Fund Review: Bennelong Kardinia Absolute Return Fund

23 Jan 2014 - Australian Fund Monitors

Bennelong's Kardinia Long/Short equity fund returned 1.11% in December 2013, taking returns for the year to 14.78%, broadly in line with annualised returns since inception of 14.10%.

Aurora Fortitude Absolute Return Fund

22 Jan 2014 - Australian Fund Monitors

Aurora Fortitude Absolute Return Fund returned 0.74% and 7.57% for the last 12 months with a volatility of 1.58% and only one negative month.

Optimal Australia Absolute Trust

21 Jan 2014 - Australian Fund Monitors

Optimal Australia Absolute Trust returned 0.54% during December ending the month with a net exposure position of 11.1%.

21 Jan 2014 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	20 January 2014
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	December 2013
Latest Return	0.54%
Latest 6 Months	1.26%
Latest 12 Months	1.49%
Latest 24 Months	6.11%
Annualised Since Inception	10.39%
Inception Date	15 September 2008
FUM (millions)	AU$130
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 returned 0.54% during December ending the month with a net exposure position of 11.1%. The Manager notes 'Markets may well need to reacquaint themselves with elevated volatility for some time, given a fundamental change in the direction of monetary policy, in the start of 'tapering' of bond buying by the US Federal Reserve. Central bank intervention (via both liquidity creation and 'fixing' bond rates) has driven equity market pricing to some very strange extremes. While 'tapering' may have started small, and its future pace will depend on the economy, it is still a major change in a policy which has been unequivocally favourable for asset prices and which, having started, is unlikely to be reversed, absent a major growth shock. This dynamic also throws the focus squarely on to growth. Logically, for share prices to advance, higher growth will be required to offset higher discount rates. Australia of course marches to the beat of a different drummer. We did not have emergency liquidity creation, nor have we (yet) had an economic crisis, and our growth rate seems unlikely to march sharply upwards in view of structural constraints.'
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Pengana Australian Equities Fund

20 Jan 2014 - Australian Fund Monitors

Pengana Australian Equities Fund returned 1.27% during December with a month-end cash balance of 22%. Annual return was 18.60% (S&P/ASX 200 Accum 20.12%) with a volatility of 7.82% (Index 11.43%)

20 Jan 2014 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	17 January 2014
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	December 2013
Latest Return	1.27%
Latest 6 Months	8.28%
Latest 12 Months	18.60%
Latest 24 Months	46.90%
Annualised Since Inception	13.27%
Inception Date	01 July 2008
FUM (millions)	AU$372
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ returns of 12-15% p.a. compounded over the medium term time horizon. The Fund seeks to generate consistent investment returns using fundamental research to identify companies with competent management and resilient business models. The investment methodology is designed to profit from a focus on tax aware returns (both capital and income) generated by owning outstanding businesses at reasonable prices.
Manager Comments	Pengana Australian Equities Fund returned 1.27% during December with a month-end cash balance of 22%. Annual return was 18.60% (S&P/ASX 200 Accum 20.12%) with a volatility of 7.82% (Index 11.43%). As at 31st December 2013, the Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed, Fox Group, CSL, NZ based companies and US dollar exposure) stood at 22%. In terms of outlook the manager notes that 'several important factors continue to have a medium term positive impact on consumer and business sentiment. These include: Political certainty after a nine month election period; stronger asset prices (in almost every asset class); a surprisingly firm iron ore price (vital as Australia's largest export); the banks exhibiting a re-invigorated appetite for lending and an improving global economy; a surprisingly resilient employment rate and consistently low interest rates. The above factors are translating into an exuberant environment for financial assets as investors anticipate any sign of green shoots to indicate an imminent recovery.'
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Insync Global Titans Fund

17 Jan 2014 - Australian Fund Monitors

Insync Global Titans Fund returned 4.9% in December ahead of the MSCI All Country Index in $A at 4.0% with the Fund recording an up capture ratio of 0.45 and down capture ratio of -1.17.

