Allard Investment Fund

10 Feb 2017 - Australian Fund Monitors

The Allard Investment Fund's (AIF) returned +0.83% for the month of January 2017 (MSCI Asia Pacific ex-Japan A$ +0.66%).

10 Feb 2017 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	08 February 2017
Manager	Allard Partners Management Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	January 2017
Latest Return	0.83%
Latest 6 Months	6.73%
Latest 12 Months	14.27%
Latest 24 Months	7.54%
Annualised Since Inception	9.03%
Inception Date	01 July 2003
FUM (millions)	AU$141
Fund Overview	Allard Partners is an absolute return, long only equity investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong, India and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history: That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund's (AIF) returned +0.83% for the month of January 2017 (MSCI Asia Pacific ex-Japan A$ +0.66%). Since inception, the Fund has an annualised return of 9.03% p.a. For January, the Fund's top 5 holdings composed 40.1% of the portfolio. The Fund's largest 3 industry exposures were in Financial Services (14.5%), Telco (13.7%) and Conglomerates (12.1%). Just under half of the portfolio was invested in the Hong Kong / China region (49.3%). Cash and fixed income holdings remained unchanged from the prior month at 20.1%.
More Information	Fund Profile Manager's Report

Bennelong Long Short Equity Fund

10 Feb 2017 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned +4.95% in January, outperforming the S&P/ASX 200 Accumulation Index which returned -0.79%, by 5.74%

10 Feb 2017 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	08 February 2017
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2017
Latest Return	4.95%
Latest 6 Months	-9.19%
Latest 12 Months	-8.50%
Latest 24 Months	21.88%
Annualised Since Inception	16.41%
Inception Date	01 January 2003
FUM (millions)	AU$397.1
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors.
Manager Comments	Bennelong Long Short Equity Fund returned +4.95% in January, outperforming the S&P/ASX 200 Accumulation Index which returned -0.79%, by 5.74%. The long term performance since inception remains strong with annual returns of 16.41% p.a. (ASX 200 Accumulation Index 7.87% p.a.) with a volatility of 12.14% (Index 12.90%). The biggest contributors to the Fund performance in January were the long BlueScope /short Sims Metal Group and the long CSL Limited / short Sonic Healthcare pairs. The only pair of disappointment for the month was long Brambles / short Amcor, following an unexpected profit warning from Brambles in late January. During the month, the Fund made a few changes to the portfolio. It introduced a new pair in the energy sector, reduced a short position in one of the mining related pairs and replaced it with a new short position in another business with exposure to the resources sector. Also, decided to close one of the building materials pairs in response to a significant change in relative earnings prospects.
More Information	Fund Profile Manager's Report AFM Research Reports

Cyan C3G Fund

9 Feb 2017 - Australian Fund Monitors

Cyan C3G Fund increased 1.90% in January, outperforming the Small Industrials Index that fell 3.8%, by 5.70%

9 Feb 2017 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	07 February 2017
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	January 2017
Latest Return	1.90%
Latest 6 Months	-0.50%
Latest 12 Months	17.96%
Latest 24 Months	70.00%
Annualised Since Inception	27.09%
Inception Date	24 July 2014
FUM (millions)	AU$10
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund increased 1.90% in January, outperforming the Small Industrials Index that fell 3.8%, by 5.70%. Since inception, the Fund has an annualised return to 27.09% p.a., with a volatility of 11.49%. In the same time frame, the ASX 200 Accumulation Index has returned +4.52% p.a. with a higher volatility of 12.98%. The positive Fund result in the month can be attributed to Bubs (BUB), Axsesstoday (AXL), Afterpay (AFY), and Money3 (MNY). Though the Fund had no major negative contributors, the two poorest performers were Abundant Produce (ABT) and Skydive the Beach (SKB). Many the portfolio's larger positions contain the investment team's preferred characteristics of high return on equity, strong cash conversion and below average dividend payout ratios, which positions them well to deliver ongoing earnings growth and share price appreciation.
More Information	Fund Profile Manager's Report

Paragon Australian Long Short Fund

9 Feb 2017 - Australian Fund Monitors

The Paragon Australian Long Short Fund returned +2.30% in January and +23.62% for the latest 24-months.

9 Feb 2017 - Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	07 February 2017
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	January 2017
Latest Return	2.30%
Latest 6 Months	-16.89%
Latest 12 Months	9.79%
Latest 24 Months	23.62%
Annualised Since Inception	15.44%
Inception Date	28 February 2013
FUM (millions)	AU$82.9
Fund Overview	The Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation. Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments.
Manager Comments	The Paragon Australian Long Short Fund returned +2.30% in January, outperforming the S&P/ASX 200 Accumulation Index, which returned -0.79%, by 3.09%. Since inception, the Fund has an annualised return of 15.44% p.a. vs the ASX 200 Accumulation Index's 7.03% p.a. Main contributors to the positive result in January were gains in Blackham Resources, Galaxy Resources and other resource exposures, partially offset by falls across financials holdings and Kidman Resources. At the end of the month, the Fund had 30 long positions and 7 short positions.
More Information	Fund Profile Manager's Report

Bennelong Kardinia Absolute Return Fund

8 Feb 2017 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund returned +0.12% in January, taking annualised returns since inception to 11.14% p.a.

