NEWS
QATO Capital Market Neutral Long/Short Fund
28 Apr 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund returned -8.29%.
Read more...
28 Apr 2016 - QATO Capital Market Neutral Long/Short 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 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 | The beta rally, particularly in lower quality names, impacted the performance negatively due to the Fund's focus on high quality. Ten of the long positions delivering positive returns in March, with Bluescope strongly outperforming the market and rising +17.87%. The performance of the short book was negatively impacted by a relatively small number of outliers moving against the Fund. Aurizon was the most profitable position from the shorts returning +3.71%. The average net monthly exposure of the portfolio was 13.68%. |
| More Information |
Fund Review: Totus Alpha Fund March 2016
27 Apr 2016 - Australian Fund Monitors
Read the latest Fund Review with key statistics on Totus Alpha Fund, which has an annualised return of 24.72% p.a.
Read more...
27 Apr 2016 - Fund Review: Totus Alpha Fund March 2016
By: Australian Fund Monitors
AFM Fund Review - March 2016 (pdf format)
TOTUS ALPHA FUND
Attached is our most recently updated Fund Review on the Totus Alpha Fund.
We would like to highlight the following aspects of the Fund;
- Totus Capital is a Sydney based long short fund manager established in 2012 by Ben McGarry which aims to place equal emphasis on performance and capital preservation. The Fund invests mainly in Australia, but also in other developed economies, with a primary exposure to equity markets.
- The Totus Alpha Fund's investment strategy is to identify structural themes, and then seek to drive performance by investing in securities that have concentrated exposure to those themes. Single stock short positions are used to generate alpha, frequently in under researched parts of the market such as the small and mid-cap space. Index derivatives are used to hedge the portfolio's market risk.
- McGarry qualified as a Chartered Accountant with PWC in 1999 and has 15 years market experience, commencing his career covering European building materials and construction sectors at Morgan Stanley in London. Previous experience included analytical roles at Ausbil, a Sydney based $10bn+ long-only manager, and sell side emerging companies experience at UBS. McGarry's emerging company research with UBS included exposure to a range of sectors including energy, materials, industrials, tech, financials, retail and telecommunications.
- The Fund has delivered an annalised return of 24.72% since inception in March 2012 as compared to 8.85% for the ASX 200 Accumulation Index. The standard deviation has been higher than the Index at 15.73% as compared to 12.36% and the Sharpe ratio is 1.33.
AFM Fund Review - March 2016 (pdf format)
Pengana PanAgora Absolute Return Global Equities Fund
27 Apr 2016 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund returned -1.41% for the month of March. The Fund has low systematic risk (beta) to the ASX200 and the MSCI World Indices of 0.09 and 0.08 respectively.
Read more...
27 Apr 2016 - Pengana PanAgora Absolute Return Global 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 | PanAgora believes the best way to find opportunities in the global markets is to combine fundamental analysis with robust quantitative techniques in order to filter the investment universe and select the investments. The Fund invests primarily in listed equity securities from a global universe of developed markets and a select group of emerging market countries. The Fund's objective is to seek absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. These inefficiencies are primarily exploited through the use of a long/short equity strategy which aims to construct a portfolio that is generally neutral to market movements. As such the performance of the investment strategy is largely independent of the market's performance. The Fund seeks to achieve its objective by using a diversified set of strategies that have low correlation to one another. In addition, because many of these strategies are designed to generate profit under different market conditions, their combination is expected to result in more stable returns over time than any individual strategy in and of itself. |
| Manager Comments | The healthcare sector was the biggest detractor costing the portfolio approximately 1% for the month. While the long term portfolio ended the month down 1.72%, the intermediate term portfolio rose 0.55%. March was a good month for M&A trading and a number of deals that have been in the portfolio for some time closed. At month-end, the Fund's total gross exposure was 388% and zero net. Click below to read the latest Fund Manager's Report. |
| More Information |
Fund Review: Bennelong Twenty20 Australian Equities Fund March 2016
26 Apr 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
Read more...
26 Apr 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund March 2016
By: Australian Fund Monitors
BT20AEF - AFM Fund Review March 2016 (pdf format)
BENNELONG TWENTY20 AUSTRALIAN EQUITIES FUND
Attached is our most recently updated Fund Review on the Bennelong Twenty20 Australian Equities Fund.
- The Bennelong Twenty20 Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of stocks outside the Top 20. Construction of the ex-top 20 portfolio is fundamental, bottom-up, core investment style, biased to quality stocks, with a structured risk management approach.
- Mark East, the Fund's Chief Investment Officer, and Keith Kwang, Director of Quantitative Research have over 50 years combined market experience. Bennelong Funds Management (BFM) provides the investment manager, Bennelong Australian Equity Partners (BAEP) with infrastructure, operational, compliance and distribution services.
For further details on the Fund, please do not hesitate to contact us.
BT20AEF - AFM Fund Review March 2016 (pdf format)
Affluence Investment Fund
26 Apr 2016 - Australian Fund Monitors
The Affluence Investment Fund rose 1.20% in March.
