Performance Report: PM CAPITAL Absolute Performance Fund AUD

25 Jan 2013 - Australian Fund Monitors

PM Capital's Absolute Performance Fund returns 6.2% in December and 41.6% for the year against the MSCI World Index 12 month return of 14.4%.

25 Jan 2013 - Performance Report: PM CAPITAL Absolute Performance Fund AUD

By: Australian Fund Monitors

Report Date	24 January 2013
Manager	PM CAPITAL
Fund Name	PM CAPITAL Absolute Performance Fund AUD
Strategy	Equity Long/Short
Latest Return Date	December 2012
Latest Return	6.20%
Latest 6 Months	24.69%
Latest 12 Months	28.95%
Latest 24 Months	3.67%
Annualised Since Inception	4.72%
Inception Date	01 October 1998
FUM (millions)	AU$130
Fund Overview	A long-biased global long/short equity fund, PM CAPITAL Absolute Performance focuses on generating absolute long-term returns. PM CAPITAL holds concentrated positions in companies viewed to be substantially mis-priced by the market, expecting the businesses to generate significant returns over a two- to three-year time horizon. Fundamental analysis is the core of the investment strategy. Shorts are taken on overvalued companies. Hedging is used to protect existing long positions at times of perceived market risk. Risk management is mainly achieved through diversification, focusing on ensuring diversification not just among sectors, but also among macro factors such as interest rates and commodities. The fund invests globally. No individual position is to be greater than 10% of fund NAV, at the cost of the investment; typically 35 to 45 core positions are held. The fund is not afraid to carry cash.
Manager Comments	The PM Capital Absolute Return Fund rose 6.2% in December, taking 12 month performance to 41.6% against its benchmark MSCI World Index which returned 14.4% for the year. The Fund benefitted from its exposure to banking stocks as part of a broader US housing recovery theme which also included investments in property and casino stocks. The Fund also benefitted from a short exposure to the Yen. The Manager believes that the market has been climbing a wall of worry regarding macro factors, and has concentrated on stock picking within broad themes, including their view that the US housing recovery (and US asset prices in general) is likely to persist for some years. A such PM Capital's view is that the worst is over and businesses geared for the recovery will be rewarding investments over the longer term.
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Performance Report: Pengana Emerging Companies Fund

22 Jan 2013 - Australian Fund Monitors

Pengana's Emerging Companies Fund tops off strong year with a return of 5.2% for December, taking 12 month performance to 25.8% and outperforming the ASX200 Accumulation index

22 Jan 2013 - Performance Report: Pengana Emerging Companies Fund

By: Australian Fund Monitors

Report Date	21 January 2013
Manager	Pengana Capital
Fund Name	Pengana Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	December 2012
Latest Return	5.20%
Latest 6 Months	16.96%
Latest 12 Months	26.11%
Latest 24 Months	7.74%
Annualised Since Inception	12.98%
Inception Date	01 November 2004
FUM (millions)	AU$485
Fund Overview	The fund invests in listed (or soon to be listed) small/mid cap securities on the Australian or New Zealand Stock Exchange. It has the ability to invest in securities outside of the S&P/ASX Small Ordinaries Accumulation Index, but is precluded from investing in companies within the S&P/ASX 50 leaders Index. The fund aims to obtain returns greater than the S&P/ASX Small Ordinaries Accumulation Index over rolling 3 year periods. The fund may also invest in listed trusts. The manager utilises a robust investment process that combines in depth fundamental research with disciplined portfolio construction and risk controls.
Manager Comments	Pengana's Emerging Companies Fund completed of strong year with a return of 5.2% for December, taking 12 month performance to 25.8%, outperforming the ASX200 Accumulation index (which returned 20.3%) and strongly outperforming the Small Ordinaries Accumulation Index return of 6.6%. Pengana's monthly reported noted glimmers of hope that the outlook for global growth in 2013 would not be as bad as investors had feared just six months ago as uncertainty in the US, Europe and China receded. In addition Pengana noted that the relatively high yield from equities vs bonds in a falling interest rate environment will benefit the flow towards equities. In this environment the Fund added three new stocks to the portfolio over the past quarter, namely Charter Hall, SFG Australia and Vision Eye Institute, increased weightings to housing related stocks such as Fletcher Building and CSR, reduced weighting in Transpacific Industries and exited WDS due to the deteriorating outlook for the coal mining services division.
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Performance Report: Bennelong Long Short Equity Fund

10 Jan 2013 - Australian Fund Monitors

Bennelong's Long Short Equity Fund returns 0.89% in December with the long portfolio outperforming the negative impact from the short portfolio.

