Monash Absolute Investment Fund

2 Aug 2013 - Australian Fund Monitors

The Monash Absolute Investment Fund was up 5.6% after fees in July, bringing the 12 month return to 23.4%.

Intelligent Investor Value Fund

1 Aug 2013 - Australian Fund Monitors

The Intelligent Investor Value Fund returned -0.69% over June and 36.89% over the financial year.

1 Aug 2013 - Intelligent Investor Value Fund

By: Australian Fund Monitors

Report Date	31 July 2013
Manager	Intelligent Investor
Fund Name	Intelligent Investor Value Fund
Strategy	Equity Long
Latest Return Date	June 2013
Latest Return	-0.69%
Latest 6 Months	19.90%
Latest 12 Months	36.89%
Latest 24 Months	47.49%
Annualised Since Inception	11.33%
Inception Date	17 October 2009
FUM (millions)	AU$31.8
Fund Overview	Intelligent Investor Funds Management places no emphasis on predicting short-term price movements or the direction of markets. The focus is on valuing securities and attempting to buy them for substantially less than their underlying value. The Intelligent Investor approach is to be patient, selective and only invest in opportunities where the gap between its estimate of value and the current security price is significant enough to compensate for the large degree of uncertainty inherent in valuing any security.
Manager Comments	The Intelligent Investor Value Fund returned -0.69% over June and 36.89% over the financial year. The Fund has an annualised return of 11.3% pa since inception (31 October 2009), more than double the 5.1% pa return of the All Ordinaries Index. The most significant contributors to performance were Vision Eye Institute, GBST and QBE while Astro Japan and UXC detracted from performance. The Manager notes that there are more stocks that usual in the Value Fund currently. The Fund has been buying small amounts of a number of mining and mining services business as the investment market for these stocks has capitulated, particularly in the last few weeks of June. Liquidity has been a problem once the Fund started buying share prices have often quickly moved against it and the Fund has no intention of establishing large positions in any of these stocks. But with some trading at significant discounts to net cash or huge discounts to net tangible assets and, in one particular example, less than 1.5 times earnings, the Manager's view is that a basket of them could perform well even if the worst China fears are realised. The number of holdings should remain under 20, but the Fund could end up with quite a few stocks in this space.
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Fund Review: BlackRock Australian Equity Market Neutral Fund

31 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for the BlackRock Australian Equity Market Neutral Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Fund Review: Aurora Fortitude Absolute Return Fund

30 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Aurora Fortitude Absolute Return Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Fund Review: Morphic Global Opportunities Fund

29 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Morphic Global Opportunities Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

BlackRock Multi Opportunity Fund

29 Jul 2013 - Australian Fund Monitors

The BlackRock Multi Opportunity Fund recorded a return of 0.10% during June 2013 and an annual return of 9.02%.

29 Jul 2013 - BlackRock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	25 July 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	June 2013
Latest Return	0.10%
Latest 6 Months	3.70%
Latest 12 Months	9.02%
Latest 24 Months	24.79%
Annualised Since Inception	8.91%
Inception Date	30 July 2004
FUM (millions)	AU$596.7
Fund Overview	The BlackRock Multi Opportunity Fund (the Fund) is a multi-strategy fund that seeks to benefit from BlackRock's ability to systematically exploit inefficiencies across a broad range of global investment markets. The Fund harnesses BlackRock's best research ideas that are based on sound economic principles which are implemented via a systematic investment process and combined into one investment vehicle. The Fund gains exposure to a diversified group of absolute return strategies which currently include: - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period.
Manager Comments	The BlackRock Multi Opportunity Fund recorded a return of 0.10% during June 2013 and an annual return of 9.02%. The Fund is notable for it's low risk risk attributes with a sixty month Sharpe ratio of 1.02, annualised standard deviation of 4.45% and Sortino Ratio of 1.24. The Multi Opportunity Fund delivered positive alpha performance in the second quarter despite volatile market conditions. The Fixed Income Global Alpha, International Alpha Transport, European Equity Long/Short and Australian Equity Long/Short strategies added value. Global equity long/short and Global Macro strategies detracted. The fund returned 2.32% for the quarter versus the RBA cash benchmark return of 0.71%, delivering an excess return of 1.61%. Year to date, the Fund has returned 3.74% of alpha.
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Fund Review: Insync Global Titans Fund

26 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

BlackRock Australian Equity Market Neutral Fund

25 Jul 2013 - Australian Fund Monitors

The BlackRock Australian Equity Market Neutral Fund returned 1.15% during June and bringing it's since inception (August 2001) return to 12.14% pa.

