Performance Report: Kima Capital Pan Asian Fund

27 Jan 2011 - Australian Fund Monitors

Kima sees out 2010 to record a return of 11.77% for the year, while December's performance reflected end of year de-risking and profit taking.

Performance Report: Pengana Global Small Companies Solution

25 Jan 2011 - Australian Fund Monitors

Pengana's Global Small Companies Solution benefits from strong returns from the global small cap sector to return 6.5% in December.

Performance Report: Global Trading Strategies Fund (Class A)

24 Jan 2011 - Australian Fund Monitors

Global Trading Strategies ends 2010 with a strong month, but sounds a warning over Asian inflation and US and UK fiscal imbalances

Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

21 Jan 2011 - Australian Fund Monitors

Macquarie's Asian Alpha Fund closed 2010 with a positive December performance of +1.97%, under performing the MSCI Asia Pacific Index (+3.78%) but outperforming over the full year.

21 Jan 2011 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

By: Australian Fund Monitors

Report Date	20 January 2011
Manager	Macquarie Investment Management
Fund Name	Macquarie Asian Alpha Fund (Cayman) - Class A USD
Strategy	Equity Long/Short
Latest Return Date	December 2010
Latest Return	1.97%
Latest 6 Months	8.87%
Latest 12 Months	10.29%
Latest 24 Months	25.93%
Annualised Since Inception	11.23%
Inception Date	01 October 2005
FUM (millions)	US$318
Fund Overview	The fund employs a quantitative long/short strategy implemented in pan-Asian equity markets. The strategy is underpinned by a stock screening and quantitative company analysis process. Several quantitative stock screens are used to filter the universe to a smaller basket. They seek to exploit market anomalies due to behavioural biases of market participants and combine factors measuring value, quality, momentum and analyst sentiment. After the filtering process, stocks are assessed using a system that analyses the data underlying the quantitative factor scores. Amongst other indicators, this system allows the portfolio manager to view detailed broker forecasts and revisions, time series valuation measures and accruals data. A transparent process, the portfolio construction aims constrains the key risk factors, primarily net country, sector and size exposures. A country selection model is used to determine desired net country exposures.
Manager Comments	Macquarie's Asian Alpha Fund closed 2010 with a positive December performance of +1.97%, under performing the MSCI Asia Pacific Index (+3.78%) but outperforming over the full year. Best performing country contributions for the month came from Japan and Hong Kong, while Australia detracted from returns. Otherwise, with the exception of China, the smaller emerging market portfolios generally disappointed, with the result that the fund willl hold back from increasing gross exposure in those markets until evidence emerges of sustained alpha generation. The manager noted that there had been a significant increase in AUM over the year, rising from $228m to $579m, following the significant redemptions and outflows since 2008.
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Performance Report: Merricks Capital Multi-Strategy Fund

20 Jan 2011 - Australian Fund Monitors

Merricks' Multi Strategy fund caps off a positive year with a strong December result.

Performance Report: Merricks Soft Commodity Fund

19 Jan 2011 - Australian Fund Monitors

The Merricks Soft Commodity Fund ends 2010 on a strong note to finish 2010 up over 16% and bring up their three year track record.

Performance Report: Fortitude Capital Absolute Return Trust

18 Jan 2011 - Australian Fund Monitors

Fortitude's M&A book the fund's strongest performer in December, followed by Long/short.

Performance Report: AR Capital - Ascot Fund

17 Jan 2011 - Australian Fund Monitors

AR Capital's Ascot Fund ends 2010 with a positive result, and a positive outlook for 2011.

