Totus Alpha Fund

17 Mar 2014 - Australian Fund Monitors

Totus Alpha Fund returned 1.44% during February and the Fund took full advantage of the buoyant equity markets over the last twelve months to return 51.45% over that time.

17 Mar 2014 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	16 March 2014
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	1.44%
Latest 6 Months	30.28%
Latest 12 Months	51.45%
Latest 24 Months
Annualised Since Inception	31.20%
Inception Date	01 April 2012
FUM (millions)	AU$11
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 as determined by Totus Capital. 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 1.44% during February with a net exposure of 78% and the Fund took full advantage of the buoyant equity markets over the last twelve months to return 51.45% over that time. The Manager notes 'It would have been nice to keep pace with the market last month however in reality it is difficult for a hedged portfolio to keep pace in a rip roaring "risk on" environment. On balance we are not too disappointed with the result given the number of aggressive short squeezes in some of our hedge positions during the month. We are pleased to have consolidated our 2013 performance with every investor in the fund now back in positive absolute return territory (net of all fees) as at the end of February.'
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Allard Investment Fund

14 Mar 2014 - Australian Fund Monitors

The Allard Investment Fund increased 0.2% during February 2014. The 2.0% appreciation of the Australian dollar, detracted from the Fund's performance.

Optimal Australia Absolute Trust

13 Mar 2014 - Australian Fund Monitors

Optimal Australia Absolute Trust returned 1.06% during February with a net exposure of 3.1% with a 12 month return of 3.20% and volatility of 1.90% (11.49% Index).

13 Mar 2014 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	12 March 2014
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	1.06%
Latest 6 Months	2.42%
Latest 12 Months	3.20%
Latest 24 Months	5.15%
Annualised Since Inception	10.38%
Inception Date	15 September 2008
FUM (millions)	AU$125
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 Australia Absolute Trust returned 1.06% during February with a net exposure of 3.1% with a 12 month return of 3.20% and volatility of 1.90% (11.49% ASX 200 Acc Index). The Fund has recorded 90% positive months and has a down capture ratio of -0.31 since inception in September 2008. The Manager's monthly report comments that 'Despite a stronger market in February, 2014 still strikes us as less about a one-way bet on equities and the impact of ultra-low interest rates on risk assets, and much more about stock selection and risk management. More volatility should be expected, and hopefully more differentiation in stock performance within the index. We are seeing more of the former, but so far not too much of the latter. When we do see sporadic market weakness, the default investor reaction is to sell resources and materials stocks, and buy defensives and financials at almost any valuation. This mindset is somewhat scary. There is no doubt that infrastructure stocks, as one example, generate cash flows with low volatility from quality assets. But their valuations are highly sensitivity to discount rates, which are rising, so these types of stocks are far from low-risk right now. That they are seen as so "safe" (with unfranked yields now under 5%, in some cases) seems to again point a gradual de-sensitisation towards risk, which is of course the objective and consequence of extended financial repression. As risk-averse investors, we remain profoundly suspicious of a world where equities win because they are the least bad alternative: the TINA (There Is No Alternative) doctrine.'
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Morphic Global Opportunities Fund

12 Mar 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned -0.71% during February with a net exposure of 101% and gross exposure at 157%.

Bennelong Kardinia Absolute Return Fund

11 Mar 2014 - Australian Fund Monitors

Bennelong Kardinia Absolute Return Fund had a strong February making the most of the buoyant equity markets to return 2.69% (-2.12% January).

11 Mar 2014 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	10 March 2014
Manager	Kardinia Capital, a Bennelong Funds Management boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	February 2014
Latest Return	2.69%
Latest 6 Months	4.96%
Latest 12 Months	10.27%
Latest 24 Months	26.64%
Annualised Since Inception	13.85%
Inception Date	01 May 2006
FUM (millions)	AU$132.4
Fund Overview	The Bennelong Kardinia Absolute Return Fund is an Australian domiciled equity long/short fund investing in ASX listed securities. The Fund uses some exchange traded call options and there is limited use of SPI futures contracts to hedge overall market risk. 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. There is a slight bias to large cap stocks in 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.
Manager Comments	Bennelong Kardinia Absolute Return Fund had a strong February making the most of the buoyant equity markets to return 2.69% (-2.12% January) with a stable net equity market exposure, including derivatives, of 39.5% (75.4% long and 35.9% short). The Manager's Report notes that Seek, Henderson, Westpac, Ramsay Health Care and James Hardie were all significant contributors to performance, whilst Share Price Index Futures (hedging long positions), Amcor and Ansell were the major detractors. The Fund's 12 month performance was in line with the market at 10.27% as compared to 10.56% however this was achieved with approximately one-third of the Index volatility (4.15% and 11.49% Index). The fund's Sharpe ratio was notable at 1.76 (0.71 Index).
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Bennelong Long Short Equity Fund

10 Mar 2014 - Australian Fund Monitors

Bennelong Long Short Equity Fund returned 2.50% in February and 20.61% since inception in January 2003 with below Index volatility.

Fund Review: Aurora Fortitude Absolute Return Fund

7 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Aurora Fortitude Absolute Return Fund for January 2014. The Fund is characterised by steady returns and very low risk. Since inception (March 2005) the Fund has returned 8.12% pa.

Fund Review: Insync Global Titans Fund

6 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund for January 2014 shows the Fund delivering an annualised return of 10.96% and annualised standard deviation of 8.46% (since inception in October 2009) with sound risk-reward statistics.

Monash Absolute Investment Fund

6 Mar 2014 - Australian Fund Monitors

Monash Absolute Investment Fund has a sound February returning 2.60% with the twelve month return 24.51% (ASX 200 Acc 10.56%).

Fund Review: Morphic Global Opportunities Fund

5 Mar 2014 - Australian Fund Monitors

Morphic Global Opportunities Fund returned -1.66% in January and 34.52% for the previous twelve months with a volatility of 10.04% p.a.

Fund Monitors Pty Ltd

News

17 Mar 2014 - Totus Alpha Fund

14 Mar 2014 - Allard Investment Fund

13 Mar 2014 - Optimal Australia Absolute Trust

12 Mar 2014 - Morphic Global Opportunities Fund

11 Mar 2014 - Bennelong Kardinia Absolute Return Fund

10 Mar 2014 - Bennelong Long Short Equity Fund

7 Mar 2014 - Fund Review: Aurora Fortitude Absolute Return Fund

6 Mar 2014 - Fund Review: Insync Global Titans Fund

6 Mar 2014 - Monash Absolute Investment Fund

5 Mar 2014 - Fund Review: Morphic Global Opportunities Fund

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