Fund Review: Morphic Global Opportunities Fund April 2015

1 Jun 2015 - Australian Fund Monitors

Read the latest Fund Review for Morphic Global Opportunities Fund

QATO Capital Market Neutral Long/Short Fund

1 Jun 2015 - Australian Fund Monitors

QATO Capital Market Neutral Long/Short Fund was down -2.96% in April bringing performance for the last 6 months to 16.93%.

1 Jun 2015 - QATO Capital Market Neutral Long/Short Fund

By: Australian Fund Monitors

Report Date	29 May 2015
Manager	QATO Capital
Fund Name	QATO Capital Market Neutral Long/Short Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2015
Latest Return	-2.96%
Latest 6 Months	16.93%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	48.55%
Inception Date	01 August 2014
FUM (millions)	AU$42
Fund Overview	QATO Capital's Market Neutral Long/Short Fund is managed via an objective, consistent and replicable process utilising proprietary 'Q-Score' methodology. The Q-score process is fundamentally based, evaluating improving and deteriorating fundamentals within each business from a variety of financial metrics such as valuation, growth, risk, quality, earnings and price. The fund targets a net market exposure of 0% to hedge broader market risks through 30 S&P/ASX-100 positions (15 long and 15 short equally weighted positions). The turnover is generally averaged around 30% of the total portfolio each month. The process is entirely systematic - stock selection and risk management are all employed in a rules based approach. The Market Neutral Long/Short Fund employs no financial leverage, no derivatives and no financial products to imitate leverage. The Investment Manager's three principal investment goals for the Fund are: 1. Market neutral long/short portfolio management with little correlation to equity markets; 2. Over a 3-5 year period, seeking to target annualised volatility of 15% per annum and annualised returns of 15-30% per annum above the Benchmark; Sharpe Ratio 1.0-2.0 and a negative beta to ASX listed equities; and 3. To provide investors with a co-investment opportunity alongside the founding members' investments in the Investment Manager's strategy.
Manager Comments	QATO Capital Market Neutral Long/Short Fund was down -2.96% in April bringing performance for the last 6 months to 16.93%. The Fund has been active since August 2014 and has outperformed the ASX200 Accumulation Index, bringing the Sharpe and Sortino Ratio to 3.15 (Index 0.54) and 8.72 (Index 0.76) respectively. The Fund lagged the S&P/ASX-100's return in April as a result of intra month volatility, with the Australian market whipsawing throughout the month. The banking sector continued to feel pressure as a result of increased regulatory capital requirements, which led to ongoing capital raising fears. This negatively impacted sentiment and caused these positions in the Fund to underperform the S&P/ASX-100 significantly. The Fund was long in Qantas as it ranked favourably on Qato's fundamental Q-Score analysis due to the business' improving fundamentals. For the calendar year to date Qantas has delivered a 40% return to investors in the Fund and was the Fund's top performing position in April. The Fund was short in Metcash which fell -14.4% and Bluescope which fell -14.3% generating significant alpha. Click the Manager's Report to read the complete review
More Information	Fund Profile Manager's Report

Aurora Fortitude Absolute Return Fund

29 May 2015 - Australian Fund Monitors

Aurora Fortitude Absolute Return Fund rose 0.34% as the market experienced higher volatility over the month of April.

29 May 2015 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	26 May 2015
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2015
Latest Return	0.34%
Latest 6 Months	1.24%
Latest 12 Months	1.13%
Latest 24 Months	7.16%
Annualised Since Inception	7.30%
Inception Date	15 March 2005
FUM (millions)	AU$100.1
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	Aurora Fortitude Absolute Return Fund rose 0.34% in April as the market experienced higher volatility over the month. Since inception the Fund's annual performance was 7.30% p.a. The fund has achieved this performance with very low volatility of 2.67% (ASX 200 Accumulation 13.84%), to bring the Fund's Sharpe and Sortino ratio to 1.06 (Index 0.30) and 2.11 (Index 0.32) respectively. In April, only the Long Short and Mergers & Acquisitions strategies were the positive contributors, with the Long Short Strategy as the best performing (+0.28%). A smaller capitalisation company Triton Minerals (TON.ASX) undertook a discounted capital raising and performed well. All other portfolio strategies were either flat (Convergence & Yield strategies) or only a slight detractor (Options -0.06%). Click below to read the April Fund Manager's Report & AFM Fund Review.
More Information	Fund Profile Manager's Report AFM Research Reports

