AUI Wingate Global Equity Fund

6 Aug 2013 - Australian Fund Monitors

The Wingate Global Equity Fund returned 3.69% during June bringing the financial year performance for FY 13 to 29.79%.

6 Aug 2013 - AUI Wingate Global Equity Fund

By: Australian Fund Monitors

Report Date	05 August 2013
Manager	Wingate Asset Management
Fund Name	AUI Wingate Global Equity Fund
Strategy	Equity Income
Latest Return Date	June 2013
Latest Return	3.69%
Latest 6 Months	20.15%
Latest 12 Months	29.79%
Latest 24 Months	42.15%
Annualised Since Inception	6.97%
Inception Date	01 October 2005
FUM (millions)	AU$78
Fund Overview	The Wingate Global Equity Fund is a specialised global equities Fund investing in large cap, high quality companies using an investment process designed to reduce risk and generate income. The Fund primarily invests in global equities, either directly or via derivatives, to generate income from dividends and option premiums, and capital growth. Preservation of investors' capital is an overriding priority. The Fund typically has between 15 and 40 holdings (stock and options) and can invest 98% of its assets in international equities, including direct holdings in shares and option positions over shares, which are fully cash backed. The Fund restricts exposure to any individual company to a maximum of 10% of the net assets of the Fund. Cash that is not used to back option positions is restricted to a maximum of 20% of net assets of the Fund. The Fund's derivatives strategy primarily involves the selling of cash-backed put options to purchase stocks at a price in Wingate's fair price range but below current market price. The sale of the put option can result in either purchase of the stock at an acceptable price to Wingate, or the Fund receiving income in the form of the option premium. Importantly all option positions are fully backed by cash holdings and the Fund does not borrow to make investments. In addition, covered call options may be used to sell stocks that are held in the portfolio.
Manager Comments	The Wingate Global Equity Fund returned 3.69% during June bringing the financial year performance for FY 13 to 29.79%. On a monthly basis for the past 12 months, the portfolio captured 91% of the market's gain when the market was positive but only 54% when the market was negative. The Fund's performance benefited from strong stock selection in the US, offset by a lack of exposure to Japan and an under-weight position to European shares. The Fund's total return was also helped by the weakening US dollar. In a low-growth macro environment the portfolio has increased its exposure to companies returning significant amounts of capital through dividends or share-buy backs.
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Allard Investment Fund

5 Aug 2013 - Australian Fund Monitors

The Allard Investment Fund returned 0.2% during June and 17.65% for the 12 months to June 2013.

5 Aug 2013 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	04 August 2013
Manager	Allard Partners Australia Pty Limited
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	June 2013
Latest Return	0.20%
Latest 6 Months	8.39%
Latest 12 Months	17.65%
Latest 24 Months	18.52%
Annualised Since Inception	9.02%
Inception Date	01 July 2003
FUM (millions)	AU$130
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund returned 0.2% during June and 17.65% for the 12 months to June 2013. Returns since inception (July 2003) are 9.02% annualised. The Fund was 71.4% invested with 28.6% held in cash and fixed income (allocated 14.8% of NAV in HK dollars, 4.0% of NAV in US dollars and 9.8% of NAV in Australian dollars). In terms of geographic breakdown HK/China was 33.4% of NAV, followed by Singapore at 13.4% and Korea at 11.2%. The Industry break-down was Financial Services 15.0% of NAV, Conglomerates at 12.6% and Telecommunications at 8.5%. The portfolio top five holdings were 38.9% of total NAV with the next five holdings at 16.3%.
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Monash Absolute Investment Fund

2 Aug 2013 - Australian Fund Monitors

The Monash Absolute Investment Fund was up 5.6% after fees in July, bringing the 12 month return to 23.4%.

Intelligent Investor Value Fund

1 Aug 2013 - Australian Fund Monitors

The Intelligent Investor Value Fund returned -0.69% over June and 36.89% over the financial year.

1 Aug 2013 - Intelligent Investor Value Fund

By: Australian Fund Monitors

Report Date	31 July 2013
Manager	Intelligent Investor
Fund Name	Intelligent Investor Value Fund
Strategy	Equity Long
Latest Return Date	June 2013
Latest Return	-0.69%
Latest 6 Months	19.90%
Latest 12 Months	36.89%
Latest 24 Months	47.49%
Annualised Since Inception	11.33%
Inception Date	17 October 2009
FUM (millions)	AU$31.8
Fund Overview	Intelligent Investor Funds Management places no emphasis on predicting short-term price movements or the direction of markets. The focus is on valuing securities and attempting to buy them for substantially less than their underlying value. The Intelligent Investor approach is to be patient, selective and only invest in opportunities where the gap between its estimate of value and the current security price is significant enough to compensate for the large degree of uncertainty inherent in valuing any security.
Manager Comments	The Intelligent Investor Value Fund returned -0.69% over June and 36.89% over the financial year. The Fund has an annualised return of 11.3% pa since inception (31 October 2009), more than double the 5.1% pa return of the All Ordinaries Index. The most significant contributors to performance were Vision Eye Institute, GBST and QBE while Astro Japan and UXC detracted from performance. The Manager notes that there are more stocks that usual in the Value Fund currently. The Fund has been buying small amounts of a number of mining and mining services business as the investment market for these stocks has capitulated, particularly in the last few weeks of June. Liquidity has been a problem once the Fund started buying share prices have often quickly moved against it and the Fund has no intention of establishing large positions in any of these stocks. But with some trading at significant discounts to net cash or huge discounts to net tangible assets and, in one particular example, less than 1.5 times earnings, the Manager's view is that a basket of them could perform well even if the worst China fears are realised. The number of holdings should remain under 20, but the Fund could end up with quite a few stocks in this space.
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Fund Review: BlackRock Australian Equity Market Neutral Fund

31 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for the BlackRock Australian Equity Market Neutral Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Fund Review: Aurora Fortitude Absolute Return Fund

30 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Aurora Fortitude Absolute Return Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

Fund Review: Morphic Global Opportunities Fund

29 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Morphic Global Opportunities Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

BlackRock Multi Opportunity Fund

29 Jul 2013 - Australian Fund Monitors

The BlackRock Multi Opportunity Fund recorded a return of 0.10% during June 2013 and an annual return of 9.02%.

