Performance Report: Bennelong Twenty20 Australian Equities Fund

20 Feb 2018 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund fell by -0.27% in January. Since inception in November 2009, the Fund has returned +10.70% per annum.

20 Feb 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	20 February 2018
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	-0.27%
Latest 6 Months	10.77%
Latest 12 Months	16.57%
Latest 24 Months	31.44%
Annualised Since Inception	10.70%
Inception Date	02 December 2015
FUM (millions)	AU$2.19
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund fell by -0.27% in January. Since inception in November 2009, the Fund has returned +10.70% per annum. The ASX200 Accumulation Index has returned +7.87% over the same period, with almost the same level of volatility. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. At the end of the month, weightings were increased in the IT and Materials sectors and were decreased in the Discretionary, Consumer Staples, Health Care, Financials and Industrials sectors. Weightings remained unchanged in the Telco's, Utilities, Energy and REITs sectors. The Fund combines a passive investment in the S&P/ASX20 Index and an actively managed investment in Australian listed stocks outside this index. The passive position is achieved by investing individually in each of the S&P/ASX20 Index's individual stocks with approximately the same weightings they represent in the S&P/ASX300. Currently this weight is approximately 60% of the Fund's portfolio. The active position in ex-20 stocks has the goal of allowing the Fund to outperform the broader market.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: ARCO Absolute Trust (formerly Optimal)

20 Feb 2018 - Australian Fund Monitors

The ARCO Absolute Trust returned +0.91% in January. Since inception in September 2008, the Fund has returned +8.56% per annum with a volatility of 3.72%.

20 Feb 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

By: Australian Fund Monitors

Report Date	20 February 2018
Manager	ARCO Investment Management
Fund Name	ARCO Absolute Trust (formerly Optimal)
Strategy	Equity Long/Short
Latest Return Date	January 2018
Latest Return	0.91%
Latest 6 Months	8.05%
Latest 12 Months	10.56%
Latest 24 Months	14.63%
Annualised Since Inception	8.56%
Inception Date	15 September 2008
FUM (millions)	AU$140
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. *Formerly the Optimal Australia Absolute Trust
Manager Comments	The ARCO Absolute Trust returned +0.91% in January. Since inception in September 2008, the Fund has returned +8.56% per annum with a volatility of 3.72%. The ASX200 Accumulation Index, by contrast, has returned +6.35% per annum with a volatility of 13.55% over the same period. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has achieved positive performance in rising markets and significantly outperformed in falling markets. This, along with the Fund's Sortino ratio of 3.07 versus the Index's 0.33, highlights the Fund's focus on capital preservation. In January, ARCO reduced the Fund's gross exposure by trimming the Fund's long positions on the back of recent strong price rises. Short positions (mainly in interest rate sensitive REITs and in index futures) made the greatest contribution to performance. The Fund's long positions also contributed positively in aggregate, and were relatively broad-based across the Fund's minerals, software and services, telecoms and financial holdings. The Trust continues to reflect ARCO's negative view of interest rate sensitive stocks, their favourable view on companies with clear earnings/margin growth paths, and their belief in the need to hedge broad market exposure into what ARCO expect to be a more volatile period ahead.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: KIS Asia Long Short Fund

19 Feb 2018 - Australian Fund Monitors

The KIS Capital Long Short Fund returned +0.37% in January, taking annualised performance since inception in October 2009 to +13.65% with an annualised volatility of 5.25%.

