NEWS
Fund Review: Morphic Global Opportunities Fund May 2014
1 Jul 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Morphic Global Opportunities Fund for May 2014 has been released. The fund returned 3.91% during the month for an annual return of 21.73%.
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1 Jul 2014 - Fund Review: Morphic Global Opportunities Fund May 2014
By: Australian Fund Monitors
MORPHIC GLOBAL OPPORTUNITIES FUND
AFM has updated the 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.
- Portfolio construction is stock selection agnostic with a bias to value based and momentum strategies. Risk management is a primary consideration in portfolio construction and the strong emphasis on risk is evidenced by the Fund's since inception annualised standard deviation of 9.37% (9.71% ASX 200 Accum Index), maximum drawdown of 4.93% (6.72% Index) and downside deviation of 2.97 (5.11 Index).
- The Fund had a net exposure of 101% and a gross exposure of 165% at May month-end with a VAR of 1.06%.
- 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
Fund Review: Monash Absolute Investment Fund May 2014
1 Jul 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Monash Absolute Investment Fund for May 2014. The Fund is characterised by strong absolute returns and low risk. Since inception (July 2012) the Fund has returned 22.39% pa with a volatility of 7.72%.
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1 Jul 2014 - Fund Review: Monash Absolute Investment Fund May 2014
By: Australian Fund Monitors
MONASH ABSOLUTE INVESTMENT FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
The Fund is a research driven, active equity long/short strategy investing in listed ASX companies.
Monash Absolute Investment Fund returned -0.5% during May in a volatile equity market. The Fund's 12 month record is strong at 25.56% (Index 21.94%) with a volatility of 8.92% (8.87%). Sharpe and Sortino ratios are notable at 2.34 and 10.57 over the same time frame. The Fund had a net exposure of 66% at month-end with gross exposure 78%. Since inception VaR is 1.0%.
The Fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk.
For further details on the Fund, please do not hesitate to contact us.
Sean Webster
Research Manager
Fund Review: Microequities Deep Value Microcap Fund May 2014
30 Jun 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Microequities Deep Value Microcap Fund for May 2014. The Fund is characterised by strong returns (29.82% pa since inception) albeit with higher volatility (15.09%) than the ASX 200 Accum Index.
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30 Jun 2014 - Fund Review: Microequities Deep Value Microcap Fund May 2014
By: Australian Fund Monitors
MICROEQUITIES DEEP VALUE FUND
We would like to highlight the following aspects of the Fund;
- The Microequities Deep Value Fund has a 5 year track record investing in ASX listed equities. The Fund is a fundamental, research-driven Fund investing in equities with a market cap below $250m. The Fund uses a value philosophy based on the view that microcaps are often under-researched and under-valued.CIO Carlos Gil has over 15 years financial market experience across a broad range of equities.
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The Fund has delivered very strong performance since inception with a 29.82% annualised return compared to the ASX 200 IndexAccum return of 14.89%. Volatility has been somewhat higher than the Index at 15.09% (ASX 200 Accum 12.63%) however theSharpe ratio at 1.58 (0.88) reflects the very high incremental returns for taking on the extra volatility/risk.
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The Fund does not short, use derivatives or borrow i.e., it is long only and is concentrated; usually with 15 to 20 companies acrossindustrial sectors. Resource stocks are avoided.
Sean Webster
Research and Database Manager
Fund Review: Bennelong Kardinia Absolute Return Fund May 2014
30 Jun 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for May 2014. The Fund is characterised by steady returns and very low risk. The Fund returned 0.87% during May and since inception (May 2006) the Fund has returned 13.57% p.a.
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30 Jun 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2014
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.
The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an eight year track record.
Bennelong's Kardinia Long/Short equity fund returned 0.36% in May 2014, taking returns for the year to 7.50% (ASX 200 Accum 16.45%). Annualised returns since inception are 13.48% as compared to the Index at 5.08% and with a lower volatility of 7.67% pa as compared to 14.38% pa. Fund exposures at month-end were 49.7% long and 20.2% short with a net exposure of 29.5%, down from the previous month.
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
Fund Review: Aurora Fortitude Absolute Return Fund May 2014
30 Jun 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Aurora Fortitude Absolute Return Fund for May 2014. The Fund is characterised by absolute returns and very low risk. Since inception (March 2005) the Fund has returned 7.94% pa with a volatility of 2.70%
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30 Jun 2014 - Fund Review: Aurora Fortitude Absolute Return Fund May 2014
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 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. Annualised return since inception is 7.94% with a very low standardised standard deviation of 2.70%. Other risk statistics are impressive and shows the Funds risk philosophy; over 88% of monthly performances have been positive with no losing months in 2008, the Fund's largest drawdown is -2.09% and the Sharpe ratio 1.19.
