NEWS
Fund Review: Meme Australian Share Fund September 2015
7 Oct 2015 - Australian Fund Monitors
September Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.
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7 Oct 2015 - Fund Review: Meme Australian Share Fund September 2015
By: Australian Fund Monitors
Meme Australian Share Fund
We would like to highlight the following aspects of the Fund;
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The Meme Capital Management is a Perth-based boutique Fund Manager, established in 2012 and manages the Meme Australian Share Fund.
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The Fund specializes in technical and quantitative strategies to identify investment opportunities expected to provide both positive price appreciation and relative price out-performance over the medium to long term.
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The Fund's objective is to outperform the S&P/ASX All Ordinaries Accumulation Index over rolling three year periods, through investing in ASX listed securities outside the S&P/ASX 20. The Fund only takes long positions and does not use derivatives.
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Over the past 12 months, the Fund returned positive 18.00%, versus the Index's negative 0.68% return.
Fund Review: Supervised High Yield Fund August 2015
6 Oct 2015 - Australian Fund Monitors
Fund review on Supervised High Yield Fund, a fixed income fund, is now available.
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6 Oct 2015 - Fund Review: Supervised High Yield Fund August 2015
By: Australian Fund Monitors
Supervised High Yield Fund AFM Review August 2015 (pdf format)
SUPERVISED HIGH YIELD FUND
We would like to highlight the following aspects of the Fund:
- The Supervised High Yield Fund (SHYF) has a 6 year track record investing in fixed interest investments. The Investment strategy aims to deliver returns with zero correlation to equity markets by investing in debt securities with minimal default probability and offering a premium return above the risk free rate.
- The Fund is managed by Philip Carden whose experience in debt and capital markets spans over 32years, including time with JB Were's Capel Court Securities and Macquarie Bank, where he was the Executive Director responsible for the Debt Markets Division.
- SHYF is an Alternative Income fund which invests in Global and Australian debt markets, with all foreign currency receivables hedged back to Australian dollars.
- The Fund utilises a top down analysis of the economic environment and market to screen and identify debt market opportunities which it believes offer low risk with high yield. The next stage is the development of a risk matrix and investment strategy, following which detailed research is undertaken on specific investment opportunities which meet the pre-defined criteria established in the investment strategy.
- Prior to approving an investment for the Fund each potential investment is subject to two stress tests. The first of these is for credit and default risk, in which the investment is stress-tested to ensure that in a worst case economic environment it can repay 100% of its principal and interest obligations case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided The second test examines market risk. In this case Carden looks at the worst case scenario for the asset by examining the highest margin over the risk rate that the investment has previously experienced in a crisis situation. Any decline in value under the stress test that exceeds 10% of the Fund's value is avoided.
Supervised High Yield Fund AFM Review August 2015 (pdf format)
Fund Review: Totus Alpha Fund August 2015
5 Oct 2015 - Australian Fund Monitors
August Fund Review with key statistics for Totus Alpha Fund is now available.
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5 Oct 2015 - Fund Review: Totus Alpha Fund August 2015
By: Australian Fund Monitors
Totus Alpha Fund AFM Fund Review August 2015 (pdf format)
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 14 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 $10bn+ long-only manager, and sell side emerging companies experience at UBS. McGarry's emerging company research with UBS included exposure to a range of sectors including energy, materials, industrials, tech, financials, retail and telecommunications.
- The Fund has delivered an annalised return of 28.97% since inception in March 2012 as compared to 10.28% for the ASX 200 Accumulation Index. The standard deviation has been higher than the Index at 14.21% as compared to 12.29% and the Sharpe ratio is 1.69.
Totus Alpha Fund AFM Fund Review August 2015 (pdf format)
Fund Review: Insync Global Titans Fund August 2015
2 Oct 2015 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available.
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2 Oct 2015 - Fund Review: Insync Global Titans Fund August 2015
By: Australian Fund Monitors
INSYNC GLOBAL TITANS FUND
Attached is our most recently updated Fund Review on the Insync Global Titans Fund.
We would like to highlight the following:
- The Fund outperformed its benchmark MSCI All Country World ex-Australia Net Total Return Index ($A) by 0.8%, in August. The performance was driven by positive contributions from our holdings in Zimmer, Diageo and Nestle. The main negative contributors were Disney, Medtronic and Time Warner. 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.
