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managed funds

This tag is associated with 195 posts

16 Jan 2020 (AFR) – Super funds record best year since 2013

[COMMENTS: Because of my own distrust of managed funds in general, including superannuation funds, I always post reports like this one below with some comments like the following. It will be interesting to see how these funds perform over the next couple of years because it is common for a superior fund one year to … Continue reading

6 Jan 2020 (AFR) – Investing: Corporate regulator investigates Dixon Advisory

(6 January 2020, AFR, p13, Jonathan Shapiro and Carrie LaFrenz) ‘The Australian Securities and Investments Commission is investigating listed wealth manager Evans Dixon over the advice provided to some of its clients after the corporate watchdog received several complaints over 2019. ASIC is investigating the Dixon Advisory arm, which merged with boutique firm Evans & … Continue reading

2 Dec 2019 (TheAge) – Top fundie sees growth green shoots – ‘The rotation could be enormous’: Ausbil’s Xiradis likes miners, banks in 2020

(2 December 2019, The Age, Business, p22, By David Scutt) ‘Top fund manager Paul Xiradis has a message for Australian investors: the pessimism that defined the global economy over the past year is probably about to subside. “There are signs growth is stabilising and in some cases improving with interest rates now so low,” Mr … Continue reading

25 Sept 2019 (AFR) – Why investors are shunning active and chasing passive

(25 September 2019, AFR, p31, William McInnes, Reporter) ‘Active managers have struggled with fund flows this year as investors opt out into cheaper passive funds. The local sharemarket has gained more than 20 per cent since the start of the year, a performance many active managers have struggled to match. Even including the drawdown in … Continue reading

25 July 2019 (AFR) – Retirees will scream ‘blue murder’ in a crash

[COMMENT: Now this is a very contentious topic – how to define the various terms used to categorise managed funds and more importantly superannuation funds – growth, balanced or conservative. There seems to be some very wide variations between the fund managers – which many people would call ‘misleading’.] (25 July 2019, AFR, p8, Joanna … Continue reading

20 June 2019 (AFR) – Global money managers go defensive

(20 June 2019, AFR, p29, William McInnes, Reporter) ‘Global fund managers are the most bearish they’ve been since the global financial crisis as pessimism over the trade war and “monetary policy impotence” has shattered investor confidence. The latest Bank of America Merrill Lynch Global Fund Manager Survey showed professional investors were rotating out of risky … Continue reading

1 June 2019 (AFR) – Fundies seek to run down cash exposure, buying the dip

[COMMENT: I can’t help but think that “buying the dip” now, as explained below, is potentially very dangerous – just in case the current confirmed downtrend in global share markets continues, as some pundits expect. We remember the Dow Theory comments on this – a downtrend is a downtrend and is expected to continue, until … Continue reading

13 March 2019 (AFR) – The final kick in Shoes of Prey collapse for Blue Sky backers

(13 March 2019, AFR, p16, Jonathan Shapiro) ‘Investors in a Blue Sky fund that backed start-up Shoes of Prey are set to lose all their money, including a portion of the $1 million in management fees that were paid five years in advance. On Monday, Blue Sky told investors in its Blue Sky Private Equity … Continue reading

5 March 2019 (AFR) – Almost every Australian equity fund lagged the market last year

(5 March 2019, AFR, p29, Patrick Commins) ‘Almost nine in 10 actively managed mainstream Australian equity funds failed to beat the market last year, according to the latest figures from S&P Dow Jones Indices. The SPIVA scorecard is promoted by S&P as the “de facto scorekeeper of the ongoing active versus passive debate”, and surveys … Continue reading

2 Feb 2019 (AFR) – Life-cycle products disappoint over five years

(2 February 2019, AFR, p29, by Joanna Mather) ‘They’re used by retail funds as their default option but the performance is underwhelming. In more bad news for the battered retail superannuation sector, “life-cycle” products are delivering underwhelming results compared to traditional growth options provided by not-for-profit super funds. In its first analysis of five-year returns … Continue reading

22 Jan 2019 (AFR) – Fund managers to appease investors by cutting fees

(22 January 2019, AFR, p15, by James Frost) ‘Fund managers who underperform are facing renewed pressure to cut fees, embrace new fee structures and communicate better after a bad year for equities locally and internationally. Experts say that all funds are facing sustained fee pressure and those who fail to deliver are being forced to … Continue reading

21 Jan 2019 (AFR) – Year of shame for fund managers? – Why are Australia’s large cap fund managers failing to beat the index?