Bennelong Long Short Equity Fund

16 Jan 2014 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned 2.68% during December bringing twelve month performance to 22.46%. The Fund now has 11 years of unbroken positive returns.

Morphic Global Opportunities Fund

15 Jan 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 3.85% during December as the Fund benefited from $A weakness as well as a short position on US bonds and other currencies.

Monash Absolute Investment Fund

14 Jan 2014 - Australian Fund Monitors

Monash Absolute Investment Fund returned -0.60% during December 2013 bringing the 12 month return to 30.41% as compared to the S&P/ASX 200 Accum return of 20.12%.

Performance Report: Bennelong Kardinia Absolute Return Fund

13 Jan 2014 - Australian Fund Monitors

Bennelong's Kardinia Long/Short equity fund returned 1.11% in December 2013, taking returns for the year to 14.78%, broadly in line with annualised returns since inception of 14.10%.

13 Jan 2014 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	09 January 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2013
Latest Return	1.11%
Latest 6 Months	6.80%
Latest 12 Months	14.78%
Latest 24 Months	30.30%
Annualised Since Inception	14.10%
Inception Date	01 May 2006
FUM (millions)	AU$130.2
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position.
Manager Comments	The Bennelong Kardinia Long/Short equity fund returned 1.11% in December 2013, taking returns for the year to 14.78%, broadly in line with the Fund's annualised return since inception of 14.10%. The Fund's December performance was achieved in a market which although positive lagged most of its global developed market peers, and which at one stage was down over 4% on concerns over the US tapering of asset purchases. Local headwinds included a flood of IPO's draining liquidity, a falling A$, and a deterioration in the fiscal outlook facing the new coalition government. By month end the Manager had increased the Fund's net exposure to 74.8%, based on 82.5% long, and 7.7% short.
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Pengana Asia Special Events (Onshore) Fund

27 Dec 2013 - Australian Fund Monitors

Pengana Asian Special Events Fund returned 0.43% over the month and 12.41% for the previous twelve months with a beta of -0.03 and correlation of -0.1.

27 Dec 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	18 December 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	November 2013
Latest Return	0.43%
Latest 6 Months	3.65%
Latest 12 Months	12.41%
Latest 24 Months	16.35%
Annualised Since Inception	11.90%
Inception Date	01 September 2010
FUM (millions)	AU$41.2
Fund Overview	The Pengana Asia Special Events (Onshore) 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. The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. 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%
Manager Comments	Pengana Asian Special Events Fund returned 0.43% over the month and 12.41% for the previous twelve months with very low volatility of 2.51% (11.51% Index), a beta of -0.03 and correlation of -0.1. The performance of the underlying strategies was mixed during the month: M&A and Earnings Surprise contributed positively while Capital Management and Stubs trades detracted value. Positions in Japan and Thailand generated healthy profits for the Fund. During the month the Fund maintained an average net and gross exposure of 14% and 190% respectively. November's focus remained on China as details emerged of the reform package, while risk appetite in Japan remained healthy due to continued weakness in the Yen. Within the Capital Management strategy, spin offs is a key theme that we observe emerging in the Asian event landscape and it presents unique trading opportunities.
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23 Jan 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund

22 Jan 2014 - Aurora Fortitude Absolute Return Fund

21 Jan 2014 - Optimal Australia Absolute Trust

20 Jan 2014 - Pengana Australian Equities Fund

17 Jan 2014 - Insync Global Titans Fund

16 Jan 2014 - Bennelong Long Short Equity Fund

15 Jan 2014 - Morphic Global Opportunities Fund

14 Jan 2014 - Monash Absolute Investment Fund

13 Jan 2014 - Performance Report: Bennelong Kardinia Absolute Return Fund

27 Dec 2013 - Pengana Asia Special Events (Onshore) Fund

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