29 Jul 2013 - BlackRock Multi Opportunity Fund

By: Australian Fund Monitors

Report Date	25 July 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Multi Opportunity Fund
Strategy	Multi Strategy
Latest Return Date	June 2013
Latest Return	0.10%
Latest 6 Months	3.70%
Latest 12 Months	9.02%
Latest 24 Months	24.79%
Annualised Since Inception	8.91%
Inception Date	30 July 2004
FUM (millions)	AU$596.7
Fund Overview	The BlackRock Multi Opportunity Fund (the Fund) is a multi-strategy fund that seeks to benefit from BlackRock's ability to systematically exploit inefficiencies across a broad range of global investment markets. The Fund harnesses BlackRock's best research ideas that are based on sound economic principles which are implemented via a systematic investment process and combined into one investment vehicle. The Fund gains exposure to a diversified group of absolute return strategies which currently include: - Australian and International Equity Long/Short - Global Fixed Income Long/Short - Global Macro - Commodity Alpha - Alpha Transport The Fund's goal is to provide investors with a source of consistent, risk-controlled, absolute returns that are over time, expected to have low correlations with the returns of major asset classes. The Fund aims to achieve a return of 8% p.a. before fees, above the RBA Cash Rate Target over rolling 3 year periods. In order to achieve its expected return objective, the Fund will target a total expected risk of between 4-6% p.a. over the same rolling 3 year period.
Manager Comments	The BlackRock Multi Opportunity Fund recorded a return of 0.10% during June 2013 and an annual return of 9.02%. The Fund is notable for it's low risk risk attributes with a sixty month Sharpe ratio of 1.02, annualised standard deviation of 4.45% and Sortino Ratio of 1.24. The Multi Opportunity Fund delivered positive alpha performance in the second quarter despite volatile market conditions. The Fixed Income Global Alpha, International Alpha Transport, European Equity Long/Short and Australian Equity Long/Short strategies added value. Global equity long/short and Global Macro strategies detracted. The fund returned 2.32% for the quarter versus the RBA cash benchmark return of 0.71%, delivering an excess return of 1.61%. Year to date, the Fund has returned 3.74% of alpha.
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Fund Review: Insync Global Titans Fund

26 Jul 2013 - Australian Fund Monitors

AFM's updated Fund Review for Insync Global Titans Fund, showing KPI's for June 2013 vs ASX200, Performance (net of fees) and Cumulative Performance since inception.

BlackRock Australian Equity Market Neutral Fund

25 Jul 2013 - Australian Fund Monitors

The BlackRock Australian Equity Market Neutral Fund returned 1.15% during June and bringing it's since inception (August 2001) return to 12.14% pa.

25 Jul 2013 - BlackRock Australian Equity Market Neutral Fund

By: Australian Fund Monitors

Report Date	23 July 2013
Manager	BlackRock Asset Management Australia Limited
Fund Name	BlackRock Australian Equity Market Neutral Fund
Strategy	Equity Market Neutral
Latest Return Date	June 2013
Latest Return	1.15%
Latest 6 Months	0.76%
Latest 12 Months	4.24%
Latest 24 Months	22.57%
Annualised Since Inception	12.14%
Inception Date	31 August 2001
FUM (millions)	AU$631
Fund Overview	The BlackRock Australian Equity Market Neutral Fund aims to deliver returns that are 8% per annum above those of the RBA Cash Rate Target before fees, over rolling 3 year periods. The Fund's portfolio primarily consists of long and short Australian equity positions. The Fund may also invest in other funds managed by BlackRock. Derivative securities, such as futures, forwards, swaps and options, can be used to manage risk and return Key insights into the investment process include: Analyst Expectations, Relative Valuation, Earnings Quality, Market Signals and Timing. Short-Term return enhancing opportunities including: Dividend reinvestment plans, Manging index changes, Managing cash flows and Arbitrage, Initial public offerings and Seasoned Equity Offerings and Off Market Buybacks.
Manager Comments	The BlackRock Australian Equity Market Neutral Fund returned 1.15% during June and it's since inception (August 2001) return to 12.14% pa. The portfolio benefited from the declines in resource stocks over the quarter, with shorts in small cap base metal and gold miners adding value in April and June. The sell down of yield stocks did not have a significant direct effect on portfolio performance, although the associated outperformance of other industrials and USD earners was a negative for the portfolio. Positive stock selection amongst healthcare and retail stocks was a significant positive contributor to the quarter's performance.
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Fund Monitors Pty Ltd

News

6 Aug 2013 - AUI Wingate Global Equity Fund

5 Aug 2013 - Allard Investment Fund

2 Aug 2013 - Monash Absolute Investment Fund

1 Aug 2013 - Intelligent Investor Value Fund

31 Jul 2013 - Fund Review: BlackRock Australian Equity Market Neutral Fund

30 Jul 2013 - Fund Review: Aurora Fortitude Absolute Return Fund

29 Jul 2013 - Fund Review: Morphic Global Opportunities Fund

29 Jul 2013 - BlackRock Multi Opportunity Fund

26 Jul 2013 - Fund Review: Insync Global Titans Fund

25 Jul 2013 - BlackRock Australian Equity Market Neutral Fund

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