Fund Review: Optimal Australia Absolute Trust

5 Feb 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for December 2013 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.60% and a Sharpe Ratio since inception of 1.73.

Fund Review: BlackRock Australian Equity Market Neutral Fund

4 Feb 2014 - Australian Fund Monitors

BlackRock Australian Equity Market Neutral Fund returned -0.01% in December bringing its since inception (Oct 2001) return to 11.77% pa (Index 8.62% pa) with a volatility of 5.63% p.a (Index 13.10% p.a.).

Pengana Asia Special Events (Onshore) Fund

4 Feb 2014 - Australian Fund Monitors

Pengana Asia Special Events (Onshore) Fund returned 1.22% over December and 11.55% for the previous twelve months. The Fund's strategy has seen a very volatility of 2.31% as compared to 11.43% (S&P/ASX 200 Acc) for CY2013.

4 Feb 2014 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	03 February 2014
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	December 2013
Latest Return	1.22%
Latest 6 Months	5.89%
Latest 12 Months	11.55%
Latest 24 Months	16.24%
Annualised Since Inception	11.96%
Inception Date	01 September 2010
FUM (millions)	AU$45.2
Fund Overview	The Pengana Asia Special Events (Onshore) Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10%
Manager Comments	Pengana Asia Special Events (Onshore) Fund returned 1.22% over December and 11.55% for the previous twelve months. The Fund's strategy has seen very volatility of 2.31% as compared to 11.43% (S&P/ASX 200 Acc) for CY2013. Since inception has recorded beta of -0.03 and a correlation of -0.1 using the FTSE-Asia Pacific Total Return Index since inception. Over the quarter Capital Management and M&A strategies made significant contributions to the positive performance, with considerable gains made from positions in Australia, Japan and Thailand. The Fund maintained an average gross exposure of 169%, reflecting the strong opportunity set across Asian corporate events, whilst keeping an average net exposure of 12.5%.
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Fund Review: Morphic Global Opportunities Fund

3 Feb 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 3.85% in December and 42.49% for the previous twelve months with a volatility of 9.10% p.a.

Allard Investment Fund

31 Jan 2014 - Australian Fund Monitors

Allard Investment Fund had a flat December and returned 11.64% for the previous twelve months with a low standard deviation of 6.99%, in line with its conservative investment philosophy.

31 Jan 2014 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	30 January 2014
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	December 2013
Latest Return	0.00%
Latest 6 Months	3.00%
Latest 12 Months	11.64%
Latest 24 Months	26.84%
Annualised Since Inception	8.88%
Inception Date	01 July 2003
FUM (millions)	AU$121
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	Allard Investment Fund had a flat December and returned 11.64% for the previous twelve months with a low standard deviation of 6.99%, in line with its conservative investment philosophy. Notable over the last twelve was the Fund's up capture ratio at 0.12 while the down capture ratio was -0.72. The Fund's Australian dollar performance this month was aided by the A$ depreciating 2.1% against the US dollar. At the end of December the asset breakdown of the portfolio stood at 74.8% invested in equities and 25.2% held in cash and fixed income. By geography the Fund's largest holdings were in HK/China 35.7%, Singapore 13.7% and Korea 9.7%. By sector, the largest holdings were in Financial Services 17.2%, Conglomerates 12.6% and Telco's at 9.5%. The top five holdings amounted to 42.3% of the portfolio.
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Fund Review: Insync Global Titans Fund

30 Jan 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for December 2013 shows the Fund delivering an annualised return of 11.41% and annualised standard deviation of 8.50% (since inception in October 2009) with sound risk-reward statistics.

Pengana Australian Equities Market Neutral Fund

29 Jan 2014 - Australian Fund Monitors

Pengana Australian Equities Market Neutral Fund returned 3.6% during December and 19.11% for the year to December 2013, a sound performance given it's correlation of -0.03 and neutral market exposure.

