Performance Report: Kima Capital Pan Asian Fund

18 Nov 2010 - Australian Fund Monitors

Kima benefits from plentiful deal flow, with the bulk of the opportunities coming from Hong Kong and China

Performance Report: Optimal Australia Absolute Trust

17 Nov 2010 - Australian Fund Monitors

Optimal believe there is good reason to remain cautious on the outlook for the domestic economy

17 Nov 2010 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	16 November 2010
Manager	Optimal Fund Management
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	October 2010
Latest Return	2.23%
Latest 6 Months	7.76%
Latest 12 Months	11.79%
Latest 24 Months	42.28%
Annualised Since Inception	18.36%
Inception Date	15 September 2008
FUM (millions)	AU$52
Fund Overview	The investment objective of the Fund is to seek to achieve above average returns in absolute terms, through investing in listed securities in Australia and New Zealand, subject to the overarching requirement of capital preservation. Investments will predominantly be in equity securities but may include fixed interest instruments, money market instruments, derivatives and foreign exchange contracts. The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns.
Manager Comments	Optimal believe there is good reason to remain cautious on the outlook for the domestic economy in spite of the ASX finishing up 1.7% for the month, a result which in their view masked a great deal of local and global macroeconomic volatility. Optimal's view is that a sell-off in the commodities sector could well emerge if the Fed’s QE2 package is deemed fiscally ‘responsible’ by the standards of hot-money expectations. Meanwhile elements of ‘miracle economy’ in Australia look fragile as evidenced by the divergence between October's equity returns from Resources (+5.1%) and Industrials (+0.2%).
More Information	» View detailed profile of this fund

Performance Report: Herschel Absolute Return Fund

16 Nov 2010 - Australian Fund Monitors

Herschel\\'s absolute return fund benefits from firming commodity prices, an appreciating Australian dollar and strong Asian markets

Performance Report: Fortitude Capital Absolute Return Trust

12 Nov 2010 - Australian Fund Monitors

Fortitude's yield and convergence strategies perform as markets rallied on QE2 expectations and US dollar weakness

Performance Report: Lanterne Arran Fund

11 Nov 2010 - Australian Fund Monitors

Lanterne cautious short term, but remains positive long term based on the local economy and that of Australia's key Asian trading partners.

Performance Report: Bennelong Securities Long Short Equity Fund

10 Nov 2010 - Australian Fund Monitors

Bennelong's overall portfolio performance was solid in October, although hampered by two proposed corporate transactions in the financial sector.

Performance Report: CSL Active Long Only Programme

9 Nov 2010 - Australian Fund Monitors

Commodity Strategies Long Only October Returns driven by gains in Metals, Agriculturals and Grains, with energies providing mixed results.

Performance Report: Arnott Opportunities Fund

8 Nov 2010 - Australian Fund Monitors

Arnott continues to perform as assets stabilise and risk increases back to traditional levels

Performance Report: Regal Amazon Market Neutral Fund

5 Nov 2010 - Australian Fund Monitors

Regal\\'s Amazon Market Neutral fund continues to outperform, with both long and short positions adding to positive performance.

5 Nov 2010 - Performance Report: Regal Amazon Market Neutral Fund

By: Australian Fund Monitors

Report Date	03 November 2010
Manager	Regal Funds Management
Fund Name	Regal Amazon Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	October 2010
Latest Return	4.58%
Latest 6 Months	11.78%
Latest 12 Months	15.23%
Latest 24 Months	59.30%
Annualised Since Inception	23.44%
Inception Date	17 June 2005
FUM (millions)	US$156
Fund Overview	The Amazon Market Neutral Fund aims to generate positive returns, with low levels of risk. The Fund attempts to be uncorrelated with equity market and targets volatility of less than 15%. Risk limits (stock, sector, liquidity, etc) are maintained to help achieve this volatility target. Though its investments are global, Regal aims to have over half of its investments in the Asian region, with a heavy emphasis on Australia. Investments are concentrated in sectors where the investment manager believes he has an advantage (through superior research and/or analysis). Research and analysis are conducted from a fundamental basis. Investments are viewed from both a bottom-up and top-down perspective. Catalysts are identified where possible. Most hedging is done through single stocks. The Fund has the flexibility to invest (both long and short) in a wide range of investment instruments including, but not limited to, all types of equity, debit and hybrid securities, foreign exchange, options, warrants, futures and derivatives.
Manager Comments	Regal's Amazon Market Neutral fund continues to outperform, with both long and short positions adding to positive performance. The largest winner for the month was a short position in Blue Scope Steel, down 9% for the month, which Regal believe could downgrade profits at the AGM on 11 November. Other positive performances included a long standing position in Citadel, which rallied following a takeover offer, although Regal believe the proposal still undervalues the company, and retains the position. In the financial sector Challenger rose 9% for the month, while a short position in Perpetual lost money following a bid from KKR. The Asian positions made a very good return on the small amount of capital invested.
More Information	» View detailed profile of this fund

Performance Report: K2 Australian Absolute Return Fund

4 Nov 2010 - Australian Fund Monitors

K2\\'s Australian Fund notes October\\'s market driven by an acceleration of large scale corporate M&A announcements, continued strength in commodity prices and QE2 expectations

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18 Nov 2010 - Performance Report: Kima Capital Pan Asian Fund

17 Nov 2010 - Performance Report: Optimal Australia Absolute Trust

16 Nov 2010 - Performance Report: Herschel Absolute Return Fund

12 Nov 2010 - Performance Report: Fortitude Capital Absolute Return Trust

11 Nov 2010 - Performance Report: Lanterne Arran Fund

10 Nov 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

9 Nov 2010 - Performance Report: CSL Active Long Only Programme

8 Nov 2010 - Performance Report: Arnott Opportunities Fund

5 Nov 2010 - Performance Report: Regal Amazon Market Neutral Fund

4 Nov 2010 - Performance Report: K2 Australian Absolute Return Fund

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