Blackrock Multi Opportunity Fund

30 May 2013 - Australian Fund Monitors

The Blackrock Multi Opportunity Fund had a sound April recording a return of 1.69% (net) and 10.86% over the last twelve months.

30 May 2013 - Blackrock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	28 May 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	April 2013
Latest Return	1.69%
Latest 6 Months	5.19%
Latest 12 Months	10.86%
Latest 24 Months	27.94%
Annualised Since Inception	9.09%
Inception Date	30 July 2004
FUM (millions)	AU$570.26
Fund Overview	The BlackRock Multi Opportunity Fund (the Fund) is a multi-strategy fund that seeks to benefit from BlackRock's ability to systematically exploit inefficiencies across a broad range of global investment markets. The Fund harnesses BlackRock's best research ideas that are based on sound economic principles which are implemented via a systematic investment process and combined into one investment vehicle. The Fund gains exposure to a diversified group of absolute return strategies which currently include: - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period.
Manager Comments	The Blackrock Multi Opportunity Fund had a sound April recording a return of 1.69% (net) and now has a since inception return of 9.09% pa. Global equities rose for the sixth consecutive month in April despite concerns over moderating global growth. Japanese equities continued their strong run, rallying 12.7% in April as the Bank of Japan delivered aggressive policy stimulus. Elsewhere, most equity markets posted solid gains with US equities up 1.9%, German equities up 1.2%, and Australian equities up 4.5% however Canadian equities fell 2.5% led by a decline in the materials sector. The Multi Opportunity Fund delivered strong positive performance in April with the Global Macro, Australian Equity Market Neutral, International Alpha Transport and Fixed Income Global Alpha strategies contributing positively. The Global Equity Market Neutral strategies detracted.
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SGH ICE

29 May 2013 - Australian Fund Monitors

The SGH ICE Fund delivered 2.57% during April and 28.53% over the preceding twelve months.

Allard Investment Fund

24 May 2013 - Australian Fund Monitors

The Allard Investment Fund recorded 0.80% over April with its since inception (July 2003) performance at 8.49% pa.

Pengana Australian Equities Market Neutral Fund

23 May 2013 - Australian Fund Monitors

The Pengana Australian Equities Market Neutral Fund delivered -0.9% for April and has an annualised return of 8.82% since inception in September 2008.

23 May 2013 - Pengana Australian Equities Market Neutral Fund

By: Australian Fund Monitors

Report Date	22 May 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2013
Latest Return	-0.90%
Latest 6 Months	0.97%
Latest 12 Months	-5.53%
Latest 24 Months	16.61%
Annualised Since Inception	8.82%
Inception Date	09 September 2008
FUM (millions)	AU$16.1
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	The Pengana Australian Equities Market Neutral Fund delivered -0.9% for April and has an annualised return of 8.82% since inception in September 2008. Two of our largest long positions in April were BC Iron and Skilled Group, while two of our largest short positions were Macquarie Atlas Roads Group and AWE. Following on from March, Momentum (see chart below) was again the best performing investment theme in our model for the month followed by Earnings Revisions and Quality. Value failed to deliver in April and remains out of favour with a market that is firmly focused on Equity income via low risk(beta), large cap, and high dividend yielding stocks. With Momentum capturing share price movements that are based on previous performance, it provides a technical component to our mostly fundamental model. The market is now starting to pay attention to the fundamental Earnings Revisions and Quality components of our model, and the outstanding issue is when the market will start to factor in the fundamental or “true Value” of companies as they continue to stretch further into areas of over and under valuation across the defensive and cyclical sectors.
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8IP Asia Pacific Partners Fund

22 May 2013 - Australian Fund Monitors

The 8IP Asia Pacific Partners Fund delivered -1.17% during April bringing its six month performance to 21.57%.

