Performance Report: Apeiron Global Macro Fund - Class A

18 Jun 2010 - Australian Fund Monitors

The Blue Sky Apeiron Fund (Class A units) was up +2.36% in May and the manager remains cautious about the economic outlook.

Performance Report: Fortitude Capital Absolute Return Trust

18 Jun 2010 - Australian Fund Monitors

Fortitude credits their Absolute Return Trust\\\\\\\\\\'s long volatility option overlay with helping the fund to achieve a +0.91% return in what was a very difficult month for most managers.

May absolute return and hedge fund review

10 Jun 2010 - Australian Fund Monitors

In our latest review of the industry we look at the increased volatility in May as well as giving a detailed run-down of the performance of our Model Portfolios.

Performance Report: OC Premium Equity Fund

26 May 2010 - Australian Fund Monitors

OC's long only Premium Equity Fund performed well in April with a positive return of 1.8% compared to both the Small Industrial Accumulation Index (-0.2%) and the All Ordinaries Accumulation Index (-1.2%).

Performance Report: Kima Capital Pan Asian Fund

26 May 2010 - Australian Fund Monitors

Kima Capital\\'s Pan Asian Fund finishing the month up +1.41% after taking advantage of low volatility and several markets making new highs for the year early in April generating opportunities in the event space.

Performance Report: Morgan Stanley FX Alpha Plus Fund (Class A)

26 May 2010 - Australian Fund Monitors

Morgan Stanley's FX Alpha Plus Fund did well in the first half of April then relied on its risk controls thoughout the latter part of the month to end up +3.06%.

26 May 2010 - Performance Report: Morgan Stanley FX Alpha Plus Fund (Class A)

By: Australian Fund Monitors

Report Date	25 May 2010
Manager	Morgan Stanley
Fund Name	Morgan Stanley FX Alpha Plus Fund (Class A)
Strategy	Currency/FX
Latest Return Date	April 2010
Latest Return	3.06%
Latest 6 Months	14.82%
Latest 12 Months	34.74%
Latest 24 Months	35.63%
Annualised Since Inception	10.00%
Inception Date	23 January 2008
FUM (millions)	AU$4
Fund Overview	The Manager's FX Alpha Risk Controlled strategy is a systematic currency selection process which employs computer modelling within a risk management framework and seeks to profit from changes in the relative valuations of currency pairs. Cash invested is put to work, earning the rate available on cash equivalent investments. At the same time, the Manager aims to achieve additional returns in a risk controlled manner from the currency forward market. The Fund makes allocations across currency pairs, primarily using currency forward contracts and potentially using other derivatives. The models used by the Manager consider interest rates, volatility, correlations and transaction costs to arrive at a portfolio allocation within the parameters of the specified risk and return targets of the Fund. Forward positions are rebalanced systematically based on quantitative model outputs. The models are designed to be sensitive to perceived increases in risk and aim to reduce exposures to those currencies where risks are perceived as increasing. The Manager also maintains a stop loss policy at the portfolio level. The intention of a stop loss policy is to limit the possibility of losses, however, Morgan Stanley does not guarantee that losses will be limited to a particular level. The FX Alpha Plus (Class A) Fund shares the same strategy and processes with the Morgan Stanley FX Alpha Fund. However the FX Alpha Plus Fund (class A) has a higher target volatility of approximately 10% achieved through the use of leverage.
Manager Comments	Morgan Stanley's FX Alpha Plus Fund did well in the first half of April then relied on its risk controls thoughout the latter part of the month to end up +3.06%. The fund focusses on developing markets and aims to limit exposure to G10 countries. In April good returns were generated from long positions in the Indian rupiah and Philippine peso, while a short position in the euro also performed well.
More Information	» View detailed profile of this fund

Performance Report: MQ Asia Long Short Fund (Cayman) - Class A USD

19 May 2010 - Australian Fund Monitors

Macquarie's Asia Long Short Fund finished April up +2.36%, beating its MSCI Asia Pacific Index benchmark which only managed +0.19%.

