Pengana Australian Equities Market Neutral Fund

23 Sep 2013 - Australian Fund Monitors

Pengana Australian Equities Market Neutral Fund completed a fifth year of operation recording an annualised return of 9.7% pa.

23 Sep 2013 - Pengana Australian Equities Market Neutral Fund

By: Australian Fund Monitors

Report Date	23 September 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2013
Latest Return	3.80%
Latest 6 Months	9.02%
Latest 12 Months	9.29%
Latest 24 Months	16.73%
Annualised Since Inception	9.60%
Inception Date	09 September 2008
FUM (millions)	AU$17
Fund Overview	The Pengana Australian Equities Market Neutral Fund aims to provide a net annualised return of 5-10% over cash, with a risk target of 8-10%. The Fund holds equal weights in long and short positions listed on the ASX with a majority of the stocks included in the S&P/ASX 300 Index. The manager's investment approach is premised on the belief that fundamental factors (such as earnings, cash flow and profit growth) affect stock prices, but that the adoption of quantitative techniques (i.e. computer based models) provides an advantage in assimilating and analysing this information, and building an efficient portfolio. The Fund's portfolio is constructed to be 'Market Neutral' i.e. it aims to have little or no overall exposure to movements in the equity market. The aim of low exposure to market movements is to enhance the consistency of the portfolio's performance and to provide diversification from other market oriented investments.
Manager Comments	Pengana Australian Equities Market Neutral Fund completed it's fifth year of operation recording an annualised return of 9.60% pa compared to the benchmark (ASX 200 Acc Index) return of 4.63%. Since inception the Fund has an annualised standard deviation of 8.02% compared to 15.48% (Index) and the risk-reward and risk statistics are sound with a Sharpe ratio of 0.7 (0.12 Index) and a Sortino Ratio of 1.06 (0.06 Index). The August performance was 3.8%. The Manager notes that the portfolio gained better traction from the Value fundamental factor during August with Value continuing its recent strong performance following the sharp positive shift in July. Risk appetite continues to stay in focus with the higher risk stocks outperforming lower risk, higher yielding stocks.
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Auscap Long Short Australian Equities Fund

20 Sep 2013 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund had a strong August returning 4.28% while maintaining an average net exposure of 61.1%.

Fund Review: Morphic Global Opportunities Fund

19 Sep 2013 - Australian Fund Monitors

Morphic's Global Opportunities Fund has recently completed its first year of operations having returned 32.55% over 12 months with volatility of under 10% and a Sharpe ratio of 3.10 since inception in August 2012.

Pengana Asia Special Events (Onshore) Fund

18 Sep 2013 - Australian Fund Monitors

Pengana Asia Special Events (Onshore) Fund returned 1.03% during August 2013 with gross and net exposure averaging 158% and 12% respectively.

18 Sep 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	17 September 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	August 2013
Latest Return	1.03%
Latest 6 Months	4.81%
Latest 12 Months	12.08%
Latest 24 Months	14.64%
Annualised Since Inception	11.99%
Inception Date	01 September 2010
FUM (millions)	AU$32.1
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 Asia Special Events (Onshore) Fund returned 1.03% during August 2013 with gross and net exposure averaging 158% and 12% respectively. Short index futures protected the Fund during the month, while non-directional trades such as M&A and stubs trades also contributed positively to performance. Malaysian and Japanese trades proved particularly profitable during the month. With market attention mostly macro related, the Asian event landscape was relatively calm with the announced M&A count remaining healthy for the month. Private equity players have become more active recently with 2 deals in August alone highlighting this trend.
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Fund Review: Aurora Fortitude Absolute Return Fund

18 Sep 2013 - Australian Fund Monitors

AFM's updated Fund Review for the Aurora Fortitude Absolute Return Fund for August 2013. The Fund is characterised by steady returns and very low risk. The since inception (March 2005) return is 8.23% pa and the annualised standard deviation 2.80%.

Fund Review: Optimal Australia Absolute Trust

17 Sep 2013 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for August 2013, which is characterised by very low risk. The Fund's since inception (September 2008) return is 10.65% pa and the annualised standard deviation 3.65%.

Fund Review: Bennelong Kardinia Absolute Return Fund

16 Sep 2013 - Australian Fund Monitors

AFM's updated Fund Review for BKARF, showing KPI's for August 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Insync Global Titans Fund

16 Sep 2013 - Australian Fund Monitors

Insync Global Titans Fund recorded -1.95% during August with the low risk as shown by the maximum drawdown of -2.04% over the last 12 months.

Fund Review: Bennelong Long Short Equity Fund

13 Sep 2013 - Australian Fund Monitors

AFM's updated Fund Review for Bennelong Long Short Equity Fund, showing KPI's for August 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Pengana Australian Equities Fund

13 Sep 2013 - Australian Fund Monitors

Pengana Australian Equities Fund returned 2.27% for August with a cash holding of 26% at month-end.

13 Sep 2013 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	12 September 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	August 2013
Latest Return	2.27%
Latest 6 Months	3.95%
Latest 12 Months	22.65%
Latest 24 Months	42.56%
Annualised Since Inception	13.36%
Inception Date	01 July 2008
FUM (millions)	AU$316
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ 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 2.27% for August with a cash holding of 26% at month-end. The largest positive contributors to the month's performance were McMillan Shakespeare (validating the Fund's decision to acquire additional shares during the strong reaction to the proposed regulatory change), Seven West Media, Resmed, Woolworths and Ainsworth Gaming. The Fund's exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and Fox Group, NZ based companies and US dollar exposure) stood at 21%. Although the Manager has been biased towards a weakening A$ for some time, they note that the speed of its decline has been surprising. On the one hand, a lower Australian Dollar represents lower global purchasing power for us as consumers. However, the Manager expects several important domestic industries to benefit materially from the currency shift. These include the tourism, education, agricultural and even, dare we say it, the mining industry. Many companies have been forced to streamline their operations to cope with the high A$. The recent falls could translate into a period of very high levels of profitability for some.
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23 Sep 2013 - Pengana Australian Equities Market Neutral Fund

20 Sep 2013 - Auscap Long Short Australian Equities Fund

19 Sep 2013 - Fund Review: Morphic Global Opportunities Fund

18 Sep 2013 - Pengana Asia Special Events (Onshore) Fund

18 Sep 2013 - Fund Review: Aurora Fortitude Absolute Return Fund

17 Sep 2013 - Fund Review: Optimal Australia Absolute Trust

16 Sep 2013 - Fund Review: Bennelong Kardinia Absolute Return Fund

16 Sep 2013 - Insync Global Titans Fund

13 Sep 2013 - Fund Review: Bennelong Long Short Equity Fund

13 Sep 2013 - Pengana Australian Equities Fund

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