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Komfie Manalo, Opalesque Asia: Morphic Global Opportunities Fund outperformed its benchmark in 2014 as
it ended the year up 14.01% (+2.62% in December). The MSCI AC World
Total Return in Australian Dollars jumped 13.87% (+2.28% in December)
during the same period. Since its inception in August 2012, the fund was
up 27.40% with an annualized and net of all fees, against benchmark
returns of 27.10%.
In its monthly report, Morphic Global
Morphic Global said December saw a continuation of positive returns for
the fund as a continued decline in the Australian dollar more than
offset the late fall in global markets that saw them end flat in U.S.
dollar terms. Sustained falls in oil and other commodity prices were a
major theme for the month, rewarding the fund’s overweight positioning
in commodity consuming emerging markets China and India, and its
underweight stance in commodity producing bourses like Russia,
Indonesia, and Brazil, the report added.
"The fund’s underweight position in Australia and the Australian dollar
also helped.
Performance in both India and China was assisted by stock selection,
with the focus on Axis Bank, Canara Bank and Bank of India, helping in
the former, and the identification of under-priced growth opportunities
in some Chinese toll roads generating good volatility adjusted returns
in the latter," the report said.
Morphic’s largest single stock gain came from its residu...................... To view our full article Click here
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