NEWS
Performance Report: Optimal Australia Absolute Trust
17 Jun 2011 - Australian Fund Monitors
Optimal Australia returns +0.57%, avoiding the market downturn and turbulence by reducing net exposure to 20%
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17 Jun 2011 - Performance Report: Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| 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 | The fund manager continues to believe that the key drivers of world equity pricing remain the gradient of the US economic recovery (and if the US will achieve a self-sustaining recovery that is sufficiently strong to put the US on the road to economic and fiscal repair) and whether China can slow without stumbling. More immediately, markets will fluctuate in anticipation of the Fed’s next move and whether it persists with its reckless strategy of printing money. In Australia, the GDP data will improve with the recovery in exports, and while trying to pick the bottom in consumer-related earnings still seems risky, a number of valuations are now attractive on any definition of mid-cycle earnings power. |
| More Information | » View detailed profile of this fund |
Performance Report: Aurora Fortitude Absolute Return Fund
19 May 2011 - Australian Fund Monitors
Aurora Fortitude returns provided by Event Driven portfolio, with the option and yield books also contributing to the positive 1.25% performance.
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19 May 2011 - Performance Report: Aurora Fortitude Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Origin Energy Limited (ORG, +0.8%) benefited from higher energy prices the options book took advantage of this, as well as the end of the rights issue trading. In the Yield book The Fairfax Media Convertible Preference Securities (FXJPB) were redeemed at month end. This was the portfolio’s largest exposure. |
| More Information | » View detailed profile of this fund |
Performance Report: Optimal Australia Absolute Trust
17 May 2011 - Australian Fund Monitors
Optimal Australia April return +0.74% against what the manager described as a sloppy market which fell -0.30%
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17 May 2011 - Performance Report: Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| 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 | The Manager commented that the strong A$ is continuing to bear down on the Australian equity market: First, it is giving offshore investors a strong incentive to sell the local market, as they are making so much more money on the currency than on underlying stocks. Second, it is putting additional pressure on the continuing industrial earnings downgrade cycle through offshore earnings translation and increased import competition. Optimal continue to believe that the key drivers of world equity pricing remain the gradient of the US economic recovery, the attitude of the Fed towards contingent monetary support, and whether China can slow (having raised lending rates again and lifted reserve requirements for the fourth time this year) without stumbling. Exposure at month end was 58.3% long, 40.2% short (including equity derivatives) for a gross exposure of 98.4 and net exposure of 18.1%. |
| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund
16 May 2011 - Australian Fund Monitors
Herschel Australian Absolute Return Fund adds 0.37% in April to take 12 month performance to +15.50% and annualised since inception to 17.14%.
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16 May 2011 - Performance Report: Herschel Absolute Return Fund
By: Australian Fund Monitors
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| Manager Comments | Net equity market exposure including derivatives was progressively reduced through the course of the month to 36.2% (65.8% long and 29.6% short). |
| More Information | » View detailed profile of this fund |
Performance Report: Mathews Velocity Fund
11 May 2011 - Australian Fund Monitors
Mathews Capital's Velocity Fund suffers its first monthly fall after nine consecutive positive months but remains up 42.54% over the past 12 months
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11 May 2011 - Performance Report: Mathews Velocity Fund
By: Australian Fund Monitors
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| Fund Overview | The Manager does not target a specific investment style. The Manager's investment strategy is based on attempting to pick emerging trends in the equity and commodity markets. |
| Manager Comments | At the end of April the Fund's gross exposure was 150%, made up of 112% long and 38% short, for a net exposure of 74%, the lowest exposure the fund has held since November 2010 reflecting the manager's caution relating to the strength of the Australian dollar and its impact on the market. The Fund's sector exposure at month-end was 39% coal, 28% Gold, Industrials 14%, Property 12%, Base Metals & Other 8%, and Energy 5%. |
| More Information | » View detailed profile of this fund |
Performance Report: Bennelong Securities Long Short Equity Fund
10 May 2011 - Australian Fund Monitors
Bennelong benefits from short positions in April, plus M & A activity on the long side to return 2.34% for the month.
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10 May 2011 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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| Manager Comments | Looking forward Bennelong expect the markets to be in for a volatile period over the next few months as central banks tend towards tightening monetary policy, the impending uncertainty associated with the end of QE2, and recent evidence of a softening in economic activity in developing countries. As a result of these factors and evidence of the unwinding of several crowded trades, Bennelong remain cautious at the macro level and on the local corporate outlook. |
| More Information | » View detailed profile of this fund |
Performance Report: AR Capital - Ascot Fund
6 May 2011 - Australian Fund Monitors
AR Capital returns +0.75% for April, out performing the market by over 1%, but remains cautious on the market outlook.
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6 May 2011 - Performance Report: AR Capital - Ascot Fund
By: Australian Fund Monitors
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| Manager Comments | The Manager feels it is time to remain cautious given the USA's need to get their fiscal position under control will mean lower growth than currently forecast. Australia's restrictive monetary policy, high A$ and domestic household budget pressure are also creating economic headwinds, while Asian growth economies are facing challenging inflationary pressures at the same time as trying to maintain reasonable growth. As a result the Fund retains a relatively small net market exposure (April average was net 21.7% long) with index and stock specific puts providing downside protection against preferred long positions. |
| More Information | » View detailed profile of this fund |
Performance Report: Optimal Australia Absolute Trust March 2011
18 Apr 2011 - Australian Fund Monitors
Optimal Australia returns +0.50% in March with gains from resources, telcos gold and insurance in the long book, and builders, contractors and resources in the short.
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18 Apr 2011 - Performance Report: Optimal Australia Absolute Trust March 2011
By: Australian Fund Monitors
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| 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 | Optimal noted that markets seem to be either risk on or risk off, with investors switching from extreme bullishness to extreme bearishness in a matter of days. Given this environment they believe their focus on bottom up research will continue with their aim to make money when risk is on, and preserve capital when it is off. |
| More Information | » View detailed profile of this fund |
Performance Report: Bennelong Securities Long Short Equity Fund
18 Apr 2011 - Australian Fund Monitors
Bennelong returns +1.85% in March with the majority coming from the long portfolio, particularly the Energy, Financials ex REITS and Materials sectors.
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18 Apr 2011 - Performance Report: Bennelong Securities Long Short Equity Fund
By: Australian Fund Monitors
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| More Information | » View detailed profile of this fund |
Performance Report: Herschel Absolute Return Fund March 2011
15 Apr 2011 - Australian Fund Monitors
Herschel overcomes March market volatility to edge up 0.23% to take 12 month performance to +15.49%.
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15 Apr 2011 - Performance Report: Herschel Absolute Return Fund March 2011
By: Australian Fund Monitors
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| Manager Comments | At month end net equity exposure including derivatives was 49.3%. (64% long and 14% short). |
| More Information | » View detailed profile of this fund |
