Alpha Beta Asian Fund

10 Apr 2015 - Australian Fund Monitors

Alpha Beta Asian Fund rose 0.45% to bring the Fund's return since inception to 21.40%.

10 Apr 2015 - Alpha Beta Asian Fund

By: Australian Fund Monitors

Report Date	06 April 2015
Manager	Alpha Beta Capital
Fund Name	Alpha Beta Asian Fund
Strategy	Equity Market Neutral
Latest Return Date	February 2015
Latest Return	0.45%
Latest 6 Months	0.84%
Latest 12 Months	2.65%
Latest 24 Months	14.06%
Annualised Since Inception	7.43%
Inception Date	01 June 2012
FUM (millions)	AU$12
Fund Overview	The Alpha Beta Asian Fund is a market neutral quantitative long short fund with exposure to liquid Asian equities. The investment objective of the Fund is to produce positive annual returns without excessive risk. This is achieved through the use of a quantitative approach to invest both long and short in large cap companies listed on Asian stock exchanges. The Fund may also use index futures to manage risk. Stock prices and company fundamental data are decomposed into directional and mean reverting components. Each of Alpha Beta's models are based on either of these known behaviours with capital management built into each model. The benefit of a quantitative approach is that it is both repeatable and unemotional, and allows a different source of returns to be extracted from a very noisy market environment.
Manager Comments	Alpha Beta Asian Fund rose 0.45% to the Fund's return since inception to 21.40%. The Fund's twelve month annualized volatility was 2.65% with an annualized volatility of 3.71. The Fund's February's performance was driven by strong contributions from the statistical arbitrage models as well as significant loss aversion from the order pad checks, which were balanced by relatively weak performance on the quantamental side across multiple factors. At month-end the Fund had a gross exposure of 289% and a net exposure of -2% across 518 positions. Most of the contribution for the month came from the Taiwan and Japan positions at 0.48% and 0.39% respectively. However Australia and Korea positions were negative contributors at -0.57% and -0.25% respectively. In addition, the Fund is making ongoing operational efforts to setup the Cayman vehicle and Hong Kong licensing.
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Supervised High Yield Fund

9 Apr 2015 - Australian Fund Monitors

Supervised High Yield Fund rose 0.38% in February to bring the Fund's annual return since inception to 10.30%. In the same time frame the RBA Cash Rate returned 3.50%.

9 Apr 2015 - Supervised High Yield Fund

By: Australian Fund Monitors

Report Date	02 April 2015
Manager	Supervised Investments Australia Ltd
Fund Name	Supervised High Yield Fund
Strategy	Fixed Income
Latest Return Date	February 2015
Latest Return	0.38%
Latest 6 Months	2.49%
Latest 12 Months	5.45%
Latest 24 Months	13.99%
Annualised Since Inception	10.30%
Inception Date	01 April 2009
FUM (millions)	AU$22
Fund Overview	The Supervised High Yield Fund is an AUD denominated alternative income fund which invests only in debt securities. The investment objective of the fund is to outperform a benchmark of 1.5% above the RBA cash rate, whilst trying to minimise the risk of permanent loss of capital. The fund will invest in all forms of marketable floating and fixed income debt securities, such as asset backed debt securities, residential mortgage backed securities, corporate debt, regional and sovereign debt securities, debt/equity hybrid securities, equities and currencies. All these investments will be either listed or traded in a market where prices can be independently verified. The fund may also invest in interest rate swaps, options over authorized investments and exchange traded futures contracts. All these will be either listed or traded in a market where they can be independently valued. Fundamental to the investment procedure is the tenet that no debt security will qualify for investment unless it can repay 100% of its principal and interest in a worst case economic scenario.
Manager Comments	Supervised High Yield Fund rose 0.38% in February to bring the Fund's annual return since inception to 10.30%. In the same time frame the RBA Cash Rate returned 3.50%. The Fund achieved this performance with a volatility of 2.12% (RBA Cash Rate 0.24%). More than half of the portfolio's composition was in Residential Mortgage-Backed Securities (RMBS) at 54.00%. The rest of the portfolio was divided in the following sectors: Corporate Loan Services (27.00%), Cash (15.00%) and Hedges (4.00%). The Sharpe ratio for the Fund was 3.09 with only 1 negative month since inception in 2009.
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Fund Review: Insync Global Titans Fund February 2015

9 Apr 2015 - Australian Fund Monitors

The Fund's unit price in February increased by 4.90%. Read February Fund Review and get CPD points.

