Nanuk Global Alpha Fund

14 Jul 2014 - Australian Fund Monitors

Nanuk Global Alpha Fund returned 1.16% during June, a strong turnaround from May with 12 month performance coming in at 14.83%.

14 Jul 2014 - Nanuk Global Alpha Fund

By: Australian Fund Monitors

Report Date	11 July 2014
Manager	Nanuk Asset Management Pty Ltd
Fund Name	Nanuk Global Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	1.16%
Latest 6 Months	-0.86%
Latest 12 Months	14.83%
Latest 24 Months	31.10%
Annualised Since Inception	5.47%
Inception Date	01 June 2011
FUM (millions)	US$40.2
Fund Overview	Nanuk's strategy is based on increased economic development, the limitations of conventional energy sources and proliferating energy security issues that are leading to long-term structural shifts in the way energy is generated, managed and consumed. Similar pressures are causing changing landscapes for food, water and environmental management. These developments present a range of innovative and compelling investment opportunities. In 2013 Nanuk started to expand the focus of the fund away from just energy and include other industries related to the overarching theme of environmental sustainability, specifically water, waste, recycling, pollution control and agriculture. Nanuk is now investing across a universe in excess of 600 stocks and an aggregate market capitalisation over US$2 trillion. This was a logical move because, while the industries themselves are different, their characteristics and long term drivers are very similar. Nanuk has identified a large, diverse global universe of companies positively exposed to these shifts. Nanuk combines deep fundamental research into these companies with detailed analysis of technological development, policy direction and related economics within each of the relevant sectors to identify profitable trends and opportunities suitable for inclusion in the Fund. Nanuk's principal strategy is to invest, long and short, in securities that are mis-priced on an absolute or relative basis. The Fund aims to achieve long term capital appreciation while reducing volatility of returns and risk of capital loss through appropriate hedging and risk management strategies.
Manager Comments	Nanuk Global Alpha Fund returned 1.16% during June, a strong turnaround from May, with 12 month performance coming in at 14.83%. The Fund reported profits coming primarily from long positions in solar and LED stocks which continued to recover from a period of under-performance earlier in the year. At the end of June the Fund's five largest long positions were a Chinese battery manufacturer, a Taiwanese LED chip manufacturer, a Chinese solar cell and module manufacturer and two European lighting equipment business. The fund's five largest short positions included a European wind turbine manufacturer, a US meter manufacturer, a European insulation manufacturer, a European enzyme manufacturer and US electricity utility.
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Morphic Global Opportunities Fund

11 Jul 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 1.07% during June, ahead of the global equity index at 0.46%, and with financial year performance of 20.81%.

11 Jul 2014 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	10 July 2014
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	1.07%
Latest 6 Months	0.60%
Latest 12 Months	20.81%
Latest 24 Months
Annualised Since Inception	27.09%
Inception Date	02 August 2012
FUM (millions)	AU$50
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	Morphic Global Opportunities Fund 1.07% during June, ahead of the global equity index at 0.46% and with financial year performance of 20.81%. At month-end Fund gross exposure was 132%, net exposure 101% and a VaR of 1.05% (95th percentile with a 1 day holding period using a 1 year look back). The best performing Indian stocks held by the fund were Rural Electrification Corp and Canara Bank. The tactic of writing out of the money calls over a portion of the Fund's positions has been maintained, so as to generate income from the high implied volatility, while still leaving substantial room to participate in the slower share price rises expected from here as the market calms down. Other stock gains came from idiosyncratic stock performance. Japanese printer manufacturer, Seiko Epson, in which the Fund has been building a position, rallied 9.7% after presentations to analysts saw a string of earnings estimate upgrades. Semperit, an Austrian industrial rubber products producer, rose 8.7% after announcing a capacity expansion to take advantage of higher margins. The Fund remains fully invested, with similar levels of low regional biases and a focus on stock specific ideas. The Australian dollar's rally has continued, dampening absolute returns, with the Fund's partial hedge providing some offset.
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Monash Absolute Investment Fund