[COMMENT: This article is a great insight into the (contrarian) performance of fund managers and equity markets. It is well worth reading the full article – see link at the bottom.] (21 January 2019, AFR, p32, by Jonathan Shapiro) ‘Jack Bogle, the father of index investing who passed away on Thursday, would not have been … Continue reading

18 Jan 2019 (TheAge) – Super funds defy sharemarket volatility to finish year just ahead

[COMMENT: Here we go again… some commentary on the performance of superannuation funds. I have noted previously that this is a very difficult exercise because some of the funds are rather different to others (eg. not all ‘balanced funds’ are the same), and it is difficult for retail investors to usefully compare the results. Anyhow, … Continue reading

19 Dec 2018 (AFR) – Super funds risk posting 2018 loss

(19 December 2018, AFR, p3, by Tim Boyd) ‘Super funds are at risk of posting a negative result for 2018 for the first time since 2011 due to ongoing market volatility, according to figures from research houses Chant West and SuperRatings. The median balanced fund, with 60 per cent to 76 per cent in growth … Continue reading

28 Nov 2018 (AFR) – October’s market downturn was needed to avoid a rout

(28 November 2018, AFR, p27, by William McInnes) ‘October’s market sell-off was destructive enough to avert a potentially more severe rout over the next two or three years, according to the boss of the $10 billion Bennelong Funds Management group, Craig Bingham. Seeing the upside to the sell-off, which caused the Australian equity market to … Continue reading

14 Nov 2018 (TheAge,SMH,MONEY) – ‘Lazy’ advisers push Australians to invest overseas

[Comment: Here are some an interesting comments about investing local versus overseas, and whether to diversify your portfolio, or include managed funds, or even heed the “advice” of your financial planner.] (14 November 2018, The Age, SMH, MONEY supplement, p2, by Marcus Padley) ‘I remember going to New York in 2006 and John, my Wall … Continue reading

31 Oct 2018 (AFR) – Roll up, roll up for the next blow-up – Avoiding Ponzis in the profit hunt

(31 OCtober 2018, AFR, p32, by Jonathan Shapiro) ‘There’s a joke among fund managers that the excuse they often hear from a CEO after he or she has blown a company up is “it was only the last acquisition that didn’t work”. But the way of the ‘roll-up’, if you’re a stock market cynic, is … Continue reading

17 Oct 2018 (AFR) – Top investors cautious about sharemarket outlook

[COMMENT: The headline says “Top investors cautious…”. I wonder if this sort of observation is relevant to the average retail investor? Or to the short term share market trader?] (17 October 2018, AFR, p23, by Stewart Oldfield) ‘Beyond the current bout of market volatility, some of the country’s most influential investors are growing more concerned … Continue reading

14 Sept 2018 (AFR) – Active fund managers failing investors, survey shows

(14 September 2018, AFR, p31, by Sarah Turner) ‘Most Australian active fund managers in a majority of categories failed to beat their benchmarks in 2017-18, lending further ammunition to the case for passive investing in the enduring active versus passive debate. Over the past year, general Australian equity funds recorded an average return of 12.3 … Continue reading

13 Aug 2018 (AFR) – Bruised absolute return funds are dumped by investors

(13 August 2018, AFR, p19, by Owen Walker) ‘London |Investors have pulled billions of euros from Europe’s biggest absolute return funds this year as sentiment has turned against a strategy once heralded as the future of active asset management. The controversial move by GAM, the Swiss asset manager, to prevent clients withdrawing money from its … Continue reading

