March absolute return and hedge fund review

1 Apr 2010 - Australian Fund Monitors

Australian Hedge Funds produced positive returns in February, but for many managers it was a tough month.

24 Mar 2010 - Performance Report: Prodigal Absolute Cayman Fund

By: Australian Fund Monitors

Report Date	23 March 2010
Manager	Prodigal
Fund Name	Prodigal Absolute Cayman Fund
Strategy	Multi Strategy
Latest Return Date	February 2010
Latest Return	2.57%
Latest 6 Months	14.06%
Latest 12 Months	54.84%
Latest 24 Months	36.62%
Annualised Since Inception	14.46%
Inception Date	01 June 2007
FUM (millions)	US$42
Fund Overview	Prodigal Absolute Return is an equity multi-strategy absolute return fund. It targets absolute returns, rather than those linked to any particular benchmark portfolio. Returns are generated through investment in assets or combinations of assets expected to earn a return in excess of the cost of funds and the additional risk taken. The portfolio is invested in a number of strategies, focusing on distinct opportunities in the market. Prodigal is seeking to expand the range of strategies through which it can identify opportunities that meet its investment criteria. The current strategies are: statistical trading, convertible arbitrage, risk arbitrage (including capital structure arbitrage). The strategic allocation across the three strategies is an equal weighting, in order to maintain a well diversified portfolio across all market cycles.
Manager Comments	The +2.57% return achieved by Prodigal's Absolute Cayman Fund in February takes its return for 2010 so far to +6.64%. Most of February's result came from the fund's Model Trading activities with returns diversified across pairs and countries, once again benefitting from mean reversion from the wide spread levels seen towards the end of 2009. Risk Arbitrage also made a positive contribution to the result and spreads in the strategy continue to be attractive. The manager added new deals in the month including acquisitions involving companies listed in Hong Kong, Singapore, Malaysia and Australia. The fund's Convertible Arbitrage portfolio did not generate significant returns in February and the manager has selectively reduced their holdings in this area.
More Information	» View detailed profile of this fund

Performance Report: Antares Lodestar Absolute Return Trust

16 Mar 2010 - Australian Fund Monitors

Rep
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16 Mar 2010 - Performance Report: Antares Lodestar Absolute Return Trust

By: Australian Fund Monitors
Report Date 15 March 2010
Manager Antares Managed Investments
Fund Name Antares Lodestar Absolute Return Trust
Strategy Equity Long/Short
Latest Return Date February 2010
Latest Return 1.08%
Latest 6 Months 5.11%
Latest 12 Months 28.94%
Latest 24 Months -2.68%
Annualised Since Inception 1.21%
Inception Date 01 March 2007
FUM (millions) AU$147
Fund Overview The Trust is an absolute return fund. It aims to provide investors with superior absolute returns in both rising and falling Australian equity markets over the medium to long term. Returns are likely to be less volatile than sharemarket indices over the medium term. The Trust aims to outperform the 90 Day Bank Bill rate over rolling five-year periods
Manager Comments Antares' Lodestar Absolute Return trust gained 1.08% in February, underperforing its benchmark, which the manager attributes to the defensive action taken in January being maintained. Given the global risks that were still present, the manager deemed it prudent to continue a conservative stance, reducing the fund's risk profile.

Net market exposure has been reduced to the lower end of its historic range, reflecting the potential risk to capital within current global settings, however exposure to domestic oriented stocks remains largely unchanged.
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Performance Report: Platypus Australian Equity Fund

16 Mar 2010 - Australian Fund Monitors

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16 Mar 2010 - Performance Report: Platypus Australian Equity Fund

By: Australian Fund Monitors
Report Date 15 March 2010
Manager Platypus Asset Management
Fund Name Platypus Australian Equity Fund
Strategy Equity Long
Latest Return Date February 2010
Latest Return 2.90%
Latest 6 Months 7.95%
Latest 12 Months 53.79%
Latest 24 Months -8.56%
Annualised Since Inception 15.38%
Inception Date 01 December 1998
FUM (millions) AU$1805
Fund Overview The investment style is growth with a small-cap bias. Index weightings are largely ignored, which typically creates a high tracking error portfolio. Although its investment philosophy has not changed since inception, the manager has gradually concentrated the portfolio over time. Typically, the portfolio consists of 25 to 35 stocks, with approximately 50% of the investment in relatively large and liquid companies. Investment strategies are undertaken with complete independence and while external resources are utilised as part of the process, investment decisions are generated internally., Areas such as percentage down from cost, weighting percentages, increases relative to time and company downgrades are covered by strict sell guidelines.
Manager Comments The Platypus Australian Equity Fund was up 2.9% in February, outperforming its ASX/S&P300 Accumulation Index benchmark by 0.9%. The manager attributes the outperformance to careful stock selection, having no holdings in the telecommunications sector but benefitting from good returns in the financial and materials sectors.

