Totus Alpha Fund

16 May 2016 - Australian Fund Monitors

Totus Alpha Fund returned -1.37% for the month of April.

16 May 2016 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	13 May 2016
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	-1.37%
Latest 6 Months	-7.26%
Latest 12 Months	20.66%
Latest 24 Months	43.06%
Annualised Since Inception	23.73%
Inception Date	01 April 2012
FUM (millions)	AU$61.3
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 returned -1.37% for the month of April, compared to the ASX 200 Accumulation Index's return of 3.37%. Since inception, the Fund has an annualised return of 23.73% p.a, with a volatility of 12.30% p.a., to give notable Sharpe and Sortino ratios of 1.28 (Index 0.60) and 2.40 (Index 0.79) respectively. This annualised performance has been delivered with a beta of -0.0318 and correlation of -0.0249 to the ASX300 Accumulation Index. At month-end, the fund had a net exposure of 47.8% and a gross exposure of 206.1%. The fund held 121 positions (57 long and 64 short) that were diversified across multiple investment themes. Top contributors in April were a short position in Nine Entertainment and long positions in Dominos and Freelancer. Biggest detractors were a short position in WorleyParsons and long positions in SmartGroup and Hansen. Click below to read the latest Fund's Monthly Report.
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Jamieson Coote Bonds Active Fund

13 May 2016 - Australian Fund Monitors

Jamieson Coote Bonds Active Fund rose 0.33% outperforming the Bloomberg Australian Government Bond Index by 0.21%.

13 May 2016 - Jamieson Coote Bonds Active Fund

By: Australian Fund Monitors

Report Date	12 May 2016
Manager	Jamieson Coote Bonds Pty Ltd
Fund Name	Jamieson Coote Bonds Active Fund
Strategy	Fixed Income
Latest Return Date	April 2016
Latest Return	0.33%
Latest 6 Months	1.96%
Latest 12 Months	4.70%
Latest 24 Months
Annualised Since Inception	5.34%
Inception Date	01 December 2014
FUM (millions)	AU$41
Fund Overview	The Jamieson Coote Bonds Active Fund (JCBAF) is a long only macroeconomic investment fund. JCB appointed Jamieson Coote Asset Management as the Manager of the Fund. JCBAF's investable universe is limited to AAA and AA+ Government and Semi (State) Government Bonds and agencies in Australian Dollars, explicitly backed by public institutions, creating a highly liquid product with capital preservation and risk adjusted alpha creation as its core tenant. The Fund usually holds around 20 bond securities of differing maturities and generally individual security selection does not exceed 20% of the Fund's NAV. JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments.
Manager Comments	Jamieson Coote Bonds Active Fund rose 0.33%, outperforming the Bloomberg Australian Government Bond Index by 0.21%. The Australian equities market returned +3.37%. Since inception, the Fund has an annualised return of 5.34% p.a., achieved with relatively low volatility of 2.46% to give noteworthy Sharpe and Sortino ratios of 1.30 and 2.62 respectively. For April, the portfolio mix decreased its weighting from the prior month in the Australian Government Bonds to 60.39% and increased its weighting in Supra-National Bonds to 38.71%. Cash was less than 1% of the total portfolio. The fund held an average duration position of 4.80 years. Click below to read the Fund Manager's market outlook.
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Alexander Credit Opportunities Fund

13 May 2016 - Australian Fund Monitors

Alexander Credit Opportunities Fund rose 0.57% for the month of April.

Optimal Australia Absolute Trust

12 May 2016 - Australian Fund Monitors

Optimal Australia Absolute Trust returned -0.69% return in April.