Signature Quantitative Fund

8 Apr 2015 - Australian Fund Monitors

Signature Quantitative Fund returned -1.30% bringing the Fund's annual performance since inception to 14.98%.

8 Apr 2015 - Signature Quantitative Fund

By: Australian Fund Monitors

Report Date	07 April 2015
Manager	Quant Investment Management Services Pty Ltd
Fund Name	Signature Quantitative Fund
Strategy	Equity Long/Short
Latest Return Date	February 2015
Latest Return	-1.30%
Latest 6 Months	0.53%
Latest 12 Months	12.06%
Latest 24 Months
Annualised Since Inception	14.98%
Inception Date	01 January 2014
FUM (millions)	AU$22
Fund Overview	SQF is a systematic event-driven fund that exploits short-term structural market inefficiencies that are uncorrelated & persistent over time. The fund believes that the market reaction to events is not random; rather there are statistically measureable and predictable behaviour patterns that can be exploited with a systematic and disciplined approach. The fund's investment philosophy is to quantitatively identify research and exploit these event driven or behavioural structural market inefficiencies to generate significant alpha. SQF systematically utilises stock short positions and futures to reduce risk and generate significant alpha SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets.
Manager Comments	Signature Quantitative Fund returned -1.30% bringing the Fund's annual performance since inception to 14.98%. In comparison the Fund's Index, ASX200 Accumulation returned annually 14.06%. The Fund's annualised volatility was 8.53% as compared to the Index at 11.80%. The Fund's strong performance has been achieved with lower volatility, bringing the Fund's Sharpe Ratio and Sortino Ratio to 1.40 (Index 0.97) and 3.58 (Index 1.55) respectively. In February, the Alpha Capture and Capital Raising Strategies were positive contributors to the Fund's return. The Index Re-balance Strategy contributed negatively mainly due to the following stocks; Pacific Rubiales Energy (-92bps), Penn West Petroleum (-81bps) and Denbury Resources (-39bps). The Dividend Arbitrage Strategy also under-performed in February, where the long positions outperformed the market, but the short positions out-performed the long positions. Read the complete Monthly Report from the Fund on AFM website.
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Fund Review: Totus Alpha Fund February 2015

8 Apr 2015 - Australian Fund Monitors

February Fund Review with key statistics for Totus Alpha Fund now available. CPD Points also available.

8 Apr 2015 - Fund Review: Totus Alpha Fund February 2015

By: Australian Fund Monitors

TOTUS ALPHA FUND

Attached is our most recently updated Fund Review on the Totus Alpha Fund.

CPD Points are now available for all AFM Fund Reviews. Read the review and answer 5 questions to earn half a point toward your continuing professional development.

We would like to highlight the following aspects of the Fund;

Totus Capital is a Sydney based long short fund manager established in 2012 by Ben McGarry which aims to place equal emphasis on performance and capital preservation. The Fund invests mainly in Australia, but also in other developed economies, with a primary exposure to equity markets.
The Totus Alpha Fund?s investment strategy is to identify structural themes, and then seek to drive performance by investing in securities that have concentrated exposure to those themes. Single stock short positions are used to generate alpha, frequently in under researched parts of the market such as the small and mid-cap space. Index derivatives are used to hedge the portfolio?s market risk.
McGarry qualified as a Chartered Accountant with PWC in 1999 and has 14 years market experience, commencing his career covering European building materials and construction sectors at Morgan Stanley in London. Previous experience included analytical roles at Ausbil, a Sydney based $10bn+ long-only manager, and sell side emerging companies experience at UBS. McGarry?s emerging company research with UBS included exposure to a range of sectors including energy, materials, industrials, tech, financials, retail and telecommunications.
The Fund has delivered an annalised return of 26.00% since inception in March 2012 as compared to 16.31% for the ASX 200 Accumulation Index. The standard deviation has been higher than the Index at 13.09% as compared to 11.35% and the Sharpe ratio is 1.63.

