NEWS
Insync Global Titans Fund
29 Sep 2016 - Australian Fund Monitors
The Insync Global Titans Fund returned +0.5%, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned 1.60%.
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29 Sep 2016 - Insync Global Titans Fund
By: Australian Fund Monitors
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| Fund Overview | Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio. |
| Manager Comments | The performance was driven by positive contributions from the holdings in Visa, Microsoft, Time Warner, eBay and Oracle Corp. The main negative contributors were BAT, Comcast, Roche and Mead Johnson Nutrition. The Fund returned to having no foreign currency hedging in place during the month as Insync considers the main risks to the Australian dollar to be on the downside. Click below to read the latest Fund Manager Report. |
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QATO Capital Market Neutral Long/Short Fund
28 Sep 2016 - Australian Fund Monitors
Qato Capital Market Neutral Long/Short Fund returned -0.96% in August, outperforming the S&P/ASX-100's return of -2.37%, by 1.41%.
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28 Sep 2016 - QATO Capital Market Neutral Long/Short Fund
By: Australian Fund Monitors
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| Fund Overview | The fund targets a net market exposure of 0% to hedge broader market risks through long and short positions. 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 | From the short portfolio, AMP Limited contributed +0.49% and QBE Insurance Group contributed +0.17%. AMP missed consensus by -28.78%, closing down -5.7% the following day. QBE missed 5% in NPAT, resulting the stock to be down -6.72%. The long positions in Newcrest Mining and Northern Star and the short position in Flight Centre were the biggest detractors for the month. |
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Pengana PanAgora Absolute Return Global Equities Fund
27 Sep 2016 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund rose 1.74% in August. The Fund has a low systematic risk (beta) to the ASX200 and the MSCI World Indices of 0.08 and 0.09 respectively.
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27 Sep 2016 - Pengana PanAgora Absolute Return Global Equities Fund
By: Australian Fund Monitors
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| 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 Long-Term portfolio contributed 1.85% (net) to the performance of the fund. The portfolio was helped by the poor performance of heavily shorted US names. Most of the Intermediate-term strategies moved sideways in August with the exception of the US M&A sleeve which underperformed moderately. The overall contribution was -0.10% (net). The Short-term portfolio also ended the month slightly down at -0.01% (net). PanAgora continues to introduce new strategies and factors. Click below to read the latest Fund Manager's Report. |
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Touchstone Index Unaware Fund
26 Sep 2016 - Australian Fund Monitors
Touchstone Index Unaware Fund returned +0.30% in August, outperforming the S&P/ASX 300 Accumulation Index which returned -1.56%, by 1.86%.
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26 Sep 2016 - Touchstone Index Unaware Fund
By: Australian Fund Monitors
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| Fund Overview | The portfolio is constructed using Touchstone's Quality-At-a-Reasonable-Price ('QARP') investment process. QARP is a fundamental bottom-up process, however, it also incorporates a top-down risk management framework designed to successfully manage the portfolio during varying market conditions and economic cycles. The Touchstone Fund is concentrated, typically holding between 15-20 stocks. No individual stock will ever make up more than 10% of the portfolio at any one time. The Investment Manager may temporarily exceed the exposure limits of the Fund occasionally, particularly during periods of market volatility, to allow for holdings in excess of this 10% limit where the increase in value of the underlying security is due to market movement. The Fund may also hold between 0-50% of the portfolio in cash. The Fund has a high level of associated risk, therefore, the minimum suggested investment time-frame is 5 years. |
| Manager Comments | The main detractors were the exposures in the insurance sectors, specifically holdings in QBE and IAG. The Fund maintained an average cash position of around 12.5% and continues to maintain a high level of cash. The investment team believes that the Fund is well-positioned in light of extended financial asset valuations in general and given the heightened geopolitical and economic uncertainty going forward. Click below to read in more detail. |
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King Tide NZ/Australian Long/Short Equity Fund
23 Sep 2016 - Australian Fund Monitors
King Tide NZ/Australian Long/Short Equity Fund returned -2.10% in August. Over the latest 24-months, the Fund has risen 20.31%.