10 Jul 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned -1.01% during June and 23.00% for the financial year.

10 Jul 2014 - Monash Absolute Investment Fund

By: Australian Fund Monitors

Report Date	09 July 2014
Manager	Monash Investors Pty Limited
Fund Name	Monash Absolute Investment Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	-1.01%
Latest 6 Months	5.33%
Latest 12 Months	23.00%
Latest 24 Months	45.81%
Annualised Since Inception	20.75%
Inception Date	30 May 2012
FUM (millions)	AU$45
Fund Overview	The Monash Absolute Investment Fund is a long/short equity fund, with a home bias to investing in Australia. It invests in shares as a source of specific opportunity, not to go up and down with the market. The fund seeks to identify opportunities in the share market to make positive returns (long and short) irrespective of market conditions. It is style agnostic, as compelling investment opportunities exist across all investment styles from time to time. The Fund places a high priority on capital preservation, and has an absolute return focus in accepting market risk. The Manager's experience across value, growth and discounted cash flow styles allows them to use a comprehensive approach to investment decisions that applies all three. They also have the patience to seek out only compelling opportunities, rather than settling for relative value. The portfolio is somewhat concentrated, looking to diversify across industries and themes, rather than by trying to stay near an index. The portfolio may at times have a large amount of cash or other protection. However once investments are made turnover may be relatively high in order to lock in gains and avoid losses.
Manager Comments	Monash Absolute Investment Fund returned -1.01% during June and 23.00% (Index 17.43%) for the financial year. Volatility was slightly higher that the Index at 9.34% as compared to 8.56%. The Sharpe ratio was sound at 2.02. At month-end the Fund had a gross exposure of 87%, net exposure of 78% and a VaR of 1.1%. In May the fund was down -1.0% after fees against the backdrop of an even weaker Australian equity market. The portfolio was helped by its property and financials related investments and hurt by its technology and early stage product launch investments. In contrast to the previous month there was a lack of news flow and stocks generally drifted. Our net exposure increased somewhat this month as we have begun to add positions ahead of the upcoming results season.
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The Paragon Fund

8 Jul 2014 - Australian Fund Monitors

In a difficult month for the ASX The Paragon Fund returned a very sound 4.9% bringing 12 month performance to 30.0%.

8 Jul 2014 - The Paragon Fund

By: Australian Fund Monitors

Report Date	07 July 2014
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	4.90%
Latest 6 Months	10.66%
Latest 12 Months	30.03%
Latest 24 Months
Annualised Since Inception	22.67%
Inception Date	28 February 2013
FUM (millions)	AU$12.6
Fund Overview	Australian long-short equities absolute return fund, focusing on core competencies in the resource and industrial sectors. The Fund deploys a high conviction, long bias strategy, focusing on proprietary, fact based research. Capital preservation is a key objective of the Fund. Paragon accepts that markets are not always efficient in pricing information into securities and that no one investment style works in every stage of the investment cycle. Subsequently Paragon adopts a top down thematic led approach to identify companies exhibiting sustainable or improving returns on capital driven by volume growth, pricing power and competitive advantages. Paragon utilises both quantitative analysis to provide probability weighted high/low/base case valuations and qualitative analysis in assessing management, the business model and likely direction of returns. Paragon will allocate assets to each investment opportunity based on a risk/reward profile. Positions have defined investment parameters and risk limits, which are then monitored on an ongoing basis.
Manager Comments	In a difficult month for the ASX The Paragon Fund returned a very sound 4.9% bringing 12 month performance to 30.0% (ASX 200 Acc Index 17.43%). The out-performance was achieved with little extra volatility (9.11% as compared to 8.56%) and a Sharpe ratio of 2.69 (Index 1.64%). The Up and Down Capture ratios were sound at 0.89 and -1.16 respectively. The Fund was 80.9% long and 16.9% short for a net position of 64% at month-end with 24 long positions and 9 short positions. Key drivers of the Paragon Fund performance for June included strong returns from our investment in Liquefied Natural Gas and emerging graphite company Triton Minerals.
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Optimal Australia Absolute Trust

7 Jul 2014 - Australian Fund Monitors

Optimal Australia's Absolute Trust returned +0.63% in June against the ASX200 which fell -1.5% with the fund's low concentration and risk controls mitigating losses on long positions, while shorts significantly outperformed.

