Attached is our most recently updated Fund Review on the Insync Global Titans Fund.  

We would like to highlight the following aspects of the Fund:

• The Global Titans Fund invests in a concentrated portfolio of 15-25 stocks, targeting exceptional, large cap global companies with a strong focus on dividend growth and downside protection.
• Portfolio selection is driven by a core strategy of investing in companies with sustainable growth in dividends, high returns on capital, positive free cash flows and strong balance sheets.
• Emphasis on limiting downside risk through extensive company research, the ability to hold cash and long protective index put options.
• Strong track record of above MSCI ($A) benchmark performance with limited drawdowns and excellent risk statistics.The Sharpe and Sortino ratio are well above those of the ASX with downside deviation approximately one-half of the same Index since inception. The Fund has a record of 63% positive months and a downside capture ratio of -0.42 over the same time frame.

Sean Webster

Research and Database Manager
Australian Fund Monitors

Attached is our most recently updated Fund Review on the BlackRock Australian Equity Market Neutral Fund.

We would like to highlight the following aspects of the Fund:

• BlackRock is the world's largest fund management group. Since being established in 1988 it has grown organically and by acquisition to manage US$3.93 trillion as of March 2013.

• Operations cover 27 countries including Australia (where BlackRock has A$48.6 billion in FUM - March 2013) managing a broad range of strategies across a variety of asset classes.

• The BlackRock Australian Equity Market Neutral Fund is managed by a 12 person Sydney based investment team following a systematic global research process investing in ASX listed stocks.

• The Fund's portfolio generally consists of approx. 180 stocks in equally weighted long and short portfolios to maximise potential returns while minimising market volatility.

Sean Webster

Research and Database Manager
Australian Fund Monitors

• ASX listed Aurora Funds Limited established on the merger of three existing fund management businesses, managing approx. $480m on behalf  of more than 2,500 retail and wholesale investors.
• The Aurora Fortitude Absolute Return Fund  (AFARF) has a 8 year track record investing in ASX listed equities. CIO John Corr has over 20 years financial market experience with a strong focus on risk.
• A Market Neutral overlay is used across a multi strategy approach which allows for flexible asset allocation to maximise returns and minimise risk under a variety of market conditions and cycles.
• Strong use of low risk "long" derivatives and option overlays has provided positive returns with low volatility during periods of market dislocation.
• Over 87% of monthly performances have been positive, with no losing months in 2008 and a largest drawdown of -2.09%.

Attached is our most recently updated Fund Review on the Morphic Global Opportunities Fund.  

We would like to highlight the following aspects of the Fund:

• The Morphic Global Opportunities Fund is an early stage, boutique, Sydney-based fund established in 2012 with experienced CIO's, and an investment team of 6 including a risk manager.
• The Board has a majority of independent members with significant risk and investment experience.
• The Fund is a global equity long/short manager with a long bias and a macro-economic overlay. The mandate allows the Fund to short sell, use derivatives and invest in assets such as commodities & currencies.
• Portfolio construction is stock selection agnostic with a bias to valuebased and momentum strategies. Risk management is a primary consideration in portfolio construction.
• Morphic's philosophy is that only funds with flexible hedging strategies will be able to deliver acceptable, steady, real, absolute returns over the investment cycle.

Sean Webster

Research and Database Manager
Australian Fund Monitors