Allard Investment Fund

2 Mar 2015 - Australian Fund Monitors

Allard Investment Fund increased 5.5% during January 2015, bringing the Fund's past twelve month performance to 24.73%.

Pengana Absolute Return Asia Pacific Fund

27 Feb 2015 - Australian Fund Monitors

Pengana Absolute Return Asia Pacific Fund returned 1.03% in January. The Fund has an annual return of 11.04% with annual volatility of 5.77% and a Sharpe ratio of 1.25.

27 Feb 2015 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

Report Date	24 February 2015
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Event Driven
Latest Return Date	January 2015
Latest Return	1.03%
Latest 6 Months	4.03%
Latest 12 Months	5.19%
Latest 24 Months	17.56%
Annualised Since Inception	11.04%
Inception Date	01 September 2010
FUM (millions)	AU$76.5
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	Pengana Absolute Return Asia Pacific Fund returned 1.03% in January. The Fund has an annual return of 11.04% with annual volatility of 5.77% and a Sharpe ratio of 1.25. The Fund finished up 1.03% for the month, while Asian markets (FTSE Asia Pacific Index) rose 1.98%. Restructuring was the key word as several conglomerates reorganized themselves in the name of 'unlocking shareholder value.' The fund maintains a positive view that such restructuring will continue driving deal activity in Asia with unique trading opportunities. The Fund gross exposure was 242.5% for the month ended January as deal activity remained healthy, while net averaged 14%.
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Fund Review: Bennelong Kardinia Absolute Return Fund January 2015

27 Feb 2015 - Australian Fund Monitors

January Fund Review available for Bennelong Kardinia Absolute Return Fund. The fund has over eight years of positive track record. CPD Points are now available for the Fund.

Fund Review: Aurora Fortitude Absolute Return Fund January 2015

26 Feb 2015 - Australian Fund Monitors

Latest fund review now available for the Aurora Fortitude Absolute Return Fund, which has one of the most risk averse Key Performance Statistics of any fund in AFM's database. CPD Points available.

Totus Alpha Fund

26 Feb 2015 - Australian Fund Monitors

Totus Alpha Fund had a strong positive return in January with 4.60% compare to the ASX200 Accumulation 3.28%.

26 Feb 2015 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	24 February 2015
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	January 2015
Latest Return	4.60%
Latest 6 Months	12.76%
Latest 12 Months	18.74%
Latest 24 Months	86.65%
Annualised Since Inception	26.95%
Inception Date	01 April 2012
FUM (millions)	AU$15.3
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 had a strong positive return in January with 4.60% compare to the ASX200 Accumulation 3.28%, bringing the fund's annual returns to 26.95% (Index 14.11%). The Aussie market was less impressive when viewed in context of a 5% slump in the $A over the month, the market was actually down in $US terms. The fund continues to tilt the portfolio towards large cap stocks, yield, scarce growth and US$ exposure. We are remain generally short the commodity space. The Aussie market is up 14% since mid-December and as such we are running a relatively low net exposure (23%). Top contributors to performance in January were our long positions in Macquarie +0.71% (Financial Services), Intueri +0.67% (Scarce Growth) and Telstra +0.67% (Sustainable Yield). Biggest detractors from performance were our short positions in LNG Limited -1.23% (Promoter) and Northern Star -0.53% (Gold), whilst our long position in S&P Futures cost -1.30%. Currency wars have continued into February with our own RBA 'unexpectedly' cutting interest rates and aggressively talking down the $A.
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Fund Review: Optimal Australia Absolute Trust January 2015

25 Feb 2015 - Australian Fund Monitors

AFM's updated Fund Review for January shows Optimal Australian Absolute Trust Fund had low annual volatility of 3.68% compare to the ASX200 Accumulation Index with 14.47%. CPD Points available.

Bennelong Long Short Equity Fund

25 Feb 2015 - Australian Fund Monitors

The Bennelong Long Short Equity Fund returned 2.66% in January and has returned 17.37% annually since inception.

25 Feb 2015 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	20 February 2015
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2015
Latest Return	2.66%
Latest 6 Months	-1.16%
Latest 12 Months	-1.87%
Latest 24 Months	16.84%
Annualised Since Inception	17.37%
Inception Date	01 January 2003
FUM (millions)	AU$304.1
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years.
Manager Comments	The Bennelong Long Short Equity Fund returned 2.66% in January. Long term performance remains sound with since inception (Jan 2003) returns at 17.37% pa (Index 8.32%) and a volatility of 11.88% (Index 12.85%). Sharpe and Sortino ratios are well ahead of the Index at 1.04 and 0.34 respectively. The Fund's performance in January was contributed by being long Resmed / short Ansell. Specifically, Resmed's 2Q earnings result in late January highlighted a strong revenue performance across all geographies and validated traction in the recent launch of a suite of new products. Also helping performance was long Henderson's / short AMP, while long Caltex / short Metcash again was a top contributor following last month's respective profit upgrade / downgrade announcements. Negative contributors for the month came from long Beach Energy / short AGL Energy largely owing to the fall in oil price, as well as long QBE / short Suncorp despite limited news flow.
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Fund Review: Morphic Global Opportunities Fund January 2015

24 Feb 2015 - Australian Fund Monitors

Morphic Global Opportunities Fund returned 4.42% in January ahead of the Global Equity Index of 3.27%.

Avenir Capital Value Fund

23 Feb 2015 - Australian Fund Monitors

Avenir Capital Value Fund returned -0.13% during January 2015 with annual performance of 14.95% and volatility of 11.00% since inception.

Bennelong Kardinia Absolute Return Fund

20 Feb 2015 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund returned 1.44% during January, bringing performance since inception to 13.16% (ASX 200 Acc 5.19%) with volatility at 7.41% (Index 14.21%).

20 Feb 2015 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	12 February 2015
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2015
Latest Return	1.44%
Latest 6 Months	5.69%
Latest 12 Months	9.62%
Latest 24 Months	20.48%
Annualised Since Inception	13.16%
Inception Date	01 May 2006
FUM (millions)	AU$170.9
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	Bennelong Kardinia Absolute Return Fund returned 1.44% during January, bringing performance since inception to 13.16% (ASX 200 Acc 5.19%) with volatility at 7.41% (Index 14.21%). Long positions in Telstra, ResMed,Transurban and National Australia Bank were all significant positive contributors whilst Share Price Index Futures contracts (hedging long positions), Twenty-First Century Fox warrants, Amcor and Ardent Leisure were the main detractors from performance. Net equity market exposure (including derivatives) was reduced slightly to 62.1% (88.9% long and 26.8% short).
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Fund Monitors Pty Ltd

News

2 Mar 2015 - Allard Investment Fund

27 Feb 2015 - Pengana Absolute Return Asia Pacific Fund

27 Feb 2015 - Fund Review: Bennelong Kardinia Absolute Return Fund January 2015

26 Feb 2015 - Fund Review: Aurora Fortitude Absolute Return Fund January 2015

26 Feb 2015 - Totus Alpha Fund

25 Feb 2015 - Fund Review: Optimal Australia Absolute Trust January 2015

OPTIMAL AUSTRALIA ABSOLUTE TRUST

25 Feb 2015 - Bennelong Long Short Equity Fund

24 Feb 2015 - Fund Review: Morphic Global Opportunities Fund January 2015

23 Feb 2015 - Avenir Capital Value Fund

20 Feb 2015 - Bennelong Kardinia Absolute Return Fund

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