Affluence Investment Fund

21 Mar 2016 - Australian Fund Monitors

The Affluence Investment Fund returned -0.20% in February against the Australian stock market return of -1.76%, to give an outperformance of 1.56%.

21 Mar 2016 - Affluence Investment Fund

By: Australian Fund Monitors

Report Date	17 March 2016
Manager	Affluence Funds Management
Fund Name	Affluence Investment Fund
Strategy	Multi Strategy
Latest Return Date	February 2016
Latest Return	-0.20%
Latest 6 Months	3.52%
Latest 12 Months	6.68%
Latest 24 Months
Annualised Since Inception	7.31%
Inception Date	28 November 2014
FUM (millions)	AU$1.03
Fund Overview	The Affluence Investment Fund is designed to deliver above average results by utilising a different strategy to those used by traditional balanced investment funds. The Fund invests in a range of opportunities across many different types of assets, managers and investment strategies. This allows for diversification across all asset classes. The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process.
Manager Comments	The Affluence Investment Fund returned -0.20% in February against the Australian stock market return of -1.76%, to give an outperformance of 1.56%. Since inception the Fund has an annualised return of 8.04% p.a. This has been achieved with low volatility of 3.14% (Index 14.33%) to give notable Share and Sortino ratios of 1.82% (Index -0.14) and 4.55 (Index -0.28) respectively. For February the Fund saw an unusually wide variation in results from the underlying managers The best performing investments were in the resources space, while the worst results were from the long-short managers, who were negatively affected. At the end of the month, the Fund held investments in 15 unlisted funds, which represented 65% of the total portfolio. It also held 16 investments in listed investment companies and other listed securities, representing 14% of the portfolio. The balance of 21% was held in cash, which Affluence is ready to deploy if and when an opportunity arises. Click below to read the latest Fund Manager's report.
More Information	Fund Profile Manager's Report

APN AREIT Fund

21 Mar 2016 - Australian Fund Monitors

APN AREIT Fund rose 3.13% in February, outperforming the S&P/ASX300 Porperty Trust Accumulation Index's return of 2.81%, by 0.32%

21 Mar 2016 - APN AREIT Fund

By: Australian Fund Monitors

Report Date	17 March 2016
Manager	APN Funds Management Limited
Fund Name	APN AREIT Fund
Strategy	Real Estate
Latest Return Date	February 2016
Latest Return	3.13%
Latest 6 Months	10.36%
Latest 12 Months	7.38%
Latest 24 Months	40.74%
Annualised Since Inception	17.89%
Inception Date	19 January 2009
FUM (millions)	AU$1048.31
Fund Overview	Established in 2009, the APN AREIT Fund is a property securities fund investing in Australian Securities Exchange ('ASX') listed Australian Real Estate Investment Trusts ('AREITs') and cash/fixed interest. The Fund does not invest in direct property. The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term.
Manager Comments	APN AREIT Fund rose 3.13% in February, outperforming the S&P/ASX300 Porperty Trust Accumulation Index's return of 2.81%, by 0.32%. Since inception in February 2009, the Fund has returned 17.89% p.a. This was achieved with a volatility of 12.10% p.a., to give notable Sharpe and Sortino of 1.16 and 1.91 respectively. In February, the Fund had 97% allocation in AREITs assets and rest in cash. Majority of the underlying property sector allocation was in the Retail sector at 64%, followed by Office sector at 19%. The Top 5 stocks holdings made up 56% of the Fund's portfolio. These stocks were Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Westfield Group. Click below to read the complete Fund Manager's Report.
More Information	Fund Profile Manager's Report

Pengana Global Small Companies Fund

18 Mar 2016 - Australian Fund Monitors

Pengana Global Small Companies Fund returned -0.33% for the month of February.

