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Alternative Market Briefing

Australian long/short global equity fund returns 10.7% YTD from longs in Japan, U.S. banks and healthcare

Friday, July 24, 2015

amb
Jack Lowenstein
Benedicte Gravrand, Opalesque Geneva:

The Morphic Global Opportunities Fund, a long/short global equity hedge fund, returned 10.77% in H1 2015, outperforming its benchmark (MSCI All Countries World Total Return Net Index in A$) by 1.46% net of fees. It has annualized 26.6% (net) since its August 2012 inception.

The Fund fell 2.44% in June as its benchmark fell 2.75%, with positions in China being the major negative contributors – although China related holdings were positive contributors during the other months.

The fund benefited from its long positions in the Japanese drugstore sector, the U.S. bank sector (as this theme does well when US interest rates are expected to rise) and the U.S. healthcare sector.

In H2 in particular, the Fund enjoyed a tail wind from the weakening of the Australian dollar, and the deliberate under-weight position in Australian equities. The biggest contribution came from stock-picking on the long side, with small gains from long/short pairs trades.

Morphic Asset Management, the Sydney-based fund management firm, commented in their half-yearly report to investors, "it has been a remarkable three years for stock markets and that returns are unlikely to remain as elevated in ......................

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