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Alternative Market Briefing

Morphic Global Opportunities Fund beats benchmark with 14.01% gains in 2014

Monday, January 12, 2015

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......................

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