NEWS
Pengana PanAgora Absolute Return Global Equities Fund
27 Jun 2016 - Australian Fund Monitors
Pengana PanAgora Absolute Return Global Equities Fund returned 0.88% for the month of May. The Fund has low systematic risk (beta) to the ASX200 and the MSCI World Indices of 0.07 and 0.08 respectively.
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27 Jun 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 Fund's performance was due to the short-term portfolio which recouped losses suffered last month. Profits were primarily generated in the Financials, IT, and Consumer Discretionary sectors. The performance was dragged down by both long and short positions with notable losses incurred in Penn West Petroleum, Noble Corp and Ensco Plc which were down 40%, 26%, and 17% respectively. Click below to read the latest Fund Manager's Report. |
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QATO Capital Market Neutral Long/Short Fund
24 Jun 2016 - Australian Fund Monitors
QATO Capital Market Neutral Long/Short Fund rose 2.19% in May and is negatively correlated to the S&P/ASX-100 Index (beta of -0.33).
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24 Jun 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 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 first half of the calendar year 2016 will be characterised as one of the largest junk rallies since 2009, where the worst performing companies from 2015 became desirable. In addition, speculative trading of commodities in China caused commodity prices globally to rally aggressively. Fast forward to today and the commodities rally has fizzled and prices of major commodities are significantly below their April highs. This change suggests that the demand for risk (beta) has started to diminish and a reversion towards fundamentals is underway - producing a much more favourable environment for QATO's negative beta strategy. |
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APN AREIT Fund
23 Jun 2016 - Australian Fund Monitors
APN AREIT Fund rose 1.58% in May to take annualised return since inception to 18.46% p.a.
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23 Jun 2016 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). 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 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 suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | Click below to read the complete Fund Manager's Report. |
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Signature Quantitative Fund
22 Jun 2016 - Australian Fund Monitors
Signature Quantitative Fund rose 0.4% for the month of May.
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22 Jun 2016 - Signature Quantitative Fund
By: Australian Fund Monitors
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| Fund Overview | SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets. |
| Manager Comments | The Index Rebalance Effect significantly underperformed due to stock-specific news. Alpha Capture was a slight contributor with the market rewarding earnings led fundamentals and SQF's market exposure also contributed to performance. Dividend Arbitrage and Capital Raisings were flat for the month. Click the link below to view the latest Monthly Report. |
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Fund Review: APN Asian REIT Fund May 2016
22 Jun 2016 - Australian Fund Monitors
May Fund Review is now available on APN Asian REIT Fund, a property securities fund, investing primarily in the Asian REITS.
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22 Jun 2016 - Fund Review: APN Asian REIT Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 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 sustainable rental income streams.
- The Fund has delivered an annalised return of 17.09% p.a., since inception in July 2011 with a standard deviation of 9.57% p.a. The Sharpe and Sortino ratios are 1.41 and 2.63 respectively.
AFM Fund Review - May 2016 (pdf format)
Fund Review Pengana Absolute Return Asia Pacific Fund May 2016
21 Jun 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 9.75% p.a.
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21 Jun 2016 - Fund Review Pengana Absolute Return Asia Pacific Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 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 9.75% p.a., compared to the AFM's Asia Pacific Index of 5.17%. The Fund has achieved this with lower volatility of 6.08% (Index 11.96%).
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - May 2016 (pdf format)
NWQ Fiduciary Fund
21 Jun 2016 - Australian Fund Monitors
The NWQ Fiduciary Fund rose 2.86% in May bringing the net performance for the trailing 12 months to 9.50%.
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21 Jun 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 Fund had positive attribution from both, the Beta and Alpha allocations as the market experienced its third consecutive month of strong returns. The portfolio's Beta managers utilised a range of long/short equity strategies and were able to benefit from profits in long exposures, attributing +0.61% for the month. Alpha managers performed strongly, attributing +2.34%. The Fund currently has an overweight allocation to the Alpha and/or market neutral strategies, positioned to provide downside protection from further equity and bond market volatility. Click below to read the latest Fund's Report. |
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Bennelong Twenty20 Australian Equities Fund
21 Jun 2016 - Australian Fund Monitors
Bennelong Twenty20 Australian Equities Fund rose 4.48%, outperforming the ASX200 Accumulation Index by 1.39%.
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21 Jun 2016 - Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | According to the investment team, the market is currently behaving true to form, where companies that are outperforming earnings expectations, upgrading guidance, or making accretive acquisitions or investments, are generally seeing their share prices respond accordingly. This was the case for a number of the ex-20 stocks in the portfolio for May. The top contributors for the month were Aristocrat Leisure, Fisher & Paykel Healthcare and Eclipx Group. The Fund continues to be selective to uncover stocks that can lead to outperformance and favor high quality and growing companies that can outperform in terms of earnings. Click below to read the latest Fund Report. |
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Fund Review: Bennelong Kardinia Absolute Return Fund May 2016
20 Jun 2016 - 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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20 Jun 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2016
By: Australian Fund Monitors
AFM Fund Review - May 2016 (pdf format)
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 a 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 KPIs. The Fund has an annualised return of 11.86% p.a. with a volatility of 7.28%, compared to the ASX200 Accumulation's return of 4.78% p.a. with a volatility of 14.21%.
- 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.
AFM Fund Review - May 2016 (pdf format)
Affluence Investment Fund
20 Jun 2016 - Australian Fund Monitors
The Affluence Investment Fund rose 1.87% in May.
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20 Jun 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 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 | The underlying investments performed well during the month. Both the long/short managers and smaller company managers performed had a good month. The small resources investments were the detractors for the month. At the end of May, the Affluence Fund held investments in 19 unlisted funds, which represented 55% of the total portfolio. It also held listed investments in 15 listed investment companies and other securities, representing 18% of the portfolio. The cash balance was increased from the prior month to 27%, largely due to inflows from new investors. Click below to read the latest Fund Manager's report. |
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