8 Feb 2017 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 February 2017
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2017
Latest Return	0.12%
Latest 6 Months	-1.91%
Latest 12 Months	1.13%
Latest 24 Months	5.53%
Annualised Since Inception	11.14%
Inception Date	01 May 2006
FUM (millions)	AU$340.3
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception, the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short-dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	Bennelong Kardinia Absolute Return Fund returned +0.12% in January. Since inception in May 2006, the Fund has an annualised performance of 11.14% p.a, compared to the ASX 200 Accumulation Index's 5.14% p.a. The Fund's performance has been achieved with lower volatility of 7.19%, than that of the Index (14.02%), to give notable Sharpe and Sortino ratio of 0.98 (Index 0.15) and 1.79 (Index 0.11) respectively. BlueScope Steel, Rio Tinto, Incitec Pivot and BHP Billiton were the largest contributors to performance, whilst ANZ, James Hardie and Independence Group were the largest detractors. Net equity market exposure was reduced slightly to 45.1% (48.0% long and 2.9% short).
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Insync Global Titans Fund December 2016

3 Feb 2017 - Australian Fund Monitors

Latest Fund Review on Insync Global Titans Fund is now available.

APN Asian REIT Fund

3 Feb 2017 - Australian Fund Monitors

APN Asian REIT Fund returned +1.01% in December, against the Bloomberg Asia REIT Index which returned 0.40%.

3 Feb 2017 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	01 February 2017
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	December 2016
Latest Return	1.01%
Latest 6 Months	-4.56%
Latest 12 Months	8.45%
Latest 24 Months	12.37%
Annualised Since Inception	14.57%
Inception Date	19 July 2011
FUM (millions)	AU$9.98
Fund Overview	The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region (including, but not limited to, Hong Kong, Singapore, Malaysia, Japan and New Zealand, but excluding Australia), as well as cash and fixed interest investments. Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term.
Manager Comments	APN Asian REIT Fund returned +1.01% in December, against the Bloomberg Asia REIT Index which returned 0.40%. Since inception, the Fund has an annualised return of 14.57% p.a., with a volatility of 9.55% p.a. The Fund has notable Sharpe and Sortino ratios of 1.20 and 2.12 respectively. For the month of December, the portfolio had significant exposure to Japan (39.6%%) and Singapore (30.1%). The majority (62.9%) of the Fund was invested in Retail REITs (35%) and Office REITs (27.9%). The top five holdings: Gip J-REIT, Ascendas Real Estate Inv Trust, Keppel Dc REIT, Japan Retail Fund Investment and Prosperity REIT, comprised 22% of the portfolio.
More Information	Fund Profile Manager's Report AFM Research Reports

Insync Global Titans Fund

1 Feb 2017 - Australian Fund Monitors

Insync Global Titans Fund rose 2.76% in December, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned 4.2%.

1 Feb 2017 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	31 January 2017
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	December 2016
Latest Return	2.76%
Latest 6 Months	-1.80%
Latest 12 Months	-2.24%
Latest 24 Months	5.17%
Annualised Since Inception	8.75%
Inception Date	07 October 2009
FUM (millions)	AU$31
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	Insync Global Titans Fund rose 2.76% in December, compared to the MSCI All Country World ex-Australia Net Total Return Index in $A, which returned 4.2%. The majority (68.1%) of the Fund's investments were allocated in North America, with the largest industry exposure was the IT sector at 30.8%. Cash and Puts reduced from the prior month's 9.9% to 5.6%. The performance was driven by positive contributions from the holdings in eBay, BAT, Nestle and Microsoft Corp. The main negative contributors were Gilead Sciences, Oracle and S&P Global. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Over 50% of the Fund is currently protected using the put protection strategy.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: QATO Capital Market Neutral Long/Short Fund December 2016

31 Jan 2017 - Australian Fund Monitors

Latest Fund Review is now available on QATO Capital Market Neutral Long/Short Fund, investing exclusively in S&P/ASX 100 stocks.

Pengana Global Small Companies Fund

30 Jan 2017 - Australian Fund Monitors

Pengana Global Small Companies Fund generated 2.60% in December 2016, compared to a 3.7% return for the MSCI AC World SMID Cap Index.

30 Jan 2017 - Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	27 January 2017
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	December 2016
Latest Return	2.60%
Latest 6 Months	12.62%
Latest 12 Months	12.38%
Latest 24 Months
Annualised Since Inception	5.75%
Inception Date	01 April 2015
FUM (millions)	AU$4.881
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	Pengana Global Small Companies Fund generated 2.60% in December 2016, compared to a 3.7% return for the MSCI AC World SMID Cap Index. The top five holdings (in alphabetical order) were boohoo.com Plc, PRA Group Inc, Spirit Airlines, Inc., Ubiquiti Networks, Inc. and Wizz Air Holdings Plc. The top positive contributors for the month were boohoo.com Plc, CarMax Inc., KRUK S.A., PRA Group Inc. and Wizz Air Holdings Plc. However, positions in 51job Inc, Broadleaf Co Ltd, Credito Real S.A. de C.V., Halogen Software, Inc. and Hostelworld Group Plc detracted from the performance. At month-end, the Fund's top 10 holdings accounted for 34.3% of the Fund's assets, with no single name representing more than 5% of the Fund. Cash represented 14.4% of the Fund.
More Information	Fund Profile Manager's Report

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10 Feb 2017 - Allard Investment Fund

10 Feb 2017 - Bennelong Long Short Equity Fund

9 Feb 2017 - Cyan C3G Fund

9 Feb 2017 - Paragon Australian Long Short Fund

8 Feb 2017 - Bennelong Kardinia Absolute Return Fund

3 Feb 2017 - Fund Review: Insync Global Titans Fund December 2016

3 Feb 2017 - APN Asian REIT Fund

1 Feb 2017 - Insync Global Titans Fund

31 Jan 2017 - Fund Review: QATO Capital Market Neutral Long/Short Fund December 2016

30 Jan 2017 - Pengana Global Small Companies Fund

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