Fund Review: Monash Absolute Investment Fund - April 2014

29 May 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Monash Absolute Investment Fund for April 2014. The Fund is characterised by strong absolute returns and low risk. Since inception (July 2012) the Fund has returned 23.86% pa with a volatility of 7.72%.

Fund Review: Insync Global Titans Fund April 2014

29 May 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for April 2014 shows the Fund delivering an annualised return of 9.92% and standard deviation of 8.85% (since inception in October 2009) with sound risk-reward statistics.

KIS Asia Long Short Fund

28 May 2014 - Australian Fund Monitors

KIS Asia Long Short Fund returned -0.77% during April and 14.33% for the preceding 12 months with a very low volatility of 3.3%

28 May 2014 - KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	27 May 2014
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	April 2014
Latest Return	-0.77%
Latest 6 Months	4.68%
Latest 12 Months	14.33%
Latest 24 Months	25.13%
Annualised Since Inception	17.09%
Inception Date	01 October 2009
FUM (millions)	AU$34
Fund Overview	The Fund's investment objective is to generate absolute returns, in the Fund's Reporting Currency, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate funds across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia (ex Japan incl. Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or, 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	KIS Asia Long Short Fund returned -0.77% during April and 14.33% for the preceding 12 months with a very low volatility of 3.3% and a Sharpe ratio of 3.35. The Manager reported that: Within the Long Short portfolio no other single underlying position created an impact of more than 20bp this month. In March only 44% of our long and short ideas, i.e. excluding hedges, were winning. Unfortunately this month our success ratio was evenly balanced, rather than being biased to winning trades, with the average sized loss on a failed trade idea being very close to the profit on a winning trade idea. Within the portfolio's Hedge and Convertible Bonds exposure, there was no significant impact on returns for the month.
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Pengana Australian Equities Fund

27 May 2014 - Australian Fund Monitors

Pengana Australian Equities Fund the Fund had a sound month, given market rotation and volatility, returning 1.24% with a 12 month performance of 4.46%.

Auscap Long Short Australian Equities Fund

27 May 2014 - Australian Fund Monitors

Auscap Long Short Australian Equities Fund returned 0.29% in a volatile month, with annual performance 44.01% to April 2014.

27 May 2014 - Auscap Long Short Australian Equities Fund

By: Australian Fund Monitors

Report Date	26 May 2014
Manager	Auscap Asset Management
Fund Name	Auscap Long Short Australian Equities Fund
Strategy	Equity Long/Short
Latest Return Date	April 2014
Latest Return	0.29%
Latest 6 Months	13.70%
Latest 12 Months	44.01%
Latest 24 Months
Annualised Since Inception	42.93%
Inception Date	01 December 2012
FUM (millions)	AU$14
Fund Overview	The Auscap Long Short Australian Equities Fund aims to generate strong absolute returns in excess of the RBA Cash Rate, with low correlation to equity markets. The Fund focuses on fundamental long and short investments. The Fund may utilise a multi-strategy approach if short term opportunities to increase returns, hedge the portfolio, protect capital or minimise volatility are found. The Fund is a high conviction fund and the combined portfolio will typically have 25-45 positions, investing primarily in stocks in the ASX200. The Fund may be net long, short or neutral depending on the strategies employed at the time. The Fund may hold cash so that it is in a position to take advantage of market volatility and compelling investment opportunities as and when they arise. The Fund may be geared up to 200% gross long or short and up to 150% net long or short.
Manager Comments	Auscap Long Short Australian Equities Fund returned 0.29% in a volatile month, with annual performance 44.01% (Index 10.46%) to April 2014. The Sharpe ratio is 3.24% and the Fund has 92% positive months. Up and down capture ratios are significant at 1.39 and -0.78. Average gross capital employed by the Fund was 123.9% long and 24.5% short. Average net exposure over the month was +99.4% and at the end of the month the Fund had 35 long positions and 7 short positions. The Fund Newsletter is entitled 'Australian Federal Government Budget 2014 ' Historical Indications As To The Potential Effect On Discretionary Spend' and is available on the AFM website under the Auscap profile.
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Nanuk Global Alpha Fund

26 May 2014 - Australian Fund Monitors

Nanuk Global Alpha Fund returned -2.93% during April, in a volatile market for it's sectors, with annual performance 17.11%.