18 Mar 2016 - Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	16 March 2016
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	February 2016
Latest Return	-0.33%
Latest 6 Months	-3.50%
Latest 12 Months
Latest 24 Months
Annualised Since Inception	-5.15%
Inception Date	01 April 2015
FUM (millions)	AU$4.881
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	Pengana Global Small Companies Fund returned -0.33% for the month of February, compared to a -0.44% return for the MSCI AC World SMID Cap Index. At month-end, the Fund's top 10 holdings accounted for 38.9% of the Fund's assets, with no single name representing more than 5% of the Fund. Cash represented 10.5% of the Fund. The largest positive contributors to February performance were Broadleaf, Daikokutenbussan, Spirit Airlines, Kruk, and BWX Technologies; while the largest detractors were Liberty Tax, Euronext, Moleskine, Sarine Technologies, and Babcock & Wilcox. The currencies had a moderately positive impact. Over 45% of the Fund was allocated in the Industrials (26.6%) and Consumer Discretionary (20.9%) sectors. The activity in February was light, with more focus on selling than buying and no new additions were made to the portfolio this month. Click below to read the latest Fund Manager's report.
More Information	Fund Profile Manager's Report

APN Asian REIT Fund

18 Mar 2016 - Australian Fund Monitors

APN Asian REIT Fund rose 6.53% for February. Since inception, the Fund has an annualised return of 17.42% p.a.

18 Mar 2016 - APN Asian REIT Fund

By: Australian Fund Monitors

Report Date	16 March 2016
Manager	APN Funds Management Limited
Fund Name	APN Asian REIT Fund
Strategy	Real Estate
Latest Return Date	February 2016
Latest Return	6.53%
Latest 6 Months	8.08%
Latest 12 Months	4.62%
Latest 24 Months	38.57%
Annualised Since Inception	17.42%
Inception Date	19 July 2011
FUM (millions)	AU$4.73
Fund Overview	The APN Asian REIT Fund (Fund) is a property securities fund that invests in a quality portfolio of Asian REITs, listed on the securities exchanges of the Asian Region (including, but not limited to, Hong Kong, Singapore, Malaysia, Japan and New Zealand, but excluding Australia), as well as cash and fixed interest investments. Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term.
Manager Comments	APN Asian REIT Fund rose 6.53% for February. Since inception, the Fund has an annualised return of 17.42% p.a., with a volatility of 9.52% p.a. In comparison, the Bloomberg Asian REIT Index has returned 16.87% p.a. annualised. The Fund has notable Sharpe and Sortino ratios of 1.44 (Index 1.27) and 2.70 (Index 1.31) respectively. There were no major changes in the portfolio's geographically allocation since last month. The Fund was invested in multiple Asian countries, with majority in Japan (38.3%) and Singapore (27.5%). Over 64% of the Fund was invested in the Retail REITs (37.4%) and the Office REITs (27.5%) sectors. The top 5 Asian REIT holdings were in Link REIT, Keppel Dc REIT, Prosperity REIT, Gip J-REIT and Heiwa Real Estate REIT Inc. Click below to read the latest Fund's performance report.
More Information	Fund Profile Manager's Report AFM Research Reports

Totus Alpha Fund

18 Mar 2016 - Australian Fund Monitors

Totus Alpha Fund returned -11.27% for the month of February, compared to the ASX 200 Accumulation Index that fell 1.76%.

18 Mar 2016 - Totus Alpha Fund

By: Australian Fund Monitors

Report Date	14 March 2016
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	February 2016
Latest Return	-11.27%
Latest 6 Months	7.98%
Latest 12 Months	31.26%
Latest 24 Months	53.33%
Annualised Since Inception	27.32%
Inception Date	01 April 2012
FUM (millions)	AU$60
Fund Overview	The Totus Alpha Fund aims to maximise returns for investors through fundamental industry and company research and active portfolio management. The investment strategy is based on identifying medium to long term structural investment themes and seek absolute returns by investing in securities that have concentrated exposure to those themes. The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%.
Manager Comments	Totus Alpha Fund returned -11.27% for the month of February, compared to the ASX 200 Accumulation Index that fell 1.76%. Since inception, the Fund has an annualised of 27.32% p.a, with a volatility of 15.34% p.a., to give notable Sharpe and Sortino ratios of 1.49 (Index 0.46) and 2.96 (Index 0.58) respectively. This annualised performance has been delivered with a beta of 0.0362 and correlation of 0.0290 to the ASX300 Accumulation Index. At month-end, the fund had a net exposure of -17.1% and a gross exposure of 295.1%. The fund held 130 positions (47 long and 83 short), that were diversified across multiple investment themes. Top contributors in February were the short positions in Valeant +1.75% (Roll-Up) and 1-Page +0.73% (Earnings Risk). A long position in Altium added +0.72% (Online). Biggest detractors were the long position in Macquarie -1.35% (Financial Services) and a short position in Primary Health Care -1.35% (Earnings Risk). An unnamed short position also detracted -1.25%. Click below to read the latest Fund's Monthly Report.
More Information	Fund Profile Manager's Report AFM Research Reports

Signature Quantitative Fund

17 Mar 2016 - Australian Fund Monitors

Signature Quantitative Fund returned -2.50% for the month of February.

