthly gross exposure by strategy was in M&A followed by Capital management at 21.3%. |
| More Information | » View detailed profile of this fund |
Bennelong Long Short Equity Fund
23 Mar 2015 - Australian Fund Monitors
The Bennelong Long Short Equity Fund performance in February was flat (0.05%) following a 3-month gain of 8.85%.
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23 Mar 2015 - 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. |
| Manager Comments | The Fund's February performance was due sound pair positioning, with strong positive contributions from long QBE Insurance / short Suncorp Group, long Ramsay Healthcare / short Primary Healthcare and a long position in Whitehaven Coal. However offsetting these gains was the Fund's long Brambles/short Toll Holdings position, which detracted -2.1% of return. The Fund long exposure was 51.8% and short exposure 48.2%. |
| More Information | » View detailed profile of this fund |
