NEWS

Cyan C3G Fund

19 Apr 2017 - Australian Fund Monitors

Cyan C3G Fund gained 1.2% in March, to take the Fund's one year return to 21.22%.

19 Apr 2017 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	16 April 2017
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	March 2017
Latest Return	1.20%
Latest 6 Months	-2.45%
Latest 12 Months	21.22%
Latest 24 Months	54.99%
Annualised Since Inception	25.80%
Inception Date	24 July 2014
FUM (millions)	AU$12
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	Cyan C3G Fund gained 1.2% in March, to take the Fund's one year return to 21.22%. Since inception, the Fund has an annualised return of 25.8% p.a, against the S&P/ASX200 Accumulation Index's +6.4% p.a. The Fund didn't have much in the way of either outlying positive or negative performers over March. There were some small rises experienced from the Fund's core holdings, which included Capitol Health (CAJ), PSC Insurance (PSI), and Skydive the Beach (SKB). The only disappointing performance came from a domestic credit provider Money3 (MNY), which fell 13%. The Fund continues to be conservatively positioned with the cash weighting occasionally reaching 50%. However, the investment team believes that there have been a number of positive signs that the rotation of interest has returned to the small cap sector and thereby creating new investment opportunities for the Fund.
More Information	Fund Profile Manager's Report

Bennelong Kardinia Absolute Return Fund

19 Apr 2017 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund rose 1.04% in March, taking the annualised return since inception to 11.09% p.a.

19 Apr 2017 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	16 April 2017
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	March 2017
Latest Return	1.04%
Latest 6 Months	0.60%
Latest 12 Months	3.97%
Latest 24 Months	3.61%
Annualised Since Inception	11.09%
Inception Date	01 May 2006
FUM (millions)	AU$337.1
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 rose 1.04% in March. Since inception in May 2006, the Fund has an annualised performance of 11.09% p.a, compared to the ASX 200 Accumulation Index's 5.59% p.a. The Fund's performance has been achieved with lower volatility of 7.14%, than that of the Index's 13.95%, to give notable Sharpe and Sortino ratio of 0.99 (Index 0.19) and 1.80 (Index 0.16) respectively. For the month, AGL Energy (+36bp) was the largest contributor to performance. The Banks (NAB, ANZ, CBA, WBC) and Aristocrat Leisure were also solid contributors to performance (combined +98 basis points). The key negative contributors included a short position in Spotless Group (-23bp) and a short position in SPI Futures (-19bp). Resources (RIO, MIN, BHP, MGX) also detracted (combined -42bp). Net equity market exposure increased from 53.9% to 69.9% (73.1% long and 3.2% short).
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Optimal Australia Absolute Trust March 2017

18 Apr 2017 - Australian Fund Monitors

Read the latest Fund Review on Optimal Australian Absolute Trust.

APN AREIT Fund

18 Apr 2017 - Australian Fund Monitors

APN AREIT Fund returned +0.2% for the month of March, to take the latest 24 months return to 19.24%.

18 Apr 2017 - APN AREIT Fund

By: Australian Fund Monitors

Report Date	16 April 2017
Manager	APN Funds Management Limited
Fund Name	APN AREIT Fund
Strategy	Real Estate
Latest Return Date	March 2017
Latest Return	0.20%
Latest 6 Months	-1.14%
Latest 12 Months	5.91%
Latest 24 Months	19.24%
Annualised Since Inception	16.55%
Inception Date	19 January 2009
FUM (millions)	AU$1234.07
Fund Overview	Established in 2009, the APN AREIT Fund is a property securities fund investing in Australian Securities Exchange ('ASX') listed Australian Real Estate Investment Trusts ('AREITs') and cash/fixed interest. The Fund does not invest in direct property. The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). 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 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 suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term.
Manager Comments	APN AREIT Fund returned +0.2% in March, to take the latest 24 months return to 19.24%. The S&P/ASX 300 Property Trust Accumulation Index also gained in March, returning +0.71%. Since inception, the Fund's long-term performance remains strong, with annualised returns of 16.55% p.a., which has been delivered with a lower volatility than that of the Index, to give notable Sharpe and Sortino of 1.07 and 1.70 respectively. For the month of March, the portfolio's property sector allocation remained mainly unchanged, with 62% in the Retail sector, followed by 20% in the Office sector. The Fund's top 5 holdings included Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Dexus Property Group, with 3 of the holdings above 10% each.
More Information	Fund Profile Manager's Report

NWQ Fiduciary Fund

18 Apr 2017 - Australian Fund Monitors

NWQ Fiduciary Fund returned +0.21% in March bringing the net performance since inception in May 2013 to +24.68%.

