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Australian long/short and short-only funds
nipper
post Posted: Oct 31 2018, 11:22 AM
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QUOTE
L1's Long Short Fund is the listed outgrowth of L1's unlisted, older and spectacularly successful (until this year) previous funds. It raised $1.35 billion six months back, after being overwhelmed by interest in what was going to be a $600 million float.

The mammoth IPO took just about every financial institution in the country (barring a one-man operation in rural Tasmania) to get the deal done, including NAB, Morgan Stanley, Crestone, Morgans, Ord Minnett, Taylor Collison, Wilsons, Bell Potter, Macquarie, Patersons and Shaw and Partners (and that's not an exhaustive list!)

Too bad for the clients of the aforementioned brokers. Investors who wrote cheques in April are now 25 per cent worse off, the listed price of $1.50 down from $2 at the IPO (this is a closed fund, so the lack of redemptions means the listed price is the only one that matters). For the two founders who tipped in $5 million each at the IPO, that's cost them $1.4 million personally on paper.
,....... in fact, most of these 'darlings' - Cadence, Watermark, LT1 - have things in common
- under water
- high fees
- (and dollops of hubris)




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 19 2016, 10:24 PM
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In Reply To: nipper's post @ Sep 19 2016, 10:00 PM

and there is also:

Absolute Equity Performance Fund Limited (AEG) - provides investors with the opportunity to invest in a Portfolio of predominantly listed Australian equities in a market neutral style comprised largely of Pair Trades.

Cadence Capital Limited (CDM) - a long-short Australian equities fund with a portfolio of Australian equity securities primarily listed on the ASX.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 19 2016, 10:00 PM
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In Reply To: kiril's post @ Nov 20 2007, 02:27 PM

just noticed this thread

there are several funds managers that have long /short styles. Some of them now have Listed Investment Companies , running either similar versions of or separate ASX-listed and uniquely run, portfolios

Platinum Management PMC - similar to the unlisted Platinum international

Platinum Asia PAI - to the eponymous unlisted fund

Watermark Market Neutral Fund Limited (WMK)

Australian Leaders Fund ALF

Future Generation Investment FGX - Aust focused, 20 managers, 45% long, 13% market neutral, 23% absolute bias and 18% cash

Future Generations Global Investment FGG - international, 20 managers, three broad strategies currently 55.8% long, 31.1% absolute bias, 6.3% quant strategies and 6.8% cash.

Market neutral – an investment strategy that generally involves the simultaneous purchase and sale of equities, to generate returns that are not linked to the performance of underlying equity markets.

Absolute bias – an investment strategy that seeks to generate returns, irrespective of the performance of traditional asset classes. These strategies use innovative investment techniques to profit from rising and falling markets, providing portfolio protection in the event an equity market experiences a significant fall.



.................. and now listing (a week to go) is Antipodes Global Investment Company (ASX:APL) - a bunch of ex-Platinum staff, established to provide investors with access to:
  • an actively managed long-short global equities portfolio; and
  • the investment expertise of Antipodes Partners Limited




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
kiril
post Posted: Nov 20 2007, 02:27 PM
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In reply to: krk004 on Tuesday 20/11/07 11:35am

Whilst a very good fund managed by what I consider the most knowlegable mining analysts in this country, the CFS fund has the ability to go short, but has more of a bias to the long side....especially in this market where they see many opporunities yet to play out in global resources.

Kiril.

 
krk004
post Posted: Nov 20 2007, 11:35 AM
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This may be of some help;

CFS W'Sale Global Resources Long/ Short Fund

I think it is not accessible directly with Colonial FS, must be through a managed fund platform(??).

DYOR & KYOIS.



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Do Your Own Research & Know Your Own Investment Style.

"I cannot change the direction of the wind, but I can adjust my sails."
 
anne
post Posted: Nov 18 2007, 09:21 PM
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In reply to: ababab on Sunday 18/11/07 06:39pm

thanks ababab,

I read WLS's september update - they have really just matched the all ords accumulation index for the last year. I can't see any evidence that their short picks have helped their performance any.

Cheers Anne



 


Guest_ababab_*
post Posted: Nov 18 2007, 06:39 PM
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WLS short sells some large stocks which they seem to think are a bit pricey and it has enhanced their performance in the past.

 
anne
post Posted: Nov 18 2007, 11:30 AM
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We hear about hedge hunds and absolute return funds, but where can we find information on their performance?

I am interested in finding a top-performing short-only fund available for me to invest in.

The financial review lists managed fund performance, but I can't tell whether any of the funds listed are short-only funds or long-short funds investing only in Australian shares.

Is there such a fund - one that only goes short Australian stocks?
I was hoping I could invest in a fund like that rather than trust my own non-existing shorting-skills.

Or maybe there exists a high-performing long-short fund that goes long selected Australian stocks and short others and has a good track record of success.

Cheers Anne

 
 



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