Fund Review: Jamieson Coote Bonds Active Fund April 2016

18 May 2016 - Australian Fund Monitors

May Fund Review is now available on Jamieson Coote Bonds Active Fund, a long-only macroeconomic investment fund.

Bennelong Twenty20 Australian Equities Fund

18 May 2016 - Australian Fund Monitors

Bennelong Twenty20 Australian Equities Fund rose 2.31% for the month of April.

18 May 2016 - Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

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Report Date	16 May 2016
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	April 2016
Latest Return	2.31%
Latest 6 Months	-0.54%
Latest 12 Months	-1.39%
Latest 24 Months	8.49%
Annualised Since Inception	9.69%
Inception Date	02 December 2015
FUM (millions)	AU$0.407
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	Bennelong Twenty20 Australian Equities Fund rose 2.31% against the ASX 200 Accumulation Index's return of 3.37%. The Fund's performance was largely dictated by the performance of the S&P/ASX 20 Index. The biggest detractor for the Fund came from the large positions in the Gaming & Leisure sector such as Mantra and Flight Centre. Also detracting was an underweight position in the Resources sector, which continued its recent run of outperformance. The Energy sector also performed well during the month, which the Fund remains underweight. The Fund continues to believe that opportunities exist among the ex-20 ASX 200 stocks, whose future prospects are underestimated by the market. Click below to read the latest Fund Report.
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Pengana Absolute Return Asia Pacific Fund

17 May 2016 - Australian Fund Monitors

The Pengana Absolute Return Asia Pacific Fund finished up +1.32% for the month of April 2016, compared to the HFR Event Driven Index which rose +0.43%.

17 May 2016 - Pengana Absolute Return Asia Pacific Fund

By: Australian Fund Monitors

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Report Date	13 May 2016
Manager	Pengana Capital
Fund Name	Pengana Absolute Return Asia Pacific Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	1.32%
Latest 6 Months	4.13%
Latest 12 Months	0.66%
Latest 24 Months	12.63%
Annualised Since Inception	9.95%
Inception Date	01 September 2010
FUM (millions)	AU$79
Fund Overview	The Pengana Absolute Return Asia Pacific Fund employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. Event driven strategies involve investing in opportunities created by significant transactional events, such as mergers and acquisitions, earnings surprises, capital management initiatives, capital structure arbitrage and index changes, among others. The Fund believes that significant corporate events can often create inefficiency in a company's share price which the Fund then seeks to exploit. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective to generate a net annualised return greater than 5% above the Reserve Bank of Australia's Cash Rate Target over a 3 to 5 year period with low volatility and low correlation to Asian stock markets. The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%.
Manager Comments	The Pengana Absolute Return Asia Pacific Fund finished up +1.32% for the month of April 2016, compared to the HFR Event Driven Index which rose +0.43%. Since inception, the Fund has achieved an annualised return of 9.95% p.a., with a low volatility of 6.09%. The Fund has notable Sharpe and Sortino ratios of 1.06 and 2.05 respectively. The Fund had an average gross and net exposure of 192.9% and 6.6% respectively. Gross exposure was reduced from the previous month on the back of M&A deals completing in Singapore, as well as Chinese companies listed as ADR's in the USA. The M&A sub-strategy and Capital Management strategies contributed positively to the Fund's performance. Biggest negative contributor came from the Index strategy. Click below to read the latest Fund Manager's Report.
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Fund Review: Optimal Australia Absolute Trust April 2016

17 May 2016 - Australian Fund Monitors

Read the latest Fund Review on Optimal Australian Absolute Trust Fund.

Fund Review: Bennelong Kardinia Absolute Return Fund April 2016

16 May 2016 - Australian Fund Monitors

Latest Fund Review now available on Bennelong Kardinia Absolute Return Fund, which has over 9 years of positive track record.

Totus Alpha Fund

16 May 2016 - Australian Fund Monitors

Totus Alpha Fund returned -1.37% for the month of April.

16 May 2016 - Totus Alpha Fund

By: Australian Fund Monitors

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Report Date	13 May 2016
Manager	Totus Capital
Fund Name	Totus Alpha Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	-1.37%
Latest 6 Months	-7.26%
Latest 12 Months	20.66%
Latest 24 Months	43.06%
Annualised Since Inception	23.73%
Inception Date	01 April 2012
FUM (millions)	AU$61.3
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 -1.37% for the month of April, compared to the ASX 200 Accumulation Index's return of 3.37%. Since inception, the Fund has an annualised return of 23.73% p.a, with a volatility of 12.30% p.a., to give notable Sharpe and Sortino ratios of 1.28 (Index 0.60) and 2.40 (Index 0.79) respectively. This annualised performance has been delivered with a beta of -0.0318 and correlation of -0.0249 to the ASX300 Accumulation Index. At month-end, the fund had a net exposure of 47.8% and a gross exposure of 206.1%. The fund held 121 positions (57 long and 64 short) that were diversified across multiple investment themes. Top contributors in April were a short position in Nine Entertainment and long positions in Dominos and Freelancer. Biggest detractors were a short position in WorleyParsons and long positions in SmartGroup and Hansen. Click below to read the latest Fund's Monthly Report.
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Jamieson Coote Bonds Active Fund

13 May 2016 - Australian Fund Monitors

Jamieson Coote Bonds Active Fund rose 0.33% outperforming the Bloomberg Australian Government Bond Index by 0.21%.