19 May 2010 - Performance Report: MQ Asia Long Short Fund (Cayman) - Class A USD

By: Australian Fund Monitors

Report Date	18 May 2010
Manager	Macquarie Investment Management
Fund Name	MQ Asia Long Short Fund (Cayman) - Class A USD
Strategy	Equity Long/Short
Latest Return Date	April 2010
Latest Return	2.36%
Latest 6 Months	4.00%
Latest 12 Months	21.27%
Latest 24 Months	11.51%
Annualised Since Inception	11.26%
Inception Date	01 October 2005
FUM (millions)	US$197
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 Asia Long Short Fund finished April up +2.36%, beating its MSCI Asia Pacific Index benchmark which only managed +0.19%. The manager says that all of their stock screens made a positive contribution for the month. Gross return attributed to the fund's systematic component was +1.5% while non-systematic analysis contributed 1.4%. Alpha generation in the smaller emerging markets in the fund's universe has been particularly strong so the fund is currently increasing exposure to those markets along with improving the fund's shorting ability.
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Performance Report: Excalibur Absolute Return Fund

19 May 2010 - Australian Fund Monitors

Excalibur says that it received a good sell signal in AUDYEN which contributed to their Absolute Return Fund's result of +2.58% in April.

Performance Report: Pengana Global Small Companies Solution

19 May 2010 - Australian Fund Monitors

Pengana\\'s Global Small Companies Fund returned 4.6% in April, taking the fund\\'s year to date return to 12.6%.

Performance Report: Fortitude Capital Absolute Return Trust

13 May 2010 - Australian Fund Monitors

Fortitude Capital's Absolute Return Trust posted a +0.43% return for April, largely due to the fund's overlay strategy.

13 May 2010 - Performance Report: Fortitude Capital Absolute Return Trust

By: Australian Fund Monitors

Report Date	12 May 2010
Manager	Fortitude Capital
Fund Name	Fortitude Capital Absolute Return Trust
Strategy	Equity Market Neutral
Latest Return Date	April 2010
Latest Return	0.43%
Latest 6 Months	0.80%
Latest 12 Months	5.11%
Latest 24 Months	15.44%
Annualised Since Inception	10.07%
Inception Date	15 February 2005
FUM (millions)	AU$25
Fund Overview	Fortitude Capital Absolute Return Trust is a multi-strategy market neutral fund specialising in listed Australian equities and derivatives. The core philosophy is the management of risk through a long volatility overlay incorporating listed equity and index derivatives. The multi-strategy approach includes M&A, Yield, Convergence and Long/Short strategies. The portfolio managers adopt an aggressive approach to managing downside risk whilst positioning the portfolio to benefit from positive alpha.
Manager Comments	Fortitude Capital's Absolute Return Trust posted a +0.43% return for April, largely due to the fund's overlay strategy. The fund took advantage of Lihir Mining's announcement that it had rejected Newcrest's acquisition proposal which caused a jump in Lihir's share price and the strategy of maintaining exposure through call options paid off. Short dated put options over CSL also generated good returns following a price drop caused by the release of a poor profit result by a major North American competitor. Increased market volatility generated good opportunities for the fund's convergence portfolio. Volumes increased in both Australia and Canada following an announcement that a subsidiary of Canadian company UraniumOne had bought shares in Paladin Energy. The fund benefitted from its yield portfolio during April but takeover positions were not as successful as the ACCC indicated it would oppose a bid for AXA Asia Pacific by National Australia Bank.
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Fund Monitors Pty Ltd

News

18 Jun 2010 - Performance Report: Apeiron Global Macro Fund - Class A

18 Jun 2010 - Performance Report: Fortitude Capital Absolute Return Trust

10 Jun 2010 - May absolute return and hedge fund review

26 May 2010 - Performance Report: OC Premium Equity Fund

26 May 2010 - Performance Report: Kima Capital Pan Asian Fund

26 May 2010 - Performance Report: Morgan Stanley FX Alpha Plus Fund (Class A)

19 May 2010 - Performance Report: MQ Asia Long Short Fund (Cayman) - Class A USD

19 May 2010 - Performance Report: Excalibur Absolute Return Fund

19 May 2010 - Performance Report: Pengana Global Small Companies Solution

13 May 2010 - Performance Report: Fortitude Capital Absolute Return Trust

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