25 Jul 2013 - BlackRock Australian Equity Market Neutral Fund

By: Australian Fund Monitors

Report Date	23 July 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Australian Equity Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2013
Latest Return	1.15%
Latest 6 Months	0.76%
Latest 12 Months	4.24%
Latest 24 Months	22.57%
Annualised Since Inception	12.14%
Inception Date	31 August 2001
FUM (millions)	AU$631
Fund Overview	The BlackRock Australian Equity Market Neutral Fund aims to deliver returns that are 8% per annum above those of the RBA Cash Rate Target before fees, over rolling 3 year periods. The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks.
Manager Comments	The BlackRock Australian Equity Market Neutral Fund returned 1.15% during June and it's since inception (August 2001) return to 12.14% pa. The portfolio benefited from the declines in resource stocks over the quarter, with shorts in small cap base metal and gold miners adding value in April and June. The sell down of yield stocks did not have a significant direct effect on portfolio performance, although the associated outperformance of other industrials and USD earners was a negative for the portfolio. Positive stock selection amongst healthcare and retail stocks was a significant positive contributor to the quarter's performance.
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Pengana Asia Special Events (Onshore) Fund

24 Jul 2013 - Australian Fund Monitors

The Pengana Asia Special Events(Onshore)Fund recorded -0.92% during June bringing its twelve month return to 10.65%.

24 Jul 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	23 July 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	June 2013
Latest Return	-0.92%
Latest 6 Months	5.35%
Latest 12 Months	10.65%
Latest 24 Months	13.76%
Annualised Since Inception	11.94%
Inception Date	01 September 2010
FUM (millions)	AU$32.1
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	The Pengana Asia Special Events(Onshore)Fund recorded -0.92% during June bringing its 12 month return to 10.65%, outperforming both the RBA Cash Rate and the HFR Event Driven Index. Paramount to achieving this goal was the Fund's stringent risk management overlay and the Alpha-/Event opportunities that the Fund was exploiting despite volatile market conditions. In April, a fall in commodity prices, led by the unexpected collapse of gold prices, resulted in significant volatility in the resource stocks during the month. None of the risk arbitrage spreads the Fund was involved in, were affected by the unprecedented collapse of gold prices. In May and June, volatility across all asset classes spiked and equity markets reacted negatively to digest expected tapering of quantitative easing in the US, slowing growth in China and resulting flight of capital from emerging markets. The Fund's negative performance in June can be primarily attributed to our gross exposure allocation within capital management and earnings surprises sub-strategies which have a relatively higher volatility profile during market dislocations. The Fund also observed temporary dislocation of certain M&A spreads which we expect to self-correct in the coming months as the transactions near completion. Tactically, the Fund used the market dislocation to align the portfolio towards ideas which have extremely low downside potential, while eliminating positions which have a "softer" event profile. The Fund maintained a healthy average gross exposure of 167%, which reflects the vast opportunity set across Asian Events, whilst keeping a very low net exposure (market risk) averaging 10.3%.
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Aurora Fortitude Absolute Return Fund

23 Jul 2013 - Australian Fund Monitors

The Aurora Fortitude Absolute Return Fund returned 0.46% during June and has had only two negative months over the last year.

23 Jul 2013 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	21 July 2013
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2013
Latest Return	0.46%
Latest 6 Months	4.01%
Latest 12 Months	5.71%
Latest 24 Months	11.97%
Annualised Since Inception	8.23%
Inception Date	15 February 2005
FUM (millions)	AU$105
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	The Aurora Fortitude Absolute Return Fund returned 0.46% during June for a full year return of 5.70%. The Fund's risk profile is notable with an annualised standard deviation of 2.81% pa as compared to the benchmark S&P/ASX 200 Acc with 14.42% pa. The since inception (May 2005) Sharpe ratio of 1.16 and Sortino of 2.35 are also high compared to the equity benchmark ratios of 0.16 and 0.12 respectively. As expected in this type of environment the Fund's Option portfolio was a significant contributor (+0.20%). ASX Limited's renounceable rights issue provided some profitable trading opportunities. The Fund actively traded the de-merger of News Corporation into New Newscorp and Twenty‐First Century Fox and expects to continue to generate positive returns. The Convergence strategy (+0.30%) also benefited from an improvement in the relative value of Wesfarmers Partly Protected Shares over Wesfarmers Ordinary Shares. This position remains the Fund's largest exposure.
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2 Aug 2013 - Monash Absolute Investment Fund

1 Aug 2013 - Intelligent Investor Value Fund

31 Jul 2013 - Fund Review: BlackRock Australian Equity Market Neutral Fund

30 Jul 2013 - Fund Review: Aurora Fortitude Absolute Return Fund

29 Jul 2013 - Fund Review: Morphic Global Opportunities Fund

29 Jul 2013 - BlackRock Multi Opportunity Fund

26 Jul 2013 - Fund Review: Insync Global Titans Fund

25 Jul 2013 - BlackRock Australian Equity Market Neutral Fund

24 Jul 2013 - Pengana Asia Special Events (Onshore) Fund

23 Jul 2013 - Aurora Fortitude Absolute Return Fund

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