Avenir Value Fund

23 Jun 2015 - Australian Fund Monitors

Avenir Value Fund had a strong performance of 4.50% during the month of May, compared to the ASX 200 Accumulation Index's 0.40%.

23 Jun 2015 - Avenir Value Fund

By: Australian Fund Monitors

Report Date	18 June 2015
Manager	Avenir Capital Pty Ltd
Fund Name	Avenir Value Fund
Strategy	Equity Long
Latest Return Date	May 2015
Latest Return	4.50%
Latest 6 Months	4.50%
Latest 12 Months	5.20%
Latest 24 Months	37.81%
Annualised Since Inception	16.28%
Inception Date	01 August 2011
FUM (millions)	AU$13
Fund Overview	The Fund runs a relatively concentrated portfolio which allows our best ideas to drive performance. The Fund also invests with a longer term time horizon than many in the investment management industry as we believe that, given time, the underlying value of a well chosen business will always prevail over short-term mis-pricing that may occur in a company's securities. The Fund will invest in securities where Avenir believes the company is simply mis-priced and deeply undervalued and offers significant potential for revaluation. The Fund will also invest in companies that are subject to specific corporate events such as mergers, acquisitions, restructurings, recapitalisations, spin-offs, demergers, management change, distressed situations, and other sharply delineated corporate events. The Fund will also selectively invest in short positions in companies where Avenir believes the company is significantly overvalued or where the company's business model is broken or structurally challenged.
Manager Comments	Avenir Value Fund had a strong performance of 4.50% during the month of May, compared to the ASX 200 Accumulation Index's 0.40%. The Fund's performance since inception was 16.28% p.a. (Index 12.33% p.a.). The Fund's cumulative performance since inception was 77.30% compared to the MSCI All Cap All Country Accumulation Index's 44.30%. The Fund's notable Sharpe and Sortino ratios are 1.12 and 1.92 respectively since inception in August 2011. At month-end, the Fund's geographical disposition was 46.3% in US, 13.4% in Asia, 12.8% in Western Europe, 9.9% in other and rest 17.20% as cash. The top 10 holdings were 61% of NAV. Click below to view the May 2015 Fund Report
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Kardinia Absolute Return Fund May 2015

22 Jun 2015 - Australian Fund Monitors

Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over nine years of positive track record.

Aurora Fortitude Absolute Return Fund

22 Jun 2015 - Australian Fund Monitors

The Australian equities had a mixed month in May and the Aurora Fortitude Absolute Return Fund returned
0.31% for the month of May outperforming the cash benchmark of 0.17%.

22 Jun 2015 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	17 June 2015
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2015
Latest Return	0.31%
Latest 6 Months	1.17%
Latest 12 Months	1.25%
Latest 24 Months	6.66%
Annualised Since Inception	7.27%
Inception Date	15 March 2005
FUM (millions)	AU$97
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	The Australian equities had a mixed month in May and the Aurora Fortitude Absolute Return Fund returned 0.31% for the month of May outperforming the cash benchmark of 0.17%. Since inception the Fund's annual performance was 7.27% p.a. The fund has achieved this performance with very low volatility of 2.66% (ASX 200 Accumulation 13.78%), to bring the Fund's Sharpe and Sortino ratio to 1.06 (Index 0.30) and 2.11 (Index 0.32) respectively. In May, all strategies except Long/Short and Convergence strategies, contributed positively to the performance. The Options Strategy was the best contributor at 0.18%. The banks (NAB.ASX, ANZ.ASX, WBC.ASX and CBA.ASX) all provided good returns as volatility increased significantly at the beginning of the month. Click below to read the lastest monthly commentary and market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

Cor Capital Fund

19 Jun 2015 - Australian Fund Monitors

During May the Cor Capital Fund returned 1.23% bringing the 12-month return to 8.04%, exceeding the RBA Cash Rate Benchmark by 5.6%

19 Jun 2015 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	12 June 2015
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	May 2015
Latest Return	1.23%
Latest 6 Months	6.78%
Latest 12 Months	8.04%
Latest 24 Months	11.44%
Annualised Since Inception	5.84%
Inception Date	08 August 2012
FUM (millions)	AU$24
Fund Overview	The Manager seeks to generate stable absolute returns over the medium term, regardless of prevailing economic or financial market conditions. The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling.
Manager Comments	During May the Cor Capital Fund returned 1.23% bringing the 12-month return to 8.04%, exceeding the RBA Cash Rate Benchmark by 5.6%. Since inception the Fund has returned 5.84% versus 2.66% for the benchmark. Volatility since inception has been 5.37%. The equities (+2.0%) and gold (+3.0%) components of the portfolio were the major performance contributors for May. The ASX200 Accum Index was up only 0.40% with the difference resulting from the Fund's less concentrated equity portfolio.
More Information	Fund Profile Manager's Report

Optimal Australia Absolute Trust

18 Jun 2015 - Australian Fund Monitors

Optimal Australia Absolute Trust reported a net positive return in May of 2.04%, compared to the ASX200 Accumulation Index of 0.40%.