19 Feb 2018 - Performance Report: KIS Asia Long Short Fund

By: Australian Fund Monitors

Report Date	19 February 2018
Manager	KIS Capital Partners
Fund Name	KIS Asia Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	January 2018
Latest Return	0.37%
Latest 6 Months	6.41%
Latest 12 Months	6.46%
Latest 24 Months	23.01%
Annualised Since Inception	13.65%
Inception Date	01 October 2009
FUM (millions)	AU$77.6
Fund Overview	The Fund's investment objective is to generate absolute returns, in Australian dollars, of around 15% p.a. after all fees without noticeable correlation to any particular asset class or market. Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region.
Manager Comments	The KIS Capital Long Short Fund returned +0.37% in January, taking annualised performance since inception in October 2009 to +13.65% with an annualised volatility of 5.25%. By contrast, the ASX200 Accumulation Index has returned +7.51% per annum with an annualised volatility of 11.68% over the same period. The Fund's Sortino ratio of 4.43 versus the Index's 0.55 emphasises the Fund's focus on capital preservation. As of the 9th of February, the Fund's return for this month was marginally positive. In January, the Fund's index hedges detracted 106bp. No other short positions lost more than 25bp. The Fund's largest positive contributors were all on the long side and included Sirtex Medical (+56bp), Cynata Therapeutics (+27bp) and Sempcorp Marine Ltd (+30bp). In their latest report, KIS Capital briefly discuss their view on ETFs. KIS feel there is a role for simple and well-structured ETFs to allow investors to decide whether they'd prefer active management or passive/indexed returns from a simply structured ETF such as the SPDR S&P/ASX200 Fund (STW.AU). However, they don't agree that investors should be able to 'point, click and buy' a risk profile and return stream that they don't understand. Two examples they point to are the VelocityShares Daily Inverse VIX Short-Term ETN (XIV.US), which was terminated after it experienced a daily drop of 84% on the 5th of February due to a spike in volatility and its own hedging actions, and VelocityShares Daily 2x VIX Short-Term ETN (TVIX.US).
More Information	Fund Profile Manager's Report

Fund Review: Bennelong Long Short Equity Fund January 2018

19 Feb 2018 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available.

Fund Review: Bennelong Kardinia Absolute Return Fund January 2018

16 Feb 2018 - Australian Fund Monitors

Latest Fund Review for the Bennelong Kardinia Absolute Return Fund is now available.

Fund Review: ARCO Absolute Trust January 2018

15 Feb 2018 - Australian Fund Monitors

Read the latest Fund Review on ARCO Absolute Trust.

Performance Report: Cyan C3G Fund

14 Feb 2018 - Australian Fund Monitors

The Cyan C3G Fund fell -0.28% in January. Since inception in July 2014, the Fund has returned +28.15% per annum with an annualised volatility of 10.26%.

14 Feb 2018 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	14 February 2018
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	-0.28%
Latest 6 Months	20.77%
Latest 12 Months	30.85%
Latest 24 Months	54.35%
Annualised Since Inception	28.15%
Inception Date	24 July 2014
FUM (millions)	AU$35
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund fell -0.28% in January. Since inception in July 2014, the Fund has returned +28.15% per annum with an annualised volatility of 10.26%. The ASX200 Accumulation Index has returned +6.65% per annum with an annualised volatility of 11.46% over the same period. The Fund's Sharpe and Sortino ratios are 2.31 and 7.29 respectively, significantly superior to the Index's Sharpe ratio of 0.46 and Sortino ratio of 0.60 for performance over the same period. Key positive contributors included Spirit Telecom (+33%), Afterpay Touch (+23%), Axsess Today (+18%). Key negative contributors included Longtable (-15%), Experience Co (-12%), Motorcycle Holdings (-11%). In light of the recent market correction, Cyan noted they don't pretend to know what the market will do in the coming weeks, however, they do know that the companies in which the Fund is invested are in strong positions and will be inherently more valuable in the coming 12 months. Throughout the rest of February, Cyan plan to focus on company fundamentals as the Fund's holdings report their earnings results and provide outlook statements.
More Information	Fund Profile Manager's Report

Performance Report: MHOR Australian Small Cap Fund

13 Feb 2018 - Australian Fund Monitors

The MHOR Australian Small Cap Fund returned -0.28% in January, ending the Fund's run of 8 consecutive positive months. Since inception in August 2016, the Fund has returned +16.57% per annum.