Totus Alpha Fund

28 May 2015 - Australian Fund Monitors

Totus Alpha Fund was down 4.5% in April compared to the ASX200 Accumulation Index's -1.70%. However the Fund's annual performance of 24.74% (ASX200 Accumulation Index 14.70% p.a.) has been strong.

28 May 2015 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	26 May 2015
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	April 2015
Latest Return	-4.50%
Latest 6 Months	9.07%
Latest 12 Months	18.58%
Latest 24 Months	64.94%
Annualised Since Inception	24.74%
Inception Date	01 April 2012
FUM (millions)	AU$15.3
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 was down 4.5% in April compared to the ASX200 Accumulation Index's -1.70%. However the Fund's annual performance of 24.74% (ASX200 Accumulation Index 14.70% p.a.) has been strong. The Sharpe and Sortino ratio were notable at 1.52 (Index 1.04) and 3.90 (Index 1.60) respectively. This performance has been delivered with low (usually negative) beta (-0.0068) and correlation (-0.0056) to the ASX300 Accumulation Index. At the end of April, the fund had a net exposure of 31.0% and a gross exposure of 298.0%. The fund was diversified across a number investment themes and geographies with 124 positions (57 long and 67 short). Top contributors in April were the long positions in Smartgroup +1.23% (Scarce Growth) and Altium +0.67% (Online). The short position in Metcash added +0.71% (Structural Change). Biggest detractors were the short position in LNG -2.10% (Promoter), and long positions in Healthscope -0.55% (Ageing Population) and Ramsay Health -0.55% (Ageing Population). Click below to read the complete Fund Manager's Report & AFM Fund Review.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review Pengana Absolute Return Asia Pacific Fund April 2015

28 May 2015 - Australian Fund Monitors

Latest Fund Review now available on Pengana Absolute Return Asia Pacific Fund, which has over six years of track record and annualised return of 11.43%.

28 May 2015 - Fund Review Pengana Absolute Return Asia Pacific Fund April 2015

By: Australian Fund Monitors

PENGANA ABSOLUTE RETURN ASIA PACIFIC FUND

Attached is our most recently updated Fund Review on the Pengana Absolute Return Asia Pacific Fund.

The Pengana Absolute Return Asia Pacific Fund ("PARAP") was established in 2008 by portfolio managers Antonio Meroni and Vikas Kumra. The Fund is a feeder fund into a Cayman Islands AUD share class fund.

The Fund invests both long and short in Asia Pacific equities, including in Australian and New Zealand, after a stock specific "event" has either occurred or been announced and the portfolio aims to be uncorrelated to the underlying equity markets. A combination of the Manager's experience, thorough research and continuous back- testing identify the most attractive of these events.

Risk controls include limits on individual positions as well as gross and net exposure. Limits are in place for option exposure and cash borrowing, with stop loss limits on individual positions. Overall the manager is looking to derive returns from the event strategies as opposed to any currency or market exposures.

The Fund returned +3.87% for the month, compared to the HFR Event Driven Index which closed +0.5%. The month saw significant volatility in China/ Hong Kong (H Shares) after CSRC allowed Chinese mutual funds to access Hong Kong markets which significantly impacted holding company discounts and A/H share spreads. Performance was diversified across our M&A, Capital Management and Stubs sub strategy. The Fund used this opportunity to reduce our gross exposure and overall net to 210% and 15.7% respectively.