13 May 2016 - Jamieson Coote Bonds Active Fund

By: Australian Fund Monitors

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Report Date	12 May 2016
Manager	Jamieson Coote Bonds Pty Ltd
Fund Name	Jamieson Coote Bonds Active Fund
Strategy	Fixed Income
Latest Return Date	April 2016
Latest Return	0.33%
Latest 6 Months	1.96%
Latest 12 Months	4.70%
Latest 24 Months
Annualised Since Inception	5.34%
Inception Date	01 December 2014
FUM (millions)	AU$41
Fund Overview	The Jamieson Coote Bonds Active Fund (JCBAF) is a long only macroeconomic investment fund. JCB appointed Jamieson Coote Asset Management as the Manager of the Fund. JCBAF's investable universe is limited to AAA and AA+ Government and Semi (State) Government Bonds and agencies in Australian Dollars, explicitly backed by public institutions, creating a highly liquid product with capital preservation and risk adjusted alpha creation as its core tenant. The Fund usually holds around 20 bond securities of differing maturities and generally individual security selection does not exceed 20% of the Fund's NAV. JCBAF seeks to establish a mid to long term core portfolio using both domestic and global macroeconomic analysis. This is overlaid with a number of valuation indicators and international market intelligence from a global network of market moving investors, including central bankers and hedge funds, to construct an optimal indexed portfolio allocation at any given time. The Fund recognises short term oscillations driven by technical factors and supply dynamics create opportunities within short term pricing cycles, which can generate significant alpha when managed within a risk adjusted framework. The Fund aims to outperform its index using duration and curve management at appropriate times in the pricing cycle whilst retaining a core long. The JCB Active Fund gives direct access to the management team whilst providing portfolio balance with increased capital stability and a fixed income streams with both income and principle repayment secured by the Australian or State Governments.
Manager Comments	Jamieson Coote Bonds Active Fund rose 0.33%, outperforming the Bloomberg Australian Government Bond Index by 0.21%. The Australian equities market returned +3.37%. Since inception, the Fund has an annualised return of 5.34% p.a., achieved with relatively low volatility of 2.46% to give noteworthy Sharpe and Sortino ratios of 1.30 and 2.62 respectively. For April, the portfolio mix decreased its weighting from the prior month in the Australian Government Bonds to 60.39% and increased its weighting in Supra-National Bonds to 38.71%. Cash was less than 1% of the total portfolio. The fund held an average duration position of 4.80 years. Click below to read the Fund Manager's market outlook.
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Alexander Credit Opportunities Fund

13 May 2016 - Australian Fund Monitors

Alexander Credit Opportunities Fund rose 0.57% for the month of April.

Optimal Australia Absolute Trust

12 May 2016 - Australian Fund Monitors

Optimal Australia Absolute Trust returned -0.69% return in April.

12 May 2016 - Optimal Australia Absolute Trust

By: Australian Fund Monitors

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Report Date	10 May 2016
Manager	Optimal Fund Management Australia
Fund Name	Optimal Australia Absolute Trust
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	-0.69%
Latest 6 Months	3.36%
Latest 12 Months	9.67%
Latest 24 Months	11.74%
Annualised Since Inception	9.00%
Inception Date	15 September 2008
FUM (millions)	AU$100
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 Australia Absolute Trust returned -0.69% return in April, against the ASX200 Accumulation Index's 3.37%. Since inception, the Fund has an annualised return of 9.00% p.a. (Index 4.5% p.a.), which has been achieved with relatively low volatility of 3.65% p.a. (Index 14.48% p.a). Fund returns for April were impacted by the net short market exposure, averaging 17% of NAV. The performance was further impacted by the weaker stock price performance from some of the high conviction longs in the retail and media sectors. The Fund's tactical positioning in natural resources and some defensive consumer exposures worked well, posting solid gains. At month-end, the Fund's gross exposure was at 77% and net at -20%. Click below to read the latest Fund monthly report.
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Bennelong Kardinia Absolute Return Fund

11 May 2016 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund rose
0.52 in April.

11 May 2016 - Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

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Report Date	10 May 2016
Manager	Kardinia Capital, A Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	April 2016
Latest Return	0.52%
Latest 6 Months	-1.57%
Latest 12 Months	0.77%
Latest 24 Months	10.05%
Annualised Since Inception	11.79%
Inception Date	01 May 2006
FUM (millions)	AU$277.56
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	The Bennelong Kardinia Absolute Return Fund rose 0.52% in April, compared to the ASX 200 Total Return Index, which returned 3.37%. Since inception in May 2006, the Fund has an annualised performance of 11.79% p.a, compared to the Index's 4.51% p.a. The Fund has achieved this performance with lower volatility of 7.30% than that of the Index (14.25%), to give notable Sharpe and Sortino ratio of 1.02 (Index 0.10) and 1.87 (Index 0.04) respectively. BHP Billiton, Pilbara Minerals, BWX, and Amcor were the largest positive contributors whilst Qantas, Share Price Index Futures contracts (hedging long positions), Mantra and Blackmores were the largest detractors. Net equity market exposure (including derivatives) was increased to 30.8% (43.7% long and 12.9% short). Click below to read the latest Fund Report.
More Information	Fund Profile Manager's Report AFM Research Reports

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18 May 2016 - Fund Review: Jamieson Coote Bonds Active Fund April 2016

18 May 2016 - Bennelong Twenty20 Australian Equities Fund

17 May 2016 - Pengana Absolute Return Asia Pacific Fund

17 May 2016 - Fund Review: Optimal Australia Absolute Trust April 2016

OPTIMAL AUSTRALIA ABSOLUTE TRUST

16 May 2016 - Fund Review: Bennelong Kardinia Absolute Return Fund April 2016

16 May 2016 - Totus Alpha Fund

13 May 2016 - Jamieson Coote Bonds Active Fund

13 May 2016 - Alexander Credit Opportunities Fund

12 May 2016 - Optimal Australia Absolute Trust

11 May 2016 - Bennelong Kardinia Absolute Return Fund

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