Total turnover in the month was only 5% which the manager says is low for a company reporting period. The fund finished the month with 9% held in cash.

Platypus believes that earnings are now growing sequentially, and that there is a low probability of the market reversing.
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Performance Report: Herschel Absolute Return Fund

16 Mar 2010 - Australian Fund Monitors

Herschel attributes their Absolute Return Fund's gain of 0.66% in February to stocks including Ten Network, Westpac, BHP Billiton and Seek. On the negative side were Toll Holdings, Chemgenex Pharmaceuticals and Qantas.

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16 Mar 2010 - Performance Report: Herschel Absolute Return Fund

By: Australian Fund Monitors
Report Date 15 March 2010
Manager Herschel Asset Management
Fund Name Herschel Absolute Return Fund
Strategy Equity Long/Short
Latest Return Date February 2010
Latest Return 0.66%
Latest 6 Months 5.12%
Latest 12 Months 24.11%
Latest 24 Months 21.73%
Annualised Since Inception 16.97%
Inception Date 01 May 2006
FUM (millions) AU$35
Fund Overview The Herschel Absolute Return Fund is a long-short Australian equities fund which is expected to average 50% net long through an investment cycle. The objective of the fund is to achieve consistent, double-digit rates of return, with an over-arching philosophy of capital protection. The Fund will usually invest in a portfolio, consisting of both long and short positions, of securities of 15 to 45 companies.
Manager Comments Herschel attributes their Absolute Return Fund's gain of 0.66% in February to stocks including Ten Network, Westpac, BHP Billiton and Seek. On the negative side were Toll Holdings, Chemgenex Pharmaceuticals and Qantas.

Net equity market exposure for the fund, including derivatives, was reduced to 43.4% during the month. This was made up of 66.9% in long positions and 23.5% short.
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Performance Report: Optimal Australia Absolute Trust

10 Mar 2010 - Australian Fund Monitors

Optimal's Australia Absolute Trust Fund was up 0.5% in February which the manager partially attributes to identifying a number of earnings surprises, both positive and negative.

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10 Mar 2010 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors
Report Date 09 March 2010
Manager Optimal Fund Management
Fund Name Optimal Australia Absolute Trust
Strategy Equity Long/Short
Latest Return Date February 2010
Latest Return 0.50%
Latest 6 Months 6.44%
Latest 12 Months 23.25%
Latest 24 Months
Annualised Since Inception 19.76%
Inception Date 15 September 2008
FUM (millions) AU$40
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's Australia Absolute Trust Fund was up 0.5% in February which the manager partially attributes to identifying a number of earnings surprises, both positive and negative.

Optimal's philosophy as a manager is to avoid event risk (particularly with reference to earnings) except where the work necessary to have high convictions in their estimates has been done.

Net equity market exposure for the fund ranged from 15% to 25% during the month as the manager is of the view that market visibility remains low with choppy conditions.
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Performance Report: Prodigal Equity RV Fund

10 Mar 2010 - Australian Fund Monitors

Prodigal's Equity RV fund shone again in February, generating a return of +1.9% for the month after gaining 2.45% in January. The manager attributes the fund's strong performance over the last two months to mean reversion from the wide...

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10 Mar 2010 - Performance Report: Prodigal Equity RV Fund

By: Australian Fund Monitors
Report Date 09 March 2010
Manager Prodigal
Fund Name Prodigal Equity RV Fund
Strategy Equity Long/Short
Latest Return Date January 2010
Latest Return 2.45%
Latest 6 Months 2.27%
Latest 12 Months 12.80%
Latest 24 Months 29.51%
Annualised Since Inception 13.86%
Inception Date 01 January 2008
FUM (millions) US$52
Fund Overview The fund generates profits by capturing the volatility of highly correlated equity pairs that are typically related by a fundamental corporate structure.
Manager Comments Prodigal's Equity RV fund shone again in February, generating a return of +1.9% for the month after gaining 2.45% in January. The manager attributes the fund's strong performance over the last two months to mean reversion from the wide spread levels at the end of 2009.