13 Feb 2018 - Performance Report: MHOR Australian Small Cap Fund

By: Australian Fund Monitors

Report Date	13 February 2018
Manager	MHOR Asset Management
Fund Name	MHOR Australian Small Cap Fund
Strategy	Equity Long
Latest Return Date	January 2018
Latest Return	-0.28%
Latest 6 Months	20.32%
Latest 12 Months	25.22%
Latest 24 Months
Annualised Since Inception	16.57%
Inception Date	01 August 2016
FUM (millions)	AU$18
Fund Overview	The MHOR Australian Small Cap Fund aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over a rolling 5-year period after fees and expenses. The portfolio is made up of 25-75 stocks listed on the ASX or NZX. The fund may also invest in stocks to be listed within the next 12 months. The portfolio is constructed to achieve an aggregate exposure that delivers a growth profile that is materially above that of the broader market. The fund may hold between 0% - 50% of its assets in cash. MHOR looks for investment that exhibit the following set of characteristics: -Opportunity - to take advantage of growth and positive alignment with industry themes and trends. -Quality business - competitively advantaged product or service offering. -Financial flexibility - appropriately resourced to capture its opportunity. -Management - with the vision and capability to bring it all together. -Fundamentally undervalued. MHOR also considers labour standards, environmental, social and ethical considerations when making investment decisions but only to the extent that these factors impact the assessment of risk or return. The minimum suggested investment timeframe is 3-5 years.
Manager Comments	The MHOR Australian Small Cap Fund returned -0.28% in January, ending the Fund's run of 8 consecutive positive months. Since inception in August 2016, the Fund has returned +16.57% per annum. The ASX200 Accumulation Index has returned +10.28% per annum over the same period. The Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has achieved positive performance in rising markets and significantly outperformed in falling markets. Expecting market volatility, MHOR have been slowly increasing the Fund's cash levels over the last few months. Going into the market sell off earlier in the month, the Fund was carrying 16% cash and MHOR have been holding off purchasing a number of their new ideas. Additionally, MHOR have positioned the Fund to be materially underweight (in some cases zero) exposure to interest rate sensitive stocks such as REITs. MHOR noted they were able to utilise the broad base sell off to enter a number of positions.
More Information	Fund Profile Manager's Report

Performance Report: Bennelong Long Short Equity Fund

12 Feb 2018 - Australian Fund Monitors

The Bennelong Long Short Fund returned +1.51% in January. Since inception in February 2002, the Fund has returned +16.51% per annum with a volatility of 12.09%.

12 Feb 2018 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	12 February 2018
Manager	Bennelong Long Short Equity Management, a Bennelong boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2018
Latest Return	1.51%
Latest 6 Months	5.37%
Latest 12 Months	18.02%
Latest 24 Months	7.99%
Annualised Since Inception	16.51%
Inception Date	01 January 2003
FUM (millions)	AU$424
Fund Overview	Bennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost. In a typical environment the Fund will hold around 70 stocks comprising 35 pairs. Each pair contains one long and one short position each of which will have been thoroughly researched and are selected from the same market sector. Whilst in an ideal environment each stock's position will make a positive return, it is the relative performance of the pair that is important. As a result the Fund can make positive returns when each stock moves in the same direction provided the long position outperforms the short one in relative terms. However, if neither side of the trade is profitable, strict controls are required to ensure losses are limited. The Fund uses no derivatives and has no currency exposure. The Fund has no hard stop loss limits, instead relying on the small average position size per stock (1.5%) and per pair (3%) to limit exposure. Where practical pairs are always held within the same sector to limit cross sector risk, and positions can be held for months or years. The Bennelong Market Neutral Fund, with same strategy and liquidity is available for retail investors as a Listed Investment Company (LIC) on the ASX.
Manager Comments	The Bennelong Long Short Fund returned +1.51% in January. Since inception in February 2002, the Fund has returned +16.51% per annum with a volatility of 12.09%. By contrast, the ASX200 Accumulation Index has returned +8.13% per annum with a volatility of 12.58% over the same period. The Fund's up-capture and down-capture ratios indicate that, on average, the Fund has achieved positive performance in rising markets and significantly outperformed in falling markets. The majority of pairs were profitable in January despite the headwind of a very strong $A/$US. A strong quarterly profit update from Resmed contributed to the Fund's long Resmed / short Ansell pair being amongst the Fund's strongest pairs. Long JB Hi-Fi / short Super Retail was also amongst the strongest pairs on industry feedback that some retailers had experienced better Christmas sales than feared. Long BlueScope Steel / short Sims Metal was the Fund's weakest pair following recent months of strong positive contribution. Bennelong noted the Australian market was the exception in January, falling by -0.5% whilst the S&P 500 (+5.6%), Nasdaq Composite (+7.4%) and MSCI Asia ex Japan (+7.5%) experienced some of their strongest January gains seen in years. Bennelong believe this is in large part a reflection of the composition of our market.
More Information	Fund Profile Manager's Report AFM Research Reports