18 Apr 2017 - NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	16 April 2017
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	March 2017
Latest Return	0.21%
Latest 6 Months	-3.78%
Latest 12 Months	-0.74%
Latest 24 Months	5.29%
Annualised Since Inception	5.79%
Inception Date	16 April 2017
FUM (millions)	AU$95.66
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors.
Manager Comments	NWQ Fiduciary Fund returned +0.21% in March, to take the annualised return since inception in May 2013 to +5.79% p.a. Over the same period, the ASX 200 Accumulation Index has returned +7.95% p.a. Notably, the Fund has achieved this performance with less than half of the risk of the Australian equity market (Fund volatility of 4.95% p.a. vs. 11.97% p.a. for the Index). The performance of the Fund's underlying managers in March was mixed with six of the nine managers delivering a positive return. In a month where the market rallied strongly, the Beta managers (+0.13%) made a positive overall contribution to the Fund's performance. This was complemented by the performance of the Alpha managers, which combined to make a positive contribution (+0.16%). The Cash and Fixed Income allocation also made a small, positive contribution to performance (+0.01%). NWQ continues to believe that there exists further potential for destructive equity and bond market volatility in the coming months, and therefore, the portfolio continues to remain overweight to the Alpha or market neutral strategies.
More Information	Fund Profile Manager's Report

APN Asian REIT Fund

13 Apr 2017 - Australian Fund Monitors

APN Asian REIT Fund returned +0.57% in March, compared to the Bloomberg Asia REIT Index's return of 1.09%.

13 Apr 2017 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	12 April 2017
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	March 2017
Latest Return	0.57%
Latest 6 Months	-5.90%
Latest 12 Months	2.61%
Latest 24 Months	3.28%
Annualised Since Inception	13.89%
Inception Date	19 July 2011
FUM (millions)	AU$10.94
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 +0.57% in March, compared to the Bloomberg Asia REIT Index's return of 1.09%. Since inception, the Fund has an annualised return of 13.89% p.a., with a volatility of 9.38% p.a., to give notable Sharpe and Sortino ratios of 1.16 and 2.05 respectively. The Fund's holding for March remained relatively unchanged from the prior month. The portfolio continued to have significant exposure to Japan (37.7%) and Singapore (30.7%) and over 63% invested in Retail REITs (37.1%) and Office REITs (25.9%). The top five holdings: Gip J-REIT, Ascendas Real Estate Inv Trust, Keppel Dc REIT, Japan Retail Fund Investment, and Prosperity REIT, comprised over 22% of the portfolio, with five holdings above 4% each.
More Information	Fund Profile Manager's Report AFM Research Reports

Optimal Australia Absolute Trust

13 Apr 2017 - Australian Fund Monitors

The Optimal Australia Absolute Trust rose +0.94% in March 2017, to take the annualised return since inception to 8.15% p.a.

13 Apr 2017 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	10 April 2017
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	March 2017
Latest Return	0.94%
Latest 6 Months	0.53%
Latest 12 Months	0.48%
Latest 24 Months	13.14%
Annualised Since Inception	8.15%
Inception Date	15 September 2008
FUM (millions)	AU$115
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	The Optimal Australia Absolute Trust returned +0.94% in March 2017. Since inception, the Fund has an annualised return of 8.15% p.a. (ASX 200 Accumulation Index 6.25% p.a.), which has been achieved with relatively low volatility of 3.77% p.a. (Index 14.08% p.a). The month's performance was largely driven by the Fund's long positions. The stock shorts basically broke even and the short index futures position was a substantial drag on performance. Key contributors during the month included a number of stocks, which have been in the portfolio for some time. These included Clydesdale Bank, Henderson Group, and CSL. Woolworths also continued to drive strong returns, although the Fund has now reduced its position as the stock price approached the upper end of the Fund's fair value range.
More Information	Fund Profile Manager's Report AFM Research Reports

Totus Alpha Fund

12 Apr 2017 - Australian Fund Monitors

Totus Alpha Fund rose 2.2% in March, to take the latest 24 months return to +19.14%.