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23 Sep 2016 - King Tide NZ/Australian Long/Short Equity Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund seeks to outperform the market with less volatility than the market by allocating capital to a select group of eight to sixteen funds whose investment mandates allow them to use short selling of equities and equity indices, to use derivatives to manage risk, to use leverage and to hold large amounts of cash. In-depth proprietary research is used to select and monitor fund managers with particular emphasis on their ability to manage equity market risk through stock selection, short selling and the use of derivatives and cash. |
| Manager Comments | Results from the underlying funds were mixed in August. Of their thirteen Australian funds, five made money, three were down and five fell more than the market. The New Zealand managers, PIE (2 funds) and Aspiring, both contributed positively to the month. However, currency cost the Fund 108 bps. At the end of August, King Tide was invested in sixteen underlying funds, the maximum allowance. The weightings ranged between 2% and their largest weighting which is 11%. Click below to read the latest monthly report. |
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Fund Review: Bennelong Twenty20 Australian Equities Fund August 2016
22 Sep 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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22 Sep 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund August 2016
By: Australian Fund Monitors
AFM Fund Review - August 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 Australian Equities 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.
AFM Fund Review - August 2016 (pdf format)
Affluence Investment Fund
22 Sep 2016 - Australian Fund Monitors
Affluence Investment Fund rose 1.06% in August, outperforming the ASX 200 Accumulation Index which returned -1.55%, by 2.61%.
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22 Sep 2016 - Affluence Investment Fund
By: Australian Fund Monitors
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| 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 a 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 | Amongst the 23 unlisted Fund investments, 16 delivered a positive return for the month. The best returning funds for the month were the Microequities Deep Value Microcap Fund and Wenthworth Williamson Fund. During the month, the fund made new investments in the Terra Capital Natural Resource Fund and the Auscap Australian Equities Long Short Fund. The 22 unlisted funds represented 60% of the total portfolio. The Fund provided exposure to 21 listed investment companies and 5 other securities, which represented 25% of the portfolio. The rest of the balance (15%) was held in cash. Click below to read the latest Fund Manager's report. |
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Fund Review: APN Asian REIT Fund August 2016
21 Sep 2016 - Australian Fund Monitors
August Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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21 Sep 2016 - Fund Review: APN Asian REIT Fund August 2016
By: Australian Fund Monitors
AFM Fund Review - August 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 $A2.4bn 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 sustainable rental income streams.
- The Fund has delivered an annualised return of 17.10% p.a., since inception in July 2011 with a standard deviation of 9.36% p.a. The Sharpe and Sortino ratios are 1.45 and 2.71 respectively.
AFM Fund Review - August 2016 (pdf format)
NWQ Fiduciary Fund
21 Sep 2016 - Australian Fund Monitors
NWQ Fiduciary Fund fell 1.54% in August and returned +12.72% over the last 24 months.
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21 Sep 2016 - NWQ Fiduciary Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors. |
| Manager Comments | The earnings season proved difficult for some of the Fund's long managers. This earnings volatility stabilised by month-end and these same positions began to rise following buying interest into the new month. The Beta managers attributed +0.01% for the month, avoiding the market downside. However, the Alpha managers were impacted more heavily by the reporting season, contributing -1.46% for the month. The Fund remains overweight to the Alpha or market neutral strategies to protect again future equity and bond market volatility. Click below to read the latest Fund's Report. |
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Pengana Absolute Return Asia Pacific Fund
20 Sep 2016 - Australian Fund Monitors
The Pengana Absolute Return Asia Pacific Fund returned 1.63% in August, compared to MSCI ACWI Asia Pacific markets which were returned +0.91%.
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20 Sep 2016 - Pengana Absolute Return Asia Pacific Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The M&A book contributed favourably (+0.8%) to overall performance due to positions in Galileo Japan Trust (GJT AU) and HTL International (HWA SP), which saw positive developments. The Stub-strategy continued to be robust posting a strong contribution to overall performance of 88 basis points. Since the start of the financial year, this strategy has contributed +1.75%. Stub trades in HK Trust (6823 HK) long vs PCCW (8 HK) short and Swire Properties (1972 HK) long vs Swire Pacific (19 HK) short contributed favourably. The Korean preference shares/local shares trades also contributed positively to performance, whilst offset by a negative contribution from the Earnings Surprise sub-strategy. The opportunity set in Asia continues to be robust, which is reflected in the Fund's gross exposure of 206%, with low Beta equity risk. Click below to read the latest Fund Manager's Report. |
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