17 Jan 2011 - Performance Report: AR Capital - Ascot Fund

By: Australian Fund Monitors

Report Date	16 January 2011
Manager	AR Capital Management
Fund Name	AR Capital - Ascot Fund
Strategy	Equity Long/Short
Latest Return Date	December 2010
Latest Return	0.77%
Latest 6 Months	2.61%
Latest 12 Months	-2.59%
Latest 24 Months	17.40%
Annualised Since Inception	11.29%
Inception Date	01 August 2005
FUM (millions)	AU$81
Fund Overview	The Ascot Fund is an absolute return fund with long/short capability, investing in Australian/NZ equities, derivatives and hybrid instruments with a focus on the ASX 200. Fundamental analysis, market timing and risk management are essential components of the fund's strategy. The fund manager, AR Capital Management (ARCM), has an investment team with over 50 years' aggregate market experience, and the owners of ARCM account for approximately 20% of the total units in the fund.
Manager Comments	In spite of the financial headlines being remarkably similar to those of January 2010 (e.g. Sovereign debt concerns in Europe, and slowing growth and inflation in China) AR Capital remain positive on the broad outlook for the global economy. Supporting their view is that the GFC is one year further away, and although the world still has significant fiscal imbalances, the basic financial mechanisms underpinning major economies and activity are working. Australian listed companies have generally speaking put themselves in a strong financial position, and Australia's banking system has proven to be world class. AR do not believe valuations are stretched, and notwithstanding the severity of the floods in Queensland and their effect on earnings of specific sectors such as mining and insurance, are not overly concerned on the economic implications for the broader economy. As a result AR continues to remain a stock picker, and is not taking an aggressive bet on the market's direction, remaining approximately 45% net long, and taking profits as price targets are achieved or stops triggered.
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Performance Report: Herschel Absolute Return Fund

14 Jan 2011 - Australian Fund Monitors

Herschel's December result caps off their fifth consecutive positive year as resources continued to outperform industrials, and small caps outperformed large caps.

Performance Report: Agora Absolute Return Fund

13 Jan 2011 - Australian Fund Monitors

Agora's Absolute Return Fund ends the year with a positive December result to cap off a strong six months, and retains a positive outlook for equities.

13 Jan 2011 - Performance Report: Agora Absolute Return Fund

By: Australian Fund Monitors

Report Date	11 January 2011
Manager	Agora Asset Management
Fund Name	Agora Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2010
Latest Return	3.42%
Latest 6 Months	8.62%
Latest 12 Months	-2.12%
Latest 24 Months	21.35%
Annualised Since Inception	8.24%
Inception Date	18 March 2004
FUM (millions)	US$161
Fund Overview	The Fund invests in long and short positions in securities listed or to be listed on the Australian Stock Exchange. All positions are driven by fundamental research which incorporates both bottom up stock specific research and top down macro theme analysis. The process utilises in depth stock research from Agora's internal analysis to identify the best risk adjusted long and/or short trading opportunities based on expected share price movements. The mix of long and short positions is entirely reliant on the number of opportunities identified and can vary significantly depending upon market conditions. Agora is a very active manager and likes to be able to act quickly at all times so this sees the Fund have a bias toward more liquid (large cap/top 120) stocks as these provide greater liquidity and therefore meaningful opportunity for Agora's concentrated positions and size. The portfolio usually invests in no more than 20 stocks. Position weights are typically between 2.5%-5% of fund value with the same position size and risk management parameters applied equally to both long and short positions. The portfolio benefits equally over time from short term (20 days) trading opportunities and medium term (2 quarters) investments. Total fund equity exposure is unconstrained and is an outworking of the bottom up, stock specific positions identified however as an indication calendar year 2007 saw an average net equity exposure of 60%. The fund does not employ leverage therefore gross equity exposure cannot exceed +100%. The fund is previously known as the Alpha Absolute Return Fund No. 2
Manager Comments	Agora's Absolute Return Fund ended the year with a positive December result to cap off a strong six months. Agora believes that as long as US growth continues to improve and China is seen to be managing its domestic concerns regarding inflation - without prejudicing growth, then the outlook for equities is positive. However continued concerns about European debt will remain a negative influence on global risk, and expects a volatile reporting period ahead. The portfolio maintains a strong exposure to resources, concentrated in the more liquid large cap area, and continues to add exposure to $US denominated earnings while looking to add exposure to domestic cyclicals at the right time.
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27 Jan 2011 - Performance Report: Kima Capital Pan Asian Fund

25 Jan 2011 - Performance Report: Pengana Global Small Companies Solution

24 Jan 2011 - Performance Report: Global Trading Strategies Fund (Class A)

21 Jan 2011 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

20 Jan 2011 - Performance Report: Merricks Capital Multi-Strategy Fund

19 Jan 2011 - Performance Report: Merricks Soft Commodity Fund

18 Jan 2011 - Performance Report: Fortitude Capital Absolute Return Trust

17 Jan 2011 - Performance Report: AR Capital - Ascot Fund

14 Jan 2011 - Performance Report: Herschel Absolute Return Fund

13 Jan 2011 - Performance Report: Agora Absolute Return Fund

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