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 Review: Optimal Australia Absolute Trust

5 Mar 2014 - Australian Fund Monitors

AFM's updated Fund Review for the Optimal Australia Absolute Trust for January 2014 has been released. The fund is characterised by very low risk with an annualised standard deviation 3.57% (Index 15.06%)and a Sharpe Ratio since inception of 1.73.

Intelligent Investor Value Fund

4 Mar 2014 - Australian Fund Monitors

Intelligent Investor Value Fund managed the poor equity market of January with a return of 1.05% (Index -3.03%). For the year the Fund recorded a very strong 37.69% (Index 10.98%).

Pengana Asia Special Events (Onshore) Fund

4 Mar 2014 - Australian Fund Monitors

Pengana Asia Special Events (Onshore) Fund returned 2.00% for January, a very difficult month for Asian equity (FTSE Asia Pacific Index -4.60%), and 11.76% for the 12 months to end-January.

4 Mar 2014 - Pengana Asia Special Events (Onshore) Fund

By: Australian Fund Monitors

Report Date	03 March 2014
Manager	Pengana Capital
Fund Name	Pengana Asia Special Events (Onshore) Fund
Strategy	Event Driven
Latest Return Date	January 2014
Latest Return	2.00%
Latest 6 Months	6.84%
Latest 12 Months	11.76%
Latest 24 Months	16.80%
Annualised Since Inception	12.17%
Inception Date	01 September 2010
FUM (millions)	AU$51.4
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 Asia Special Events (Onshore) Fund returned 2.00% for January (SP 500 -3.59%)and 11.76% for the 12 months to end-January. The Fund has a particularly low standard deviation of 2.39% (Index 11.63%) and downside deviation of 1.15 (Index 6.92) over the last year. The Manager comments that 'Equity markets started poorly for the year fueled by increased expectation of Fed Tapering and mixed economic data. Contrary to expectation, the Nikkei led the declines in Asia due to US dollar strengthening while spot equity market volatility (measure by the VIX) spiked to ~18%. The Fund weathered this "storm" relatively well in generating alpha, as our low residual beta approach (average net exposure 7.7%) coupled with long volatility hedging lead to the Fund significantly outperforming most equity market benchmarks.'
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Cor Capital Fund

3 Mar 2014 - Australian Fund Monitors

In a volatile month Cor Capital Fund returned 0.92% and 4.87% (annualised) since inception in August 2012.

3 Mar 2014 - Cor Capital Fund

By: Australian Fund Monitors

Report Date	27 February 2014
Manager	Cor Capital Pty Ltd
Fund Name	Cor Capital Fund
Strategy	Multi Strategy
Latest Return Date	January 2014
Latest Return	0.92%
Latest 6 Months	0.96%
Latest 12 Months	1.05%
Latest 24 Months
Annualised Since Inception	4.87%
Inception Date	08 August 2012
FUM (millions)	AU$18
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	In a volatile month Cor Capital Fund returned 0.92% and 4.87% (annualised) since inception in August 2012 with a volatility of 6.00% as compared to the ASX 200 Acc volatility of 10.29%. During January the Fund's gold exposure contributed the most to performance (+1.35%), followed by fixed interest (+0.28%) and cash. These positive returns were partly offset by equities (-0.80%). There were no portfolio adjustments for the month with all asset exposures within the limits defined by the Fund's active risk. Although active risk management is the focus, the Manager expects the Fund's disciplined re-balancing to regularly result in successful contrarian moves and additional returns, with profitable changes to its gold position in 2013 a good example.
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Fund Monitors Pty Ltd

News

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

5 Mar 2014 - Fund Review: Optimal Australia Absolute Trust

4 Mar 2014 - Intelligent Investor Value Fund

4 Mar 2014 - Pengana Asia Special Events (Onshore) Fund

3 Mar 2014 - Cor Capital Fund

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