22 May 2013 - 8IP Asia Pacific Partners Fund

By: Australian Fund Monitors

Report Date	21 May 2013
Manager	Eight Investment Partners Pty Ltd
Fund Name	8IP Asia Pacific Partners Fund
Strategy	Equity Long/Short
Latest Return Date	April 2013
Latest Return	-1.17%
Latest 6 Months	21.57%
Latest 12 Months	2.76%
Latest 24 Months	-30.09%
Annualised Since Inception	-3.33%
Inception Date	22 February 2010
FUM (millions)	AU$10
Fund Overview	The 8IP Asia Pacific Partners Fund aims to provide high capital growth over the long term from a portfolio of Asia Pacific Equities. Typically, the Fund will hold between 10 and 20 investments in Asia Pacific equities. The maximum limit is 30 holdings. The level of concentration reflects the high conviction nature of the Fund. There is a relatively low number of individual securities in the Fund which may result in periods of high volatility. Ideally, investments should be made for a minimum of five years so that short term volatility may be offset by high capital growth over time. Companies are chosen using an active, bottom-up approach with particular attention paid to valuation and the sustainability of return on equity. The Fund takes a long term view when investing. Companies of all sizes are considered for inclusion in the Fund. The Fund invests in a mix of both developed and emerging markets. Investments in emerging markets may carry risk associated with delivery difficulties, failed or late settlement of market transactions and the registration and custody of securities is more complex. The lack of liquidity and efficiency in these markets may mean that from time to time the Fund may experience more difficulty in purchasing or selling securities than it would in a more developed market.
Manager Comments	The 8IP Asia Pacific Partners Fund delivered -1.17% during April bringing its six month performance to 21.57%. After five months of strong gains, a number of stocks in the Fund ran into profit taking. During the month, we re-initiated a position in KWG Property Holdings Limited, a Chinese property company. Recent weakness in the share price provided an opportunity to buy after the strong performance by Chinese property stocks in 2012. Having recently visited six companies in the sector, it is clear that end-user demand is strong and interest costs have fallen sharply. In fact, demand for corporate bonds issued by Chinese property companies is the strongest we have ever seen. This bodes well for the performance of the shares over coming years. Largest sector exposures were financials, real estate and consumer discretionary.
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Pengana Asia Special Events (Onshore) Fund

21 May 2013 - Australian Fund Monitors

The Pengana Asia Special Events (Onshore) Fund returned 1.31% during April and had a twelve month return of 8.23%.

21 May 2013 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	20 May 2013
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	April 2013
Latest Return	1.31%
Latest 6 Months	8.93%
Latest 12 Months	8.23%
Latest 24 Months	15.05%
Annualised Since Inception	12.23%
Inception Date	01 September 2010
FUM (millions)	AU$31.7
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	The Pengana Asia Special Events (Onshore) Fund returned 1.31% during April and had a twelve month return of 8.23%. Japanese, Singaporean and Malaysian positions contributed significantly to the positive performance over the month as M&A activity picked up. Capital Management was the most successful strategy for the Fund, with Earnings Surprise, M&A and Stubs Trades also making meaningful contributions. Short index futures positions negatively impacted on performance as Asian markets generally rose strongly over the month. The Fund maintained an average net and gross exposure of 16% and 164% respectively. Largest month-end net exposures were China, Japan and Indonesia and biggest gross exposure by strategy was Merger and Acquisitions. April was very eventful led by a significant pick up in M&A activity and the earnings seasons in some markets. Japan was the most active M&A market in Asia, accounting for 6 of the 14 new deals during the month. Interestingly, as a sign of returning corporate confidence, 2 of the biggest Asian deals for the year were announced in April. Leading the table was the stake increase in Hindustan Unilever by parent Unilever Plc. Within the consumer space as well CP ALL, the operator of over 5,000 7-Eleven stores in Thailand, announced a takeover of Thai hypermart operator Siam Makro. A fall in commodity prices, led by the unexpected collapse of gold prices, resulted in significant volatility in resource stocks during the month. The falls did not adversely affect the risk arbitrage spreads the Fund was involved in.
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BlackRock Australian Equity Market Neutral Fund

20 May 2013 - Australian Fund Monitors

The BlackRock Australian Equity Market Neutral Fund had a sound April returning 2.18%, bringing its 12 month return to 8.71%.

