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.

K2 Asset Management's two Asia focused funds - the K2 Asian Absolute Return Fund and the K2 Peak Asian Absolute Return Fund - gained +10.26% and +12.07% respectively in May.

1 yr return (ARF): -5.66%. Annual (Aug 1999): +12.74%
1 yr return (Peak): -10.25%. Annual (Aug 2000): +8.29%

A key driver of performance was the rally in Chinese region markets on the back of indications that the Chinese economy is showing signs of recovery. In India the market rallied +28% for the month after national elections, while Singapore gained +25% over numerous sectors. South Korea and Australia were relative underperformers, gaining +2% each.

Both Funds increased their overall long exposure significantly during May, particularly in China as signs emerged that the government stimulus program was gaining traction.

The PM Capital Absolute Performance Fund returned +2.4% in May, following in from a strong +21.2% gain in April.

1 yr return: -27.08%. Annual (Oct 1998): +4.38%

As an equity long/short fund investing in global markets, the Fund continued to benefit from the current rally in equity markets worldwide. The Fund remained fully invested during the month due to attractively priced capital raisings and good value stocks. US banks and brewing stocks were key positive contributors to performance, while technology stocks proved to be the biggest drag.

The Pengana Emerging Companies Fund gained +4.4% in May, and has now recovered +25% from its lowest points in early March.

1 yr return: -30.10%. Annual (Oct 2007): -27.03%

Although the Fund has struggled over the past 12 months, the last six months have proven to be far more positive (+13.2%). The Fund remained invested chiefly in quality stocks with stable balance sheets while economic conditions continue to be uncertain, although it has invested in some cyclical stocks. The ongoing shortage of investors in the small cap sector also continues to provide opportunities for the Fund.