Bennelong Kardinia Absolute Return Fund

8 Apr 2014 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund recorded a reasonable return in a flat market delivering 0.87% with the annual return 9.67%.

8 Apr 2014 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 April 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	March 2014
Latest Return	0.87%
Latest 6 Months	4.89%
Latest 12 Months	9.67%
Latest 24 Months	25.46%
Annualised Since Inception	13.82%
Inception Date	01 May 2006
FUM (millions)	AU$135.8
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. 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. There is a slight bias to large cap stocks in 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.
Manager Comments	Bennelong Kardinia Absolute Return Fund recorded a reasonable return in a flat market delivering 0.87% with the annual return 9.67%. The Fund also had a very low volatility over the last twelve months at 4.10% as compared to 11.03% for the Index. Month-end market exposure increased to 48% (81.1% long and 33% short). The Manager's update notes that Long positions in Donaco and the major banks, and a short position in Metcash were the largest positive contributors to performance, whilst long positions in Crown, CSL and Twenty-First Century Fox were the largest detractors.
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Fund Review: Morphic Global Opportunities Fund

7 Apr 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Morphic Global Opportunities Fund for February 2014 has been released. The fund returned -0.71% during the month for an annual return to 32.37%.

Monash Absolute Investment Fund

4 Apr 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned a solid 4.6% during March (Index 0.20%) and 27.72% (Index 12.0%) over the last twelve months.

Fund Review: Insync Global Titans Fund February 2014

2 Apr 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for February 2014 shows the Fund delivering an annualised return of 11.33% and annualised standard deviation of 7.59% (since inception in October 2009) with sound risk-reward statistics.

Pengana Australian Equities Fund

1 Apr 2014 - Australian Fund Monitors

Pengana Australian Equities Fund recorded a 1.44% return during February 2014 and 7.30% for the preceding 12 months with a volatility of 6.41%.

Fund Review: Optimal Australia Absolute Trust February 2014

31 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for February 2014 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.55% (Index 15.07%)and a Sharpe Ratio since inception of 1.76.

CSAG Long Only Program

31 Mar 2014 - Australian Fund Monitors

CSAG Long Only Program had a sound month with a return of 2.65%, assisted by stronger soft commodity prices, with a -4.97% twelve month return.

31 Mar 2014 - CSAG Long Only Program

By: Australian Fund Monitors

Report Date	28 March 2014
Manager	Commodity Strategies AG
Fund Name	CSAG Long Only Program
Strategy	Commodities/CTA
Latest Return Date	February 2014
Latest Return	2.65%
Latest 6 Months	-3.86%
Latest 12 Months	-4.97%
Latest 24 Months	-10.44%
Annualised Since Inception	7.19%
Inception Date	30 November 1999
FUM (millions)	US$77
Fund Overview	The CSAG Long Only programme seeks to achieve a long term total return that exceeds the return of the Reuters/Jefferies CRB Total Return Index with lower volatility. The Dow Jones-AIG and the GSCI are also monitored. The fund is unleveraged and operates in deeply liquid global commodity markets using systematic processes that enable it to be long in any individual market or allocated to cash, depending on the prevailing yields. The portfolio systems manage positions in trending or mean-reverting markets, with a core emphasis on risk management and capital preservation across every aspect of the process.
Manager Comments	CSAG Long Only Program had a sound month with a return of 2.65%, assisted by stronger soft commodity prices, with a -4.97% twelve month return. The Manager's monthly comments notes that 'The portfolio started the month with modest exposure of about 30% and this was increased rapidly around mid-month finishing at about 90%. Energy constituted the biggest exposure at month end but exposures to Softs and Grains were also significantly increased. Major contributors to performance were coffee, soybeans zinc and gasoline whilst heating and gas oil posted the largest losses in the portfolio for the month. Coffee was up 41.7% for the month, bringing its YTD to 60.3%. February also saw gains posted by corn (5.4%), cotton (0.9%), Chicago wheat (8.4%) and Kansas wheat (11.1%). Soybeans and sugar also posted gains of 11%. Concerns over cold weather and the political unrest in Ukraine, one of the world's biggest exporters of corn and wheat, helped push prices of these grains up in February. The El Niño weather pattern, which can cause droughts and flooding in various parts of the world, is expected to return in 2014'
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Fund Review: Bennelong Kardinia Absolute Return Fund

28 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for February 2014. The Fund is characterised by steady returns and very low risk. The Fund returned 2.69% during February and since inception (May 2006) the Fund has...

Laminar Credit Opportunities Fund

28 Mar 2014 - Australian Fund Monitors

Laminar Credit Opportunities Fund returned 0.57% during February and a creditable 11.93% for the prior 12 months with a volatility of 2.71%.

Cor Capital Fund

27 Mar 2014 - Australian Fund Monitors

The Cor Capital Fund benefited from buoyant asset markets to return 2.34% during February with positive performances from all the underlying assets.

27 Mar 2014 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	26 March 2014
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	February 2014
Latest Return	2.34%
Latest 6 Months	1.16%
Latest 12 Months	2.77%
Latest 24 Months
Annualised Since Inception	6.15%
Inception Date	08 August 2012
FUM (millions)	AU$19
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	The Cor Capital Fund benefited from buoyant asset markets to return 2.34% during February with positive performances from all the underlying assets. the annual return is 2.77% with a volatility of 7.05% (11.49% ASX 200 Acc). During February the Fund's gold position continued to perform (+1.09% contribution) and equities recovered from a weak January (+1.16%). Fixed interest (+0.09%) and cash (+0.07%) were also positive. There were no portfolio adjustments for the month with all asset exposures within the limits defined by the Fund's active risk management strategy.
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8 Apr 2014 - Bennelong Kardinia Absolute Return Fund

7 Apr 2014 - Fund Review: Morphic Global Opportunities Fund

4 Apr 2014 - Monash Absolute Investment Fund

2 Apr 2014 - Fund Review: Insync Global Titans Fund February 2014

1 Apr 2014 - Pengana Australian Equities Fund

31 Mar 2014 - Fund Review: Optimal Australia Absolute Trust February 2014

31 Mar 2014 - CSAG Long Only Program

28 Mar 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund

28 Mar 2014 - Laminar Credit Opportunities Fund

27 Mar 2014 - Cor Capital Fund

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