Sean Webster

Research and Database Manager
Australian Fund Monitors

ATTACHED FILES

Totus Alpha Fund AFM Review February 2015 (pdf format)

KIS Asia Long Short Fund

7 Apr 2015 - Australian Fund Monitors

KIS Asia Long Short Fund was flat (0.09%) in February. Since inception the Fund's annual return was 14.61% p.a.

7 Apr 2015 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	30 March 2015
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	February 2015
Latest Return	0.09%
Latest 6 Months	-0.40%
Latest 12 Months	1.50%
Latest 24 Months	17.72%
Annualised Since Inception	14.61%
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 was flat (0.09%) in February. Since inception the Fund's annual return has been 14.61% p.a. In comparison, the AFM Global Equity Benchmark Annual returned 12.61% p.a. The Fund's annual return was achieved with lower volatility of 5.43% (Index 9.37%), to give strong Sharpe and Sortino ratios of 1.92 (Index 0.94) and 4.39 (Index 1.62) over the same time frame. The portfolio gained 22bp in February due to the Long Short strategy. The Fund's long names contributed 314bp whilst the short positions costed 299bp. On a market cap basis, the Fund's main long was in small caps, which created a profit of 85bp. The most notable contributors in small cap names were Freelancer (FLN. AX) at 24bp and Nirvana Asia Ltd. (1438.HK) at 16bp. HK was an unsuccessful Hong Kong IPO which created a great opportunity to buy value being the cheapest death care service provider in the region and cheap on a global scale. The Portfolio Hedge, Arbitrage, Convertible Bonds and Special Situations Strategies did not make any substantial impact, sum costing the fund 10bp as a total. The impact of interest rate differentials reduced the performance of the US$ series by 25bp. Read the complete Fund Manager's commentary on the AFM website.
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The Paragon Fund

3 Apr 2015 - Australian Fund Monitors

The Paragon Fund returned 3.60% (ASX 200 Accum 6.89%) during February and Since inception the fund has returned +47.05% after fees versus the market (Index) +26.63%

3 Apr 2015 - The Paragon Fund

By: Australian Fund Monitors

Report Date	02 April 2015
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	February 2015
Latest Return	3.60%
Latest 6 Months	0.74%
Latest 12 Months	20.69%
Latest 24 Months	47.05%
Annualised Since Inception	21.27%
Inception Date	28 February 2013
FUM (millions)	AU$26.4
Fund Overview	Australian long-short equities absolute return fund, focusing on core competencies in the resource and industrial sectors. The Fund deploys a high conviction, long bias strategy, focusing on proprietary, fact based research. Capital preservation is a key objective of the Fund. Paragon accepts that markets are not always efficient in pricing information into securities and that no one investment style works in every stage of the investment cycle. Subsequently Paragon adopts a top down thematic led approach to identify companies exhibiting sustainable or improving returns on capital driven by volume growth, pricing power and competitive advantages. Paragon utilises both quantitative analysis to provide probability weighted high/low/base case valuations and qualitative analysis in assessing management, the business model and likely direction of returns. Paragon will allocate assets to each investment opportunity based on a risk/reward profile. Positions have defined investment parameters and risk limits, which are then monitored on an ongoing basis.
Manager Comments	The Paragon Fund returned 3.60% (ASX 200 Accum 6.89%) during February bringing the performance of the Fund since inception to 21.27% (Index 12.53%) with a volatility 11.87% (Index 11.46%). Key drivers of the Paragon Fund's performance for February included solid returns from industrial firms Regis Healthcare, Qantas and Orora, from diversified financials Macquarie Bank and Henderson Group, and Nanosonics. At the end of the month the fund had 29 long positions and 7 short positions. Read the complete Fund Manager's commentary on the AFM website.
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Insync Global Titans Fund

2 Apr 2015 - Australian Fund Monitors

Insync Global Titans Fund increased 4.9% in February bringing the Fund's prior 12 month performance to 15.57%.