20 May 2013 - BlackRock Australian Equity Market Neutral Fund

By: Australian Fund Monitors

Report Date	19 May 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Australian Equity Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2013
Latest Return	2.18%
Latest 6 Months	2.78%
Latest 12 Months	8.71%
Latest 24 Months	30.55%
Annualised Since Inception	12.31%
Inception Date	31 August 2001
FUM (millions)	AU$683
Fund Overview	The BlackRock Australian Equity Market Neutral Fund aims to deliver returns that are 8% per annum above those of the RBA Cash Rate Target before fees, over rolling 3 year periods. The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks.
Manager Comments	The BlackRock Australian Equity Market Neutral Fund had a sound April returning 2.18%, bringing its 12 month return to 8.71%. The S&P/ASX 200 rose 4.5% (4.5% accumulation) in April to reach its highest level since June 2008. This was largely driven by the seemingly insatiable appetite for yield, with high yield stocks outperforming and Australian Government bonds rallying strongly. Resources, however, slumped further amidst weaker than expected US and Chinese economic data and softer commodity prices. Domestically, the under-performance of resource stocks was most notable amongst gold stocks following the spectacular fall in the gold price. Small capitalisation miners with higher leverage to commodity prices were also hit particularly hard, and a number of mining service companies issued profit warnings. The search for yield was well evidenced by the remarkable turnaround (+9.7%) of WPL on the day it announced it will pay a special dividend and raise its dividend payout ratio. The portfolio benefited from the resource under-performance due to a tilt toward producers versus explorers, with significant contribution coming from short positions in Kingsgate Consolidated, Newcrest Mining and Oz Minerals, amongst others. The yield theme also proved profitable via our exposure to property trusts and telecoms. Elsewhere, the portfolio also had positive contributions from stock selection in domestic cyclicals, such as Flight Centre, Trade Me, Super Retail and Qantas. Losing stocks generally came from the same sectors, with long positions in Resolute Mining and St Barbara amongst the largest detractors.
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Auscap Long Short Australian Equities Fund

17 May 2013 - Australian Fund Monitors

The Auscap Long Short Australian Equities Fund had a strong month recording 9.83% during April 2013.

17 May 2013 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	16 May 2013
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	April 2013
Latest Return	9.83%
Latest 6 Months
Latest 12 Months
Latest 24 Months
Annualised Since Inception	40.36%
Inception Date	01 December 2012
FUM (millions)	AU$4.3
Fund Overview	The Auscap Long Short Australian Equities Fund aims to generate strong absolute returns in excess of the RBA Cash Rate, with low correlation to equity markets. The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short.
Manager Comments	The Auscap Long Short Australian Equities Fund had a strong month recording 9.83% during April 2013 bringing its since inception (December 2012) return to 15.18%. The Fund returned 9.83% net of fees during April 2013. This compares with the benchmark return of 0.25%. Average gross capital employed by the Fund was 178.0% long and 48.5% short. Average net exposure over the month was +129.5%. At the end of the month the Fund had 33 long positions and 11 short positions. The Fund’s biggest exposures at month end were spread across the consumer discretionary, financials, telcos, industrials and materials sectors. The Fund had an unusually strong month in April. The Manager would caution investors against any expectation of monthly returns in this order of magnitude. A significant portion of the monthly return was due to the Fund’s overweight exposure to companies with strong competitive advantages and sustainable earnings that provide investors with a good dividend yield and growth that is anticipated to exceed inflation over coming years. These investments performed very strongly during April,and while the Manager expects them to continue to contribute positively to the Fund over the next few years, one should not expect the sort of monthly capital gains experienced in April. The other main contributor to the Fund’s performance was a short position across a small number of gold stocks that have constituted at most around 10% of the Fund’s capital at any point during the month. It is very unusual to have a few positions that move in line with expectations as quickly as they did during the month. Between the start of the month and the middle of the month, when the short positions were closed, the average price fall across these positions was 34% and provided the Fund with a positive 2.8% return.
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Pengana Australian Equities Fund

16 May 2013 - Australian Fund Monitors

The Pengana Australian Equities Fund had a strong April 2013 returning 3.51%, with its twelve month return 25.91%.

