Optimal says that their Australia Absolute Trust 'caught more than our fair (exposure-adjusted) share of the rally', finishing the month +2.03% even though the fund retained low headline equity market exposure during the month.

Relative Value was the only one of Argus\\'s four strategies not to make money in July. The fund finished the month up +1.55% with a large contribution coming from a long position in many wheat varieties as dry and hot weather in Russia...

The best performing fund for K2 in July was their Asian Absolute Return Fund with an increase of +4.36%. Markets in the region were led higher by China (+12.5), Taiwan (+8.4%), Thailand (+7.4%) and Indonesia (+6.0%).

In June, Morgan Stanley\\'s FX Alpha Plus Fund was up +2.24%, making profit from the Indonesian rupiah, Korean won, Taiwan dollar, Japanese Yen and Brazilian real.

The bulk of the returns generated by Fortitude's Absolute Return Trust in June were from the yield portfolio, and most of this came from the redemption of the Hasting Funds Taps trust

Profits on short positions helped Regal's Tasman Market Neutral Fund to achieve a +2.5% return in June.

Bennelong provided investors with another positive return, up 2.83% for the month, against the backdrop of a negative month for the ASX.

K2\\'s Asian Absolute Return was their best performing fund in June with exposure in most countries changed little.

MM&E's Takeover Target Fund result for June of +0.8% was helped by the trimming of some positions in resource stocks as well as exposure to strong performers such as Perseus Mining, GPT and Coca-Cola Amatil.

Optimal's Australia Absolute Trust benefitted from its decision to increase equity exposure through late May, then realising late in June that it was time to to take profits on the long positions while increasing shorts.