2 Apr 2015 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	30 March 2015
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	February 2015
Latest Return	4.90%
Latest 6 Months	18.82%
Latest 12 Months	15.57%
Latest 24 Months	43.50%
Annualised Since Inception	12.10%
Inception Date	07 October 2009
FUM (millions)	AU$24
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection. Insync employs four simple screens to narrow the universe of over 40,000 listed companies globally to a focus group of high quality companies that it believes have the potential to consistently grow their profits and dividends. These screens are size of the company, balance sheet performance, valuation and dividend quality. Companies that pass this due diligence process are then valued using dividend discount models, free cash flow yield and proprietary implied growth and expected return models. The end result is a high conviction portfolio of typically 15-30 stocks. The principal investments will be in shares of companies listed on international stock exchanges (including the US, Europe and Asia). The Fund may also hold cash, derivatives (for example futures, options and swaps), currency contracts, American Depository Receipts and Global Depository Receipts. The Fund may also invest in various types of international pooled investment vehicles. At times, Insync may consider holding higher levels of cash if valuations are full and it is difficult to find attractive investment opportunities. When Insync believes markets to be overvalued, it may hold part of its resources in cash, or use derivatives as a way of reducing its equity exposure. Insync may use options, futures and other derivatives to reduce risk or gain exposure to underlying physical investments. The Fund may purchase put options on market indices or specific stocks to hedge against losses caused by declines in the prices of stocks in its portfolio.
Manager Comments	Insync Global Titans Fund increased 4.9% in February bringing the Fund's prior 12 month performance to 15.57%. The Fund has a Sharpe and Sortino Ratio of 0.98 (Global Equity Index 0.94) and 1.89 (Index 1.62) respectively. More than half of the Fund's geographic composition was in North America at 62.60%. The key industry compositions consisted of Health Care at 27.40%, Consumer Discretionary at 20.80%, Consumer Staples at 17.90% and IT at 15.90%. The performance was driven by positive contributions from the Fund's holdings in Medtronic, Microsoft, McGraw-Hill and Disney. The main negative contributors were Baxter, McDonald's and Hugo Boss. The Fund continues to have no foreign currency hedging in place as Insync consider the main risks to the Australian dollar to be on the downside. Read Fund Manager's complete report on the AFM site.
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Fund Review: Bennelong Long Short Equity Fund February 2015

1 Apr 2015 - Australian Fund Monitors

Fund review available for Bennelong Long Short Fund which has over twelve year track record and annualised returns of 17.25%.

Allard Investment Fund

1 Apr 2015 - Australian Fund Monitors

Allard Investment Fund decreased 0.2% during February 2015, bringing the Fund's past twelve month performance to 24.23%.

1 Apr 2015 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	27 March 2015
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	February 2015
Latest Return	-0.20%
Latest 6 Months	15.97%
Latest 12 Months	24.23%
Latest 24 Months	33.28%
Annualised Since Inception	9.90%
Inception Date	01 July 2003
FUM (millions)	AU$131
Fund Overview	Allard Partners is an absolute return, long only security 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. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	Allard Investment Fund decreased 0.2% during February 2015 bringing the Fund's past twelve month performance to 24.23% with volatility of 6.78. In comparison the Global Equity has returned 23.45% over the past twelve months, with volatility of 7.07% The Fund portfolio stook at 70.60% invested in equities & 29.40% held in cash & fixed income. In terms of industry breakdown the Fund was most exposed to Financial Services at 18.7%, Conglomerates 10.9% and Telco's with 9.7%. The geographic breakdown was Hong Kong / China at 40.5%, Singapore 10.9% and Korea 8.5%. The top 5 holdings had 42.50% concentration of the portfolio and 16.10% in the next 5 holdings.
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10 Apr 2015 - Alpha Beta Asian Fund

9 Apr 2015 - Supervised High Yield Fund

9 Apr 2015 - Fund Review: Insync Global Titans Fund February 2015

8 Apr 2015 - Signature Quantitative Fund

8 Apr 2015 - Fund Review: Totus Alpha Fund February 2015

7 Apr 2015 - KIS Asia Long Short Fund

3 Apr 2015 - The Paragon Fund

2 Apr 2015 - Insync Global Titans Fund

1 Apr 2015 - Fund Review: Bennelong Long Short Equity Fund February 2015

1 Apr 2015 - Allard Investment Fund

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