Performance Report: K2 Asian Absolute Return Fund

2 Feb 2011 - Australian Fund Monitors

K2's Asian Absolute Return Fund has a positive return of +0.53% in January in spite of significant market falls in a range of Asian markets

2 Feb 2011 - Performance Report: K2 Asian Absolute Return Fund

By: Australian Fund Monitors

Report Date	01 February 2011
Manager	K2 Asset Management
Fund Name	K2 Asian Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	January 2011
Latest Return	0.53%
Latest 6 Months	9.95%
Latest 12 Months	9.10%
Latest 24 Months	51.45%
Annualised Since Inception	12.82%
Inception Date	01 September 1999
FUM (millions)	AU$182
Fund Overview	The investment team does not use a single approach to stock picking, rather, each investment manager brings their own investment style and methodology to the portfolio. Key variables of earnings, valuation and management are examined to determine whether securities are over or undervalued. The investment team's ability to pick major investment themes, or 'catalysts', in a timely manner is a key competitive advantage. The stock selection process is based on the investment manager's own primary research, direct contact with companies and subscriptions to independent research houses. The Fund actively manages currency exposure with the aim of using hedging to reduce the risk of currency movement and protect stock returns. The level of hedging will depend on K2's expectation of future currency exchange rate movements.
Manager Comments	K2's Asian Absolute Return Fund had a positive return of +0.53% January in spite of significant market falls in a range of Asian markets as investors became increasingly nervous regarding the Asian inflation outlook. Although the broader MSCI Asia (ex Japan) index rose 1.2% for the month in AUD terms, this masked significant falls in India (-10.6%), The Philippines (-7.6%), Thailand (-6.6%) and Indonesia (-6.5%), while Korea, Taiwan and Hong Kong all gained ground. At month end the fund's exposure in Australia was lifted to 30%, at the expense of China/Hong Kong and Singapore, although exposure to China still remained around 30%.
More Information	» View detailed profile of this fund

Performance Report: Instinct Japan Opportunity Fund

31 Jan 2011 - Australian Fund Monitors

Instinct Japan Opportunity Fund returns 3.74% in December to finish 2010 up 35.21%

Performance Report: Mathews Velocity Fund

28 Jan 2011 - Australian Fund Monitors

Mathews Velocity Fund enjoys a strong December up 8.83% to return +37.57 for 2010 as coal and mining services produce strong gains

Performance Report: Kima Capital Pan Asian Fund

27 Jan 2011 - Australian Fund Monitors

Kima sees out 2010 to record a return of 11.77% for the year, while December's performance reflected end of year de-risking and profit taking.

Performance Report: Pengana Global Small Companies Solution

25 Jan 2011 - Australian Fund Monitors

Pengana's Global Small Companies Solution benefits from strong returns from the global small cap sector to return 6.5% in December.

Performance Report: Global Trading Strategies Fund (Class A)

24 Jan 2011 - Australian Fund Monitors

Global Trading Strategies ends 2010 with a strong month, but sounds a warning over Asian inflation and US and UK fiscal imbalances

Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

21 Jan 2011 - Australian Fund Monitors

Macquarie's Asian Alpha Fund closed 2010 with a positive December performance of +1.97%, under performing the MSCI Asia Pacific Index (+3.78%) but outperforming over the full year.

21 Jan 2011 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

By: Australian Fund Monitors

Report Date	20 January 2011
Manager	Macquarie Investment Management
Fund Name	Macquarie Asian Alpha Fund (Cayman) - Class A USD
Strategy	Equity Long/Short
Latest Return Date	December 2010
Latest Return	1.97%
Latest 6 Months	8.87%
Latest 12 Months	10.29%
Latest 24 Months	25.93%
Annualised Since Inception	11.23%
Inception Date	01 October 2005
FUM (millions)	US$318
Fund Overview	The fund employs a quantitative long/short strategy implemented in pan-Asian equity markets. The strategy is underpinned by a stock screening and quantitative company analysis process. Several quantitative stock screens are used to filter the universe to a smaller basket. They seek to exploit market anomalies due to behavioural biases of market participants and combine factors measuring value, quality, momentum and analyst sentiment. After the filtering process, stocks are assessed using a system that analyses the data underlying the quantitative factor scores. Amongst other indicators, this system allows the portfolio manager to view detailed broker forecasts and revisions, time series valuation measures and accruals data. A transparent process, the portfolio construction aims constrains the key risk factors, primarily net country, sector and size exposures. A country selection model is used to determine desired net country exposures.
Manager Comments	Macquarie's Asian Alpha Fund closed 2010 with a positive December performance of +1.97%, under performing the MSCI Asia Pacific Index (+3.78%) but outperforming over the full year. Best performing country contributions for the month came from Japan and Hong Kong, while Australia detracted from returns. Otherwise, with the exception of China, the smaller emerging market portfolios generally disappointed, with the result that the fund willl hold back from increasing gross exposure in those markets until evidence emerges of sustained alpha generation. The manager noted that there had been a significant increase in AUM over the year, rising from $228m to $579m, following the significant redemptions and outflows since 2008.
More Information	» View detailed profile of this fund

Performance Report: Merricks Capital Multi-Strategy Fund

20 Jan 2011 - Australian Fund Monitors

Merricks' Multi Strategy fund caps off a positive year with a strong December result.

Performance Report: Merricks Soft Commodity Fund

19 Jan 2011 - Australian Fund Monitors

The Merricks Soft Commodity Fund ends 2010 on a strong note to finish 2010 up over 16% and bring up their three year track record.

Performance Report: Fortitude Capital Absolute Return Trust

18 Jan 2011 - Australian Fund Monitors

Fortitude's M&A book the fund's strongest performer in December, followed by Long/short.

Fund Monitors Pty Ltd

News

2 Feb 2011 - Performance Report: K2 Asian Absolute Return Fund

31 Jan 2011 - Performance Report: Instinct Japan Opportunity Fund

28 Jan 2011 - Performance Report: Mathews Velocity Fund

27 Jan 2011 - Performance Report: Kima Capital Pan Asian Fund

25 Jan 2011 - Performance Report: Pengana Global Small Companies Solution

24 Jan 2011 - Performance Report: Global Trading Strategies Fund (Class A)

21 Jan 2011 - Performance Report: Macquarie Asian Alpha Fund (Cayman) - Class A USD

20 Jan 2011 - Performance Report: Merricks Capital Multi-Strategy Fund

19 Jan 2011 - Performance Report: Merricks Soft Commodity Fund

18 Jan 2011 - Performance Report: Fortitude Capital Absolute Return Trust

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