17 Mar 2016 - Signature Quantitative Fund

By: Australian Fund Monitors

Report Date	15 March 2016
Manager	Quant Investment Management Services Pty Ltd
Fund Name	Signature Quantitative Fund
Strategy	Equity Long/Short
Latest Return Date	February 2016
Latest Return	-2.50%
Latest 6 Months	4.38%
Latest 12 Months	0.88%
Latest 24 Months	12.47%
Annualised Since Inception	7.99%
Inception Date	01 January 2014
FUM (millions)	AU$24
Fund Overview	SQF is a systematic event-driven fund that exploits short-term structural market inefficiencies that are uncorrelated & persistent over time. The fund believes that the market reaction to events is not random; rather there are statistically measureable and predictable behaviour patterns that can be exploited with a systematic and disciplined approach. The fund's investment philosophy is to quantitatively identify research and exploit these event driven or behavioural structural market inefficiencies to generate significant alpha. SQF systematically utilises stock short positions and futures to reduce risk and generate significant alpha SQF has been established to profit from anomalies surrounding event driven, behavioural & factor based structural market inefficiencies which generate significant profits and are uncorrelated & persistent over time. Specific strategies such as dividend arbitrage, index addition and deletion, tax year end, capital raisings, among other strategies are used by the Fund. The Fund's initial focus is on investing in Australian and New Zealand markets.
Manager Comments	Signature Quantitative Fund returned -2.50% for the month of February, compared to the S&P/ASX 200 Accumulation Index's return of -1.76%, an under performance of 0.74%. Since inception the Fund has an annualised return of 7.99% (Index 0.27% p.a). The Fund has achieved this return with lower volatility of 8.03 than the Index's 12.91%. Capital Raisings contributing positively to SQF's returns. Alpha Capture underperformed due to the short exposure to resources. Dividend Arbitrage and Index Rebalance Strategies underperformed slightly. The Fund had a net exposure of 45%, of which 14% was in the Consumer Discretionary sector. Click the link below to view the latest Monthly Report.
More Information	Fund Profile Manager's Report

Clarity Multi Strategy Fund

17 Mar 2016 - Australian Fund Monitors

Clarity Multi Strategy Fund rose 6.04%, outperforming the AFM Global Equity Index which fell 1.45%, by 7.49%.

Fund Review: Morphic Global Opportunities Fund February 2016

16 Mar 2016 - Australian Fund Monitors

Read the latest February Fund Review on Morphic Global Opportunities Fund.

The Paragon Fund

16 Mar 2016 - Australian Fund Monitors

The Paragon Fund returned -5.20% for the month of February.

16 Mar 2016 - The Paragon Fund

By: Australian Fund Monitors

Report Date	14 March 2016
Manager	Paragon Funds Management
Fund Name	The Paragon Fund
Strategy	Equity Long/Short
Latest Return Date	February 2016
Latest Return	-5.20%
Latest 6 Months	1.09%
Latest 12 Months	2.71%
Latest 24 Months	23.96%
Annualised Since Inception	14.73%
Inception Date	28 February 2013
FUM (millions)	AU$35.9
Fund Overview	The Paragon Fund is a concentrated long/short Australian equities product that is fundamentally driven with a focus on the industrial and resource sectors. Paragon's own research process and active portfolio management is overlaid with risk management and an overarching focus on capital preservation. Paragon believes that markets are not always efficient, exhibiting a common tendency to price securities well outside of their intrinsic value over the medium term. This market characteristic provides the opportunity for Paragon, an active manager with a flexible mandate, to generate superior investment returns over the longer term. Paragon believes that it is critical to understand both the companies and the industries in which they operate, in order to fully comprehend each investment opportunity. Accordingly, a fundamental approach to company research is taken. Assessing the potential downside is also paramount in framing the risk/reward trade-off for potential investments.
Manager Comments	The Paragon Fund returned -5.2% for the month of February. Since inception the Fund has an annualised return of 14.73% p.a. vs the Index's 2.99% p.a. The Fund has a notable Sharpe and Sortino ratios of 1.05 (Index 0.11) and 1.90 (Index 0.07) respectively. Key positive contributors for February included longs in Blackham Resources, Troy Resources and IDP Education, offset by declines in Amaysim (surprise profit downgrade) and the shorts as the market rallied into month end. At the end of the month the Fund had 34 long positions and 14 short positions. Click below to read the latest monthly report.
More Information	Fund Profile Manager's Report

