NWQ Fiduciary Fund

19 May 2016 - Australian Fund Monitors

The NWQ Fiduciary Fund returned +0.27% in April bringing the net performance for the trailing 12 months to 6.25%.

19 May 2016 - NWQ Fiduciary Fund

By: Australian Fund Monitors

Report Date	17 May 2016
Manager	NWQ Capital Management Pty Ltd
Fund Name	NWQ Fiduciary Fund
Strategy	Multi Strategy
Latest Return Date	April 2016
Latest Return	0.27%
Latest 6 Months	-2.53%
Latest 12 Months	6.25%
Latest 24 Months	11.91%
Annualised Since Inception	7.99%
Inception Date	01 December 2013
FUM (millions)	AU$83
Fund Overview	The NWQ Fiduciary Fund (Fund), managed by NWQ Capital Management, is a diversified multi-manager portfolio, modelled on NWQ's Fiduciary Model Portfolio. The principal investment objective of the Fund is to produce attractive positive returns irrespective of market direction. This is achieved through active allocations to selective fund managers that employ a variety of traditional and absolute return strategies. The Fund places emphasis on managers who demonstrate a rigorous and repeatable investment process that has delivered a strong track record. The Fund aims to produce returns, after management fees and expenses of between 8% to 11% p.a. over rolling five-year periods. Furthermore, the Fund aims to achieve these returns with volatility that is a fraction of the Australian equity market, in order to smooth returns for investors.
Manager Comments	The NWQ Fiduciary Fund returned 0.27% in April bringing the net performance for the trailing 12 months to 6.25%. Since inception in May 2013, the Fund has an annualised return of 7.99% p.a., compared to the S&P/ASX 200 Accumulation Index's return of 5.00% p.a. This return has been achieved with low volatility to give notable Sharpe and Sortino ratios of 1.1 (Index 0.27) and 2.25 (Index 0.30) respectively. At month end, the Fund was rebalanced with a reduction in Beta strategies (-3.0%) and an increase in Alpha strategies (+3.0%). In addition, a new manager has been introduced to the Beta strategy to provide some additional diversification. The portfolio's Beta managers utilised a range of long/short equity strategies and were the main contributors to performance, attributing +0.25%. Alpha manager returns were more subdued, with the strategy attributing a modest +0.10%. Click below to read the latest Fund's Report.
More Information	Fund Profile Manager's Report

Pengana Global Small Companies Fund

19 May 2016 - Australian Fund Monitors

Pengana Global Small Companies Fund generated a return of 1.01% in April compared to a 2.89% return for the MSCI AC World SMID Cap Index.

19 May 2016 - Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	16 May 2016
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	April 2016
Latest Return	1.01%
Latest 6 Months	-3.68%
Latest 12 Months	-1.56%
Latest 24 Months
Annualised Since Inception	-2.17%
Inception Date	01 April 2015
FUM (millions)	AU$4.881
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	Pengana Global Small Companies Fund rose 1.01% in April compared to a 2.89% return for the MSCI AC World SMID Cap Index. At month-end, the Fund's top 10 holdings accounted for 35.01% of the Fund's assets, with no single name representing more than 5% of the Fund. Cash represented 13.6% of the Fund. Currency positively impacted the Fund and the benchmark, adding roughly 1.7% to both. The largest contributor for the month was Moleskine, which continued its strong performance. Peyto was the second largest contributor, benefiting from price improvements in underlying commodities. AMS and Spirit Airlines both negatively impacted this month's performance after reporting lacklustre fundamental results. Click below to read the latest Fund Manager's report.
More Information	Fund Profile Manager's Report

Fund Review: Jamieson Coote Bonds Active Fund April 2016

18 May 2016 - Australian Fund Monitors

May Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.

Bennelong Twenty20 Australian Equities Fund

18 May 2016 - Australian Fund Monitors

Bennelong Twenty20 Australian Equities Fund rose 2.31% for the month of April.

18 May 2016 - Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	16 May 2016
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2016
Latest Return	2.31%
Latest 6 Months	-0.54%
Latest 12 Months	-1.39%
Latest 24 Months	8.49%
Annualised Since Inception	9.69%
Inception Date	02 December 2015
FUM (millions)	AU$0.407
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	Bennelong Twenty20 Australian Equities Fund rose 2.31% against the ASX 200 Accumulation Index's return of 3.37%. The Fund's performance was largely dictated by the performance of the S&P/ASX 20 Index. The biggest detractor for the Fund came from the large positions in the Gaming & Leisure sector such as Mantra and Flight Centre. Also detracting was an underweight position in the Resources sector, which continued its recent run of outperformance. The Energy sector also performed well during the month, which the Fund remains underweight. The Fund continues to believe that opportunities exist among the ex-20 ASX 200 stocks, whose future prospects are underestimated by the market. Click below to read the latest Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Pengana Absolute Return Asia Pacific Fund

17 May 2016 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund finished up +1.32% for the month of April 2016, compared to the HFR Event Driven Index which rose +0.43%.

