Fund Review: Bennelong Kardinia Absolute Return Fund June 2015

27 Jul 2015 - Australian Fund Monitors

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

Pengana Absolute Return Asia Pacific Fund

24 Jul 2015 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund finished -2.39% for the month, compared to the HFR Event Driven Index which closed -1% and Asia Pacific markets which fell -3.3%.

24 Jul 2015 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	17 July 2015
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	June 2015
Latest Return	-2.39%
Latest 6 Months	4.62%
Latest 12 Months	9.00%
Latest 24 Months	17.65%
Annualised Since Inception	10.90%
Inception Date	01 September 2010
FUM (millions)	AU$91.2
Fund Overview	The Pengana Absolute Return Asia Pacific Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10%. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	The Pengana Absolute Return Asia Pacific Fund finished -2.39% for the month, compared to the HFR Event Driven Index which closed -1% and Asia Pacific markets which fell -3.3%. Since inception, the Fund has an annualised return of 10.90% p.a., which has been achieved with lower volatility of 5.85% (AFM Asia Pacific Index 11.75%), to give notable Sharpe and Sortino Ratios of 1.23 and 2.92 respectively. Macro turbulence hit full swing with the de-risking in China overshadowing events in Greece. This extreme volatility made hedging the Fund's greater China exposure challenging, resulting in the negative performance of Chinese companies across most sub-strategies. The Fund ended the month with average net and gross exposure of 10.7% and 231% respectively. The Index Futures strategies contributed most towards the Fund's monthly performance. However, Capital Management and M&A strategies were the major detractors. The country exposure as percentage (%) of NAV was most in Japan with gross of 59.40%, followed by Hong Kong/China at 50.30%. Click below to read the complete Fund Manager's Report
More Information	Fund Profile Manager's Report AFM Research Reports

Meme Australian Share Fund

23 Jul 2015 - Australian Fund Monitors

Over the last 12 months the Meme Australian Share Fund has outperformed the ASX200 Accumulation Index by 12.77%.

23 Jul 2015 - Meme Australian Share Fund

By: Australian Fund Monitors

Report Date	17 July 2015
Manager	Meme Capital Management Pty Ltd
Fund Name	Meme Australian Share Fund
Strategy	Equity Long
Latest Return Date	June 2015
Latest Return	-5.97%
Latest 6 Months	9.30%
Latest 12 Months	18.45%
Latest 24 Months	31.72%
Annualised Since Inception	14.77%
Inception Date	01 July 2013
FUM (millions)	AU$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	Over the last 12 months the Meme Australian Share Fund has outperformed the ASX200 Accumulation Index by 12.77%. The Fund has an annualised return since inception of 14.77% p.a. (Index 11.40% p.a.), with notable Sharpe and Sortino Ratios of 1.14 and 1.93 respectively. The Fund return for the Quarter was negative, at -4.36% although it comfortably outperformed the Fund's Benchmark All Ordinaries Accumulation Index, which returned -6.25% for the same period. Recent market volatility has resulted in an increase in the cash holding in the portfolio to about 30% and exposures to all market sectors have reduced apart from Materials, Energy and Information Technology which have enjoyed small absolute increases. Click below to read the latest Fund Manager's commentary on the Fund.
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund June 2015

23 Jul 2015 - Australian Fund Monitors

Fund Review available for Bennelong Long Short Equity Fund which has over twelve year track record and annualised returns of 17.35%.

Signature Quantitative Fund

22 Jul 2015 - Australian Fund Monitors

Since inception in January 2014, Signature Quantitative Fund has an annualised return of 8.45% p.a, compared to the ASX200 Accumulation Index 5.84% p.a.

22 Jul 2015 - Signature Quantitative Fund

By: Australian Fund Monitors

Report Date	20 July 2015
Manager	Quant Investment Management Services Pty Ltd
Fund Name	Signature Quantitative Fund
Strategy	Equity Long/Short
Latest Return Date	June 2015
Latest Return	-3.00%
Latest 6 Months	-7.37%
Latest 12 Months	-1.92%
Latest 24 Months
Annualised Since Inception	8.45%
Inception Date	01 January 2014
FUM (millions)	AU$24
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	Since inception in January 2014, Signature Quantitative Fund has an annualised return of 8.45% p.a, compared to the ASX200 Accumulation Index 5.84% p.a. The Fund's annualised volatility was 8.95%, compared to the Index of 11.76%. The Fund's strong performance has been achieved with lower volatility, bringing the Fund's Sharpe Ratio and Sortino Ratio to 0.69 (Index 0.34) and 1.27 (Index 0.43) respectively. The Australian market suffered a large drawdown in June (-5.30%), and the net exposure of SQF also under-performed. The Tax Year End Effect did not work in May and June which was consistent with the poor performance of the momentum factor in Australia over the last 4 months. Capital Raisings outperformed and Alpha Capture under-performed slightly. Click the link below to view the latest Monthly Report.
More Information	Fund Profile Manager's Report

Fund Review: Morphic Global Opportunities Fund June 2015

21 Jul 2015 - Australian Fund Monitors

Read the latest Fund Review for Morphic Global Opportunities Fund.