Meme Australian Share Fund

15 Mar 2016 - Australian Fund Monitors

The Meme Australian Share Fund returned -1.71% for the month of February.

15 Mar 2016 - Meme Australian Share Fund

By: Australian Fund Monitors

Report Date	11 March 2016
Manager	Meme Capital Management Pty Ltd
Fund Name	Meme Australian Share Fund
Strategy	Equity Long
Latest Return Date	February 2016
Latest Return	-1.71%
Latest 6 Months	13.11%
Latest 12 Months	7.84%
Latest 24 Months	36.16%
Annualised Since Inception	15.09%
Inception Date	01 July 2013
FUM (millions)	AU$2.2
Fund Overview	The Meme Australian Share Fund uses a robust and back-tested quantitative trend-following strategy to identify investment opportunities expected to provide both positive price appreciation and relative price outperformance over the medium to long term. The Fund invests on a long-only basis and does not use derivatives. Meme's investment philosophy is logically derived from addressing our prime investment objectives of creating and preserving wealth. The philosophy therefore comprises elements which separately address investment returns and investment risks while at the same time respecting the interplay between them. The Fund's investment strategy seeks to identify low-risk entry opportunities and then build positions in these stocks. Once established in the portfolio, individual stock holdings are maintained for as long as their long-term upward trend remains intact and while they continue to make positive contributions to portfolio growth. Positions are reduced and ultimately closed out as their trends become exhausted or as their relative long-term performance against the broad market weakens. The Fund believes that longer time frame investments also provide a number of advantages. The effect of false signals and 'noise' which attend shorter term time frames is mitigated by only attending to signals which are confirmed by our longer term assessments. Also, the Fund gains exposure to the more expansive price trends which can last for months and years, allowing dividends and distributions received during this time to further enhance portfolio returns.
Manager Comments	The Meme Australian Share Fund returned -1.71% for the month of February. Since inception, the Fund has an annualised return of 15.09% p.a (Index 5.25% p.a.) with notable Sharpe and Sortino Ratios of 1.00 and 1.54 respectively. The five most positive contributors to the fund's February performance were Ramelius Resources, St Barbara, Newcrest Mining, Saracen Minerals and Doray Minerals. The five most negative contributors were Oncosil Medical, Blackmores Limited, Smartgroup, Onevue and Collins Foods. The total number of portfolio stocks remained steady from the previous month at 90, and portfolio cash sitting at just above 5%. During the month, the Fund's exposure to the Materials, Utilities sectors and to cash increased. While exposure to Energy, Industrial, Consumer Staples, Health and Information Technology sectors decreased, with exposure to other sectors remained relatively stable. Click below to read the latest Fund Manager's commentary on the Fund.
More Information	Fund Profile Manager's Report AFM Research Reports

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21 Mar 2016 - Affluence Investment Fund

21 Mar 2016 - APN AREIT Fund

18 Mar 2016 - Pengana Global Small Companies Fund

18 Mar 2016 - APN Asian REIT Fund

18 Mar 2016 - Totus Alpha Fund

17 Mar 2016 - Signature Quantitative Fund

17 Mar 2016 - Clarity Multi Strategy Fund

16 Mar 2016 - Fund Review: Morphic Global Opportunities Fund February 2016

16 Mar 2016 - The Paragon Fund

15 Mar 2016 - Meme Australian Share Fund

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