Performance Report: Bennelong Kardinia Absolute Return Fund

9 Jan 2013 - Australian Fund Monitors

Bennelong Kardinia's Absolute Return Fund delivers 1.07% return in December 2012 bringing 2012 return to 13.52%.

9 Jan 2013 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 January 2013
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	December 2012
Latest Return	1.07%
Latest 6 Months	8.25%
Latest 12 Months	13.52%
Latest 24 Months	16.27%
Annualised Since Inception	14.00%
Inception Date	01 May 2006
FUM (millions)	AU$41.2
Fund Overview	The 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 30 to 40 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. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact.
Manager Comments	Bennelong Kardinia Absolute Return Fund delivered a 1.07% return in December driven by positions in Rio Tinto, Cash Converters and Carnarvon Petroleum. The largest detractors for the month were Goodman Group and Northern Star. The December result brings the 2012 return to 13.52%.
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Performance Report: Optimal Australia Absolute Trust

8 Jan 2013 - Australian Fund Monitors

Optimal's Australia Absolute Trust returns 0.66% in December as gains in the long portfolio outweigh losses on short positions.

8 Jan 2013 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	07 January 2013
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	December 2012
Latest Return	0.66%
Latest 6 Months	1.62%
Latest 12 Months	4.55%
Latest 24 Months	12.99%
Annualised Since Inception	12.55%
Inception Date	15 September 2008
FUM (millions)	AU$136
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	The Optimal Australia Absolute Trust returned 0.66% in December bringing the 2012 return to 4.55%. The December return was driven by a 1.30% gain in the long portfolio which outweighed the 0.55% loss on the short portfolio. Long portfolio gains were driven by resources, media, banks and transport whilst short portfolio losses were generated in index futures, banks, staples and healthcare.
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Performance Report: Pengana Australian Equities Fund

19 Dec 2012 - Australian Fund Monitors

Pengana's Australian Equities Return Fund generates 2.78% return in November bringing 12 month returns to 22.93%.

Performance Report: Merricks Soft Commodity Fund

18 Dec 2012 - Australian Fund Monitors

Merricks Soft Commodity Fund delivers 0.76% in November driven predominantly by the seasonal convergence of geographic wheat spreads.

Performance Report: Global Titans Fund

17 Dec 2012 - Australian Fund Monitors

Insync's Global Titans Fund returns 2.02% in November bringing returns in the latest 12 months to 16.89%.

Performance Report: Bennelong Kardinia Absolute Return Fund

11 Dec 2012 - Australian Fund Monitors

Bennelong Kardinia's Absolute Return Fund returns 0.71% in November with CSL, Telstra and Cash Converters the largest contributors to performance.

11 Dec 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	10 December 2012
Manager	Bennelong Group
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	November 2012
Latest Return	0.71%
Latest 6 Months	8.58%
Latest 12 Months	12.18%
Latest 24 Months	22.91%
Annualised Since Inception	14.00%
Inception Date	01 May 2006
FUM (millions)	AU$39
Fund Overview	The 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 30 to 40 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. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact.
Manager Comments	The Bennelong Kardinia Absolute Return Fund generated a return of 0.71% in November driven by positions in CSL, Telstra and Cash Converters. The major detractors for the month were Sirius Resources, James Hardie and Aurora Oil & Gas. Net equity market exposure was increased marginally to 36.7%.
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Performance Report: Aurora Fortitude Absolute Return Fund

10 Dec 2012 - Australian Fund Monitors

Aurora Fortitude's Absolute Return Fund delivers 0.54% return for November as the Long/Short, Convergence, Mergers and Acquisitions and Yield portfolios all generated positive returns.

Fund Monitors Pty Ltd

News

25 Jan 2013 - Performance Report: PM CAPITAL Absolute Performance Fund AUD

22 Jan 2013 - Performance Report: Pengana Emerging Companies Fund

10 Jan 2013 - Performance Report: Bennelong Long Short Equity Fund

9 Jan 2013 - Performance Report: Bennelong Kardinia Absolute Return Fund

8 Jan 2013 - Performance Report: Optimal Australia Absolute Trust

19 Dec 2012 - Performance Report: Pengana Australian Equities Fund

18 Dec 2012 - Performance Report: Merricks Soft Commodity Fund

17 Dec 2012 - Performance Report: Global Titans Fund

11 Dec 2012 - Performance Report: Bennelong Kardinia Absolute Return Fund

10 Dec 2012 - Performance Report: Aurora Fortitude Absolute Return Fund

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