NEWS
Fund Review: Meme Australian Share Fund June 2016
11 Jul 2016 - Australian Fund Monitors
June 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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11 Jul 2016 - Fund Review: Meme Australian Share Fund June 2016
By: Australian Fund Monitors
AFM Fund Review - June 2016 (pdf format)
Meme Australian Share Fund
Attached is our most recently updated Fund Review on the 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 outperformance 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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Since inception, the Fund has an annualised return of 20.50% p.a., versus the Index's return of 5.86% p.a.
AFM Fund Review - June 2016 (pdf format)
Fund Review: Supervised Global Income Fund May 2016
8 Jul 2016 - Australian Fund Monitors
Fund review on Supervised Global Income Fund, a fixed income fund, is now available.
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8 Jul 2016 - Fund Review: Supervised Global Income Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
SUPERVISED GLOBAL INCOME FUND
Attached is AFM's updated Fund Review on the Supervised Global Income Fund (SGIF).
We would like to highlight the following aspects of the Fund:
- The Supervised Global Income Fund (previously Supervised High Yield Fund) 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 33 years, 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 identifies 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 of 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.
AFM Fund Review - May 2016 (pdf format)
The Paragon Fund
8 Jul 2016 - Australian Fund Monitors
The Paragon Fund rose 6.30% after fees for the month of June, outperforming the Index which returned -2.45%, by 8.75%.
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8 Jul 2016 - 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 included longs in various gold and lithium holdings, as well as Mayne Pharma and A2 Milk, offset by long positions in Netcomm Wireless, Link Administration and Costa Group. At the end of the month, the Fund had 32 long positions and 13 short positions. Click below to read the latest monthly report. |
| More Information |
Bennelong Long Short Equity Fund
7 Jul 2016 - Australian Fund Monitors
Bennelong Long Short Equity Fund returned -1.04% in June and 24.05% over the last 12 months.
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7 Jul 2016 - 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. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors. |
| Manager Comments | The Fund's negative return was mainly due to the macro shock of Brexit. The Fund holds a number of positions in companies with exposure to Britain and Europe, both long and short. Some positions benefited from the change in events in Britain and Europe however overall performance was impacted mainly from the Fund's long holding in Henderson Group (paired to AMP). The Fund's performance did benefit from two pair positions in the mining services and materials sectors. Click below to read the Fund Manager's commentary and market outlook. |
| More Information |
Meme Australian Share Fund
6 Jul 2016 - Australian Fund Monitors
The Meme Australian Share Fund rose 0.61% for the month of June 2016.
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6 Jul 2016 - 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 | The five most positive contributors to the fund's June performance were Dacian Gold, Resolute Mining, Newcrest Mining, Saracen Minerals and Antipa Minerals. While the five most negative contributors were Emerchants Limited, Altura Mining, Medibank Private, MGC Pharmaceuticals and IRESS Limited. Allocations to ASX-100 stocks reduced further from about 15.5% to 15.1% of the Fund's holdings, while stocks outside the ASX-200 continue to account for the bulk of the portfolio's holdings, increasing to about 68% of the Fund's value. By month-end, the total number of portfolio stocks had risen 91 separate holdings and the cash was at approximately 18%, primarily due to fund inflows. Click below to read the latest Fund Manager's commentary on the Fund. |
| More Information |
Fund Review: Insync Global Titans Fund May 2016
4 Jul 2016 - Australian Fund Monitors
Latest Fund Review on Insync Global Titans Fund is now available.
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4 Jul 2016 - Fund Review: Insync Global Titans Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
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's unit price increased by 6.3% in May. The performance was driven by positive contributions from the holdings in Microsoft, Medtronic, Zimmer Holdings, Comcast and Reckitt Benckiser. A small negative contribution came from the holding in Mead Johnson Nutrition.
- 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.
AFM Fund Review - May 2016 (pdf format)
Fund Review: QATO Capital Market Neutral Long/Short Fund May 2016
30 Jun 2016 - Australian Fund Monitors
Latest Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.
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30 Jun 2016 - Fund Review: QATO Capital Market Neutral Long/Short Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
QATO Capital Market Neutral Long/Short Fund
Attached is our most recently updated Fund Review on the QATO Capital Market Neutral Long/Short Fund.
We would like to highlight the following aspects of the Fund;
- Qato Capital is a Melbourne-based boutique fund manager backed by single family office, Larkfield Funds Management.
- Qato has a systematic, market-neutral strategy which invests exclusively in S&P/ASX 100 stocks.
- The QATO Capital's Q-score process captures and quantifies six broad fundamental factors, which assess multiple underlying sub-categories. Those companies with the top score (quality companies) are included in the "long" portfolio, those with the lowest score are sold short.
- The Fund seeks to preserve capital and maximise absolute returns through active and constant risk management, targeting monthly a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long & 15 short equally-weighted positions).
- Qato Capital's process is entirely systematic - stock selection and risk management are employed in a rules based approach. The Fund employs no financial leverage/gearing to purchase securities, no derivatives and no financial products to imitate leverage.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2016 (pdf format)
KIS Asia Long Short Fund
29 Jun 2016 - Australian Fund Monitors
KIS Asia Long Short Fund returned -0.25% for the month of May.
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29 Jun 2016 - 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 | Click below to read the latest monthly Fund Report. |
| More Information |
Insync Global Titans Fund
28 Jun 2016 - Australian Fund Monitors
The Insync Global Titans Fund returned +6.30%, outperforming the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned 5.5%, by 0.80%.
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28 Jun 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 Microsoft, Medtronic, Zimmer Holdings, Comcast and Reckitt Benckiser. A small negative contribution came from the holding in Mead Johnson Nutrition. Click below to read the latest Fund Manager Report. |
| More Information |
Fund Review: Bennelong Twenty20 Australian Equities Fund May 2016
27 Jun 2016 - Australian Fund Monitors
Latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available.
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27 Jun 2016 - Fund Review: Bennelong Twenty20 Australian Equities Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 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.
AFM Fund Review - May 2016 (pdf format)