26 May 2014 - Nanuk Global Alpha Fund

By: Australian Fund Monitors

Report Date	23 May 2014
Manager	Nanuk Asset Management Pty Ltd
Fund Name	Nanuk Global Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	April 2014
Latest Return	-2.93%
Latest 6 Months	5.17%
Latest 12 Months	17.11%
Latest 24 Months	22.64%
Annualised Since Inception	5.20%
Inception Date	01 June 2011
FUM (millions)	US$40
Fund Overview	Nanuk's strategy is based on increased economic development, the limitations of conventional energy sources and proliferating energy security issues that are leading to long-term structural shifts in the way energy is generated, managed and consumed. Similar pressures are causing changing landscapes for food, water and environmental management. These developments present a range of innovative and compelling investment opportunities. In 2013 Nanuk started to expand the focus of the fund away from just energy and include other industries related to the overarching theme of environmental sustainability, specifically water, waste, recycling, pollution control and agriculture. Nanuk is now investing across a universe in excess of 600 stocks and an aggregate market capitalisation over US$2 trillion. This was a logical move because, while the industries themselves are different, their characteristics and long term drivers are very similar. Nanuk has identified a large, diverse global universe of companies positively exposed to these shifts. Nanuk combines deep fundamental research into these companies with detailed analysis of technological development, policy direction and related economics within each of the relevant sectors to identify profitable trends and opportunities suitable for inclusion in the Fund. Nanuk's principal strategy is to invest, long and short, in securities that are mis-priced on an absolute or relative basis. The Fund aims to achieve long term capital appreciation while reducing volatility of returns and risk of capital loss through appropriate hedging and risk management strategies.
Manager Comments	Nanuk Global Alpha Fund returned -2.93% during April, in a volatile market for its sectors, with annual performance 17.11%. The Monthly Report discusses performance noting that 'contributions from a number of long and short stock specific ideas were more than offset by losses incurred on positions across three significant thematic ideas represented in the portfolio, namely LED lighting component manufacturers, solar manufacturers and developers, and Chinese renewable energy generators. The Fund's exposures in these areas was increased following the meaningful price corrections experienced in March and early April and despite a short term rise these stocks fell sharply in the last week of the month. While we continue to maintain most of these positions in the portfolio due to their attractive valuation, position sizes have been reduced until we see clearer evidence that the market will respond positively to the developments we anticipate in these industries in coming months.'
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Allard Investment Fund

26 May 2014 - Australian Fund Monitors

Allard Investment Fund returned 0.0% (0.8% MSCI Asia ex Japan $A) in April and 8.84% for the last year with a vol of 6.68%.

Fund Review: Bennelong Kardinia Absolute Return Fund April 2014

23 May 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Bennelong Kardinia Absolute Return Fund for April 2014. The Fund is characterised by steady returns and very low risk. The Fund returned 0.87% during March and since inception (May 2006) the Fund has...

Cor Capital Fund

23 May 2014 - Australian Fund Monitors

The Cor Capital Fund returned +0.51% for the month of April 2014. The total return since inception in August 2012 is 9.0 percent or 5.1 percent per annum.

