31 March 2015 ARSN 093 497 600

Transcription

31 March 2015 ARSN 093 497 600
31 March 2015
ARSN 093 497 600
About the Fund
Fund statistics
The LHP Global Long/Short Fund ('the Fund') invests in the
Lighthouse Global Long Short Fund Limited ('Underlying Fund'),
which has exposure to a portfolio of diversified specialist investment
managers, with each manager focusing on equity investments and
concentrating on a market sector where they are based and have
expertise. The Underlying Fund is designed to provide investors with
a diversified investment in an international shares absolute return
fund.
APIR code
Inception Date
Liquidity
Management fee %
Buy/Sell spread %
Performance fee %
Unit price $
Fund Size $
Income distribution
Contact details
Performance
HFL0108AU
31/03/2001
Monthly (30/30)
1.60
Nil
10% subject to HWM
1.62597
180,433,608
Annual
1300 309 092
Growth of $10,000 invested since inception
Fund %
ACWI %
27,500.0
1 month
1.60
-0.21
25,000.0
3 month
3.81
5.27
22,500.0
6 month
6.41
8.96
20,000.0
1 year
9.59
15.85
17,500.0
3 years (p.a.)
11.29
16.72
15,000.0
5 years (p.a.)
9.19
13.04
12,500.0
7 years (p.a.)
8.13
7.85
10,000.0
10 years (p.a.)
8.22
8.66
7,500.0
Since Inception (p.a.)
7.13
6.94
5,000.0
No. underlying managers
21 Underlying fund %
2003
98.86
Cash %
1.14
2005
2007
LHP Global Long/Short W
2009
2011
2013
2015
MSCI ACWI NR 100% Hedged to AUD
Return distribution profile
Risk vs return
Time Period: 1/04/2005 to 31/03/2015
Time Period: 1/04/2005 to 31/03/2015
10.0
45.0
40.0
9.0
35.0
8.0
7.0
25.0
20.0
6.0
15.0
5.0
10.0
Return
Number of Periods
30.0
5.0
0.0
-20.0
-16.0
-12.0
-8.0
LHP Global Long/Short W
Strategy allocation
-4.0
0.0
4.0
8.0
12.0
16.0
MSCI ACWI NR 100% Hedged to AUD
20.0
4.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Std Dev
LHP Global Long/Short W
Geographic allocation
MSCI ACWI NR 100% Hedged to AUD
16.0
Manager comments
The Fund returned 1.60% in March against a difficult backdrop for equities globally.
Positive drug trial data and consolidation in the biotechnology space continued during the month, producing strong positive
contribution. The specialty retail sub-sector produced positive contribution as teen retailing and cosmetics companies were strong
performers. In addition, auto suppliers and auto-related service companies contributed nicely. Household durables were another
source of gains as Chinese appliance stocks, Japanese home electronics and a South African furniture manufacturer drove positive
returns.
In terms of detractors to performance, short exposure to large diversified European banks caused losses as these stocks generally
climbed due to Euro zone quantitative easing. Long exposure to chemical companies also caused losses.
At the individual manager level, the top contributor, a consumer specialist, benefited from long exposure to discretionary names with
perceived longer term growth opportunities, in segments including jewellery, teen retailing and discount hotel chains. A U.S.
generalist was the second-best performer and produced gains on the short side of their portfolio, particularly in technology and
healthcare. A European specialist also provided gains from cyclical names, which the manager believes could benefit from an
upturn in European economic activity.
The top detracting manager, a financials specialist, lost money in consumer finance, mortgage servicers and insurance names. Short
exposure detracted from performance for the second-largest detractor, a consumer focused manager, who also lost money on long
positions in grocery store companies. Despite making money in the Kraft deal announcement, a U.S. generalist also detracted from
performance as financials, materials and technology-related exposure caused losses.
During the month, the Fund fully redeemed from a financial specialist who retired from the industry. Additionally, a material addition
was made to a consumer manager, based on Lighthouse’s outlook for the sector and their view of the manager’s ability to generate
gains in a low net manner.
As we enter April, Lighthouse’s outlook remains stable. Lighthouse expect volatility to continue at a level higher than the past few
years as markets remain focused on energy prices, currency moves relative to the U.S. dollar, the ongoing Greek debt discussions,
geopolitical events and the divergence of monetary policy around the world. While these factors continue to drive headlines and
overall market volatility, the Fund’s portfolio managers remain focused on identifying stock-specific fundamental opportunities (both
long and short). Finally, Lighthouse continue to do more work on potential manager additions, to which they expect to allocate in
the coming months.
RG240 Disclosure
Since the ASIC Benchmarks and Disclosure Principles Report was issued on 3 February 2014, there has been a change to the Fund's
key service providers. Link Market Services has replaced NAB on the 14 April for managed fund registry services. BNP Paribas
Securities Services has replaced NAB on the 14 April as custodian and administrator. There has not been any material changes to
any of the following:
Ÿ The Fund's risk profile;
Ÿ The Fund's strategy; and
Ÿ Key personnel related to the Fund.
Fund size is representative of both the wholesale and retail unit classes.
Disclaimer
Certitude Global Investments Limited ABN 25 082 852 364 ('Certitude') AFSL 246747, is the issuer of units in the LHP Global Long/Short Fund ARSN 093 497 600 (‘the Fund’). Certitude is the responsible entity of the
Fund and has selected the Lighthouse Global Long/Short Fund Limited (‘Lighthouse Fund’) as the underlying fund. The investment management of the Lighthouse Fund is provided by Lighthouse Investment
Partners, LLC (‘Lighthouse’). The Fund returns as at the date of this report assume distributions are reinvested and are net of all fees. The MSCI All Country World Index (‘ACWI’) Net 100% Hedged to AUD is
provided as a reference only. The information contained in this report is not personal financial product advice, does not constitute an investment offer and has been prepared without taking into account the
objectives, financial situation or needs of any particular person. Before making an investment decision to continue to hold units in the Fund you should consider, with the assistance of a financial or other
professional adviser, whether the investment is appropriate in the light of those circumstances. A copy of the latest Product Disclosure Statement (‘PDS’) is available at www.certitudeglobal.com.au/PDS or by
contacting Certitude directly on 1300 30 90 92. Neither Certitude, nor its directors, officers, representatives, employees, associates or agents of Certitude, or any party named in the PDS guarantee the
repayment of capital or the performance of the Fund. Past performance and asset allocation is not a reliable indicator of future performance.