For further details on the Fund, please do not hesitate to contact us.

Australian Fund Monitors

ATTACHED FILES

Pengana Absolute Return Asia Pacific Fund AFM Fund Review April 2015 (pdf format)

Morphic Global Opportunities Fund

27 May 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund rose 0.02% in April as its benchmark (MSCI AC World Total Return in Australian Dollars) fell 0.33%, resulting in
outperformance of 0.35%.

27 May 2015 - Morphic Global Opportunities Fund

By: Australian Fund Monitors

Report Date	25 May 2015
Manager	Morphic Asset Management
Fund Name	Morphic Global Opportunities Fund
Strategy	Equity Long/Short
Latest Return Date	April 2015
Latest Return	0.02%
Latest 6 Months	18.14%
Latest 12 Months	30.18%
Latest 24 Months	62.82%
Annualised Since Inception	27.78%
Inception Date	02 August 2012
FUM (millions)	AU$106
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 0.02% in April as its benchmark (MSCI AC World Total Return in Australian Dollars) fell 0.33%, resulting in outperformance of 0.35%. Since inception the Fund's annualised return per annum was 27.78%, compared to the AFM Global Equity Index of 27.67%. The biggest contribution to performance for the Fund was the overweight index position in China. Chinese stocks continue to do well as monetary policy is eased further as the government tries to moderate what is now clearly a slowing in the long term growth rate. The Fund expects much of the newer money to prefer to buy the Hong Kong listed shares of major Chinese companies for convenience, and because of the significant price gap that is now apparent. The main detractors from performance were two long held positions in Axis Bank from India and US fund manager Ameriprise. Axis reported excellent results but has been caught up in a general slide in Indian stocks. Ameriprise reported results below market expectations and there was hit by worries about tougher rules in the US financial advisory industry. We believe these are temporary concerns and Ameriprise actually stands to benefit from these legislative changes in the USA. Click below to read the complete April 2015 Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Avenir Value Fund

27 May 2015 - Australian Fund Monitors

Avenir Value Fund returned -3.57% in the month of April compared to the ASX 200 Accumulation Index -1.70%.

27 May 2015 - Avenir Value Fund

By: Australian Fund Monitors

Report Date	25 May 2015
Manager	Avenir Capital Pty Ltd
Fund Name	Avenir Value Fund
Strategy	Equity Long
Latest Return Date	April 2015
Latest Return	-3.57%
Latest 6 Months	-0.34%
Latest 12 Months	2.08%
Latest 24 Months	42.96%
Annualised Since Inception	15.31%
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 returned -3.57% in the month of April compared to the ASX 200 Accumulation Index -1.70%. The Fund's performance since inception was 15.31% p.a. (Index 12.50% p.a.). The Fund's cumulative performance since inception was 70.58% compared to the MSCI All Cap All Country Accumulation Index's 55.56%. The Fund's notable Sharpe and Sortino ratios are 1.04 and 1.77 respectively since inception in August 2011. At month-end, the Fund's geographical disposition was 46.1% US, 13.7% Asia, 12.9% Western Europe, 1% Australia, 11.4% other and 15.4% cash. The top 10 holdings were 62% of NAV. Click below to read the April 2015 Fund Report
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund April 2015

26 May 2015 - Australian Fund Monitors

Fund review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.33%.

Laminar Credit Opportunities Fund

26 May 2015 - Australian Fund Monitors

The Laminar Credit Opportunities Fund returned 0.54% over the month of April, bringing its annual performance since inception to 19.13%.