7 Jul 2014 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	07 July 2014
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	June 2014
Latest Return	0.63%
Latest 6 Months	4.34%
Latest 12 Months	5.66%
Latest 24 Months	7.61%
Annualised Since Inception	10.26%
Inception Date	15 September 2008
FUM (millions)	AU$120
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns.
Manager Comments	Optimal Australia's Absolute Trust returned +0.63% in June against the ASX200 which fell -1.5% for an out-performance of +2.43%, with the fund's low concentration and risk controls mitigating losses on long positions, while shorts significantly outperformed. Commenting on the market's negative performance in June, Optimal noted that had it not been for two single day jags of 1.6 and 1.2% respectively the overall market result for the month of June would have been considerably uglier. Optimal has previously noted the warning signs in markets, and believes they are growing rather than diminishing, citing in particular the IPO frenzy, increased M&A activity, and especially recent activity in the credit markets. Optimal sees further evidence of a collapse in sentiment first apparent around the time of the Federal Budget in May leading to more cautious consumers, and companies not investing or hiring. Meanwhile the government is retrenching and cutting expenditure, while the high A$ has further impacted competitiveness and growth. Overall, Optimal feel that a positive outcome on current growth drivers, (and on geopolitical risk) is priced into equity valuations; and a worse outcome, especially coupled with any resumption of inflationary pressure and interest rate normalisation, is very much not.
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Bennelong Alpha 200 Fund

7 Jul 2014 - Australian Fund Monitors

Bennelong Alpha 200 Fund returned 0.32% in a weak market (ASX 200 Accum - 1.50%).

7 Jul 2014 - Bennelong Alpha 200 Fund

By: Australian Fund Monitors

Report Date	03 July 2014
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Alpha 200 Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2014
Latest Return	0.32%
Latest 6 Months	3.12%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	6.34%
Inception Date	02 December 2013
FUM (millions)	AU$11
Fund Overview	The Fund aims to achieve consistent absolute returns regardless of market conditions by applying fundamental research to identify pairs of securities that are over and undervalued. The investment strategy seeks to limit the portfolio exposure to market risk by utilising a dollar neutral long/short strategy with the tactical capability to take long or short net exposure up to 20% of gross assets. Excess returns are generated by 'bottom up' fundamental company research. The core investment strategy of the Fund consists of the active selection of a series of paired long/short investments in Australian listed equities based upon the Investment Manager's fundamental research. The strategy seeks to capture stock Alpha whilst limiting portfolio exposure to market risk by adopting a dollar neutral portfolio market exposure position with the tactical capability to take net exposure of up to +/- 20% of gross assets. Stock selection is based on fundamental analysis to derive a view of a pair of individual stocks. The Investment Manager is style neutral in determining the stock's positioning. This primary 'pairs' strategy may be enhanced by other complementary strategies, including event driven, security and takeover arbitrage, thematic and momentum trading. The paired stock positions comprise long and short correlated securities that are in most cases simultaneously opened. A portfolio of approximately 30-100 stocks will be selected and actively managed in 15-50 pairs to comprise the core minimum (60%) of the Gross Asset Value. Up to a maximum of 40% of the portfolio's Gross Asset Value may be invested in uncorrelated securities and/or uncovered (long and/or short) positions. These 'satellite' positions are intended to enhance returns and to balance overall portfolio risk. In this regard, the Investment Manager recognises that it is not always possible to achieve a suitable paired proﬁle within the S&P/ASX 200, and that a high conviction long or short stock idea might not always have a suitable pair.
Manager Comments	Bennelong Alpha 200 Fund returned 0.32% in a weak market (ASX 200 Accum - 1.50%). At month-end the Fund was 50.9% long and 49.1% short with month-end leverage of 2.6 times. The fund produced a slightly positive return for the month with the short portfolio generating a positive return in a weak equity market, just compensating for the negative contribution from our long portfolio. At a sector level, Industrials (primarily the Long Austal / Short Spotless pair) and Media made the largest positive contribution. The fund experienced both a positive and a negative impact from the weak consumer environment but overall Retail and Travel made the largest negative sector contributions. Three of our consumer exposed long positions and one our shorts had downgrades to their profit outlook during the month.
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Microequities Deep Value Microcap Fund

4 Jul 2014 - Australian Fund Monitors

In the first negative month on the ASX since January the Microequities Deep Value Fund returned 1.39% and 31.53% for the year.