16 May 2013 - Pengana Australian Equities Fund

By: Australian Fund Monitors

Report Date	14 May 2013
Manager	Pengana Capital
Fund Name	Pengana Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2013
Latest Return	3.51%
Latest 6 Months	19.05%
Latest 12 Months	25.91%
Latest 24 Months	37.73%
Annualised Since Inception	14.26%
Inception Date	01 July 2008
FUM (millions)	AU$254
Fund Overview	The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ 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	The Pengana Australian Equities Fund had a strong April 2013 returning 3.51%, and an unusually strong return for the 12 months of 25.91%, which was notable given its conservative positioning (both in individual stock selection and high levels of cash). By way of comparison the Share Market generated 21.0% and the RBA Cash Rate returned 3.3% over the same time frame. As at April 30th, cash (including notes and preference shares) represented 29% of the Fund. The top five holdings by value were: DUET Group, ANZ Bank, Telstra, NAB and Caltex. The largest positive contributors to the month’s performance included ANZ, Telstra, NAB, DUET Group, Resmed and Woolworths. The only detractors of any consequence (and nevertheless small) were Seven Group and XRF. The Fund acquired a new holding in AMP. In addition, the Fund deployed cash into existing holdings including Caltex, DUET Group, Seven Group, ANZ, Tatts Group, Mermaid Marine and Ainsworth Gaming. The Fund’s exposure to non-Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and News Corporation, NZ based companies and US dollar exposure) stands at 15%. The Fund also trimmed its holdings in News Corporation. Robust share prices have narrowed the Fund's investable opportunity set. In addition business activity levels continue to be muted with many sectors reporting evidence of a deteriorating operating environment. The re-rating of many companies’ share prices may be due to the (not immaterial) impact of a lower cost of money environment and the resulting positive effect on long duration assets (particularly off a low base) rather than the improvement in the outlook for revenues and earnings. Australian businesses are still fighting cyclical and structural factors such as a cautious consumer, the impact of a lack of confidence in the Government’s policy decisions (exaggerated by a prolonged election campaign), the increasing effects of a strong Australian dollar on domestic business’ competitive position and growing uncertainty in the mining and related sectors.
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Insync Global Titans Fund

15 May 2013 - Australian Fund Monitors

The Insync Global Titans Fund returned 1.63% for April 2013 bringing its twelve month return to 16.41%

15 May 2013 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	14 May 2013
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	April 2013
Latest Return	1.63%
Latest 6 Months	11.07%
Latest 12 Months	16.41%
Latest 24 Months	34.97%
Annualised Since Inception	8.29%
Inception Date	07 October 2009
FUM (millions)	AU$8
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.
Manager Comments	The Insync Global Titans Fund returned 1.63% for April 2013 bringing its since inception (October 2009) return to 8.29% pa. Most global equity markets rose in April, with the S&P 500 closing at a new all-time high, despite sub-par economic conditions prevailing in most parts of the developed world. Continued quantitative easing and negative real interest rates are exerting a powerful influence on the pricing of financial assets, but at the same time are also increasing risks within the financial system. The Manager notes that markets can run further, perhaps much further, but as valuations become extended and bullish sentiment for equities becomes more and more the consensus view, the need for vigilance and portfolio protection becomes greater. This can sometimes lead to short term relative under-performance versus equity indices but is done for the purpose of preserving capital and generating long term positive returns. Momentum following in the pursuit of short term relative performance often results in significant long term losses. The Fund seek to generate strong positive returns by investing in companies that can grow even in a tough operating environment and, the higher the market goes, the more we would look to hedge market risk. The unit price increased by 1.6% in April. The biggest positive contributions came from Sanofi, Coach, Roche, Walt Disney and Accenture. In the case of Coach, the shares of the luxury handbag manufacturer jumped by over 17% during the month on the back of solid quarterly earnings as revenue growth gained momentum in the US and China. The Fund's geographic distribution of investment, by listing, is North America 39.7%, Europe 26.4%, UK 26.3% and cash and puts 7.6%. In terms of the Fund's underlying metrics the Manager notes that the average market cap of equities in the portfolio is A$99.1bn with a weighted avg forecast dividend yield of 2.90%. The weighted avg forecast PE ratio is 15.4x and weighted avg ROE 21.3%. The Fund has no hedging in place at the moment.
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30 May 2013 - Blackrock Multi Opportunity Fund

29 May 2013 - SGH ICE

24 May 2013 - Allard Investment Fund

23 May 2013 - Pengana Australian Equities Market Neutral Fund

22 May 2013 - 8IP Asia Pacific Partners Fund

21 May 2013 - Pengana Asia Special Events (Onshore) Fund

20 May 2013 - BlackRock Australian Equity Market Neutral Fund

17 May 2013 - Auscap Long Short Australian Equities Fund

16 May 2013 - Pengana Australian Equities Fund

15 May 2013 - Insync Global Titans Fund

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