Geographic exposure of the fund's assets during the month shifted from a heavy weighting in Japan to heavier weightings in Korea and Singapore, while finishing the month in a very low risk position with long exposure totalling less than 50% of capital.
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Performance Report: Austral Equity Fund

8 Mar 2010 - Australian Fund Monitors

The Austral Equity Fund returned +1.28% in a month where volatility in indivudual securities was very high as the market responded to the release of earnings reports and economic outlooks.

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8 Mar 2010 - Performance Report: Austral Equity Fund

By: Australian Fund Monitors
Report Date 07 March 2010
Manager Austral Capital
Fund Name Austral Equity Fund
Strategy Event Driven
Latest Return Date February 2010
Latest Return 1.28%
Latest 6 Months 6.32%
Latest 12 Months 15.61%
Latest 24 Months 22.02%
Annualised Since Inception 13.43%
Inception Date 01 September 1997
FUM (millions) AU$15
Fund Overview Austral Equity Fund invests primarily in the securities of Australian companies that are, or may be, involved in special situations or corporate events. Such events may include equity and hybrid security issues, block trades, mergers and takeovers, de-mergers, reconstructions, recapitalisations and spin-offs. The fund also invests generally in equity, debt and other securities, and opportunistically in the securities of companies undergoing significant changes involving management, shareholders or the underlying business. The fund has the flexibility to invest (both long and short) in a wide range of investment instruments including, but not limited to, all types of equity, debt and hybrid securities, foreign exchange, options, warrants, futures and derivatives.
Manager Comments The Austral Equity Fund returned +1.28% in a month where volatility in indivudual securities was very high as the market responded to the release of earnings reports and economic outlooks. The manager said that while ''stock specific themes took priority over macro factors, sentiment appears quite fragile as evidenced by the near 100 points intra-day index trading range on the 25th of February as media reports about Greece's debt issues unnerved the market''.

During January the fund maintained a long equity bias due to improving corporate fundamentals but also increased its exposure to interest rate securities in order to take advantage of the yield differential over the return earned on the fund's cash holdings.
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Performance Report: Excalibur Absolute Return Fund

25 Feb 2010 - Australian Fund Monitors

Excalibur believes that their Absolute Return Fund is well positioned for the year ahead after achieving a positive result of 0.53% in January.

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25 Feb 2010 - Performance Report: Excalibur Absolute Return Fund

By: Australian Fund Monitors
Report Date 24 February 2010
Manager Excalibur Funds Management
Fund Name Excalibur Absolute Return Fund
Strategy Currency/FX
Latest Return Date January 2010
Latest Return 0.53%
Latest 6 Months -1.57%
Latest 12 Months 0.98%
Latest 24 Months 12.30%
Annualised Since Inception 15.71%
Inception Date 01 July 2006
FUM (millions) US$56
Fund Overview The fund follows a systematic investment process yet takes advantage of the managers' skill and experience to optimise the timing element of the strategy implementation and improve risk control. The fund also has the flexibility to profit from all market conditions. The fund's strategy predominantly involves short term technically driven contrarian signals in the Australian and New Zealand dollar market and their crosses. The strategy has a focus on risk management and capital preservation at all times with particular attention given to the relationship between volatility and leverage.
Manager Comments Excalibur believes that their Absolute Return Fund is well positioned for the year ahead after achieving a positive result of 0.53% in January. The manager expects that 2010 will be a range-bound year, therefore beta trade opportunities will be fewer than in 2009, leaving investors relying on alpha to boost returns.
More Information » View detailed profile of this fund

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1 Apr 2010 - March absolute return and hedge fund review

24 Mar 2010 - Performance Report: Pengana Emerging Companies Fund

24 Mar 2010 - Performance Report: Prodigal Absolute Cayman Fund

16 Mar 2010 - Performance Report: Antares Lodestar Absolute Return Trust

16 Mar 2010 - Performance Report: Platypus Australian Equity Fund

16 Mar 2010 - Performance Report: Herschel Absolute Return Fund

10 Mar 2010 - Performance Report: Optimal Australia Absolute Trust

10 Mar 2010 - Performance Report: Prodigal Equity RV Fund

8 Mar 2010 - Performance Report: Austral Equity Fund

25 Feb 2010 - Performance Report: Excalibur Absolute Return Fund

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