12 Apr 2017 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	11 April 2017
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	March 2017
Latest Return	2.20%
Latest 6 Months	-8.75%
Latest 12 Months	1.98%
Latest 24 Months	19.14%
Annualised Since Inception	19.80%
Inception Date	02 April 2012
FUM (millions)	AU$73
Fund Overview	The Totus Alpha Fund aims to maximise returns for investors through fundamental industry and company research and active portfolio management. The investment strategy is based on identifying medium to long term structural investment themes and seek absolute returns by investing in securities that have concentrated exposure to those themes. The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%.
Manager Comments	Totus Alpha Fund rose 2.2% in March, to take the latest 24 months return to +19.14%. Since inception, the Fund has an annualised return of 19.80% p.a, with a volatility of 16.16% p.a. This annualised performance has been achieved with a low beta of 0.1101 and a correlation of 0.0803 to the ASX 300 Accumulation Index. The top contributors for the month were the long positions in Shriro +0.86% and Vita Group +0.48%, and a short position in Quintus +0.64%. However, the short positions in Spotless -0.39%, Woodside -0.32% and G8 Education -0.30%, detracted from the performance. At 31 March, the Fund had a net exposure of 37.8% and a gross exposure of 219.1%. The Fund held 105 positions (45 long and 60 short).
More Information	Fund Profile Manager's Report

Paragon Australian Long Short Fund

12 Apr 2017 - Australian Fund Monitors

The Paragon Australian Long Short Fund returned -1.6% for the month of March and +9.186% for the latest 24 months.

12 Apr 2017 - Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	08 April 2017
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	March 2017
Latest Return	-1.60%
Latest 6 Months	-19.21%
Latest 12 Months	0.75%
Latest 24 Months	9.18%
Annualised Since Inception	12.88%
Inception Date	28 February 2013
FUM (millions)	AU$77.3
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 -1.6% for the month of March and +9.186% for the latest 24 months. The Fund's annualised return of 12.9% p.a. remains in excess of the ASX 200 Accumulation Index's 8.2% p.a. Main contributors to the result in March were gains in Star Entertainment, Clean Teq, Challenger, James Hardie & Global Geoscience, offset however by declines in Resolute, Blackham Resources, Netcomm Wireless & Galaxy. At the end of the month, the Fund had 29 long positions and 12 short positions.
More Information	Fund Profile Manager's Report

Allard Investment Fund

11 Apr 2017 - Australian Fund Monitors

The Allard Investment Fund (AIF) increased 3.27% during the month of March 2017 and is up 21.0% for the latest 12 months.

11 Apr 2017 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	08 April 2017
Manager	Allard Partners Management Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	March 2017
Latest Return	3.27%
Latest 6 Months	5.90%
Latest 12 Months	21.08%
Latest 24 Months	11.20%
Annualised Since Inception	9.23%
Inception Date	01 July 2003
FUM (millions)	AU$144
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 (AIF) increased 3.27% during the month of March 2017 and is up 21.0% for the latest 12 months. Since inception, the Fund has an annualised return of 9.23% p.a. For March, the Fund's top 5 holdings composed 39.69% of the portfolio. The Fund's largest 3 industry exposures were in Financial Services (14.4%), Telco (12.9%) and Conglomerates (12.1%). Nearly half of the portfolio was invested in the Hong Kong / China region (48.9%). Cash and fixed income holdings increased from the prior month's 18.5% to 20%.
More Information	Fund Profile Manager's Report

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NEWS

19 Apr 2017 - Cyan C3G Fund

19 Apr 2017 - Bennelong Kardinia Absolute Return Fund

18 Apr 2017 - Fund Review: Optimal Australia Absolute Trust March 2017

OPTIMAL AUSTRALIA ABSOLUTE TRUST

18 Apr 2017 - APN AREIT Fund

18 Apr 2017 - NWQ Fiduciary Fund

13 Apr 2017 - APN Asian REIT Fund

13 Apr 2017 - Optimal Australia Absolute Trust

12 Apr 2017 - Totus Alpha Fund

12 Apr 2017 - Paragon Australian Long Short Fund

11 Apr 2017 - Allard Investment Fund

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