17 May 2016 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	13 May 2016
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	1.32%
Latest 6 Months	4.13%
Latest 12 Months	0.66%
Latest 24 Months	12.63%
Annualised Since Inception	9.95%
Inception Date	01 September 2010
FUM (millions)	AU$79
Fund Overview	The Pengana Absolute Return Asia Pacific 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. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective to generate a net annualised return greater than 5% above the Reserve Bank of Australia's Cash Rate Target over a 3 to 5 year period with low volatility and low correlation to Asian stock markets. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	The Pengana Absolute Return Asia Pacific Fund finished up +1.32% for the month of April 2016, compared to the HFR Event Driven Index which rose +0.43%. Since inception, the Fund has achieved an annualised return of 9.95% p.a., with a low volatility of 6.09%. The Fund has notable Sharpe and Sortino ratios of 1.06 and 2.05 respectively. The Fund had an average gross and net exposure of 192.9% and 6.6% respectively. Gross exposure was reduced from the previous month on the back of M&A deals completing in Singapore, as well as Chinese companies listed as ADR's in the USA. The M&A sub-strategy and Capital Management strategies contributed positively to the Fund's performance. Biggest negative contributor came from the Index strategy. Click below to read the latest Fund Manager's Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Fund Review: Optimal Australia Absolute Trust April 2016

17 May 2016 - Australian Fund Monitors

Read the latest Fund Review on Optimal Australian Absolute Trust Fund.

Fund Review: Bennelong Kardinia Absolute Return Fund April 2016

16 May 2016 - Australian Fund Monitors

Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.

Totus Alpha Fund

16 May 2016 - Australian Fund Monitors

Totus Alpha Fund returned -1.37% for the month of April.

16 May 2016 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	13 May 2016
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	-1.37%
Latest 6 Months	-7.26%
Latest 12 Months	20.66%
Latest 24 Months	43.06%
Annualised Since Inception	23.73%
Inception Date	01 April 2012
FUM (millions)	AU$61.3
Fund Overview	The Totus Alpha Fund aims to maximise returns for investors through fundamental industry and company research and active portfolio management. The investment strategy is based on identifying medium to long term structural investment themes and seek absolute returns by investing in securities that have concentrated exposure to those themes. The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%.
Manager Comments	Totus Alpha Fund returned -1.37% for the month of April, compared to the ASX 200 Accumulation Index's return of 3.37%. Since inception, the Fund has an annualised return of 23.73% p.a, with a volatility of 12.30% p.a., to give notable Sharpe and Sortino ratios of 1.28 (Index 0.60) and 2.40 (Index 0.79) respectively. This annualised performance has been delivered with a beta of -0.0318 and correlation of -0.0249 to the ASX300 Accumulation Index. At month-end, the fund had a net exposure of 47.8% and a gross exposure of 206.1%. The fund held 121 positions (57 long and 64 short) that were diversified across multiple investment themes. Top contributors in April were a short position in Nine Entertainment and long positions in Dominos and Freelancer. Biggest detractors were a short position in WorleyParsons and long positions in SmartGroup and Hansen. Click below to read the latest Fund's Monthly Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Jamieson Coote Bonds Active Fund

13 May 2016 - Australian Fund Monitors

Jamieson Coote Bonds Active Fund rose 0.33% outperforming the Bloomberg Australian Government Bond Index by 0.21%.

13 May 2016 - Jamieson Coote Bonds Active Fund

By: Australian Fund Monitors

Report Date	12 May 2016
Manager	Jamieson Coote Bonds Pty Ltd
Fund Name	Jamieson Coote Bonds Active Fund
Strategy	Fixed Income
Latest Return Date	April 2016
Latest Return	0.33%
Latest 6 Months	1.96%
Latest 12 Months	4.70%
Latest 24 Months
Annualised Since Inception	5.34%
Inception Date	01 December 2014
FUM (millions)	AU$41
Fund Overview	The Jamieson Coote Bonds Active Fund (JCBAF) is a long only macroeconomic investment fund. JCB appointed Jamieson Coote Asset Management as the Manager of the Fund. JCBAF's investable universe is limited to AAA and AA+ Government and Semi (State) Government Bonds and agencies in Australian Dollars, explicitly backed by public institutions, creating a highly liquid product with capital preservation and risk adjusted alpha creation as its core tenant. The Fund usually holds around 20 bond securities of differing maturities and generally individual security selection does not exceed 20% of the Fund's NAV. JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments.
Manager Comments	Jamieson Coote Bonds Active Fund rose 0.33%, outperforming the Bloomberg Australian Government Bond Index by 0.21%. The Australian equities market returned +3.37%. Since inception, the Fund has an annualised return of 5.34% p.a., achieved with relatively low volatility of 2.46% to give noteworthy Sharpe and Sortino ratios of 1.30 and 2.62 respectively. For April, the portfolio mix decreased its weighting from the prior month in the Australian Government Bonds to 60.39% and increased its weighting in Supra-National Bonds to 38.71%. Cash was less than 1% of the total portfolio. The fund held an average duration position of 4.80 years. Click below to read the Fund Manager's market outlook.
More Information	Fund Profile Manager's Report AFM Research Reports

Alexander Credit Opportunities Fund

13 May 2016 - Australian Fund Monitors

Alexander Credit Opportunities Fund rose 0.57% for the month of April.

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19 May 2016 - NWQ Fiduciary Fund

19 May 2016 - Pengana Global Small Companies Fund

18 May 2016 - Fund Review: Jamieson Coote Bonds Active Fund April 2016

18 May 2016 - Bennelong Twenty20 Australian Equities Fund

17 May 2016 - Pengana Absolute Return Asia Pacific Fund

17 May 2016 - Fund Review: Optimal Australia Absolute Trust April 2016

OPTIMAL AUSTRALIA ABSOLUTE TRUST

16 May 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2016

16 May 2016 - Totus Alpha Fund

13 May 2016 - Jamieson Coote Bonds Active Fund

13 May 2016 - Alexander Credit Opportunities Fund

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