23 May 2014 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	22 May 2014
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	April 2014
Latest Return	0.51%
Latest 6 Months	1.27%
Latest 12 Months	3.12%
Latest 24 Months
Annualised Since Inception	5.04%
Inception Date	08 August 2012
FUM (millions)	AU$19
Fund Overview	The Manager seeks to generate stable absolute returns over the medium term, regardless of prevailing economic or financial market conditions. The Cor Capital Fund is a Multi- Asset Fund which combines a pre-determined strategic asset allocation with active but systemised rebalancing to generate returns and manage volatility whilst maintaining transparency and liquidity. The Fund strategy is not reliant on accurate market predictions, forecasts or timing for success. Returns are generated in a number of ways; 1) by maintaining sufficiently large positions in a diverse group of asset classes, 2) via the 'volatility harvesting' consequences of active rebalancing, and 3) from the offsetting behaviour of certain asset classes under specific conditions. The combined portfolio is expected to exhibit relatively low volatility and low turnover. In the interests of avoiding complexity, maintaining liquidity, and minimising reliance on third parties, the Fund strategy does not employ gearing, derivatives or short-selling.
Manager Comments	Cor Capital Fund The Cor Capital Fund returned +0.51% for the month of April 2014. The total return since inception in August 2012 is 5.1 pa with a volatility of 7.2%. Manager commentary was that 'Of interest for April was the continuing strong performance of fixed interest securities with that part of the portfolio posting a 0.88% gain, its fifth consecutive positive month. Bonds have been out of favour with many investors for quite some time but they may very well out-perform equities for the first half of calendar 2014. Our bond allocation is maintained at approximately 25% and, in line with our active risk management process, we continue to top it up when equities surge. Should the tug of war between deflation and inflation start to swing more violently, or if deflation surprises markets, a significant bond allocation will be more important than reflected currently in many portfolios. All asset class weightings are within defined limits and there were no rebalancing adjustments triggered for the period.'
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Aurora Fortitude Absolute Return Fund

22 May 2014 - Australian Fund Monitors

Aurora Fortitude Absolute Return Fund returned 0.01% in a choppy month for market neutral funds, bringing its annual return to 5.96% with a vol of 1.02%.

22 May 2014 - Aurora Fortitude Absolute Return Fund

By: Australian Fund Monitors

Report Date	20 May 2014
Manager	Aurora Funds Management
Fund Name	Aurora Fortitude Absolute Return Fund
Strategy	Equity Market Neutral
Latest Return Date	April 2014
Latest Return	0.01%
Latest 6 Months	2.47%
Latest 12 Months	5.96%
Latest 24 Months	11.53%
Annualised Since Inception	7.99%
Inception Date	15 February 2005
FUM (millions)	AU$180.7
Fund Overview	Aurora Fortitude Absolute Return Fund is a multi-strategy market neutral fund specialising in ASX listed equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha. The Fund aims to produce positive returns irrespective of the direction of the share market. For each investment the manager considers the risk, the timeline of that risk occurring and then the potential return. Low transaction costs and liquidity are other important factors in the success and implementation of the strategies.
Manager Comments	Aurora Fortitude Absolute Return Fund returned 0.01% in a choppy month for market neutral funds, bringing its annual return to 5.96% (Index 10.46%) with a vol of 1.02% (ASX 200 Acc Index 10.48%). The Fund's risk management was evident over the last twelve months with a Sortino of 16.57 (1.16), 100% positive months and a down capture ratio of -0.2. The Sharpe ratio was 3.28 (0.76). In terms of strategies the Fund Report comments 'The best performing strategy for the month was Yield (+0.17%) and it is currently the largest strategy weighting for the Fund. One of the biggest events for the market in April was the Australian de-listing of Twenty-First Century FOX leaving the company's issued securities to trade solely in the US. This provided some good liquidity opportunities as many funds repositioned their portfolios for the de-listing event and the requirements of their mandate.The Protective Options overlay cost the Fund -0.12% due to the low volatility environment. The Mergers and Acquisitions strategy also detracted from the Funds returns (-0.11%).'
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Fund Monitors Pty Ltd

News

29 May 2014 - Fund Review: Monash Absolute Investment Fund - April 2014

29 May 2014 - Fund Review: Insync Global Titans Fund April 2014

28 May 2014 - KIS Asia Long Short Fund

27 May 2014 - Pengana Australian Equities Fund

27 May 2014 - Auscap Long Short Australian Equities Fund

26 May 2014 - Nanuk Global Alpha Fund

26 May 2014 - Allard Investment Fund

23 May 2014 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2014

23 May 2014 - Cor Capital Fund

22 May 2014 - Aurora Fortitude Absolute Return Fund

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