- 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
Fund Review: Bennelong Alpha 200 Fund May 2014
27 Jun 2014 - Australian Fund Monitors
AFM's updated Fund Review for the Bennelong Alpha Fund for May 2014. The Fund has a track record of six months and therefore performance is not robust.
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27 Jun 2014 - Fund Review: Bennelong Alpha 200 Fund May 2014
By: Australian Fund Monitors
Bennelong Alpha 200 Fund AFM Fund Review May 2014 (pdf format)
BENNELONG ALPHA 200 FUND
We would like to highlight the following aspects of the Fund;
- The Bennelong Alpha 200 Fund is a new fund with a 6 month track record. The Fund is broadly modelled on the strategy used for Bennelong's original Equity Long Short Fund which uses a market neutral "pairs trading" approach to invest in Top 100 stocks, and which has been managed by Richard Fish since the inception of BLESM in 2002.
- The Alpha 200 Fund however primarily invests within the top 200 by market capitalisation, using a similar "pairs trading" approach while remaining broadly market neutral on a cost basis.
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The Fund will hold 70 - 90 stocks comprising 35 to 45 pairs,although it can hold up to 100 stocks and 50 pairs. Each pair contains one
long and one short position each of which is thoroughly researched and,where possible, from the same market sector. The pair positions are dollar neutral at cost, limited in terms of sector exposure, and give theportfolio a target beta of zero over time.
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In addition to Richard Fish, the team is composed of Sam Shepherd who joined BLESM from Credit Suisse, where he ran the Melbourne institutional equities desk. Shepherd's 20 year experience also covers JP Morgan and Norwich Investment Management. Tim Hall recently joined BLSEM as a specialist mid and small-cap portfolio manager to work on the expanded universe of the 200 Alpha Fund. The team is supported by experienced investment analyst, Sam Taylor.
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Sean Webster
Research and Database Manager
Bennelong Alpha 200 Fund AFM Fund Review May 2014 (pdf format)
Avenir Value Fund
26 Jun 2014 - Australian Fund Monitors
Avenir Value Fund returned 1.41% during May with an annual performance recording 31.12% with a volatility of 6.32%.
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26 Jun 2014 - 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 | Notable were the Sharpe ratio of 3.97 (Index 1.49) and the Up and Down Capture ratios of 0.75 and -1.63 respectively. The Fund's top ten holdings were 53% of NAV with top fifteen holdings 66%. In terms of geographical exposure the US was 33%, Western Europe 12% with cash at 20%. |
| More Information | » View detailed profile of this fund |
Supervised High Yield Fund
25 Jun 2014 - Australian Fund Monitors
Supervised High Yield Fund returned 0.61% during May bringing annual performance to a solid 7.75% with a volatility of 0.73%.
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25 Jun 2014 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund will invest in all forms of marketable floating and fixed income debt securities, such as asset backed debt securities, residential mortgage backed securities, corporate debt, regional and sovereign debt securities, debt/equity hybrid securities, equities and currencies. All these investments will be either listed or traded in a market where prices can be independently verified. The fund may also invest in interest rate swaps, options over authorised investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. |
| Manager Comments | Since inception annualised return is 11.01% with a volatility is 2.20%. The Sharpe ratio 3.18 and the Fund has 98% positive months. |
| More Information | » View detailed profile of this fund |
Cor Capital Fund
24 Jun 2014 - Australian Fund Monitors
Cor Capital Fund returned -0.26% during May and 3.14% for the previous 12 months.
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24 Jun 2014 - Cor Capital Fund
By: Australian Fund Monitors
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| Fund Overview | The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling. |
| Manager Comments | The total return since inception in August 2012 was 8.7 percent or 4.7 percent per annum. Calendar year to date total return is 2.15%. During May bonds were the best performer in the portfolio (+1.33%) followed by equities (+0.70%). Gold in Australian dollar terms fell 3.27 percent which pushed the overall return for the month into the red. In line with the Fund strategy of rebalancing the portfolio away from popular assets to those that are 'unloved', the Manager has reduced the investment in equities and increased the Fund's holding in gold bullion after a breach of weighting limits at the end of May. |
| More Information | » View detailed profile of this fund |
Allard Investment Fund
24 Jun 2014 - Australian Fund Monitors
Allard Investment Fund had a strong May returning 2.60% with the annual return coming in at 5.05%.
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24 Jun 2014 - Allard Investment Fund
By: Australian Fund Monitors
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| Manager Comments | At the end of May the asset breakdown of the portfolio stood at 76.9% invested in equities and 23.1% held in cash and fixed income. In terms of geographical disposition the major holdings are HK/China 41.9%, Singapore 13.1% and S Korea 8.7%. Industry exposures are Financial Services 18.6% and Conglomerates 13.1%. The top five holdings are 41.5% of the portfolio. |
| More Information | » View detailed profile of this fund |