18 Jun 2015 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	15 June 2015
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	2.04%
Latest 6 Months	1.43%
Latest 12 Months	2.55%
Latest 24 Months	7.49%
Annualised Since Inception	9.11%
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 reported a net positive return in May of 2.04%, compared to the ASX200 Accumulation Index of 0.40%. The Fund's annualised return since inception was 9.11% (Index 6.44%), which has been achieved with a notably low volatility of 3.67% (Index 14.34%). The Fund had a gross exposure of 99.0% and net exposure of 7.2%. The stock selection during the month was solid, with positive attribution on both the Fund's long (+2.0%) and short (+0.3%) positions. The short position in the banks did its work, and a number of the longs in materials also did well, including ALS, Alumina, Sims Group, and PanAust. Click below to read the latest Fund Manager's commentary on the Fund and market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

The Paragon Fund

18 Jun 2015 - Australian Fund Monitors

The Paragon Fund returned 2.40% versus the ASX 200 Accumulation's 0.40%, for the month of May 2015. The Fund's annual return since inception has been 21.66% p.a. versus the Index's 10.39% p.a.

18 Jun 2015 - The Paragon Fund

By: Australian Fund Monitors

Report Date	12 June 2015
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	2.40%
Latest 6 Months	12.45%
Latest 12 Months	24.16%
Latest 24 Months	56.69%
Annualised Since Inception	21.66%
Inception Date	28 February 2013
FUM (millions)	AU$30.8
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 returned 2.40% versus the ASX 200 Accumulation's 0.40%, for the month of May 2015. The Fund's annual return since inception has been 21.66% p.a. versus the Index's 10.39% p.a. This annual return has been achieved with slightly higher volatility (11.21%) compared to the Benchmark's 10.98%. The Fund has a notable Sharpe and Sortino ratios of 1.59 and 3.85 respectively. Key drivers of the Paragon Fund's performance for May included solid returns from Macquarie, Henderson Group, Orocobre, Nanosonics and Reward Minerals. Short positions in REA Group and 1-Page also contributed. At the end of the month the fund had 33 long positions and 14 short positions Click below to read the latest Fund Manager's commentary.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund May 2015

17 Jun 2015 - Australian Fund Monitors

Fund Review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.05%.

Morphic Global Opportunities Fund

17 Jun 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund rose 3.79% in May as its benchmark (MSCI AC World Total Return in Australian Dollars) rose 2.91%, resulting in
outperformance of 0.88%.

17 Jun 2015 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	12 June 2015
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	3.79%
Latest 6 Months	16.51%
Latest 12 Months	30.03%
Latest 24 Months	58.28%
Annualised Since Inception	28.54%
Inception Date	02 August 2012
FUM (millions)	AU$110
Fund Overview	The Fund will primarily consist of Global listed shares, and will generally have at least 50% of its net assets invested in these. It may also have short positions in shares that the Manager believes are over-valued, and likely to fall in price, as well as long and short positions in index futures and other derivatives, fixed interest instruments, commodities, credit instruments and currencies.
Manager Comments	Morphic Global Opportunities Fund rose 3.79% in May as its benchmark (MSCI AC World Total Return in Australian Dollars) rose 2.91%, resulting in outperformance of 0.88%. Since inception the Fund's annualised return per annum was 28.54%, compared to the AFM's Global Equity Index of 28.12%. The biggest contribution to performance was from the exposure to the US health service sector, represented by HCA Holdings and Anthem. The second biggest winner came from the US bank exposure as banks there rallied on the back of a steeper yield curve, improving their margins. The main detractors from the month's performance was mainly due to the pullback in the Chinese market and stocks relating to that position. The Fund has over 50.2% of their equity exposure in North American and 33.0% in the Financial Sector. The Fund closed May fully invested, with the continuing overweight to China, along with lesser overweights to India and Japan, funded from underweight positions in the US and Europe and the rest of the emerging markets. Click below to read the Fund Manager's monthly report and their June outlook of the market.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Kardinia Absolute Return Fund

16 Jun 2015 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose
0.41% in May, to bring the Fund's annual performance since inception to 13.01% compared to the ASX200 Accumulation benchmark's 5.60%.

16 Jun 2015 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	11 June 2015
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	May 2015
Latest Return	0.41%
Latest 6 Months	6.06%
Latest 12 Months	9.27%
Latest 24 Months	17.46%
Annualised Since Inception	13.01%
Inception Date	01 May 2006
FUM (millions)	AU$205.9
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 0.41% in May, to bring the Fund's annual performance since inception to 13.01% compared to the ASX200 Accumulation benchmark's 5.60%. The Fund's volatility of 7.30% is half that of the ASX200 Accumulation volatility 14.12%. Since inception of May 2006, the Fund's Sharpe and Sortino ratio were 1.14 (Index 0.16) and 2.20 (Index 0.12) respectively. The Fund's net equity market exposure, including derivatives increased to 41.2% (74.3% long and 33.1% short). Long positions in James Hardie, Amcorand Sirius were the largest positive contributors. A long position in Resmed and a short position in Share Price Index Futures (hedging long exposures) were the largest detractors. Click below to read the May 2015 Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Monash Absolute Investment Fund May 2015

16 Jun 2015 - Australian Fund Monitors

Read the latest Fund Review with statistics since inception on Monash Absolute Investment Fund.

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23 Jun 2015 - Avenir Value Fund

22 Jun 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund May 2015

22 Jun 2015 - Aurora Fortitude Absolute Return Fund

19 Jun 2015 - Cor Capital Fund

18 Jun 2015 - Optimal Australia Absolute Trust

18 Jun 2015 - The Paragon Fund

17 Jun 2015 - Fund Review: Bennelong Long Short Equity Fund May 2015

17 Jun 2015 - Morphic Global Opportunities Fund

16 Jun 2015 - Bennelong Kardinia Absolute Return Fund

16 Jun 2015 - Fund Review: Monash Absolute Investment Fund May 2015

MONASH ABSOLUTE INVESTMENT FUND

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