28 July 2018 (AFR) – Find your super fund in the top performers

[COMMENT – Regular readers of my comments will know that I always caution about reading too much into the performance of managed funds and super funds, because the performance value and rating can change significantly by simply analysing over a different time period. Especially in the complilcated and poorly defined field of super funds that … Continue reading

20 July 2018 (AFR) – Selector, Bennelong, Platypus are Mercer’s top three Australian funds for 2018

[COMMENT: Another report on fund manager performance, with the usual warnings: be careful about interpreting these results over particular time windows, and noting that some fund managers cannot repeat their performance year after year.] (20 July 2018, AFR, p15, by: Sarah Turner, Vesna Poljak ) ‘What you didn’t own mattered just as much as what … Continue reading

12 July 2018 (AFR) – Value hard to come by in mid-cap market says AFIC’s Mark Freeman

[COMMENT: This article is simply reporting the news, and is NOT advice of any sort, nor is the content endorsed.] (12 July 2018, AFR, p29, by William McInnes) ‘Investors are becoming fed up with “lacklustre” large-cap stocks and are eyeing off mid-cap stocks, according to Mirrabooka Investments managing director Mark Freeman. He said the increased … Continue reading

10 July 2018 (AFR) – Market turmoil pushes some China funds to the brink

(10 July 2018, AFR, p27, by Samuel Shen and John Ruwitch) ‘It’s already been a harsh year for Chinese funds, hit by new rules aimed at reining in debt in the country’s financial system. Now, the sell-off in China stocks induced by trade war anxiety further threatens their health and for some, their survival. Case … Continue reading

30 June 2018 (AFR) – Gut punch for global funds buying China stocks for first time

(30 June 2018, AFR, p24, by Kana Nishizawa) ‘Global passive funds are buying China’s domestically traded shares for the first time and it’s not going well. Stocks in Shanghai have tumbled 13 per cent in dollar terms since MSCI added so-called A shares at the start of the month. Only equities in Argentina and Namibia … Continue reading

18 Apr 2018 (AFR,Bloomberg) – China may be set for rare property defaults, fund manager Neuberger Berman days

(18 April 2018, AFR, p32, Bloomberg News) ‘Chinese developers may be headed for rare defaults on their debts as rising interest rates make it harder to roll over record borrowings, according to one of the few foreign money managers selling local financial products to the nation’s investors. Smaller property firms might miss payments on bonds … Continue reading

19 Apr 2018 (AFR) – Peak in equities still ahead, according to latest BAML fund manager survey

[COMMENT: Can you believe this? Would you believe this? Fund managers are forecasting the market – but then that is what they do all the time, and then they bet (other people’s) money on their educated guess. Some of us struggle with this. Some technical analysts would look at the chart of the S&P500, and … Continue reading

9 Apr 2018 (AFR) – Blue Sky-owned Wild Breads faces uncertain future

[COMMENT: This is simply a case study example of one of the things that could go wrong with an investment in a managed fund – that the fund is closed, and redemptions refused! Do you eventually get your money back?] (9 April 2018, AFR, p15, by: Jonathan Shapiro, Vesna Poljak) ‘A Blue Sky private equity … Continue reading

15 Mar 2018 (AFR) – Most Australian fund managers fell short in 2017, S&P data shows

[COMMENT: Why on earth do people continue to “invest” in managed funds, when a significant number of funds cannot routinely deliver profitable returns? ] (15 March 2018, AFR, p27, by Patrick Commins) ‘The bulk of professional stock pickers have once again been unable to beat the market, as shown by S&P Dow Jones Indices’ scorecard for … Continue reading

14 Feb 2018 (AFR,TheAge) – The Aussie funds hardest hit by the correction

(14 February 2018, AFR, by Patrick Commins) ‘Geared and trend-following managed funds lost as much as 15 per cent during this month’s sharp market correction, highlighting the potential risks of such strategies during bursts of intense volatility. At the same time, cash and fixed-income funds showed their resilience by recording a positive month to date, … Continue reading