29 Jan 2014 - Pengana Australian Equities Market Neutral Fund

By: Australian Fund Monitors

Report Date	28 January 2014
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2013
Latest Return	3.60%
Latest 6 Months	6.56%
Latest 12 Months	19.11%
Latest 24 Months	12.08%
Annualised Since Inception	9.62%
Inception Date	09 September 2008
FUM (millions)	AU$20.9
Fund Overview	The Pengana Australian Equities Market Neutral Fund aims to provide a net annualised return of 5-10% over cash, with a risk target of 8-10%. The Fund holds equal weights in long and short positions listed on the ASX with a majority of the stocks included in the S&P/ASX 300 Index. The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be 'Market Neutral' i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments.
Manager Comments	Pengana Australian Equities Market Neutral Fund returned 3.6% during December and 19.11% for the year to December 2013, a sound performance given it's correlation of -0.03 and neutral market exposure. The Australian Share Market had a volatile fourth quarter finishing up 3.4% however it lagged global indices as multiple IPO's and equity raisings weighed on the market. The quarter was dominated by the possible tapering of QE, but the local AGM season and quarterly updates brought mixed news. The Banks, Telco's, Health Care and the Materials sectors were the main drivers of the market as investors sought yield and growth. Against the fall over the quarter, risk appetite increased in December with the market once again shifting its focus towards smaller cap, higher risk cyclical stocks. This also occurred in the third quarter where we saw an increase in risk appetite at month end.
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Auscap Long Short Australian Equities Fund

28 Jan 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund delivered 2.57% during December and, taking full advantage of buoyant equity markets, returned 51.86% for the year.

28 Jan 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	23 January 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	December 2013
Latest Return	2.57%
Latest 6 Months	28.57%
Latest 12 Months	51.86%
Latest 24 Months
Annualised Since Inception	48.89%
Inception Date	01 December 2012
FUM (millions)	AU$10
Fund Overview	The Auscap Long Short Australian Equities Fund aims to generate strong absolute returns in excess of the RBA Cash Rate, with low correlation to equity markets. The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short.
Manager Comments	Auscap Long Short Australian Equities Fund delivered 2.57% during December and, taking full advantage of buoyant equity markets, returned 51.86% for the year. Average net exposure over the month was +119.4%, with gross longs at 145.6% and gross shorts at 26.2%. At month end the Fund had 30 long positions and 5 short positions. The Fund's biggest exposures at month end were in the consumer discretionary, financials and telecommunications sectors. The Manager notes that '...the Christmas Grinch almost stole the traditional December rally for 2013. Despite a large negative move at the start of the month, the All Ordinaries Accumulation Index managed to finish up 0.92%. The 4.6% fall in the first couple of weeks created a buying opportunity, particularly in strong, defensive businesses where declining share prices appeared to reflect an unwind of the \'carry trade\' in the Australian market rather than any change in the underlying fundamentals of the companies.'
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Fund Review: Bennelong Long Short Equity Fund

28 Jan 2014 - Australian Fund Monitors

The Bennelong Long Short Equity Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large cap stocks from the ASX/S&P100 Index, with a ten year track record and annualised net returns of over 20%.

Intelligent Investor Value Fund

24 Jan 2014 - Australian Fund Monitors

Intelligent Investor Value Fund returned 0.38% during December and 44.21% over the last twelve months with a set of very strong risk statistics, notably a Sharpe ratio of 3.36.

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5 Feb 2014 - Fund Review: Optimal Australia Absolute Trust

4 Feb 2014 - Fund Review: BlackRock Australian Equity Market Neutral Fund

4 Feb 2014 - Pengana Asia Special Events (Onshore) Fund

3 Feb 2014 - Fund Review: Morphic Global Opportunities Fund

31 Jan 2014 - Allard Investment Fund

30 Jan 2014 - Fund Review: Insync Global Titans Fund

29 Jan 2014 - Pengana Australian Equities Market Neutral Fund

28 Jan 2014 - Auscap Long Short Australian Equities Fund

28 Jan 2014 - Fund Review: Bennelong Long Short Equity Fund

24 Jan 2014 - Intelligent Investor Value Fund

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