4 Jul 2014 - Microequities Deep Value Microcap Fund

By: Australian Fund Monitors

Report Date	03 July 2014
Manager	Microequities
Fund Name	Microequities Deep Value Microcap Fund
Strategy	Equity Long
Latest Return Date	June 2014
Latest Return	1.39%
Latest 6 Months	9.48%
Latest 12 Months	31.53%
Latest 24 Months	80.55%
Annualised Since Inception	29.63%
Inception Date	06 March 2009
FUM (millions)	AU$45.7
Fund Overview	The Microequities Deep Value Microcap Fund, launched in March 2009, is an open-ended unregistered Managed Investment Scheme designed for the Australian wholesale market. The objective of the Fund is to identify undervalued Microcap companies, invest in them and, through a medium to long term commitment, attempt to deliver superior investment returns. The Fund invests primarily in ASX listed Microcap companies, which at the time of initial investment are generally below a market capitalisation of A$250 million. The Fund may also invest in companies with a higher market capitalisation, but these will be limited to no more than 20% of the assets of the Fund. At times the Fund may invest in pre-IPO securities that are due to be listed on the ASX within 3-6 months, and have lodged a prospectus with ASIC. These investments will also be limited to no more than 10% of the assets of the Fund. The Fund will be limited to investing no more than 20% of the Fund's assets in any one security or company. The Fund will make investments with a medium to long term time horizon of between 3-5+ years. The Fund will not speculate in derivatives. It will be permitted to hold other securities that are directly associated with a particular investment such as options granted with a specific company issue etc. The Fund will not engage in short selling or stock lending. The Fund will not hold financial debt of any kind.
Manager Comments	In the first negative month on the ASX since January the Microequities Deep Value Fund returned 1.39% (Index -1.5%) and 31.53% (Index 17.43%) for the year. Since inception in March 2009 the Fund has returned 29.63%, double the ASX 200 return of 14.32% with a slightly higher volatility of 14.97% as compared to the Index volatility of 12.59%. Investors have been rewarded for the higher volatility with a Sharpe ratio of 1.59 and a Sortino ratio of 3.69. Index comparatives statistics are 0.84 and 1.27. Domestically the month has seen a stabilisation in consumer confidence following a post-budget fall. Despite the negative bent in media reporting, the Australian consumer has plenty of good reasons to open their wallets. The labor market is relatively stable, interest rates are near all time lows, property and equity markets have risen, increasing household wealth. On the liabilities side, the GFC saw households take a defensive mindset and reduce their gearing levels. There exists significant pent up demand within Australian households.
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Fund Review: Bennelong Long Short Fund AFM Fund Review May 2014

3 Jul 2014 - Australian Fund Monitors

Bennelong's Long/Short Equity Fund returned -0.80% in May 2014, a difficult market both globally and in Australia, with a twelve month return of 4.81% (ASX 200 Acc 16.45%).

Fund Review: Optimal Australia Absolute Trust May 2014

2 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for May 2014 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.49% (Index 14.85%)and a Sharpe Ratio since inception of 1.78.

Fund Review: Insync Global Titans Fund May 2014

2 Jul 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for May 2014 shows the Fund delivering an annualised return of 10.14% and standard deviation of 8.43% (since inception in October 2009) with sound risk-reward statistics.

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14 Jul 2014 - Nanuk Global Alpha Fund

11 Jul 2014 - Morphic Global Opportunities Fund

10 Jul 2014 - Monash Absolute Investment Fund

8 Jul 2014 - The Paragon Fund

7 Jul 2014 - Optimal Australia Absolute Trust

7 Jul 2014 - Bennelong Alpha 200 Fund

4 Jul 2014 - Microequities Deep Value Microcap Fund

3 Jul 2014 - Fund Review: Bennelong Long Short Fund AFM Fund Review May 2014

2 Jul 2014 - Fund Review: Optimal Australia Absolute Trust May 2014

2 Jul 2014 - Fund Review: Insync Global Titans Fund May 2014

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