Read more...
26 Apr 2016 - Affluence Investment 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 does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | Almost all of the Fund's investments delivered positive returns in March. The biggest contribution ca came from smaller company funds as markets recovered. The biggest detractors were couple of funds with overseas exposure and mostly due to an appreciating Australian dollar. The Fund portfolio continues to be conservatively placed. At 31 March, the Affluence Fund held investments in 17 unlisted funds, which represented 66% of the total portfolio. It also held 22 smaller investments in listed investment companies and securities, representing 15% of the portfolio. The rest of the balance was held in cash (19%). The Fund is actively looking to deploy part of that cash and have another 34 investments in advanced stages of due diligence. Click below to read the latest Fund Manager's report. |
| More Information |
Jamieson Coote Bonds Active Fund
22 Apr 2016 - Australian Fund Monitors
Jamieson Coote Bonds Active Fund returned -0.30% for the month of March 2016.
Read more...
22 Apr 2016 - Jamieson Coote Bonds Active 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 | JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments. |
| Manager Comments | Click below to read the Fund Manager's market outlook. |
| More Information |
Alexander Credit Opportunities Fund
22 Apr 2016 - Australian Fund Monitors
Alexander Credit Opportunities Fund rose 0.46% for the month of March.
Read more...
22 Apr 2016 - Alexander Credit Opportunities 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 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 | For March majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 55%, followed by Short-dated loans at 20%. The Fund continues to be conservatively positioned with a credit duration of 1.3 years. This has helped the Fund avoid the market volatility experienced during the first quarter. |
| More Information |
KIS Asia Long Short Fund
21 Apr 2016 - Australian Fund Monitors
KIS Asia Long Short Fund returned a positive 2.39% for the month of March.
Read more...
21 Apr 2016 - KIS Asia Long Short 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 | 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 | This month the gains in this portfolio were driven from the Fund's long side. The long/short strategy generated 256bp. The biggest contributor on the long side was Paladin Energy Ltd (PDN.AX), which contributed 73bp. On the short side, the position in Ramsay Health Care (RHC.AX) benefited us. The Special Situations strategy costed the Fund 28bp, while the This Portfolio Hedge strategy did not make a significant contribution to this month's returns. Click below to read the latest monthly Fund Report. |
| More Information |
Fund Review Pengana Absolute Return Asia Pacific Fund March 2016
21 Apr 2016 - Australian Fund Monitors
Latest Fund Review now available on Pengana Absolute Return Asia Pacific Fund, which has over 6 years of track record and annualised return of 9.87% p.a.
Read more...
21 Apr 2016 - Fund Review Pengana Absolute Return Asia Pacific Fund March 2016
By: Australian Fund Monitors
AFM Fund Review - March 2016 (pdf format)
PENGANA ABSOLUTE RETURN ASIA PACIFIC FUND
Attached is our most recently updated Fund Review on the Pengana Absolute Return Asia Pacific Fund.
- The Pengana Absolute Return Asia Pacific Fund ("PARAP") was established in 2008 by portfolio managers Antonio Meroni and Vikas Kumra. The Fund is a feeder fund into a Cayman Islands AUD share class fund.
- The Fund invests both long and short in Asia Pacific equities, including in Australian and New Zealand, after a stock specific "event" has either occurred or been announced and the portfolio aims to be uncorrelated to the underlying equity markets. A combination of the Manager's experience, thorough research and continuous back- testing identify the most attractive of these events.
- Risk controls include limits on individual positions as well as gross and net exposure. Limits are in place for option exposure and cash borrowing, with stop loss limits on individual positions. Overall the manager is looking to derive returns from the event strategies as opposed to any currency or market exposures.
- Since inception, the Fund has an annualised return of 9.87% p.a., compared to the AFM's Asia Pacific Index of 4.32%. The Fund has achieved this with lower volatility of 6.12% (Index 11.95%).
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - March 2016 (pdf format)
Fund Review: APN Asian REIT Fund March 2016
20 Apr 2016 - Australian Fund Monitors
March Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
Read more...
20 Apr 2016 - Fund Review: APN Asian REIT Fund March 2016
By: Australian Fund Monitors
AFM Fund Review - March 2016 (pdf format)
APN Asian REIT Fund
Attached is our most recently updated Fund Review on the APN Asian REIT Fund.
We would like to highlight the following aspects of the Fund;
- APN is an ASX-listed fund manager specialising in property investment, with an investment team of six. Established in 1996, APN now has FUM of $A2.1bn including four REIT (Real Estate Investment Trust) funds.
- The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region, with the ability to hold some cash and fixed interest investments.
- 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 can include 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 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.
- APN's Asian REIT Fund invests in a portfolio of 25-40 listed Asian REITs with a core philosophy of investing in properties with a sustainable rental income streams.
- The Fund has delivered an annalised return of 16.42% p.a., since inception in July 2011 with standard deviation of 9.62% p.a. The Sharpe and Sortino ratios are 1.34 and 2.46 respectively.
AFM Fund Review - March 2016 (pdf format)
