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SQM Research Ratings - Media Release 5 April 2018

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SQM Research has revised Blue Sky Funds ratings to Hold

SQM Research has today revised the ratings of two funds managed by subsidiaries of Blue Sky Alternative Investments Limited, “Blue Sky” (ASX Code: BLA) as follows:
Blue Sky Alternatives Access Fund Limited - ASX:BAF: from 4.00 stars to Hold
Blue Sky Alliance Fund - Dynamic Macro Portfolio - APIR COL0020AU: from 4.00 stars to Hold

This action reflects recent significant events involving Blue Sky as follows:
  • A research report released on 28th March 2018 by Glaucus Research followed by a significant fall in Blue Sky’s share price.
  • A request to the ASX on 28th March 2018 by Blue Sky for a trading halt on its shares. Blue Sky requested that the trading halt continue until the earlier of the Company releasing an announcement in relation to the research report or until the open of trading on Tuesday 3rd April 2018
  • A market update released by Blue Sky on the 28th March, 2018 as an initial response to the Glaucus research report.
  • A response to “foreign shorter opinion piece” released by Blue Sky on the 3rd of April 2018
  • A follow up response by Glaucus Research released on 5th April 2018.
The events are material in nature and as such SQM Research has placed its ratings opinions on hold as it seeks further information from Blue Sky.
The formal description of the “Hold” rating designation is as follows:
Hold – The rating is currently suspended until SQM Research receives further information.
Announcements relating to the recent events relating to Blue Sky can be found on the ASX website at:

Any material changes to this situation will be advised to subscriber clients of SQM Research.

For further information:
Louis Christopher
Managing Director, SQM Research
Tel:      02 9220 4666

Rob da Silva
Head of Research, SQM Research
Tel:        02 9220 4606

You can subscribe to SQM Research Ratings via the SQM Ratings website.
About SQM Research 
SQM Research is an independent property advisory, ratings and forecasting research 
house which specialises in providing accurate property related advice, research and data to financial institutions, property developers and real estate investors. For more information please visit
Research Methodology
In general, the assessment approach adopted by SQM Research incorporates a combination of qualitative and quantitative research techniques to assess property investment products. Information generated is passed through the SQM Research assessment model at the completion of the assessment process. The assessment model generates a product score, which correlates to a specific star rating (out of a maximum of five stars). Each star rating covers a scoring range, allowing products to be ranked within quarter star increments.
Following are descriptions for each of the star ratings, which have been developed as a guide for dealer group research teams and investment committees:

4.5 stars and above – Outstanding. Highly suitable for inclusion on APLs.
4 stars to 4.25 stars – Superior. Suitable for inclusion on most APLs.
3.75 stars – Good. Consider for APL inclusion.
3.5 stars – Average. Consider for APL inclusion, subject to advice restrictions.
3.25 stars – Caution required. Not suitable for most APLs.
3 stars – Strong caution required. Not suitable for most APLs.
Below 3 stars – Avoid or redeem. Not suitable for APL inclusion.
Hold – The rating is currently suspended until SQM Research receives further information. A rating is typically put on hold for a period of 2 days to 4 weeks.
Withdrawn – The rating is no longer applicable. Significant issues have arisen, and investors should avoid or redeem units in the fund.  
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