Performance Report: Paragon Australian Long Short Fund

9 Feb 2018 - Australian Fund Monitors

The Paragon Australian Long Short Fund fell -1.3% in January. Since inception in March 2013, the Fund has returned +19.9% per annum.

9 Feb 2018 - Performance Report: Paragon Australian Long Short Fund

By: Australian Fund Monitors

Report Date	09 February 2018
Manager	Paragon Funds Management
Fund Name	Paragon Australian Long Short Fund
Strategy	Equity Long/Short
Latest Return Date	January 2018
Latest Return	-1.30%
Latest 6 Months	51.33%
Latest 12 Months	38.99%
Latest 24 Months	52.59%
Annualised Since Inception	19.88%
Inception Date	28 February 2013
FUM (millions)	AU$82.9
Fund Overview	The Paragon Fund is a concentrated long/short Australian listed equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's unique investment style, comprising thematic led idea generation followed with an in depth research effort, results in a concentrated portfolio of high conviction stocks. Conviction in bottom up analysis drives the investment case and ultimate position sizing: * Both quantitative analysis - probability weighted high/low/base case valuations - and qualitative analysis - company meetings, assessing management, the business model, balance sheet strength and likely direction of returns - collectively form Paragon's overall view for each investment case. * Paragon will then allocate weighting to each investment opportunity based on a risk/reward profile, capped to defined investment parameters by market cap, which are continually monitored as part of Paragon's overall risk management framework. The objective of the Paragon Fund is to produce absolute returns in excess of 10% p.a. over a 3-5 year time horizon with a low correlation to the Australian equities market.
Manager Comments	The Paragon Australian Long Short Fund fell -1.3% in January. Since inception in March 2013, the Fund has returned +19.9% per annum. By contrast, the ASX200 Accumulation Index has returned +8.06% per annum over the same period. The Fund's up-capture and down-capture ratios since inception are +92.5% and +10.4% respectively, highlighting the Fund's ability to capture most of the market's upside while limiting downside losses. Positive contributions from long holdings in Kidman, Echo, Cann Group, Wattle Health, Link Financial and Audinate, as well as the Fund's Lithium shorts, were offset by declines in the Fund's Cobalt holdings, Updater and Cimic. The latest report discusses Paragon's views on the Lithium and Cobalt markets. They note that, overall, the fundamental investment cases for both Lithium and Cobalt over the medium term have not changed. They believe that the Cobalt market will need to more than double by 2025, and the Lithium market will need to quadruple.
More Information	Fund Profile Manager's Report

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20 Feb 2018 - Performance Report: Bennelong Twenty20 Australian Equities Fund

20 Feb 2018 - Performance Report: ARCO Absolute Trust (formerly Optimal)

19 Feb 2018 - Performance Report: KIS Asia Long Short Fund

19 Feb 2018 - Fund Review: Bennelong Long Short Equity Fund January 2018

16 Feb 2018 - Fund Review: Bennelong Kardinia Absolute Return Fund January 2018

15 Feb 2018 - Fund Review: ARCO Absolute Trust January 2018

ARCO ABSOLUTE TRUST (formerly Optimal Australia Absolute Trust)

14 Feb 2018 - Performance Report: Cyan C3G Fund

13 Feb 2018 - Performance Report: MHOR Australian Small Cap Fund

12 Feb 2018 - Performance Report: Bennelong Long Short Equity Fund

9 Feb 2018 - Performance Report: Paragon Australian Long Short Fund

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