The Prime Value Imputation Fund outperformed the S&P/ASX300 Accumulation Index by 0.5% in March, gaining +8.6% during the month.

During the month the Fund was overweight in industrial stocks and underweight in health care and telecom sectors, which contributed positively to the overall result. Individual stock positions that performed strongly included Monadelphous, Westpac and NAB. Telstra and Caltex were negative influences. The Fund's ongoing cash position held back performance in a month of strong market rallies.

Prime Value's Growth Fund also performed well in March, up +6.1%. The Fund suffered from an underweight position in financial stocks, as well as the Fund's cash holding.

The TechInvest Intercept Capital Fund produced a positive return of +1.7% in March on the back of global equity market rallies, and is now up +2.3% in 2009.

Although still underinvested, the Fund's long positions drove the March result. FTI Consulting was a main contributor to performance, as was Apple and Salesforce.com. Short positions in Hewlett-Packard, Dell and Electronic Arts partially offset these gains. The Fund ended the month weighted towards the wireless & internet, software & services and biotechnology sectors, with small net positive positions in hardware & equipment, medical devices, biotechnology and pharmaceuticals.

The Antares Lodestar Absolute Return Trust posted its first positive month of performance of 2009 in March, gaining +3.63%.

The result was led by very strong returns in positions in Lend Lease, Clough Limited and Origin Energy. Lend Lease rebounded from its capital raising in February, while Clough benefited from a re-rating due to solid returns, and Origin rose on expectations that it would take a greater stake in the Otway gas project. The main negative influences on the March result were Telstra, due to events surrounding the NBN proposal, and Westfield Group.

The Blue Sky World Fund, which ranked third in AFM's February performance review with a gain of +6.25%, posted another impressive performance in March, up +5.90%. The 2009 return for the Fund now stands at +9.49%.

Strong performances in Asia Pacific equities (+3.14%) and FX (+2.01%) drove the Fund's March result, although a small loss on North American equities (-0.31%) dragged performance down. Asian Pacific equities have been the strongest sector for the Fund in 2009, up +8.95%. This is particularly notable given the volatile nature of global equity markets in recent months.

The Apeiron Global Macro Fund gained +1.16% in March, after a loss of -0.95% in February. The 2009 return for the Fund now stands at +4.02%.

Key events in March included quantitative easing strategies by central banks in the USA, UK and Japan, improving sentiment in global commodities markets and ongoing negative data coming out of Japan.The Fund ended March long gold, AUD, wheat, Nikkei and USD/JPY and short gilts and Japanese government bonds.

Blue Fin Capital's Managed FX Account was down -1.45% in March after a negative February, reducing its 2009 return to +0.57%. The Blue Fin Managed Commodities Account lost -1.07% for March, and is down -2.38% in 2009.

Despite this result the Managed FX Account was still outperforming both its benchmarks - the CSFB Managed Futures Index and the Barclays Currency Index - to the end of February. The loss for March for the Managed Commodities Account was attributed to losses in energy, metals and soft commodities, which offset gains in grains.

The Bennelong Long Short Equity Fund lost -1.72% in March after posting strong gains in January and February. The 2009 return for the Fund now stands at +12.06%.

Like many equity based funds that employ short selling, the Fund suffered from the strong rally in global equity markets in March. As the Fund has been defensively positioned in recent months due to economic uncertainty, and the rally focused on buying back undersold/value sectors (financials and cyclical stocks) at the expense of defensive stocks, the Fund's return suffered accordingly. The manager however believes it is not yet clear that economic conditions will continue to improve, so will keep the Fund's portfolio defensive in the short term.

The biggest positive contributors to March's result were long Ansell/short Resmed and long Onesteel/short Bluescope spreads, the biggest losses coming from long Incitec/short Orica and long JB Hi-Fi/short Harvey Norman.

The Global Commodities Long Only Fund posted another small gain in March, this time of +0.37%, to bring its 2009 return to +1.11%.

Metals commodities were the most significant contributor to the March result, specifically copper, platinum and zinc. Losses in heating oil and NY silver partially offset these gains.

This result follows on from an exceptional +10.47% return for the Fund in 2008, particularly for a long only fund. Although underperforming its benchmark (the RJ CRB Index) by -3.83% in March, the Fund's average monthly return since inception (+0.98%) and cumulative return (+177.32%) both markedly outperform this benchmark (+0.41% and +36.99% respectively). These figures demonstrate the absolute return focus of the Fund over the long term.

Commodity Strategies' other fund, the Long/Short Fund, lost a disappointing -2.05% in March, and is now down -0.88% for 2009. Energy commodities contributed both the largest gains and the largest losses to the portfolio for the month.

AR Capital Management's Ascot Fund produced a modest gain of +0.21% in March, significantly underperforming the market which bounced +7.1%.

The Fund has been defensively positioned for several months, and although this has resulted in the Fund outperforming the market by almost 30% since June 2008, it was this caution that caused the Fund to miss out on March's equity market rally. The Fund has gradually been increasing its exposure, currently sitting at approximately 60% with a net long bias, reflecting the manager's increased degree of comfort in investing in the market, even though the short selling ban on financials is still in place.

The main drivers of March's result were positive contributions from Woodside Petroleum, Macquarie Communications Group and Worley Parsons (all long) among others. Small negative returns in Rio Tinto, David Jones, Nufarm and Woolworths offset these gains.

The St Helens Capital (SHC) Arran Fund was up a robust +6.55% in March, bouncing back from a -0.92% loss in February.

Unsurprisingly, given the rally in equity markets in March, long positions contributed much to the Fund's overall result. Long positions in Santos, NAB and QBE among others were the top performers, Santos contributing +0.82% alone. Losses came about mainly from short positions, particularly in AXA Asia Pacific which lost -2.06%. Looking forward, the manager believes the issue of whether the current rally is sustainable or not, and the decisions resulting from it, will influence investor behaviour.