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: The Fund's risk profile; The Fund's strategy; and 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.