26 May 2015 - Laminar Credit Opportunities Fund

By: Australian Fund Monitors

Report Date	21 May 2015
Manager	Laminar Group
Fund Name	Laminar Credit Opportunities Fund
Strategy	Fixed Income
Latest Return Date	April 2015
Latest Return	0.54%
Latest 6 Months	3.74%
Latest 12 Months	8.37%
Latest 24 Months	21.35%
Annualised Since Inception	19.13%
Inception Date	31 October 2009
FUM (millions)	AU$59
Fund Overview	The aim of the fund is to identify opportunities in the fixed income credit markets. The Fund invests in a full spectrum of fixed income products that includes but is not limited to: corporate bonds,; bank debt; credit derivatives; bank loans;commercial paper;hybrid securities; and mortgage-backed and asset-backed securities. The Fund may also invest in derivatives for hedging purposes. The portfolio of the Fund comprises primarily Investment Grade holding of 75% of the Fund's assets. Benchmark allocations are Australasia 50% to 100%, North America 0% to 50% and Europe 0% to 50%. Currency hedging may take place depending on benefits to the Fund.
Manager Comments	The Laminar Credit Opportunities Fund returned 0.54% over the month of April, bringing its annual performance since inception to 19.13%, with the annual volatility of 7.50%. The Fund has notable Sharpe and Sortino Ratio of 1.94 and 19.17 respectively. Majority of the Fund's portfolio composition was in Residential Mortgage-Backed Securities (RMBS) at 71% and in Short-dated loans at 18%. Laminar has been vocal about avoiding tier 1 securities and as bank stocks have sold off over the last couple of weeks, tier 1bonds have followed. For higher yielding assets, Laminar's preference has been RMBS, which continues to perform extremely well with low volatility and steadily rising prices. The Fund will maintain a healthy allocation to these assets Click on the link below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report

KIS Asia Long Short Fund

25 May 2015 - Australian Fund Monitors

KIS Asia Long Short Fund rose 4.04% during April, bring the Fund's annual return since inception to 15.48% p.a.

25 May 2015 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	22 May 2015
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	April 2015
Latest Return	4.04%
Latest 6 Months	7.58%
Latest 12 Months	8.41%
Latest 24 Months	23.95%
Annualised Since Inception	15.48%
Inception Date	01 October 2009
FUM (millions)	AU$37
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	KIS Asia Long Short Fund rose 4.04% during April, bring the Fund's annual return since inception to 15.48% p.a. In comparison, the AFM Asia Pacific ex-Japan Benchmark annual return has been 5.52% p.a. The Fund achieved these returns with lower volatility of 5.52% (Index 9.31%), to give strong Sharpe and Sortino ratios of 2.04 (Index 0.25) and 4.81 (Index 0.29) over the same time frame. Majority of the month's return came from the Long Short Strategy, contributing 355bp. In April the spotlight was on the Hong Kong (HK) and China equity markets. The Hang Seng China Enterprises Index (HSCEI) rallied 17% while the Shanghai Composite (SHCOMP) gained 20%. The Fund finally saw some serious volume in the Southbound Connect flows after a lackluster start back in November. With such an extraordinary rise in Chinese and HK stocks over the past 6 months, investors are starting to look at potential excesses in the market. Margin lending is the biggest focus and the Fund has and will continue to do work around this issue. Elsewhere April was fairly quiet. For the month ahead, investors, will be questioning the 'sell in May' seasonality. Australia has a budget to hand down that is unlikely to cause fireworks, but can have some impact on certain sectors. Click below to read the complete Fund Manager's Latest Report.
More Information	Fund Profile Manager's Report

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1 Jun 2015 - Fund Review: Morphic Global Opportunities Fund April 2015

1 Jun 2015 - QATO Capital Market Neutral Long/Short Fund

29 May 2015 - Aurora Fortitude Absolute Return Fund

28 May 2015 - Totus Alpha Fund

28 May 2015 - Fund Review Pengana Absolute Return Asia Pacific Fund April 2015

27 May 2015 - Morphic Global Opportunities Fund

27 May 2015 - Avenir Value Fund

26 May 2015 - Fund Review: Bennelong Long Short Equity Fund April 2015

26 May 2015 - Laminar Credit Opportunities Fund

25 May 2015 - KIS Asia Long Short Fund

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