Totus Alpha Fund

21 Jul 2015 - Australian Fund Monitors

Totus Alpha Fund reported a strong 6.30% net of fees return in June, in a weak Australian equity market with ASX200 Total Return down 5.30%.

21 Jul 2015 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	09 July 2015
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	June 2015
Latest Return	6.25%
Latest 6 Months	9.74%
Latest 12 Months	22.68%
Latest 24 Months	57.63%
Annualised Since Inception	24.96%
Inception Date	01 April 2012
FUM (millions)	AU$17
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 reported a strong 6.30% net of fees return in June, in a weak Australian equity market with ASX200 Total Return down 5.30%. The Fund's annual performance of has increased to 24.96% p.a (Index 12.14% p.a.). The Sharpe and Sortino ratio were notable at 1.44 (Index 1.03) and 3.90 (Index 1.29) respectively. This performance has been delivered with low beta of -0.0407 and correlation of -0.0352 to the ASX300 Accumulation Index. At the end of June, the fund had a net exposure of 13.90% and a gross exposure of 296.10%. The fund was diversified across a number investment themes and geographies with 113 positions (59 long and 54 short).Top contributors in June were the short position in Slater and Gordon +1.41% (Earnings Risk), long positions in Smartgroup +1.07% (Scarce Growth) and Adairs +0.65% (Scarce Growth). The biggest detractors were the long positions in Flight Centre -0.59% (Scarce Growth), Domino's -0.32% (Scarce Growth) and the short position in Sandfire -0.57% (Commodities). Click below to read the latest Fund's Monthly Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Bennelong Kardinia Absolute Return Fund

20 Jul 2015 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund fell 1.49% in June, to bring the Fund's annual performance since inception to 12.70% compared to the ASX200 Accumulation benchmark's 4.93%.

20 Jul 2015 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	16 July 2015
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2015
Latest Return	-1.49%
Latest 6 Months	2.90%
Latest 12 Months	8.36%
Latest 24 Months	16.25%
Annualised Since Inception	12.70%
Inception Date	01 May 2006
FUM (millions)	AU$206.9
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 fell 1.49% in June, to bring the Fund's annual performance since inception to 12.70% compared to the ASX200 Accumulation benchmark's 4.93%. The Fund's volatility of 7.32% is half that of the ASX200 Accumulation volatility 14.19%. Since inception of May 2006, the Fund's Sharpe and Sortino ratio were 1.10 (Index 0.11) and 2.11 (Index 0.06) respectively. The Fund's net equity market exposure (including derivatives) of the Fund was decreased to 39.1% (74.2% long and 35.1% short). A short position in Share Price Index Futures contracts (hedging longs), as well as long positions in Surfstitch and National Australia Bank were the major positive contributors. Long positions in Slater & Gordon, Transurban and Amcor were the largest detractors. Click below to read the June 2015 Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

QATO Capital Market Neutral Long/Short Fund

17 Jul 2015 - Australian Fund Monitors

In June, the QATO Capital Market Neutral Long/Short Fund outperformed the ASX200 Accumulation Index by 7.19%, returning +1.89% (Index -5.30%).

17 Jul 2015 - QATO Capital Market Neutral Long/Short Fund

By: Australian Fund Monitors

Report Date	13 July 2015
Manager	QATO Capital
Fund Name	QATO Capital Market Neutral Long/Short Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2015
Latest Return	1.89%
Latest 6 Months	3.39%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	36.72%
Inception Date	01 August 2014
FUM (millions)	AU$49
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	In June, the QATO Capital Market Neutral Long/Short Fund outperformed the ASX200 Accumulation Index by 7.19%, returning +1.89% (Index -5.30%). Since inception in August 2014, QATO Capital Market Neutral Long/Short Fund has returned 36.72%. The Fund has out-performed the ASX200 Accumulation Index, giving a notable Sharpe and Sortino ratios of 2.38 (Index -0.01) and 5.85 (Index -0.11) respectively. In June, the long book outperformed the market returning -3.88% for the month versus the Index's return of -5.30%. CBA was the third best S&P/ASX-100 position in June, being one of only four companies to finish positive for the month. The short book strongly outperformed in June. The Q-Score process selected the third and fifth worst S&P/ASX-100 positions for the month. Fortescue fell -19.39% for the month and Metcash fell -18.88%. Click below to read rest of the Fund Manager's latest commentary.
More Information	Fund Profile Manager's Report

Morphic Global Opportunities Fund

16 Jul 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund fell 2.44% in June as its benchmark (MSCI AC World Total Return in Australian Dollars) fell 2.75%, resulting in out-performance of 0.31%.

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27 Jul 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund June 2015

24 Jul 2015 - Pengana Absolute Return Asia Pacific Fund

23 Jul 2015 - Meme Australian Share Fund

23 Jul 2015 - Fund Review: Bennelong Long Short Equity Fund June 2015

22 Jul 2015 - Signature Quantitative Fund

21 Jul 2015 - Fund Review: Morphic Global Opportunities Fund June 2015

21 Jul 2015 - Totus Alpha Fund

20 Jul 2015 - Bennelong Kardinia Absolute Return Fund

17 Jul 2015 - QATO Capital Market Neutral Long/Short Fund

16 Jul 2015 - Morphic Global Opportunities Fund

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