The Aurora Property Buy-Write Income Trust gained +1.13% in May as AREITs outperformed the broader equity market for the second successive month.

1 yr return: -8.51%. Annual (Jul 2007): -21.73%

The AREIT market, driven by strong performances in the office and diversified sectors, outperformed the S&P/ASX 200 Accumulation Index by +2.4% in May. The manager believes this to be another sign that AREITs were significantly oversold in previous months, with demand now coming from dedicated REIT funds, domestic equity investors and offshore REIT and equity investors. Successful equity raisings for a number of AREITs during the month also suggested that institutional investors remain positive on the outlook for AREITs.

The Apostle Loomis Sayles Senior Loan Fund gained +3.62% in May, in a month where CCC-rated loans gained +18%.

1 yr return: -9.53%. Annual (Nov 2007): -5.50%

Given the Fund is heavily weighted towards higher quality investments and has a a significant cash holding, it missed out on this impressive result and performed in line with the BB- benchmark. Regardless of this result the manager does not intend to rebalance the Fund's portfolio to capture the risk-rally returns of lower grade loans. The manager also remains cautious regarding the outlook for credit markets, and the global economy as a whole, and continues to search for investments the recent market rallies have overlooked.

The St Helens Capital Ailsa Fund returned +3% in May with positive returns from both its long and short trades, and is now up +16.71% for 2009.

1 yr return: +16.1%. Annual (Dec 2001): +12.57%

Short strategies that proved successful included Rio Tinto and Leighton Holdings, while Bluescope, Oil Search and Stockland were positive long positions. Other long standing positions also contributed positive returns to the Fund. Going into June the Fund is becoming more defensively positioned as the manager strives to take advantage of opportunities in current markets.

The Apeiron Global Macro Fund reported a gain of +1.34% in May, in a month where ongoing optimism over a global economic recovery fuelled sideways movements in markets.

1 yr return: +19.52%. Annual (Feb 2006): +18.35%

Although the Fund continues to post solid monthly gains, the manager remains skeptical on the sustainability of the current economic recovery, and believes this will present opportunities for the Fund. The Fund's annualised risk (standard deviation) now stands at 11.4%.

The Naos Small Companies Fund was up +27.7% in May, continuing its recent run of impressive returns to post a three month return of +58.55%.

1 yr return: -15.05%. Annual (Jan 2005): +3.82%

The Fund's 2009 return now stands at +67%, comprising a consecutive five months of positive returns. However these results come after a particularly difficult 2008 for the Fund, down -63.63% for the calendar year and -20.37% in October alone.

Standout individual performers in May were positions in Acrux (+100%) and Austin Engineering (+35%).

The Prodigal Absolute Cayman Fund gained +6.25% in May and is up +26.37% for 2009. The Fund has not posted a negative return since October 2008.

1 yr return: +0.36%. Annual (May 2007): +4.48%

The Fund recorded positive performances across most strategies, especially convertible arbitrage which has been the strongest performer for the Fund for the past six months. The risk arbitrage portfolio, which has been negative in recent months, and model trading also contributed positive returns in May. At month end the Fund was 80% invested, mostly in model trading (40%) and convertible arbitrage (32%). All returns are subject to confirmation by the administrator.

The Excalibur Absolute Return Fund fell by -1.1% in May, the first negative monthly result for the Fund since November last year.

1 yr return: +4.13%. Annual (Jun 2006): +19.96%

Despite this result the Fund has maintained a positive YTD return of +2.33%, following on from a 2008 return of +12.23%. The annualised risk (standard deviation) of the Fund now stands at 9.47%.

The Jaguar Australian Leaders Long Short Unit Trust was up +8.52% for May, and +23.23% over the past three months. The Trust's 2009 return now stands at +40.58%.

1 yr return: -25.93%. Annual (Mar 2003): +4.26%

This result is a remarkable turnaround from the Trust's 2008 performance, when it lost -33.96% over the calendar year. The manager noted the Trust's strategy was restricted somewhat during May due to the short selling ban, which impacted on overall performance. The Trust primarily bought in the industrial and financial sectors, and sold consumer staples and utilities.

For a second consecutive month all eight funds managed by Platinum Asset Management in the AFM database recorded positive returns.

The Platinum Unhedged Fund was the strongest performer, gaining +6%, followed by the Platinum Asia Fund (+5.7%), the Platinum International Technology Fund (+5.4%) and the Platinum Japan Fund (+2.5%).

Apart from the International Healthcare Fund (-5.98 and -3.99% respectively), all Platinum funds also now have positive three and six month returns as well (to the end of April). In terms of 12 month performance, the Japan Fund is leading with an impressive +16.04% return.

The Antares Lodestar Absolute Return Trust lost -0.14% in May after the manager lowered exposure during the month, thereby preventing the Trust from capitalising on the market rally in late May.

1 yr return: -23.82%. Annual (Mar 2007): -7.47%

Until May 30 the Trust's return was in line with the market, however with the market rallying +1.7% on May 31, and the Trust reducing its net exposure from 30% to 20.7% over May, overall return underperformed the market. The key positive contributors to performance included Sino Gold, Village Roadshow and Ramsay Healthcare. Negative influences included Resmed, Tatts Group and CSL.