12 May 2016 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	10 May 2016
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	-0.69%
Latest 6 Months	3.36%
Latest 12 Months	9.67%
Latest 24 Months	11.74%
Annualised Since Inception	9.00%
Inception Date	15 September 2008
FUM (millions)	AU$100
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 Australia Absolute Trust returned -0.69% return in April, against the ASX200 Accumulation Index's 3.37%. Since inception, the Fund has an annualised return of 9.00% p.a. (Index 4.5% p.a.), which has been achieved with relatively low volatility of 3.65% p.a. (Index 14.48% p.a). Fund returns for April were impacted by the net short market exposure, averaging 17% of NAV. The performance was further impacted by the weaker stock price performance from some of the high conviction longs in the retail and media sectors. The Fund's tactical positioning in natural resources and some defensive consumer exposures worked well, posting solid gains. At month-end, the Fund's gross exposure was at 77% and net at -20%. Click below to read the latest Fund monthly report.
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Bennelong Kardinia Absolute Return Fund

11 May 2016 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose
0.52 in April.

11 May 2016 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	10 May 2016
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	0.52%
Latest 6 Months	-1.57%
Latest 12 Months	0.77%
Latest 24 Months	10.05%
Annualised Since Inception	11.79%
Inception Date	01 May 2006
FUM (millions)	AU$277.56
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	The Bennelong Kardinia Absolute Return Fund rose 0.52% in April, compared to the ASX 200 Total Return Index, which returned 3.37%. Since inception in May 2006, the Fund has an annualised performance of 11.79% p.a, compared to the Index's 4.51% p.a. The Fund has achieved this performance with lower volatility of 7.30% than that of the Index (14.25%), to give notable Sharpe and Sortino ratio of 1.02 (Index 0.10) and 1.87 (Index 0.04) respectively. BHP Billiton, Pilbara Minerals, BWX, and Amcor were the largest positive contributors whilst Qantas, Share Price Index Futures contracts (hedging long positions), Mantra and Blackmores were the largest detractors. Net equity market exposure (including derivatives) was increased to 30.8% (43.7% long and 12.9% short). Click below to read the latest Fund Report.
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Cyan C3G Fund

11 May 2016 - Australian Fund Monitors

Cyan C3G Fund rose 7.90% in April 2016, outperforming the ASX 200 Accumulation Index which returned +3.37, by 4.53%.

11 May 2016 - Cyan C3G Fund

By: Australian Fund Monitors

Report Date	09 May 2016
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	April 2016
Latest Return	7.90%
Latest 6 Months	12.73%
Latest 12 Months	35.57%
Latest 24 Months
Annualised Since Inception	32.75%
Inception Date	24 July 2014
FUM (millions)	AU$5
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 rose 7.90% in April 2016, outperforming the ASX 200 Accumulation Index which returned +3.37, by 4.53%. Since inception, the Fund has an annualised return of 32.75% p.a., with a volatility of 11.87%. During the same time frame, the Index has returned 0.70% with a higher volatility of 13.84%. Majority of companies that Cyan C3G Fund was invested in, delivered positive performances. The most notable contributors included Freelancer (FLN) +29%, Adacel (ADA) +9%, Skydive The Beach (SKB) +19% and Vita Group (VTG) +12%. Overall, the Fund remains conservative, exposed to high-quality and well-diversified portfolio of 27 Australian smaller companies with no single stock representing more than 6% of the total Cyan portfolio. Click below to read the latest Fund Manager's Report.
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The Paragon Fund

10 May 2016 - Australian Fund Monitors

The Paragon Fund rose 10.80% after fees for the month of April 2016.

10 May 2016 - The Paragon Fund

By: Australian Fund Monitors

Report Date	09 May 2016
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	10.80%
Latest 6 Months	15.64%
Latest 12 Months	18.73%
Latest 24 Months	48.72%
Annualised Since Inception	20.48%
Inception Date	28 February 2013
FUM (millions)	AU$44.7
Fund Overview	The Paragon 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 Fund rose 10.80% in April, outperforming the ASX200 Accumulation Index by 7.43%. Since inception, the Fund has an annualised return of 20.48% p.a. vs the Index's 5.44% p.a. The Fund has a notable Sharpe and Sortino ratios of 1.34 (Index 0.30) and 2.81 (Index 0.34) respectively. Key positive contributors for April included the longs in the lithium holdings ORE, GMM, GXY & PLS, the oil holdings STO & ORG, the gold holdings including NCM and SBM, and various Industrial holdings including LNK, YOW, NAN and NTC. At the end of the month the Fund had 34 long positions and 9 short positions. Click below to read the latest monthly report.
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Fund Review: Meme Australian Share Fund April 2016

9 May 2016 - Australian Fund Monitors

April Fund Review is now available on Meme Australian Share Fund, that invests in ASX listed securities outside of the S&P/ASX20.

