Performance Report: Fortitude Capital Absolute Return Trust

14 Jul 2010 - Australian Fund Monitors

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

Performance Report: Regal Tasman Market Neutral Fund

13 Jul 2010 - Australian Fund Monitors

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

Performance Report: Bennelong Securities Long Short Equity Fund

9 Jul 2010 - Australian Fund Monitors

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

Performance Report: K2 Asian Absolute Return Fund

8 Jul 2010 - Australian Fund Monitors

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

8 Jul 2010 - Performance Report: K2 Asian Absolute Return Fund

By: Australian Fund Monitors

Report Date	07 July 2010
Manager	K2 Asset Management
Fund Name	K2 Asian Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2010
Latest Return	-0.50%
Latest 6 Months	-9.36%
Latest 12 Months	6.33%
Latest 24 Months	5.18%
Annualised Since Inception	12.12%
Inception Date	01 September 1999
FUM (millions)	AU$165
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 was their best performing fund in June with exposure in most countries changed little. Further positions in banking and property increased the fund's exposure to Singapore (+3.1%), while exposure to Thailand (-2.8%), Korea (-2.0%), and Hong Kong (-1.9%) was reduced. While growth rates are holding up in most countries in the area, the manager is concerned about how much impact the rate of growth in developed countries will have in Asia. It is likely that K2 will maintain exposure at or below current levels over the next month, but as valuations are now providing some support any exposure reduction is likely to be small.
More Information	» View detailed profile of this fund

Performance Report: MM&E Takeover Target Fund

8 Jul 2010 - Australian Fund Monitors

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.

Performance Report: Optimal Australia Absolute Trust

8 Jul 2010 - Australian Fund Monitors

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.

8 Jul 2010 - Performance Report: Optimal Australia Absolute Trust

By: Australian Fund Monitors

Report Date	07 July 2010
Manager	Optimal Fund Management
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	June 2010
Latest Return	0.60%
Latest 6 Months	4.06%
Latest 12 Months	18.85%
Latest 24 Months
Annualised Since Inception	17.99%
Inception Date	15 September 2008
FUM (millions)	AU$42
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	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. The main contributors were long positions in resources and healthcare, along with short positions in banks, building materials, retail, REIT's and Index Futures. Having a negative impact on the fund's result were long positions in energy, media and gaming.
More Information	» View detailed profile of this fund

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%).

Fund Monitors Pty Ltd

News

14 Jul 2010 - Performance Report: Fortitude Capital Absolute Return Trust

13 Jul 2010 - Performance Report: Regal Tasman Market Neutral Fund

9 Jul 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

8 Jul 2010 - Performance Report: K2 Asian Absolute Return Fund

8 Jul 2010 - Performance Report: MM&E Takeover Target Fund

8 Jul 2010 - Performance Report: Optimal Australia Absolute Trust

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

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