The Herschel Absolute Return Fund posted a gain of +4.56% in April, having significantly increased its equity exposure since the start of the year.

The gross exposure of the Fund at the end of April stood as 56.2% (net exposure 50.6%), compared to January when gross exposure was only 28.7% (net 25.1%). As a result the Fund was able to capitalise on the ongoing rally in equity markets during April. In particular, consumer staples (+11.9%) and consumer discretionary (+12.1%) sectors were up strongly, driven by corporate activity in ABB Grain and Lion Nathan, which contributed significantly to the Fund's overall result.

The Allard Growth Fund posted a strong gain of +11% in April, after rising +8.3% in March.

This result puts the Fund's 2009 return back in the black, and it now stands at +6.6%. With almost 80% of the Fund's portfolio invested in equities, and with equity markets up sharply in April, the strong result for the Fund comes as no surprise. The Fund also benefited from stronger Asian currencies against the US dollar, a trend the manager believes will continue to contribute positively to the Fund's overall return. Although the Fund's cash position remained relatively unchanged overall, the manager did increase exposure to Australian and Indonesian equity markets, while reducing positions in Thailand and China, due to political instability and a strong price performance respectively.

The Allard Investment Fund also performed strongly in April, up +7.8%, with a 2009 return of +4.1%.

The Bennelong Long Short Equity Fund rose +4.26% in April, and is now up +16.84% for 2009.

As global equity markets continued their rally into another month the Fund was able to take advantage of sharply increasing prices, taking profits in a number of successful positions towards the end of the month. Portfolio activity was light otherwise, the Fund now focusing on identifying fundamentally attractive stocks, a task which is becoming increasingly difficult due to the worsening outlook for many sectors.

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The MM&E Takeover Target Fund gained +9.35% in April on the back of corporate activity on three of its investee companies.

Asciano, Lion Nathan and ABB Grain were all subject to takeovers during April, and the Fund was able to profit on each company. These three companies were the largest positive contributors to the Fund's overall result, however Arrow Energy and Duet Group also made gains for the Fund. Negative returns came from positions in Oz Minerals and Bank of Queensland. This result brings the Fund's financial year return to -13.73%, and is the third consecutive month the Fund has posted a positive return.

MM&E's Capital Investment Trust No's 1 and 2 also recorded small gains in April, up +0.10% and +0.12% respectively, driven by a placement in Onesteel.

The PM Capital Absolute Performance Fund gained an outstanding +21.2% in April on the back of a strong weighting towards the technology sector.

Technology stocks, which comprise 23% of the Fund's portfolio, made broad based gains during the month, with KLA Tencor and Novellus providing strong returns for the Fund. UK stocks, including Barclays, Lloyds and Royal Bank of Scotland also made positive contributions to overall return. Negative returns on currency markets partially offset these gains, however due to increased Australian dollar hedging and option strategies these losses were limited.

PM Capital also recording gains in their two other absolute return funds, the Australian Opportunities Fund up +8.3% for the month and the Enhanced Yield Fund up +2.5%.

The Commodity Strategies Long/Short Fund recorded a loss of -2.31% in April, while the Long Only Fund also dropped by -1.03%. The 2009 return for these Funds now stands at -3.17% and +0.07% respectively.

For both Funds mixed results in energy commodity trading strategies were the key drivers of overall return. Strong gains in crude oil, natural gas and gasoline were negated by losses on gas oil and heating oil, as well as platinum, for the Long/Short Fund. The Long Only Fund had a similar result, also recording losses on gold and silver.

Although the Funds' returns in 2009 have been disappointing, both Funds have retained impressive annualised returns (+11.32% for the Long Only Fund and +23.22% for the Long/Short Fund).

Attunga Capital’s Power & Enviro Opportunities Fund made a small loss of -0.24% in April, as uncertainty lingered over the Federal Government’s carbon trading scheme, and electricity demand declined.

The Fund’s 2009 return now stands at +10.51%. The ongoing uncertainty surrounding the Government’s Carbon Pollution Reduction Scheme and its inception timetable affected FY 2011 contracts, however the announcement after month end that the scheme was to be postponed by 12 months will create greater certainty in these markets. The manager noted also that the scheme was still at risk of being rejected in the Senate.

In power markets, generator outages and hydro generation bidding strategies held up prices, however overall the sector experienced a decline in demand which was expected by the manager.

The Attunga Agricultural Trading Fund also had a quiet month, gaining +0.69% to bring its 2009 return to +9.85%.

The Aurora Property Buy-Write Income Trust, which has been invested in cash since October 2008, posted another small gain of +0.41% in March. The manager announced the Fund recommenced investing in property securities in April.

The Fund, which sells call options over a portfolio of Australian REITs (or AREITs), is expected to be fully invested by the end of April. Due to the recent economic turmoil the AREIT sector, which traditionally has been considered to be defensive, took on some non-defensive characteristics which affected returns. Sharp decreases in interest rates and the falling Australian dollar also affected the sector. The manager however believes that AREITs remain attractive due to low interest rates and low amount of leverage in the property sector (due to the security of the lease), although the depth and severity of the current downturn is yet to be seen.

The Denning Pryce Equity Income Fund bounced back strongly in March with a return of +8.12%, after posting six months of losses.

The Fund outperformed the S&P/ASX 50 Accumulation Index by 0.10% for the month, and the result brings the Fund's 2009 return into the black (+0.94%). The most positive contributions came from Macquarie Group (positions returned over +60%), Macquarie Infrastructure (+42%) and Onesteel (+42%). Negative contributions stemmed from positions in OZ Minerals, CSL and Fosters. The Funded ended March heavily weighted towards financial stocks (excluding property), with smaller allocations to the materials and consumer staples sectors.

The BlackRock Asset Allocation Alpha Fund recorded a loss of -3.39% in March, the Fund's first negative return since July 2008. This brings the Fund's 2009 return to -0.32%.

The main detractors from performance were short equity positions in US, German and Australian markets, reflecting the rallies that occured in these markets in late March. Short positions in the Australian and New Zealand dollar also produced negative returns for the Fund. The manager noted with approval that the speed of the decline of the global economy has eased, and consequently reduced the amount of risk averse positions in the Fund's portfolio (including short equities, long government bonds and short commodity currencies). However they remain skeptical that the rebounds seen in markets in March are the first signs of a global recovery.