Bennelong Long Short Equity Fund

6 May 2016 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned -2.30% for the month of April.

6 May 2016 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	05 May 2016
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2016
Latest Return	-2.30%
Latest 6 Months	-0.56%
Latest 12 Months	19.85%
Latest 24 Months	24.98%
Annualised Since Inception	17.51%
Inception Date	01 January 2003
FUM (millions)	AU$334.3
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 -2.30% for the month of April. The long term performance since inception, remains strong with annual returns of 17.51% p.a. (Index 7.55% p.a.) and a volatility of 12.0% (Index 13.02%). The Fund has notable Sharpe and Sortino ratios of 1.06 (Index 0.30) and 1.78 (Index 0.31). The fund under-performed mainly due to the short book. Two companies in the beginning of the month in the short book performed well by issuing meaningful earnings downgrades. However, these returns were later compromised across a handful of pairs within mainly the financials and energy sectors. Performance was also set back following a disappointing trading update from Qantas in which the company guided the market lower due to a recent softening in activity across both the international and domestic leisure businesses. Click below to read the Fund Manager's commentary and market outlook.
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Meme Australian Share Fund

6 May 2016 - Australian Fund Monitors

The Meme Australian Share Fund rose 8.60% for the month of April.

6 May 2016 - Meme Australian Share Fund

By: Australian Fund Monitors

Report Date	04 May 2016
Manager	Meme Capital Management Pty Ltd
Fund Name	Meme Australian Share Fund
Strategy	Equity Long
Latest Return Date	April 2016
Latest Return	8.60%
Latest 6 Months	12.98%
Latest 12 Months	18.64%
Latest 24 Months	51.09%
Annualised Since Inception	18.90%
Inception Date	01 July 2013
FUM (millions)	AU$2.2
Fund Overview	The Meme Australian Share Fund uses a robust and back-tested quantitative trend-following strategy to identify investment opportunities expected to provide both positive price appreciation and relative price outperformance over the medium to long term. The Fund invests on a long-only basis and does not use derivatives. Meme's investment philosophy is logically derived from addressing our prime investment objectives of creating and preserving wealth. The philosophy therefore comprises elements which separately address investment returns and investment risks while at the same time respecting the interplay between them. The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns.
Manager Comments	The Meme Australian Share Fund rose 8.60%, outperforming the ASX 200 Accumulation Index which returned +3.37%, by 5.23%. Since inception, the Fund has an annualised return of 18.90% p.a (Index 7.92% p.a.) to give notable Sharpe and Sortino Ratios of 1.23 and 2.03 respectively. The top 5 positive contributors were Galaxy Resources, Eden Energy, Gascoyne Resources, MGC Pharmaceuticals and Resolute Mining, while the five most negative contributors were Collins Foods, Fisher & Paykel Healthcare, The Reject Shop, Treasury Wine and Hannans Reward. By month end the total number of portfolio stocks had again reduced slightly to 85 separate holdings, however the portfolio was virtually fully invested with cash at just over 1% reflective of the continued emergence of opportunities. The portfolio significantly increased exposure to their Materials holdings, while Energy, Telecommunications and Health sectors had smaller increases. Financials (ex-property) and Consumer Discretionary holdings reduced while other sector exposures remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund.
More Information	Fund Profile Manager's Report AFM Research Reports

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16 May 2016 - Totus Alpha Fund

13 May 2016 - Jamieson Coote Bonds Active Fund

13 May 2016 - Alexander Credit Opportunities Fund

12 May 2016 - Optimal Australia Absolute Trust

11 May 2016 - Bennelong Kardinia Absolute Return Fund

11 May 2016 - Cyan C3G Fund

10 May 2016 - The Paragon Fund

9 May 2016 - Fund Review: Meme Australian Share Fund April 2016

6 May 2016 - Bennelong Long Short Equity Fund

6 May 2016 - Meme Australian Share Fund

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