NEWS
Fund Review: Bennelong Kardinia Absolute Return Fund August 2015
21 Sep 2015 - Australian Fund Monitors
Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.
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21 Sep 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund August 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.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with an nine year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPI's. The Fund has an annualised return of 12.44% p.a. with a volatility of 7.34%, compared to the ASX200 Accumulation's return of 4.41% p.a. with volatility of 14.38%.
- 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 Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
Fund Review: Bennelong Kardinia Absolute Return Fund August 2015Aurora Fortitude Absolute Return Fund
18 Sep 2015 - Australian Fund Monitors
In August, the Aurora Fortitude Absolute Return Fund rose 1.44%, outperforming the ASX200 Accumulation Index by 9.23%.
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18 Sep 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 | In this volatile environment, it was the Options Strategy (+1.9%) that contributed most to the performance. The Fund's bought put options over the Share Price Index was the most profitable position. Positions in all the major banks were profitable reflecting strong demand for downside protection following capital raisings. The Yield Strategy (-0.5%) was the biggest distractor from the performance. Click below to read more on the Fund's performance. |
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Bennelong Kardinia Absolute Return Fund
18 Sep 2015 - Australian Fund Monitors
The Bennelong Kardinia Absolute Return Fund fell
2.27% in August. Since inception in May 2006, the Fund has an annualised performance of 12.44% p.a.
2.27% in August. Since inception in May 2006, the Fund has an annualised performance of 12.44% p.a.
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18 Sep 2015 - Bennelong Kardinia Absolute Return Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk. |
| Manager Comments | A short position in Share Price Index Futures contracts (hedging longs), as well as long positions in Australian Careers Network, Adherium and Blackmores were the largest positive contributors, whilst Westpac, National Australia Bank and Telstra were the largest detractors from performance. Net equity market exposure (including derivatives) fell to 50.2% at month end (70.9% long and 20.8% short). Click below to read the August 2015 Fund Report. |
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Fund Review: Bennelong Long Short Equity Fund August 2015
17 Sep 2015 - Australian Fund Monitors
August Fund Review now available on Bennelong Long Short Equity Fund which has over 13 years track record & annualised returns of 17.79%.
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17 Sep 2015 - Fund Review: Bennelong Long Short Equity Fund August 2015
By: Australian Fund Monitors
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with over thirteen year track record and annualised returns of 17.79%.
- The consistent returns across the investment history indicates the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 1.08 (Index 0.29) and 1.83 (Index 0.31) respectively.
For further details on the Fund, please do not hesitate to contact us.
Morphic Global Opportunities Fund
17 Sep 2015 - Australian Fund Monitors
Morphic Global Opportunities Fund fell 3.52% in August. Since inception, the Fund is up 25.52%, annualised and net of all fees, against the benchmark (MSCI AC World Total Return in Australian
Dollars) returns 24.96%.
Dollars) returns 24.96%.
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17 Sep 2015 - Morphic Global Opportunities Fund
By: Australian Fund Monitors
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| Manager Comments | The biggest contribution to performance came from the Japanese property developer Open House and the US home-builder related stocks. The biggest intra-month volatility came from Bank of Internet due to its long awaited merger that had been approved by regulators, only to fall sharply into month end, giving back most of its out-performance. India was the largest detractor and the Fund has exited all their holdings. For the month, the Fund had over 58% of their equity exposure in the North American region and over 21% in the Financials Sector. Click below to read the Fund Manager's monthly report and their September outlook of the market. |
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Fund Review: Optimal Australia Absolute Trust August 2015
16 Sep 2015 - Australian Fund Monitors
Read the latest Fund Review on Optimal Australian Absolute Trust Fund.
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16 Sep 2015 - Fund Review: Optimal Australia Absolute Trust August 2015
By: Australian Fund Monitors
OPTIMAL AUSTRALIA ABSOLUTE TRUST
AFM have released the most recently updated Fund Review on the Optimal Australia Absolute Trust.
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.
- In August, the Fund outperformed the ASX200 Accumulation Index by 9.29%. The Fund's approach to risk is shown by the Sharpe ratio of 1.41 (Index 0.16), Sortino ratio of 3.14 (Index 0.11), both of which are well above the ASX 200 Accumulation Index and has recorded 80% positive months.
For further details on the Fund, please do not hesitate to contact us.
The Paragon Fund
15 Sep 2015 - Australian Fund Monitors
The Paragon Fund returned -4.20% after fees for the month of August 2015, to outperform the ASX200 Accumulation Index by 3.59%.
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15 Sep 2015 - The Paragon Fund
By: Australian Fund Monitors
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| Fund Overview | Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments. |
| Manager Comments | Key positive contributors for August included Longs in APN Outdoor, NetComm Wireless and St Barbara Gold and Shorts in Origin, Santos and Orica. However these were offset by the net positive equity exposure, and holdings in Nanosonics, Senetas and Orocobre. At the end of the month the Fund had 29 long positions and 17 short positions. Click below to read the latest Fund Manager's commentary. |
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Fund Review: Monash Absolute Investment Fund August 2015
15 Sep 2015 - Australian Fund Monitors
Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.
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15 Sep 2015 - Fund Review: Monash Absolute Investment Fund August 2015
By: Australian Fund Monitors
MONASH ABSOLUTE INVESTMENT FUND
We would like to highlight the following aspects of the Fund:
- The Fund is a research driven, active equity long/short strategy investing in listed ASX companies.
- 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.
If you have any questions in relation to the Fund Review, please do not hesitate to contact us.
Meme Australian Share Fund
14 Sep 2015 - Australian Fund Monitors
Along with the board market, Meme Australian Share Fund fell 7.50% compared to the ASX200 Accumulation Index's -7.79%.
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14 Sep 2015 - Meme Australian Share Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns. |
| Manager Comments | In response to the August sell-off, the number of stocks in the portfolio fell from 89 to 67 and cash increased from under 1% to 23%. Sector allocations in the Fund mostly reduced across, with only Financials, Energy and Utilities showing small proportional increases. At the end of August the stocks that met the Fund's absolute and relative performance hurdles has risen from 9.1% to 9.6% of the liquid stocks on the ASX. Over 23% of the portfolio was invested in the top 10 holdings, with over 3.0% in Blackmores Limited and UXC Limited. Click below to read the latest Fund Manager's commentary on the Fund. |
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Bennelong Long Short Equity Fund
11 Sep 2015 - Australian Fund Monitors
Bennelong Long Short Equity Fund performance in August was down slightly at -0.69%, in an equity market that fell 7.8% (ASX200 Accumulation Index).
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11 Sep 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 mining services was a strong contributor to the Fund's performance, where the Fund benefited from shorts on Orica and Downer, as the firms issued weak full-year result and FY16 outlook. Return from their bottom pair was driven by Seek long as the company announced plans to increase investment in business and expand, resulting in a downgrade to profit guidance. Fund activity for the month was minimal and at month-end the long exposure at 51.7% and short exposure at -48.30%. Click below to read the Fund Manager's complete commentary and future market outlook. |
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