- The Global Titans Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
- Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
- Emphasis on limiting downside risk is through extensive company research, the ability to hold cash and long protective index put options.
For further details on the Fund, please do not hesitate to contact us.
Laminar Credit Opportunities Fund
2 Oct 2015 - Australian Fund Monitors
The Laminar Credit Opportunities Fund rose 0.60% over the month of August, delivered 7.65% over the past 12 months.
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2 Oct 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 | Despite the volatility, the Fund produced a positive monthly return. This was helped by the Fund having a credit duration of less than 2 years and is well positioned to withstand future volatility as well. In August, majority of the Fund's portfolio composition was in Residential Mortgage Backed Securities (RMBS) at 64%, followed by Short-dated loans at 22%. Click on the link below to read the latest Fund Manager's Report. |
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Supervised High Yield Fund
1 Oct 2015 - Australian Fund Monitors
Supervised High Yield Fund rose 0.36% in August, to bring annualised performance since inception to 9.98% p.a.
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1 Oct 2015 - Supervised High Yield Fund
By: Australian Fund Monitors
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| Fund Overview | The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario. |
| Manager Comments | More than half of the portfolio's composition (as a percentage of NAV) was invested in Residential Mortgage-Backed Securities (RMBS) 66.09%. The rest of the portfolio composition was in the US Corporate Loans at 21.87%, Cash at 7.84% and AUD Corporate Loans at 4.20%. The Fund Manager expects the lack of action from the US Fed to not increase interest rate, may lead to more uncertainty and volatility ahead. Click below to view the latest Fund Manager Report. |
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Cor Capital Fund
1 Oct 2015 - Australian Fund Monitors
During August, the Cor Capital Fund returned -0.34% bringing the 12-month return to 3.48%. Since inception in 2012, the Fund has returned 4.52% p.a., with very low volatility of 5.5%.
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1 Oct 2015 - 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 portfolio's equities position detracted from August returns as the ASX200 Accumulation Index fell 7.8%. However the Fund's positions in gold bullion (+6.0%), bonds (+0.6%) and cash cushioned investors from the correction. The Fund's risk management system resulted in a movement of capital at the end of August, largely away from gold bullion towards equities. |
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Fund Review Pengana Absolute Return Asia Pacific Fund August 2015
30 Sep 2015 - 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 9.68% p.a.
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30 Sep 2015 - Fund Review Pengana Absolute Return Asia Pacific Fund August 2015
By: Australian Fund Monitors
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 9.68% p.a., compared to the AFM's Asia Pacific Index of 5.76%. The Fund has achieved this with lower volatility of 6.21% (Index 11.96%).
For further details on the Fund, please do not hesitate to contact us.
Freehold Absolute Return Fund
30 Sep 2015 - Australian Fund Monitors
Freehold Absolute Return Fund delivered -0.65% in a weak and volatile equity market (ASX200 Total Return), which declined 7.79%.
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30 Sep 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 portfolio's positive contributors in August were Westfield Group, Investa Office and Goodman Group. Negative Contributors were DUET, Federation Centres, APN Property Group. Both, the Retail and the Infrastructure sectors continued to present a strong reporting season. In Retail, specialty sales growth averaged 4.5% and was the highest in many years for Scentre Group, GPT Group and Stockland. In the Infrastructure sector, the dividend announcements and guidance were strong from Sydney Airport (SYD), Spark Infrastructure and Transurban. Click below to read the complete Fund's Monthly Performance Report. |
| More Information |
KIS Asia Long Short Fund
29 Sep 2015 - Australian Fund Monitors
KIS Asia Long Short Fund rose 0.34% for the month of August, when the AFM Asia Pacific ex-Japan Index returned -6.93%.
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29 Sep 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 | In August, the HK and Chinese markets were extremely weak, with falls of 12% in the HSCEI, Shanghai Shenzhen 300 and Shanghai Composite (with 14 to 15% falls last month). Majority of the Fund's return came from the Special Situations Strategy, which contributed 24bp. The main driver of this profit was the trading of the competitive takeover of Affinity Education Group (AFJ.AX) with an initial bid by G8 Education (GEM.AX) and a competing bid from PE group Anchorage Capital. Other strategies such as Long Short contributed 17bp, while Portfolio Hedge did not make a significant contribution. To read more, cLick below for Fund's Monthly performance report. |
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